The Marketplace

Entrepreneurship The Workplace

Education
Professional Associations

The Millennial Generation

Research Review
 The MillennialThe Generation
Millennial Generation
Research Review 1
Research Review

2 INTRODUCTION

3 General

6 EDUCATION

10 ENTREPRENEUR

13 MARKETPLACE

17 PROFESSIONAL ASSOCIATIONS

21 WORKPLACE

28 About Jessica

30 WORKS CITED

37 ABOUT THE AUTHORS

The Marketplace

Entrepreneurship Workplace

Education
Professional Associations

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2 Research Review

INTRODUCTION
This report provides a summary of the research done on the Millennial generation since 2009.
Generational cohorts are just one way to categorize a group of people with similaritiesin this
case, the era in which individuals were born and when they came of age. We will use the birth
years of 1980 to 1999 here to define the Millennial cohort. However, sources are inconsistent,
with as many as 21 different birth spans referenced.

Todays Generations
Born Age (in 2012)
GI Generation 19011924 88111
Silent Generation 19251946 6687
Baby Boom Generation 19461964 4865
Generation X 19651979 3347
Millennial Generation 19801999 1332
Generation Z 2000 12 and under

Like every other generation, Millennials display generalized and unique traits. Economic, political,
and social background influences the culture and creates a lasting impact. Changes cannot be
fully understood for some time, usually around the time that the unique characteristics of the next
generation become recognized. Imprints move through the life cycle of individuals, making more
significant impressions on youth when they are forming their core values.

Of course, these societal events affect other generations, though they are often interpreted
differently through the lens of maturity and experience. Eventually, the young adults of one
generation become the elders, carrying elements of their generational influence with them and
making a lasting impact on society.

If each generation has a personality, you may say that the baby boomer is the idealist, shaped by
Woodstock, JFK, RFK, and MLK. Generation X is the skeptical independent, shaped by latchkeys,
Watergate, and the PC. Generation Y is the connected, diverse collaborator, shaped by 9/11,
texting, and the recession.

It is therefore understandable that the stereotypical ambitious boomer workaholic may be critical
of one who does not share the same ethics and values. The independent Gen Xer may not
appreciate the team orientation and desire for seemingly constant feedback. At the same time,
the social-minded Millennial may not understand the priorities of other generations.

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General
Millennials are likely the most studied generation to date. According to U.S. Census Bureau
statistics, there are plenty of them to study80 million plus (the largest cohort size in history). There
are data to find most of what you are looking for, as the data are varied and sometimes contradictory.
In fact, Millennials are full of contradictions, which, of course, may explain the youth of any
generation. Most consistent is that this generation is technically savvy, almost as if it has a digital
sixth sense. A wired, connected world is all that Millennials have ever known.

They are considered optimistic, with 41% satisfied with the way things that are going in the
country, compared with 26% of those over 30.G1 Optimism abounds despite the many tragic
events that have shaped this generation, such as 9/11, terrorist attacks, school shootings like
Columbine, the 2004 Southeast Asian tsunami, and Hurricane Katrina. Political, economic,
and organizational influences include the 2000 election, the impeachment of a president,
the recession and the fall of Enron. As kids, they were tightly scheduled and many would say
overindulged by helicopter parents. They were products of NCLB, reality TV, and an iWorld,
where Starbucks is usually just a short walk away.

For the purposes of this report, this cohort will be called Generation Y, Gen Y, or with more frequency,
Millennials, as they reportedly prefer. There are at least 30 other labels for this generation.

MOST DIVERSE GENERATION

Young people are more tolerant of races and groups than older generations (47% vs. 19%),
with 45% agreeing with preferential treatment to improve the position of minorities. This may be
attributable to the diversity of the generation itself, which recalls that of the silent generation. The
shifting population is evidenced with 60% of 1829 year olds classified as non-Hispanic white,
versus 70% for those 30 and older. This reflects a record low of whites, with 19% Hispanic,
14% black, 4% Asian, and 3% of mixed race or other. Additionally, 11% of Millennials are born to
at least one immigrant parent.G2

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MULTITASKING REDEFINED
Millennials are considered multitaskers extraordinaire, though brain science tells us that
multitasking is a myth.G3 More likely, they are apt to switching tasks quickly enough to appear to
be doing them simultaneously. When it comes to heavy media multitasking, studies show greater
vulnerability to interference, leading to decreased performance.G4 Some studies suggest that this
generation is rewiring the brain with extensive multitasking training, evidenced by the teenager
who can simultaneously play video games, watch TV, and do homework. They are retraining
the brain to reduce the performance deterioration of multitasking by increasing the speed of
information the brain processes. This rewiring enables multiple tasks to be processed in more
rapid succession. This activity and research suggest that our brains are evolving.

