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Secrets of Success

The Mystery of Millennials-Part 1

In 2007 I wrote an article titled “Coming Soon to a Workplace Near You- It’s the
ECHO BOOMERS!”

That’s what we were calling Millennials back then. In the last six years, we’ve learned a lot more about this group.

Time to update the database.

First let’s identify who’s who:
Baby Boomers were born between 1946 and1964. They currently number 77million.
Gen X followed the Boomers. They arrived between 1965 and1981 and are 51 million strong.
Millennials (aka Echo Boomers, Gen Y) were next. They were born between 1982 and 2000. There are 80 million Millennials.

Among other things, Millennials value and believe in:
-Higher education
-Achievement
-Teamwork rather than competing with one another
-Fairness and opportunities for all
-Long- term no -risk career paths
-Loyalty. Once they find a job that makes them happy Millennials want to stick with it.

In addition, Millennials have grown up with technology.

They:
-Accessorize with tech gadgets
-Are most likely to sleep with their cell phones
-Are easily distracted
-Are excellent multi-taskers
-Expect responses in real time
-Post their thoughts about everything and expect people to ‘like’ it
-Document and create a permanent life record for the entire world to see—online.

Here is an interesting smorgasbord of statistics:

By 2014, Millennials will account for 36% of the U.S. workforce and by 2020 they will account for 46% of the U.S. workplace.

15% are already managers.

The average job tenure for Millennials is two years compared to seven years for Baby Boomers. (Keep in mind the first Millennials graduated from college in 2004, so most of them have been in the work force less then ten years.)

It costs an average of $24,000 to replace each Millennial employee.

81% think they should be allowed to make their own hours at work compared to 69% of Baby Boomers.

69% believe office attendance is unnecessary on a regular basis. They maintain that as long as the work gets done, the amount of time spent in the office shouldn’t matter.

70% of Millennials also said that they need “me time” on the job versus 39% of Baby Boomers.
71% don’t always obey social media policies at work.

40% of Millennials think that blogging about workplace issues is acceptable compared to 28% of Boomers.
56% won’t work at a company if they ban social media access.

84% say that helping to make a positive difference in the world is more important than professional recognition.

92% believe that more than profit should measure business success.

50% said they would “rather have no job than a job they hate.”

80% said they prefer on-the-spot recognition to formal reviews, and feel that this is imperative for their growth and understanding of a job.

93% say they want a job where they can be “themselves” at work; and that includes dressing in a way that makes them comfortable. (79% think they should be allowed to wear jeans to work at least sometimes, compared to 60% of Baby Boomers.)

35% of employed Millennials have started their own business on the side to supplement their income.

54% either want to start a business or already have started one. (27% are already self-employed.)

80% said they want regular feedback from their managers.

75% yearn for mentors.

So what does all this mean? Millennials are not going anywhere. They are the latest demographic “pig through the python.” They are game changers and we need to understand that. Next month we’ll take a look at how to successfully work with and manage this new addition to the work force.

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CTS Consulting, Inc

3126 Berkshire Road

Baltimore, Maryland 21214

phone 410-444-5857

cell 443-286-2488