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Millennials and their Work Ethics

young professionals/ Photo By George Rudy via Shutterstock

 

Generations today reflect what the future might be regardless of age or gender. There is a great difference between the young and old which could be accounted for various development of the world through the years. The influence of factors in lifestyle, environment, and technology has implications to the changes affecting future generations. Whether you’re from the age of the Internet or from the War era, there is still a gap that exists beyond these generations.

 

Who are the millennials?

They are born between the early 1980s to the mid-1990s or early 2000s, so many young adults nowadays would define themselves as millennials. One example of someone in this generation is Ashton Kutcher.

This generation was severely impacted by the recession, as it caused record unemployment, affecting young people joining the workplace, as well as a period of economic instability.

Believing that because of technology, they can work flexibly anytime, anyplace and that they should be evaluated on work product-not how, when or where they got it done.

They are ambitious, optimistic, confident, and goal-oriented. With regards to the work environment, they recognize that people make the company successful and it thrives in a collaborative place. Training is important to them and they want others to treat them with respect.

Millennials need supervision since most of them lack discipline and experience. Raised to feel valued and very positive about themselves; they see as a sign of disrespect any requirement just because this is the way it has always been done. They provide engaging experiences that develop transferable skills.

Millennials vs. other Generations

In 2017, 56 million millennials were working or looking for a job — outnumbering 53 million Gen Xers, who made up 33% of the labor force, and 41 million Baby Boomers, who accounted for 25% of the total. Gen X (those born from 1961 to 1981) was down from its peak of 54 million workers in 2008, a decline that simply reflects a drop in the overall number of Gen X adults, according to the study. And while Baby Boomers made up the majority of the labor force in the 1980s, their numbers are declining as more and more of those born between 1946 and 1964 retire.

But research shows that they make ideal employees: A study from ManPowerGroup found that millennials are working harder than other generations, putting in more than 45 hours per week, with 21% taking on another job to make ends meet. And 66% of people in that age group are expected to work past age 65, with 12% saying they likely would never retire.

The 2017 unemployment rate among young millennials ages 20 to 24 was nearly 70 percent higher than the national unemployment rate — 7.4 percent versus 4.4 percent, according to the Bureau of Labor Statistics. And there was a slightly higher percentage of unemployed older millennials ages 25 to 34 than the overall population — 4.6 percent.

In addition, the GOBankingRates 2018 Retirement Savings survey found that 39.2 percent of millennials have less than $10,000 saved for retirement compared with about a quarter of boomers, meaning more than 40 percent of all Americans will retire broke.

 

team of young professionals discussing projects/ Photo By g-stockstudio via Shutterstock

 

Career and Job Oriented

Millennials are also more likely to take on work that is meaningful to them. The so-called “purpose over paycheck” generation tends to blur work and life together. Another thing is how millennials are eager to take risks. They will continue to seek for more experiences and opportunities. They also value their lifestyle over upward mobility. If presented with a work promotion that will throw their life out of balance, they will choose their lifestyle.  

Here are how the changes in this world have impacted the way millennials think about what matters at work:

Broader vision: They want to work at socially responsible companies, ones that are not planet polluters.

Deeper mission: There is a desire to care about the community in which they live and are willing to volunteer to be of service to help those who have no voice, the homeless and disenfranchised.

Faster learners: Not as impressed with degrees as they are with those who are creative, information gatherers. College is only one route to success, not the only one.

Better at playing Leap Frog: The corporate ladder has been put in the closet. Good ideas trump being politically correct and office politics are a waste of time.

Quicker to adventure: Material goods can only last so long while memories of travel and camaraderie last a lifetime.
 

This group of young people seems to know at a core level how they conduct themselves at work has major implications past their own personal lives.

 There is a dramatic change in work patterns. Having free time to think and create, working virtually, being in charge of one's own schedule, and on the spot collaboration are now totally accepted.

 The challenge of today is to redefine the meaning of work. And we are in that process with this group of young people leading the way. Millennials are taking over and it is in fact - affecting economic stability.

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