The Millennial generation has captivated academics and the media alike. They have helped shape the direction of technology, how we communicate, the care of the environment, and the popularity of social media. They have helped foster the change in how we educate, well, them and future generations. We have been hearing and reading about this generation for years and today, Deloitte’s third annual Millennial (Generation Y) Survey that explored what this generation wants from business, government, and the future workplace was published.
Besides the interesting tidbits of information that can be gleamed from surveys and reports, why should business leaders be paying close attention to the Millennials? The Millennial generation will have the greatest impact on our economy, and yet many business leaders may not fully understand why or how.
Impact #1 – Need for Skilled Workers – The leading edge of the baby boomers is turning 67, so every month, large numbers of Americans are retiring and leaving the workforce. Nearly 80 million baby boomers will file for retirement over the next 20 years. That’s a average of 10,000 skilled workers leaving the workforce a day!
Impact #2 – Largest Generation in…Generations – There is not a concise birth age rang that demographers agree to, but generally Millennials were born between the early 1980s and the early 2000s. As of 2012, experts estimate the millennial population to be over 80 million in the US alone. To put that in perspective, that is almost 7% more than the baby boom generation and is approximately 27% of the overall US population (Barron’s Online). They will comprise of nearly 36% of the US workforce by 2025. At some companies like Ernst & Young, they already account for two thirds of the entire employee base.
The study also reveals that Millennials believe businesses are not currently doing as much as they could to develop their leadership skills and that they need to nurture their future leaders, especially as they cannot count on them biding their time until senior positions arise.
- Millennials expect businesses to care.
- Millennials want to be innovative.
- Millennials want to be leaders.
- Millennials want to make a difference.
- Millennials are ready to go their own way.