According to a recent survey, millennials may be a little better off than we once thought. In fact, the survey found that millennials may actually benefit from the current economy more than boomers.
Feeling Hopeful for the Future
A recent survey conducted by Udemy, 83 percent of Americans feel either very or somewhat secure in their current jobs. Given that the unemployment rate is at a seven year low and the country has seen several successive months of job growth within many industries, it is easy to see why optimism is high. Interestingly, millennials are feeling particularly optimistic when it comes to their career futures. In fact, 80 percent reported that they expect to enjoy a salary increase this year. On the other hand, only 58 percent of boomers feel the same way. Most millennials also reported that they made more money in 2014 than they did in 2013, while only 66 percent of boomers reported the same.
The Millennial Difference
While boomers are the more experienced workers, this experience does not seem to always translate to higher paid positions. In fact, millennials offer characteristics that some employers find to be more important than experience. In addition, since they are now the largest generation in the workforce, companies are finding themselves needing to find ways to meet the needs of the millennial generation.
While boomers tend to prefer a structured system in which they receive feedback at predictable intervals, millennials tend to prefer receiving constant feedback within collaborative work environments. In fact, a recent poll conducted by MTV found that 80 percent of millennials wish to receive regular feedback while 75 percent would like to participate in a mentorship.
Millennials are also different from the older generation in that they tend to care about working with an organization that makes some sort of a difference. They are far more concerned with corporate social responsibility, with a particular interest in social topics such as poverty, hunger, human rights, education and the environment.
Achieving work-life balance is also a priority among millennials, with companies finding themselves needing to adjust their policies in order to appeal to younger workers. Among these changes are results-only work environments and unlimited paid vacation policies where workers are measured by their results rather than the amount of time they spend in the office. Ironically, boomers are finding it difficult to adjust to these changes despite the fact that 80 percent of boomers report moderate to high levels of stress due to their routine sacrifice of family and personal time.
While millennials may demand a number of things from their employers, they also have some unique gifts to give back. With millennials having had grown up with technology and being used to multitasking, more than 74 percent of non-millennials agree that they offer valuable skills and insights to the workforce.
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(all data current as of 11/22/2017)
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