What’s the Deal With Millennials?

By Jessica Hiser

August 1, 2016

As one of the 80 million plus (the largest cohort size in history according to the U.S. Census Bureau) I would say it’s safe to say there is no looking over us. Born between 1980- 1999, Millennials were raised in an a world with unprecedented opportunity. When most Millennials were in middle school or high school we witnessed the birth of the Information Age first hand.

Working in the Human Resource industry I have encountered countless individuals who view the Millennial workforce and their persona as a looming cloud of impending doom instead of the valuable wave of the future.

Every generation before mine has had their flaws. We are all familiar with the labels that are so quickly stamped on all Millennials. Lazy, privileged, the “Me Generation” etc.

To all the naysayers out there let me give you some real statistics, and as Sandy Mazur Division President at Spherion always says “numbers don’t lie.”

- By 2025, 3 out of every 4 workers globally will be Millennials. [Time]

- Currently there are 40 million Millennials in the workplace.

- Millennials are the most educated generation in American history with over

  63% of Millennials having a Bachelor’s Degree

- By 2018, Millennials will have the most spending power of any generation. [Bazaar]

- 63.3% of U.S. executives will be eligible to retire in the next 5 years. [PWC]

- In the last 5 years: 87% of Millennial workers took on management roles, vs 38% of GenX & just 19% of Boomers. [EY]

There is no denying the influence and impact the Millennial generation is having on every corner of our global society.

It is exciting to imagine the potential power of such an educated and connected generation not just within the United States but across the world.

If you are wondering how to prepare your business for the future and ways to keep your Millennial workforce engaged and prepared to step into leadership roles, please visit our Emerging Workforce Study for more information! http://www.spherion.com/ews/

 

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