- There are 82 million Millennials (those born between 1982 and 1993) in the world today, more than any other generation.
- By 2020, Millennials will account for half of the U.S. workforce. By 2030, they will account for 75 percent of it.
- One out of every three workers in the United States has a boss who is younger than they are.
The facts speak for themselves. Millennials, otherwise known as Gen-Y, Boomerangers, Generation Next and the Net Generation, are becoming a big part of the workforce today, and their presence is only going to expand in the years ahead. That makes it so important for companies to understand how to effectively recruit, manage and retain this unique population.
The myths that follow Millennials
Unfortunately, while the facts are clear, there are some persistent myths that make managing millennials a bit more murky. And you’re probably familiar with some of them.
For example, many older workers perceive Millennials as being self-serving, self-absorbed brats. Don’t believe us? Check out this article in Time magazine which basically called Millennials the most narcissistic generation in history. It must be true! It’s in Time magazine!
In reality, studies have shown that younger people have always been more narcissistic than their older counterparts. Even grandma thought about herself a little bit when she was younger. The National Institute of Health found that narcissism is actually inversely related to age, and it’s a product of youth, not a generational shift.
As a matter of fact, Millennials are actually the most socially-conscious members of the workforce. Eighty-four percent of millennials are looking to make a positive difference in the world, and they want to feel like they are contributing not only to profits and their own paychecks, but to causes near and dear to their hearts.
That sounds like an opportunity for businesses, not a challenge. That’s because a commitment to corporate social responsibility, which Millennials can encourage and drive, can help your company become more attractive to candidates, customers and potential business partners alike.
Need help managing a Millennial workforce? Check out our webinar!
So how can you attract and manage these Millennials in order to take advantage of all they have to offer? Start by registering for our free upcoming webinar, “The Myths & Realities of Managing Millennials in the Workforce.” We’ll debunk some other myths about millennials and give you the tools, strategies and insight you need to connect with the newest and fast-growing members of the workforce.
Editor’s Note: Modis is blogging to bust millennial myths, too!
Keep your eyes on the blog! We are posting regularly about the myths and realities of millennials as we lead up to our July 31st webinar!
Modis is geared up and ready to debunk myths and misconceptions about millennial work ethic, habits and communication! Each Tuesday and Thursday, we’ll be featuring one myth and the realization behind that myth on our blog. Check back this Thursday where we’ll cover Myth #1: Millennials have no work ethic.