SELF
Popular opinion is that Millennials are more caring, community oriented, and politically engaged
than previous generations. Psychologist and Gen Y researcher Jean Twenge contradicts these
assumptions. She and her colleagues find that todays youth are more interested in extrinsic
life goals and less concerned for others and civic engagement.G5 They are described as overly
self-confident and self-absorbed.G6

This generation masters self-expression, with 75% creating a profile on a social networking site,
20% posting a video of themselves online, 38% with one to six tattoos, and 23% with a piercing
in some place other than an earlobe.G1 There is also a trend toward personal branding, which, on
its surface, appears self-promoting. Looking a bit deeper reveals a method for young people to
identify their passions and determine the most expedient path forward, rather than having others
set a path for them.

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MORE SIGNS OF THE TIMES

Millennials main sources for news are television (65%) and the Internet (59%). Lagging behind
are newspapers (24%) and radio (18%).G1 Different from the youth of the two previous generations,
parents have considerable influence on Millennials political views. In one study of young American
leaders, 61% listed parents as most influential, far in advance of public leaders (19%) and the
media (12%).G7 Faith leaders and celebrities ranked as having minimal or least influence.

Millennials are never far away from their next text, with 80% sleeping with their cell phone next
to the bed. For some, this bed is in their parents homes, as 13% have boomeranged back
because of the recession after living on their own. Thirty-six percent say that they depend on
financial support from their families.G1

Many Millennials have grown up with parental support and encouragement and have experienced
relatively comfortable lifestyles. Approximately 20% of American Millennials living in poverty have
not been so privileged.G8

Nearly half of Millennials feel that they may be worse off than their parents. Health trends indicate
that Millennials could be the first generation in more than a century to see their life span level off
and even decline,G9 with obesity becoming epidemic.G10

WHATS THE SAME

For the most part, the priorities of being a good parent and having a successful marriage are
most important to Millennials, similar to those held by Gen Xers at a similar stage of life. Similarly,
helping others in need is as important to the youth of both generations. Differences in the order
of lifes priorities are that older generations are more likely to place a higher importance on a very
religious life (21% vs. 15%) and a lower importance on being successful in a high-paying career
(7% vs. 15%).G1

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EDUCATION SUMMARY
Millennials have Some institutions
and will continue to are adapting their
influence education. space to a less formal
First, as students, these learning environment
digital natives have forced that combines structured
learning institutions to learning with preferred
communicate and educate group-based practical learning.
in new ways.
Millennials are also entering
They bring a new generational the teaching ranks. Like their
personalitydone of optimism, corporate peers, they prefer
structure, team orientation, frequent feedback, fairness,
and a confidence bordering recognition, and peer learning.
on entitlement.
Parents of Millennials influence
Instructors are figuring out the environment as they
how to manage the amount of continue their active
involvement and feedback involvement in their childrens
these students demand. educational experience.

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EDUCATIONKey Findings
THE NUMBERS
Educators are celebrating the high school graduation rate, which now stands at 72%. This is the
highest level of high school completion in more than two decades.ED1 Of those graduates, 68%
enrolled in college.ED2 Approximately 58% of those entering a four-year institution will receive a
bachelors degree within six years.ED3

While education is expensive, education levels had more effect on earnings over a 40-year span
than any other demographic factor. Earnings increase incrementally for those with some high
school, with a high school diploma, with a bachelors, to those with an advanced degree. The
difference in earnings over the 40 years by level of education can be in the millions of dollars.ED4
This helps Millennials with their average $25,000 student loan debt. For the first time in America,
there is now more student loan debt than credit card debt.ED5

College prices are rising more rapidly than the prices of other goods and services. Despite the
fact that more students and families struggle to pay for higher education, enrollment continues
to increase. As students recognize that more education leads to higher earnings throughout life,
they are finding ways to finance their education. Sustaining enrollment will require postsecondary
institutions to find more cost-effective methods to offer high-quality education.ED6

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THE STUDENT
Millennials score high on IQ tests. They also score higher on such traits as extraversion,
self-esteem, self-liking, high expectations, and assertiveness. These traits are purported to
often lead to narcissism and entitlement.ED7

Two-thirds of students predict that they will perform in the top 20% of the population in their adult
jobs. Self-esteem cannot deliver their expected success, and this mathematical impossibility leads
many to experience frustration. They are showing measures of stress, anxiety, and symptoms of
depression and are receiving lower scores on self-reliance.ED7

