We told our Millennial sons and daughters to go to college, work hard and after you graduate you will get a terrific job. That worked until the “Great Recession” when many of the Millennials graduated from college and entered the job market.
With the national unemployment rate hovering over 10%, graduating Millennials found themselves without work, and even now, the unemployment rate for our Gen Y is over 30%. Gen Y was the last to enter the workforce and the first to be released. Half of the Millennials who are working are working at part-time jobs. Forty-five percent believe that a decent paying job is a privilege.
Without work, many Millennials went back to school to get their graduate degree. Millennials are the most educated generation, but the average Millennial is now $45,000 in debt.
Parenthood and marriage are far ahead of the priorities of Millennials over career and financial success. Much like Gen X, use of technology identifies Millennials but in a much more pronounced manner. Millennials have integrated technology into all aspects of their life, both on and off the job. This is an important issue for companies who have established stringent Internet access policy as 56% of Gen Y won’t work for a company if it bans social media access.
Millennials want the same access to technology at work as they have at home. “Work/Life” balance has been replaced with “Life” balance – the boundaries between work and non-work are blurred.
When leading Millennials, realize that their average tenure is only about 2 years and 69% believe that attendance is unnecessary on a regular basis. They tend to do what their manager tells them to do to a much greater extent than older generations.
But more importantly, 80% of Millennials say they prefer on-the-spot recognition to formal reviews. This will be a major departure from the annual performance review that we have all come to know (and love?).
So, what are the dynamics when 70-year-old Boomers report to 30-year-old Millennials? I think the reversal of authority will be an amazing adventure. Maybe we should all make a pact that we Boomers will not treat our supervisors as our kids and our supervisors will not treat us as their parents.
Or maybe that’s not such a bad thing after all.
Everyone have a terrific week.
Ken Lazar, Principal
Ability Professional Network, LLC
Recruiting Sales and Business Development Professionals