Who Are Millennials

How Old are Millennials Now in 2022?

The current age range of millennials ranges from approximately 26-41 years of age, and there are over 70 million millennials in the US.

Millennials were born between 1981 and 1996, and they currently are the largest active demographic in the country, accounting for well over 30% of the workforce.

What Makes the Millennial Generation Unique?

Millennials were the first generation to grow up intertwined with personal computers and the fast-growing internet. This new technology made millennials more computer-savvy than the Baby Boomers (1946-1964) and Generation X (1965-1980).

Millennials are, therefore, permanently linked to technology and social media, and the stereotypes about Millennials and their addiction to websites like Facebook persist. However, the millennial generation also understands computers, technology, and the web in ways that no generation before them could. These inherent skills change how millennials interact, work, and play.

How Much Wealth does the Average Millennial Have?

Millennials’ economic picture is also unique as compared to prior generations. Millennials lived through 2008’s Great Recession, and many were starting their professional careers this time. However, the Recession greatly impacted their potential to earn, and research tells us that the Great Recession lowered salary expectations for millennials, limited job opportunities, and raised college tuition numbers.

Based on these large-scale economic factors, millennials are now in debt to student loans. However, despite the high prices, more millennials attended colleges and universities than other generations, so millennials are overall more college-educated.

What Are Millennials’ Spending Habits?

Millennials have less discretionary income than prior generations, so they are more selective with purchases large and small. Some sociologists and economists blame Millennials for the death of specific brands and items, for example, Applebee’s casual dining, paper napkins, and starter homes; most millennials make strategic choices because they do not have high disposable incomes. For example, millennials did not buy “starter homes” because they chose to wait to buy homes until they had more money in the bank.

Millennials are loyal to brands, but only if the brand offers a specific enjoyable experience and value. Additionally, millennials spend their hard-earned money on items and experiences of convenience, such as visiting restaurants, online shopping, and buying clothes from socially responsible companies such as Tom’s Shoes. They also spend money on student debt instead of cars, houses, and retirement. Finally, millennials favor socially and environmentally conscious companies and often refuse to buy from brands that are not.

What Are Millennials’ Priorities?

Millennials emerged alongside new technologies and have habits and priorities that differ from those of Baby Boomers, Generation X, and Generation Z.

Millennials favor world travel, for example, more important than purchasing a home. Likewise, for millennials, impacting their community favorably is more vital than starting a family or buying a fancy car.

It is difficult to say what forces encourage millennials to act this way. Many theorize that millennials are reacting to their reduced financial opportunities and making these choices based on a sense of idealism. While the Great Recession may have negatively influenced this generation and robbed them of some financial freedoms, millennials also remained front and center for the election of Barack Obama, our first black president, as well as the explosions of commerce, new ideas, and new technologies that accompanied the emergence of the internet.

Millennials care about social justice, the health of the environment and sustainability, and economic equality. Their devotion to idealism seems to rise despite their economic struggles. However, some theorize that the greed that in part caused the Great Recession contributed to millennials’ lack of emphasis on personal finances and expensive belongings.

What Are the Characteristics of Millennials in the Workplace?

It is vital for managers, supervisors, and business owners to fully grasp the best ways to manage the different demographics that make up their companies.

One generalization that follows the millennial generation is that they do not stay long at their occupations but prefer to work for a few years and then move on. This idea corresponds to millennials being characterized as the “Me Generation” and made up of people who are comfortable speaking out about the drawbacks of their jobs. However, compared to Generation X, many millennials stay at their jobs longer.

Why Do Millennials Work Hard?

Millennials thrive on engagement, and the generation works diligently when they feel engaged at work. In addition, millennials desire an excellent quality of life, which means they are accustomed to having a voice at the office and using it. Optimal conditions for millennials to produce excellent work include flexible schedules with approachable superiors, a sense of value in the office, and feeling trusted by their peers and managers. Millennials are also unafraid to leave a job they do not feel works for them.

Millennials care about their work if it engages them, but they are among the first generations to work for “purpose” instead of sole profits. Millennials want to feel as though they are changing the world or at least making an impact on the people around them. Therefore, they strive to make what they do daily feel worthwhile and would rather work a position that pays a lower rate, but helps fix the environment, than work a higher-paying but less socially conscious post.

Millennials also want managers and bosses who will provide advice and feedback and help mentor them as they mature and realize their potential as workers and individuals.

How Can Employers Better Integrate Millennials Into Today’s Workplace?

Many employers’ number one question is: how can they more effectively engage millennials and motivate them simultaneously?

Deciphering and reading the whims and desires of any generation is challenging, and millennials are no different. Millennials have unique interests and find motivation in sources that some employers are unfamiliar with.

However, when companies can tap into the values that fuel millennials, they further activate the part of their workforce.

Since millennials care about purpose, here is one suggestion. Employers should review their onboarding materials, employee handbook, and other documents for clear descriptions of the companies’ purpose. Then, they can do the same thing with proposals for new projects. Focus on clear goals and show millennials that their work is not only based on company profits or worker bonuses.

Furthermore, these questions might help employers enhance the roles of millennials in their companies:

• How does the employee’s position relate to the company’s overall mission?

• What is the company’s overall mission, in brief?

• How can employees help the company but also help the community? (For example, they could organize holiday giveaways, food drives, and more)

• How can employees develop their skills while helping other individuals and families who need help? (For example, employees could act as mentors to new workers)

Do Millennials Value Work-Life Balance?

As we have alluded to, Millennials stand out from other generations by emphasizing a healthy work-life balance. Many older workers are used to sacrificing their health and happiness for a job that supports them financially, but millennials have never bought into that system. Instead, millennials see work as a necessity but not the focus of their lives.

Even if their jobs bring them a sense of personal fulfillment, millennials want a balanced life that allows them to explore other hobbies and areas of study. As a result, millennials do not brand themselves with the company’s logo. Instead, they see their work as one aspect of who they are, and this special demographic is keen to explore other aspects of life.

Therefore, companies that overtly emphasize a healthy work-life balance attract millennials. Businesses with brands emphasizing fun, freedom, creativity, and altruism—such as Patagonia and Lulu Lemon—appeal to millennials. When millennials buy from specific brands, they become loyal to them and strongly consider working for them.

Millennials are not Generation Z and do not base their desire for a work-life balance on a modern Silicon Valley office full of arcade games and energy drinks. Millennials do not value flashy offices and prefer working with people who offer understanding and mentorship. The millennial generation looks for confident direction, freedom with responsibilities, and a company that allows them to grow.

If an employer wants to attract millennials, they should focus on establishing and displaying a healthy work-life balance and a position with a true purpose beyond profits.

How Important is it for Companies to Understand Millennials?

Since Millennials make up such a significant chunk of the workplace, employers of all types and industries must understand them. The millennial generation is unique and can be difficult to read, but employers can work with them and forge a lasting bond when they have a sense of their priorities and goals. Once hired, millennials are diligent, dedicated workers. However, after a few years, do not be surprised if a millennial begins looking for a new career challenge.