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HR Glossary > Millennials
The millennial generation is characterized heavily by the digital footprint they leave behind. This generation grew up in an age where there were exposed to new advances in technology and the internet, which contributed to their participation in various social media sites. They are also less religious than their previous generations, lowering fertility rates.
The Millennials are a generation born in the early 1980s and early 1990s. They are also called Generation Y, iGeneration, Echo Boomers, etc. It is a generation known to challenge the norms and traditions of the past. They are also highly creative, open, accepting, and progressive. A Pew Research Center survey says that Millennials have been referred to as ‘The Global Generation’ for their dominance of world culture.
The education level of millennials is accepted and expected by employers. Millennials are the most educated generation to come into the workforce, and employers will look for this to continue among Gen Z.
Millennials have been criticized for being entitled and lazy when working. But even though millennials have been blamed for their laziness, they still have obtained over 40% college degrees. Despite this, that is still less than the ‘Silent Generation,’ which was 52%. It shows that although millennials are not lazy, they aren’t taking advantage of all the opportunities society gives them, such as going to college.
Millennials have been the focus of study by many researchers and journalists. However, it is not a secret that millennials struggle with different problems and issues. Lack of jobs and low pay, student debt, and mental health are issues millennials face today.
First of all, millennials are facing the issue of low pay. The American Psychological Association report also mentions that 36 percent of millennials live from paycheck to paycheck compared to 28% of boomers. Many Americans (52%) between 18-34 live with their parents. It can be assigned to the fact that most millennials cannot afford rental housing or a down payment for buying a home because their income is below the cost of living in most metropolitan areas. Thus, they remain “stuck” in their parents’ homes as they struggle to pay off student debt while making ends meet in their current living situation.
The Millennial generation is the generation that follows the Baby Boomers (born between 1946 and 1964) and precedes Generation Z (taken from around 1997 onwards).
The millennials are the generation of young adults born between 1980 and 1995. Also called Generation Y, they’re coming into their own in the workforce as the population ages, and they’re already making waves with their distinctive workplace values, technology-savvy, and lifestyle.
The millennial generation is suffering from several problems. Many people are speaking about the difficulties they are facing in finding a job, which is increasing because of the poor economic conditions. They also have to deal with the high cost of living, which the steep hike in prices has caused.
Alone, these factors may not cause much hardship. But when they combine, it becomes difficult to cope with them. Moreover, millennials have student loans to worry about, making it even more difficult for them to start their lives afresh. Besides all this, many people believe that millennials are not as skilled or experienced as their predecessors were at their age and hence found it difficult to find employment.
New generations are constantly bringing new perspectives, ideas, and ways of doing things to the mix. That’s not just because they have different experiences than the previous generation but also because they care about other things.
The young workforce of today is known as the millennials. This generation has an entirely different mindset and attitude towards work. They want more out of their jobs than just a paycheck. The organizations are facing the challenge of attracting the best millennial talent.
Millennials work at a company that will give them challenging assignments, allow them to work flexibly, and pays them well. The organizations aware of these preferences are trying their best to win over millennials with attractive job offerings and better compensation packages. But still, companies have not been successful in winning over the young talent because there is something stopping millennials from joining these companies. It is all about culture! More specifically, company culture is welcoming for the millennials with their new ideas and fresh perspectives.
The millennials are the incredibly educated generation. They have more education than any previous generation. Millennials are very unlocked to new ideas and beliefs.
The overabundance of education means that millennials are more likely to seek high-paying jobs, and they might be more willing to move to another city if they don’t get the job they want.
The millennial generation is also the most self-centered among all generations.
According to a recent report by Deloitte, 49.4% of millennials were overburdened with student loans compared to 40% of Generation Xers and 24% of baby boomers.
Millennials are more stressed-out than other generations as well. According to Allianz Life Insurance Co.’s 2016 “”Stress Survey,”” 41% of millennials reported being very stressed, which is much higher than other generations.
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