By Guest Author Ron Iden, Walden University DBA Candidate
GenY/Millennials have become a significant portion of the workforce and will constitute 50% of all American employees by 2020.
In the next few years, another 40 million Gen Y/Millennials will enter the workforce. The younger cohort is rapidly taking over jobs and positions from the many Baby Boomers pushing 70 years of age.
The Millennial generation views themselves as the most wanted by parents and planned generation of all time. These GenY/Millennials are maturing quickly, with the oldest members approaching 35 years of age, and the younger members reaching adolescence.
Gen Y/Millennials are the most diverse generation in history—both ethnically and racially. Making up the cohort group are 59.8% White—a record low for a generation, 18.5% are Hispanic, 14.2% are Black, 4.3% are Asian, and 3.2% are mixed race or other.
Due to the recent economic recession, Gen Y/Millennials suffer from careers stalled before getting started. The U.S. Department of Labor places the unemployment rate for Gen Y/Millennials at 13.1%, nearly 80% above the national unemployment rate. Another 300,000 are not included in the figure due to already given up looking for jobs.
Despite depressing prospects in the job market, record student debt, and the resulting high-stress levels, attitudes remain remarkably positive.
Compared to Boomers who have spent most of career time with one employer, GenY/Millennials are not the same and may prefer multiple job movements, are confident and achievement-oriented, and prefer managers focusing on work as a means to an end.
Their work should be meaningful and little wasted time spent on non-value added events such as meetings. GenY/Millennials want to be considered as equals in the workplace and have their contributions noticed.
Engagement, skill development, and networking are all tenets stimulating work life. Personal images drive Millennial cohorts' thinking and they can be vocal concerning personal progress as evidence of high enthusiasm for success.
Perrone-McGovern, Wright, Howell, and Barnum (2014) conducted comprehensive interviews with Millennial employees between the ages of 18 and 32. Their discovery was most men and women from this group desired to avoid extremes in spending too much time at either work or home.