Millennials want a clearly structured academic path. They look for special treatment and ask
specifically what knowledge is required for exams.ED8 College professors sense that students want
to be entertained by the instructors.ED9 These instructors also experience Millennials challenging
them on grades and the relevance of assignments.ED7

QUID PRO QUO

This generation has a transactional relationship to education, seeing higher education as a

necessary and expensive consumer good. This commodity mind-set translates tuition into
a college degree.ED8 The average Millennial student expects professors to be accessible and
approachable and to connect lessons to real life.ED10

LOOK MOM, NO LECTERN

Millennials parents uniquely close (and hovering) relationship has given rise to increased
staff levels in family engagement centers.ED11 Institutions are also modifying learning spaces to
combine straight instruction with the applied team learning Millennials prefer. This less formal
learning environment will also need to accommodate the twin trends of students increasingly
feeling the need for remedial course work upon entering college, which runs as high as 40% upon
admission,ED13 and a rising number of entering college students who took Advanced Placement
courses in high school (now at 71%).ED12

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MORE SIGNS OF THE TIMES

Notable shifts in support of same-sex marriage, affirmative action, and access to higher education
for undocumented studentsED12 are some examples of the greater tolerance of freshmen entering
college campuses.

Though not all students are on campus as colleges and universities build online education, an
effort they consider a critical part of their successful strategies. Virtual learning is on this rise, with
31% of all higher education students now taking at least one course online.ED14

The average age of college faculty is now around 50.ED11 Yet as Millennials enter college not just as
students but also as teachers (currently, one in five Millennials become teachers), they will have a
greater influence on curriculum, learning space, and the college experience.

WHERE THEY ARE GOING

Millennials are sizing up to be the most educated generation in history.ED15 Bachelor degrees conferred
were predominantly in business, the social sciences and history, health sciences, and education.ED16

After commencement, 29% of top college graduates intend to seek employment in the private
sector, while 17% have set their sights on the nonprofit field or teaching. Only 2% of respondents
plan to work in the federal government after leaving school. Some 27% are looking at graduate
school, and the rest are looking at the military and other options.ED17

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ENTREPRENEUR SUMMARY
The question might not be how Millennials have influenced entrepreneurship,
but perhaps how the economy has dealt an unfortunate hand to a generation
considered one of the most promising for business ownership to date.
Many to most desire to start their own businesses. They have the ideas
and innovative qualities of successful entrepreneurs. With more guidance,
funding, and encouragement, this entrepreneurial spirit may just run free and
do its part in creating more jobs and helping rescue the economy.

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ENTREPENEURKey Findings
ENTREPRENEURIAL GENERATION
Millennials have witnessed instability in the workplace, business scandals, and their parents jobs
being downsized after loyal years of service. These market conditions and unemployment rates,
almost twice that of all workers, are leading many to become entrepreneurs.

The young entrepreneur has achieved star statusthink Mark Zuckerberg of Facebook or Andrew
Mason of Groupon. Small business is regarded as a driver of the U.S. economy, providing jobs for
the nations private workforce.E1 Starting a business can look very appealing.

Though research varies, one-half to two-thirds of Millennials are interested in entrepreneurship, and
more than one-fourth (27%) are already self-employed.E2 Males, blacks, and Latinos are most inclined
toward starting their own businesses; females are more likely to be interested in starting nonprofits.E3

In 2011, many took the leap. Millennials launched almost 160,000 startups each month, and
29% of all entrepreneurs were 20 to 34 years old.E4

Startups are essential to job creation in the United States. The entrepreneurial mind-set of Millennials
could support the economic recovery, helping reverse a declining trend of business startups.E5

OBSTACLES
Millennials say that the ability to get a loan or credit is the biggest challenge to starting a business,
with almost two-thirds sayingthat they do not receive enough support from banks.E2 Another
obstacle is the lack of education and resources to run a small business.

Millennials would also like to see Congress make it easier to start a business by providing
increased access to education, training, and student loan relief.E2

Observers note another challenge for Millennials. While they are great at multitasking, it often
results in turning clients away because of a lack of engagement. Certain traditional elements
of business interactions, particularly revolving around the human element and customer
interactions, are skills to be developed.

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ENTREPRENEURSHIP 101
An entrepreneurship curriculum has been added to more than 2,100 U.S. colleges and
universities,E6 though more than half the students offered these classes say that theydont feel
the course work prepared them to start a business.E2 The curriculum has been evolving quickly,
trying to develop more relevant offerings reflective of todays trends. According to Belmont
University, 40% or more of the freshmen that come into their entrepreneurship program have
already started businesses.E6

The workplace values business ownership and education on an applicants resume. Employers
recognize the creative, innovative skills that bring an intrapreneurial spirit within a firm that
keeps their organizations up to date.

