What Millennials have in common
Whether you are a Millennial or looking to understand a Millennial, although the generation (born between roughly 1980 and 2000) was raised to celebrate individuality, there are commonalities to celebrate as well. PayScale’s 2013 Generations at Work Report studies education, salary, workplace satisfaction and, living situations.
The report suggests that Millennials are starting their professional lives later than the generations before them. The economy has put a hamper on job prospects and many are working multiple jobs or taking side gigs to pay their student loans and cover living expenses, while many are becoming entrepreneurs and creating their own careers.
So what do Millennials have in common?
PayScale reports that the average Millennial male with a bachelor’s degree earns $49,600 per year, and a Millennial woman with the same education averages brings home $39,200.
Most common majors are Entrepreneurship, Marketing, Global Studies, Journalism, Fahion Marketing & Management, Biomedical Engineering, Neuroscience, Quantitative Economics, Actuarial Mathematics, and Middle School Education.
Meanwhile, the most common jobs for a Millenial to have, despite their major, are Mechanical Engineer, Aerospace Engineer, Traffic Coordinator, Marketing Administrator, Sales Team Leader (Retail), Public Relations Specialist, Human Resources Assistant, Community Outreach Coordinator, and Program Coordinator at a Nonprofit.
Of employed Millennials, 66 percent say they have high job satisfaction, and 60 percent report high job stress. Another indicator of a struggling generation is the 48 percent of Millennials that report having low job meaning.
Fully 72 percent of Millennials wish they could change their pay, but express that they enjoy getting paid overtime and travel expenses being covered.
While new reports indicate Millennials are moving back home by the millions, PayScale research shows that 72 percent of all Millennials have always been able to live on their own, and while 11 percent have moved back home in the past, 16 percent currently live with their parents.
Understanding this information
If you are an employer, understanding the priorities and struggles of your younger candidates or employees can help you attract talent by addressing those. Millennials are looking for meaning in their work, and although everyone wants to make more money, most say they are satisfied in their job – perhaps they’re grateful to have a job at all.
The study does not address a major problem that anyone selling to Millennials or employing Millennials is having – this generation has struggled to enter the workforce, and has therefore settled. Some have changed careers due to limited options, tried to start their own business, or simply given up and remained underemployed. Many believe this generation of “everyone gets a trophy” is lazy and self-important, and while selfies are common, this generation wants to make a difference in the world, so tap into that every chance you get to insure happy Millennial shoppers or employees.