Let me start this post with a disclaimer: I’m not a member of Generation Y. I missed it by about six years. But I do feel somewhat qualified to talk about this generation because both of my sisters are “Millennials” — as are many of my friends and colleagues.
Maybe it’s because I’ve spent a lot of time with them, but I can relate to many of the characteristics used to describe Millennials and their overall perspective on life and work. Though Generation Y doesn’t dominate the workforce yet, they are expected to comprise 75 percent of it by 2025. So it’s wise for anyone in business, management or economic development to learn as much as possible about them.
So, what’s important to know about this up-and-coming generation and where they choose to live, work and do business? A new study by Millennial Branding, analyzing the Facebook profiles of 4 million Gen-Y users ages 18 to 29, reveals some telling details about how and where Generation Y chooses to work.
Here are a few of the takeaways from the study — and my spin on how a Millennial (at least the ones I know) might interpret them:
1. Millennials are loosely attached to jobs. While most Millennials surveyed associated themselves with at least one college, just a third listed their job on their profiles, indicating that they view education as a lifelong pursuit and a job as temporary, notes Dan Schawbel, founder of Millennial Branding. On average, Millennials spend two years at their first job and will have nine jobs by the time they reach 32 years old.
The Millennial view: Job hopping isn’t a sign of disloyalty; it’s a smart strategy for Millennials, many of whom watched their parents devote their lives to a company only to get laid off. Plus, many Gen-Y kids were raised to believe they could do anything they wanted and no opportunity was limited; so why wouldn’t that be true of jobs, too?
2. Millennials are entrepreneurial. Only 7 percent of Millennials work for a Fortune 500 company, the survey says. Many in this demographic work for start-up companies or smaller firms, where the climb up the ladder for respect or responsibility isn’t as far. And “owner” was the fifth most popular job title among Millennials. Though this entrepreneurial surge might have something to do with the tough job market, many Millennials are wary of traditional work structures and “want flexibility and to do work that has impact,” Schawbel says.
The Millennial view: Coming of age during the Great Recession, Millennials understand that they can’t stake their hopes on Corporate America; they can only depend on themselves. Empowered by new technologies, they also want a more flexible work style and the freedom to manage their time, activities and budgets.
3. Millennials mix work and life. Unlike their parents who devoted their lives to a career, Millennials are more concerned with making a career fit into their lives. They put lifestyle, family and friends above work and are drawn to places where they want to live rather than places they want to work.
The Millennial view: Many Millennials watched their parents put work ahead of everything — and they crave a more balanced life. They want to choose where they live and work on their own terms, even if that means doing it outside a traditional 9-to-5 schedule or from a coffee shop.
Where Millennials Want to Work
Taking this research into account, how can cities or regions effectively attract or retain a younger population? Millennials want to work in places that offer a wealth of opportunities in their chosen field, so locations with industry clusters have a distinct advantage. They are also drawn to places that embrace entrepreneurship and innovation, as well as cities with plenty of quality of life appeal.
Many regions and cities already recognize this and are going to great lengths to attract and retain a younger population.
In Waco, Texas, efforts to revitalize the downtown with residential lofts, riverfront trails, and a dining and entertainment district along the Brazos River are geared toward young professionals and graduates from nearby Baylor University. Chattanooga, Tenn. has transformed itself into a popular hot spot for young adults by enhancing its riverfront and embracing sustainability with natural and organic businesses. And in North Carolina’s Eastern Region, community leaders are bringing STEM (Science, Technology, Engineering and Math) education to high schools in hopes of better preparing and encouraging students to stay and work in the region.
For a more detailed look at Millennials and how they are changing the workplace, check out this CBS story. What do you think about this research? Should cities, industries and employers be doing anything differently to recruit this group of workers?