STRENGTHS

Author Donna Fenns book on Gen Y Upstarts! suggests that this generation approaches
entrepreneurship as a way of life. She also believes that starting a business in todays digital
age is cheaper and less risky. She predicts that in 20 years Millennials will prove to be the most
seasoned, experienced generation of entrepreneurial leaders yet.E6

That may be true, especially with the abundant support from parents, teachers, and older
entrepreneurs. Members of this generation are also regarded as serial entrepreneurs, who will likely
sell their successful businesses or hone their skills on the less successful ones as they go along.

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MARKETPLACE SUMMARY
This generation is large, and with their numbers come substantial buying
power, both through their own increasing earnings as they age and through
the financial support of their baby boomer and Gen X parents. Not only do
Millennials contribute to the market directly, but they also contribute as vocal
consumers and early adopters to influence the purchases of others. They are
also changing the means and speed by which marketplace information is
exchanged. Millennials add content through constant connectedness and the
popularity of social media, keeping marketers on their toes. This generations
connectedness also demands that brands ensure or influence positive
user experiences. Additionally, this generation will continue to change the
marketplace through the blurring of traditional gender roles. Savvy marketers
will broaden their reach across gender lines to take advantage of the larger,
more diverse potential market for their products.

ambitious communication connected constant digital

educated entitlement multitasking narcissistic needy opportunity optimistic over-labeled
over-studied rules sheltered structure technology tolerant transactional transparency
trophies ambitious communication constant digital educated entitlement multitasking
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MARKETPLACEKey Findings
MARKET POTENTIAL
Reports on Millennials annual purchasing power range widely between $125 billion and
$890 billion. A more consistent estimate is $200 billion of direct purchasing power and
$500 billion of indirect spending, largely due to the influence on the spending of their mostly
baby boomer parents.M1 With Millennials peak buying power still decades away, marketers
would do well to establish relationships with this consumer force.

GR8 WZ 2 rEch gnr8n Y

The biggest lesson when marketing to Millennials is that organizations must know and use social
media. As referenced earlier, more than three-quarters of Millennials have created a profile on a
social networking site.M3 In an eight-hour workday, people spend approximately one hour on social
media sites. This seems like a large percentage of the workday, but it is even larger for Millennials
who spend about 1.8 hours on social media sites.M4

The majority of Gen Yers use social media to connect with brands, though most firms still allocate
a disproportionate percentage of marketing budgets to nondigital channels.M5 Gen Yers also
connect to a brand through affiliation with a cause. This is more important to Gen Y than to
previous generations. A brand that shows it cares is attractive to this generation.M1

To be effective, advertising should be placed around engaging content. On average, engagement is

higher among Millennials than other generations for television and websites; on a percentage basis,
it is greater on the Web than on TV. It appears that Millennials are highly engaged with content they
choose to view online and on TV, which amplifies the effectiveness of ads for Millennials.M6

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A TWO-WAY STREET

Millennials relationship with technology has completely changed their relationships with most
everything. With brands and services, what used to be a one-way conversation is now a multifaceted,
24-hour-a-day, seven-day-a-week dialogue between brands and their customers and among their
customers. Millennials have the confidence to stand up for what they believe and the confidence,
technology, and network to voice their opinions. With Millennials, brands know where they stand,
sometimes even minute to minute. According to one survey, 86% of Millennials are willing to
share information about their brand preferences online, making it a top personal identifier.M6

Millennials are 2.5 times more likely to be early adopters of technology than are older generations.
They are more likely to use the Internet, broadcast thoughts, and contribute content. Millennials
stand out when it comes to producing and uploading online content (60%) compared with
non-Millennials (20%).M1 In 25% of searches for the top 20 brands, results are linked to
user-generated content.M8 This has huge implications for brands to become aware of others
experiences with their product or service and ensure that it is in harmony with their brand strategy.

RELATIONSHIPS

Tapping into the Millennial generation as they begin their adult lives, as with previous generations,
is important for brands hoping to establish lifelong relationships with their customers. This is
also important with Millennials because they help set trends through social media. It all comes
down to trust for brands. The trust is deeper and more intense with this group, but the greater
availability of information can also destroy it faster. Once Millennials lose faith in a brand, its
nearly impossible to win them back. Keeping positive relationships are critical.M6

Much of the research shows that Millennials are open to new experiences and new brands. They
are eager to interact with brands and interested in building relationships with them. They have the
self-assurance to stand up for their beliefs. It is critical to determine how to get hurried Millennial
consumers to spend time developing a relationship with a brand.

