One thing that stood out to you or a question you have from discussion last

night...

Millennials: Understanding a Transitional Generation

Dr. Jolene ErlacherAGME Team WeekendSaturday, August 1st

What comes to mind when you think

of Millennials?

Generations Today: Two Cultures

•Silent: Born 1928-1945 (Age 69-86)

•Boomer: Born 1946-1964 (Age 50-70)

•Gen X: Born 1965-1980 (Age 34-49)

•Millennials/Gen Y: Born 1980-1995 (Age

19-33)

•Gen Z/Digital Natives: Born 1995-2010

(Age 4-18)

•Generation Alpha: Born after 2010

Sources of Age Diversity

Taylor, Paul, and Scott Keeter, eds. “Millennials: Confident. Connected. Open to Change.”Pew Research Center. February 2010. Web. 13 September 2010.

•Life cycle effects: Young people differ from older people, but may resemble them later in life. •Period effects: Major events (war, economic decline, etc.) affect people differently based on location in life cycle. •Cohort effects: Period events and trends that influence young adults as they are developing their core values.

Boomers Gen X Millennials Gen Z

Size 78 Million 48 Million 80 Million 57 Million

Characteristics Hard-working, competitive, loyal, confident

Anti-authority, individualistic, self-reliant

Confident, needy, digital thinkers, entitled

Realistic, creative, hyper-connected

Why they are the way they are

Healthiest, wealthiest, largest generation of time

Children of workaholics & divorce, cable/internet

Micromanaged, rewarded for participation, technologically connected

Raised in culture of fear, mobile technology, helicopter parents

Communication Styles

Prefer detailed dialogue in person or via phone, appreciate meetings, believe no news is good news

Prefer concise communication, without clichés or over-explaining, email

Prefer frequent feedback and problem-solving via technology instead of phone calls or meetings

Prefer visual communication via technology, expect to communicate whenever/wherever they want

A Snapshot of the Generations

Boomers Gen X Millennials Gen Z

Problems Dwindling retirement funds, job dislocation, rising healthcare costs or inadequate healthcare

Debt, caring for aging parents and young children, balancing life/career, stuck in middle management

Debt, unemployment, difficulty transitioning to career, negative stereotypes

Finding identity, lack of job opportunities, falling apart of American Dream,

Flaws “Been there, done that,” attitude, not open to new ideas

“Wait and see” approach, difficulty committing

“What’s in it for me,” high demands, short attention spans

Need for structure, want quick results, lack interpersonal skills

Gen Z Report by XYZ University

A Snapshot of the GenerationsSilent Boomers Xers Millennials/Gen

Y

Attitude w/Authority

Endure them Replace them Ignore them Choose them

Role of Relationship

Significant Limited, useful Central, caring Global, 24/7

Value System Conservative Self-based Media Shop around

Role of Career Means of living Central focus Irritant Place to serve

Schedules Mellow Frantic Aimless Volatile

Technology Hope to outlive it Master it Enjoy it Employ it

View of Future Seek to stabilize Create it! Hopeless Optimistic

Elmore, Tim. Generation iY: Our Last Chance to Save Them. Atlanta: Post Gardener Publishing, 2010.

Work comes first

Follow the rules no matter what

The boss deserves respect

Seniority=promotion

9 to 5

Work is based on hours

Face-to-face contact

Dress the part at all times

Will change to meet the needs of the organization

Life comes firstFollow rules that work

(why?)Equality and respect

must be earnedTalent=promotion

No defined work clockOnce I am finished, I can

leaveDigital contact

Dress the part as necessary

Expect organization to change to meet their

needs

Work Ethic Differences

Matures/Silents

Value the past

Respectful of order/authority

Disciplined, hardworking

Want to mentor

Seek fulfillment through career

Tangible symbols of service

Baby Boomers

Optimistic

Team players

Uncomfortable with conflict/criticism

Expect work to matter (not fun)

Personal appreciation (promotion and recognition)

Career that gives identity

Full engagement

Generation X

Pragmatic/informal

Confident with technology

Like flexibility

Independent

Have a life away from work

Recognition for ambition

Work-life balance=$$

Want to do things their way

Ability to get ahead (degree/certification)

