If you were following my last blog, you would know I haven't posted in quite sometime. I broke the cardinal rule of blogging, never stop blogging.So if you're at all curious, I'm in Dallas for the summer and am interning for company called Social Media Delivered. Maybe their dedication to social media will rub off on me and I can stick with this blogging thing.
This is my third week and I have become very aware that this internship is a lot more than tweeting. I'd be good at that. (follow me @yogirlcfield) Most days I spend my time doing research and today was no different.
I've decided to share what I found with you, because it affects you. It is you --the Millennials, Generation Y, Generation Screwed, Generation "ME ME ME".
MILL-ENN-IALS:
"Millennials, an abbreviation for millennial generation, is a term used by demographers to describe a segment of the population born between 1981 and 1996. Sometimes referred to in the media as "Generation Y" or "Generation Screwed" by the sweet people at NewsWeek. We're the children of the post-WWII baby boomer generation and maybe Gen X. Definitions below, for those who need a quick history lesson.
---Baby Boomers: our grandparents, maybe parents, if yours are old like mine. a person born between 1946 and 1964. They're called baby boomers because of an increase in birth rates during this time.
---Generation X: the generation after the baby boomers, early 1960's to mid 1970's.
Side Note: a quick image search on google for Millennials just brings up an entire page of so called "hipsters". It's basically pictures of a bunch of young people wearing beanies and drinking coffee...I'm not sure if I should be outraged or just admit that it sums us up pretty well.
Quick facts:
- There are 77 million Millennials [NCOC]
- 3x the size of Generation X [NCOC]
- Average student loan debt is now $33,600 [NCES]
- 54% either want to start a business or have started one [Kauffman Foundation]
- 13% of Millennials have gone back to living with their parents after living on their own [US Chamber Foundation]
- Median salary for Gen Y is $39,700 [PayScale]
- 56% of us won't work at a company if they ban social media access [Cisco]
- 7 in 10 Millennials said they would forsake a friendship with a co-worker in favor of climbing the corporate ladder, by contrast 3 out of 5 baby boomers surveyed said they would never consider such a thing. (wimps) [LinkedIn Study]
By the sounds of things maybe we should just give up now.
Personal debt, public debt and one of the most challenging job markets. Seriously it's bad. There's a 16.3% unemployment rate for Millennials. Compare this to the 6.7% national average unemployment rate.[NCSL, March '14]
Joel Kotkin, one of those sweet people at NewsWeek, put it well, "They've racked up debt and they can't pay it because they can't get a good job, that's a pretty good definition of getting screwed."
AND the number of workers over age 55 just hit an all time high. So just blame your hard working parents when you can't find a job!
On top of that, our generation has been called "materialistic, entitled, and irresponsible" but our real weakness--
We're unrealistic.
I don't want to crush any dreams here, but look at the numbers.
The Chamber of Commerce Foundation says 2/3rd's of our generation believe they will get jobs in the top 20%. That is, they want the top 20% highest paying jobs, and they think they'll get it. It's just not possible and that just sucks.
We're changing brands and making advertising history. Marketing is no longer one-way, it's a relationship. Maybe that isn't exactly the history you wanted to make but we've done it.
"Changed the face of marketing", can I put that on my resume?
Can't find a job? Create one.
Joel Kotkin, one of those sweet people at NewsWeek, put it well, "They've racked up debt and they can't pay it because they can't get a good job, that's a pretty good definition of getting screwed."
AND the number of workers over age 55 just hit an all time high. So just blame your hard working parents when you can't find a job!
On top of that, our generation has been called "materialistic, entitled, and irresponsible" but our real weakness--
I don't want to crush any dreams here, but look at the numbers.
The Chamber of Commerce Foundation says 2/3rd's of our generation believe they will get jobs in the top 20%. That is, they want the top 20% highest paying jobs, and they think they'll get it. It's just not possible and that just sucks.
Ready for the good news yet? I thought you might be.
We're the most powerful generation yet. We have more influence than we know what to do with and employers, companies, and brands are taking notice. According to the U.S. Census Bureau we're the most studied generation to date.
We've grown up with technology and because of that we expect immediate information and we won't wait around for it. Unlike our parents, technology is a sixth sense for us.
We've grown up with technology and because of that we expect immediate information and we won't wait around for it. Unlike our parents, technology is a sixth sense for us.
The movie we want to see isn't on DVD yet? We'll just download it illegally on the Internet. Easy.
Millennials are more tolerant, accepting, and open-minded. Gay marriage? We're cool with it. Single parent? More power to you. No judgement here. We are the most diverse generation to date, with a "record LOW of whites, 19% Hispanic, 14% Black, 4% Asian and 3% mixed race". (US Chamber Foundation)
With High School graduation rates reaching an all time high (72%) and 68% of those enrolled in college, we may turn out to be the most educated generation yet.[US Chamber Foundation] Looks like those school loans might have been worth it.
Millennials are more tolerant, accepting, and open-minded. Gay marriage? We're cool with it. Single parent? More power to you. No judgement here. We are the most diverse generation to date, with a "record LOW of whites, 19% Hispanic, 14% Black, 4% Asian and 3% mixed race". (US Chamber Foundation)
With High School graduation rates reaching an all time high (72%) and 68% of those enrolled in college, we may turn out to be the most educated generation yet.[US Chamber Foundation] Looks like those school loans might have been worth it.
Millennials are smart with their money (maybe not me personally but I'm working on it). 1 in 4 young employees are considered "habitual savers", according to a report from Aegon and the TransAmerica Center for Retired Studies. This means they are ALWAYS putting something away. I'm sure I would feel slightly less guilty about not being a habitual saver if I could see what their clothes look like. Retirement fund or new shoes has never been a serious dilemma for me.
We're also CONFIDENT, this can get us into trouble as I noted above. We all think we're entrepreneurs, inventors, or innovators one way or another. Donna Fenn, author of Gen Y Upstarts! says,"in 20 years Millennials will prove to be the most seasoned, experienced generation of entrepreneurial leaders yet." I think I'm gonna change the world and so does the Millennial sitting right next to me at work and in some ways, we are...
We're also CONFIDENT, this can get us into trouble as I noted above. We all think we're entrepreneurs, inventors, or innovators one way or another. Donna Fenn, author of Gen Y Upstarts! says,"in 20 years Millennials will prove to be the most seasoned, experienced generation of entrepreneurial leaders yet." I think I'm gonna change the world and so does the Millennial sitting right next to me at work and in some ways, we are...
We're changing brands and making advertising history. Marketing is no longer one-way, it's a relationship. Maybe that isn't exactly the history you wanted to make but we've done it.
"Changed the face of marketing", can I put that on my resume?
Always in touch with people (80% of us sleep with our phones next to us),constantly multitasking (there's actually research to suggest we've rewired our brains), easily bored and annoyingly ambitious.
That's a formula for INNOVATION.
We're always looking for the next best thing.
So let them put us down, call us Generation Screwed. We're overachievers and the economy may have dealt us a pretty shitty hand but we won't let that get in the way.
Because here's the scoop,
The Millennials ARE the next best thing.
So hire us.
But I might be biased...
U.S. Chamber Foundation
NewsWeek's Generation Screwed
Gotham Magazine's Most Powerful Generation
Wikipedia definitions :)
Millennialmarketing.com
Forbes' Engagement and Loyalty
Ivy Business Journal's The Millennials, A New Generation of Employees
Forbes' Things Every Boss Should Know About Working With Millennials
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