Millennials seem to be the topic of the moment in business media right now. Let’s look at the ways in which Millennials differ from the other generations.
The Generation Debt resource, developed by finance experts Wizzcash, highlights just how much the economic landscape has changed since the mid 1920s. The infographic shows the massive wealth gap between generations.
Below is the table of difference between generations:
|Item||Swing Generation||Baby Boomers||Generation X||Millennials|
|Education||A dream||A birthright||A way to get there||An incredible expense|
|Dealing With Money||Put it away.Pay cash||Save, save, save. Buy now, pay later||Cautious. Conservative. Save, save, save||Earn to spend|
|Price of a pint||5p||35p||£1.89||£3.18|
|Average house price||£3,660||£23,596||£65,644||£277,000|
|Average price of a litre of petrol||17p||36p||65p||£1.42|
|View of Authority||Respectful||Impressed||Unimpressed||Relaxed. Respect given for competency not title. Be humorous-show you are human|
|My heroes are …||The unit||Kennedy’s, Martin Luther King||What’s a hero? Boss My||Grandparents. Boss-if things are right. Myself|
|Motivated by…||Being respected. Security. Being valued, needed||Being valued, needed||Money Freedom and removal of rules. Time Off||Working with other bright people. Time Off|
More things you might haven’t heard about Millennials:
#1 Half of Millennials would “rather have no job than a job they hate”
“Loving what I do” outranked salary and a big bonus. Half of Millennials would “rather have no job than a job they hate”. This is reflected in Pew’s study, indicating a job that benefits society outranks high salary.
60% of Millennials agree “if I can’t find a job I like, I will try and figure out a way to create my own job.”
#2 Millennials want to be evaluated on output not input
Millennials believe 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.
Hours spent at the office (input) does not equal results (output). Expect Millennials to influence the terms and conditions of the workplace.
The generational differences chart, developed by The West Midland Family Centre, shows Millennials have a work ethic that “no longer mandates” 10-hour days, in contrast to previous generations who had a “linear” working style and were used to a traditional working day.
#3 Millennials work hard, but only when it benefits them
Work-life balance is important, which means Millennals won’t work hard for the sole sake to impress their employer. They will sacrifice balance, but only occasionally and if it’s aligned with their plan of self-development. 95% are “motivated to work harder when they know where their work is going.
#4 Work is extension of Millennials’ identities
93% want a job where they can be themselves.
71% want their coworkers to be like a second family.
When Boomers depicted their work self to be formal and non-revealing of personal interests, then Millennials want to show who they are with the clothes they wear and the behaviours they exhibit, to the mind-set they bring to work. There’s no life AND work any more. The work and life are now one!
#5 Millennials as heroes not rebels
In generational theory, Millennials conform to the ‘hero’ archetype (versus say loner, magician or rebel). Heroes go on journeys to places never before visited, to discover new truths, to prove there is another way.
In many ways, this generation is uniquely equipped to see around corners and over the horizon – and that’s a very important trait in business.
#6 Millennials need personal space
In the workplace, Millennials put a far higher value on personal space, with 70% saying they need ‘me time’ at work, versus only 39% of Baby Boomers.
However, personal space doesn’t mean that they are loners. They thrive in a collaborative work environments and want to work with bright people and friends, but their need for occasional personal space should be respected.
#7 Millennial relationship with their bosses
The study points to Millennials’ thrive on fairness and performance-based appraisals, not tenure and seniority.
Millennials seek responsibility early on in their roles. They have high expectations of bosses and managers to assist and mentor them in attainment of professional goals.
They respond poorly to those who act in an authoritarian manner and/or who expect to be respected due to higher rank alone.
Are you Millennial and recognise those traits in yourself? Have you noticed any differences in Millennials when compared to their predecessors? Let me know in comments.