Renaissance

Enlightenment

Postmodernism

Millennials:A Transitional Generation

Millennials: Forming Factors

Born from 1980-1995 Raised in the self-esteem movement Protected by helicopter parents Connected through access to

technology/internet since youth Grew up under post-modern mindsets Educated in tolerance and teamwork

Fast Facts  91% of Millennials (1982-1995) employees don't expect to stay more than three years at any given job. (Future Workplace Survey) Starting in 2015, Baby Boomers will no longer be the majority of the workforce. The majority of the workforce will be Millennials, ages 20-33. (U.S. Bureau of Labor Statistics)

1. High unemployment and the lack of skilled labor worldwide threatens a projected loss of $10 trillion between now and 2030. The loss is fueled by anemic economic growth and aging populations, thereby impeding business growth and competitiveness and introducing significant economic challenges. (Boston Consulting Group)

Fast Facts 1 in 3 young professionals under age 30 prioritize social media freedom over salary when choosing to accept a job offer. (Cisco Connected World Report)

There are 4.8 million job openings in the United States right now; the highest level since January 2001. However, roughly half of the employers can't find qualified workers. The skills gap between higher education and workforce training has been identified as a "critical problem" for the U.S. (Council on Jobs and Competitiveness)

 

Millennial Core Traits

•Special/Entitled•Sheltered/Programmed•Confident (but fragile)•Team-Oriented/Collaborative/Connected/Informed •Pressured/Driven

(Need to distinguish themselves; doing vs. being)•Achieving (personal resume)•Tech-dependent•Family-oriented (work/life balance)

Millennial Core Traits

•Special/Entitled: “baby-on-board,” self-esteem programming, helicopter, social media, parents/pampering teachers•Sheltered: programmed, enclosed, monitored, bike helmets/seat belts•Confident (but fragile): protected from consequences, affirmed for showing up/participation•Team-Oriented/Collaborative/Connected: positive peer pressure, value orderliness, uncomfortable with class divide, avoid appearing intolerant/judgmental, increasingly interconnected

Millennial Core Traits

•Distrustful of institutions and systems•Pressured/Driven—increasing demands from technology, schools, personal and parental ambitions, higher stakes (i.e. grades, major), comfortable with change, ask “why?”•Achieving/Slackavists—doing vs. being, extracurricular is growing, specializations (i.e. sports, music), structured activities, want freedom with constant feedback/affirmation

Millennials and Marriage

Dr. Jolene ErlacherAGME Team WeekendSaturday, August 1st

• 4 in 10 Americans say that marriage is becoming obsolete

• Most people do not think either married or single people have an easier time of it

• About half or more think there is no difference between being married or single in the ease of having a fulfilling sex life, being financially secure, finding happiness, getting ahead in a career or having social status

(Pew Research Center)

Views on marriage in America today:

• About 7 in 10 people do not agree that each person in the universe has only one true love

• In 2009, only 32% of people polled said that sex before marriage was wrong; 60% said it was not (CBS/New York Times poll)

• 76% of all adults say that their family is the most important element of their life

Views on marriage in America today:

• In 1960, 72% of American adults were married. By 2011, that share had fallen to 51%

• In the early 1980s, the median age at first marriage for men was 25 and for women 22. In 2011, the median age for men was 29 and for women was 27

“The Death of Marriage Shows Maturity” –A Millennial perspective (by Savannah Sturkle, junior at Columbus)

• 70% of 18 to 29-year-olds say they want to marry; 74% say they want to have children

• 25% aren’t sure they want to marry and 19% say they aren’t sure they want kids

• 51% of all births among Millennials in 2008 were to unwed mothers, compared to 39% among Gen Xers in 1997.

• Women who finish college and get married after turning 30 earn $18,152 more per year on average than women who marry in their 20s or teens (Karen Kaplan, LA Times)

• 78% of women want to marry someone who has a steady job while labor force participation for men 25-34 has dropped from 93% to 82% since 1960 and median hourly wage for men has dropped 20% since 1980 (Payscale)

Millennial Women and Marriage:

• Marriage brings a host of responsibilities for women. “Millennial women are aware of this reality and choose to focus predominately on their careers, rather than deal with the pressures of finding a life partner, affording a wedding, buing a home, starting a family, and possibly, having to decide between a family and career.” (Leah Arnold-Smeets, Payscale)

• Never-married women ages 25+ are more educated overall than never-married men

Millennial Women and Marriage:

Questions/Comments