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LIKE 1
With the Internet and social media, the number of sources for information has increased
dramatically. When gathering information and making buying decisions, Millennials rely on
recommendations from peers and friends more than from experts. They use mobile devices
to read user reviews and explore information on social networks. Having grown up with mobile
and digital technology as part of their everyday lives, they switch their attention between media
platforms 27 times per hour.M9 This tells advertisers that they need to engage Millennials quickly
before they lose their attention.

Millennials also seek peer affirmation. Seventy percent of Millennials are more excited about a
decision theyve made when their friends agree, compared with 48% of non-Millennials.M9

GENDER ROLES

All along, Gen Yers have been told that they can do anything they want to do and be anything
they want to be. This is proving to be true across genders. For example, the number of
stay-at-home fathers in the United States has tripled in the past 10 years up to 154,000,M10
according to the most recent Census (although not all by choice with the recession). Some
experts argue that the real figure could actually be in the millions if the definition is broadened to
include dads who work part time while remaining the primary caregivers. Women can control their
reproductive health as they advance in their careers, providing more work and family options
with or without a male partner. Meanwhile, the working Millennial male does not have the same
experience of having a woman at home to support his career as did the husband of previous eras.

What this means for marketers is that gender distinctions are no longer set in stone. The NFL
is targeting women, and ESPN has launched a new website, espnW, targeted toward female
audiences. The number of men who are the primary household grocery shopper increased to
31% in 2011, up from 14% in 1985.M11 Some estimates are even higher. A nationwide survey
of 1,000 fathers said that 51% were the primary grocery shoppers in their households.M11
Marketers should take advantage of a broader market across genders with Millennials and
create appropriate content.

A study shows that the biggest objective for young adults today, both male and female, is
happiness.M12 This is an important shift: It appears men and women are moving away from what
used to be the be-all and end-allmoney and powerin favor of love and friendship. It will be
noteworthy to see how this evolution affects this and future generations.

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PROFESSIONAL
ASSOCIATIONS SUMMARY
There has been an uptick in professional association membership,
reversing an overall downward trend. Associations have been exploring
ways to become more relevant, particularly to the Millennial generation that
considers traditional association services not as necessary with the advent
of the Internet and social media. Economic reasons due to the recession
also influence their membership decisions. As in other areas of their lives,
Millennials expect timely, meaningful, and relevant communications and
programs from the organizations they opt to join.

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PROFESSIONAL
ASSOCIATIONSKey Findings
DOWN (AND MAYBE BACK UP?) MARKET
Many professional membership organizations and associations had been experiencing overall
declining membership, but recently they have seen an uptick in membership. Research shows
an upward trend, with 36% of responding organizations showing an increase in membership
in 2010; 49%, in 2011; and 52%, in 2012. Many member-based organizations showed an
unchanged level or decline in membership over this time frame, with 62% unchanged or declined
in membership in 2010; 50%, in 2011; and 45%, in 2012.P1

Renewing existing members and attracting new ones is key to maintaining and increasing
membership in associations. The percentage of organizations with declining renewal rates
has also trended down: In 2009, 31% of associations reported that renewal rates for their
organizations had declined; in 2010, 44%; in 2011, 24%; and in 2012, 22%.P1

Specifically, two of the largest associations in the United States have shown overall declining
memberships and are considering ways to reverse this trend.

The American Bar Association (ABA) has seen a decline in membership between 2,000 and
4,000 members per year since 2008, when membership stood at 408,000. ABA membership
isnt growing at the same rate as the profession, according to former ABA President Carolyn
Lamm.P2 While the ABA expects membership to increase as the economy improves, Patricia
Refo, chairwoman of the ABAs Standing Committee on Membership, says that the organization
also realizes that it must appeal more to younger lawyers and is working on an aggressive social
media component to promote membership and is constantly looking for new channels.P3

The American Associationss 2011 annual report shows decreasing membership totals for 10 of
the last 11 years, only recently experiencing an increase of 1,000 new members to bring its total
to 217,000. This is still lower than the 2007 membership of 241,000, which includes 8,577 free
memberships given to first-year residents who had been student members the previous year.P4

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REDEFINE VALUE PROPOSITION

The primary responsibilities of associations and the services they provide have historically
included industry research (71%), ongoing education opportunities and accreditation (95%),
publications of periodicals (62%), legislative lobbying (40%), and political action committees
(35%). Percentages are based on the number of associations that provide this service.P5

In a 2012 study, the primary reasons association executives gave as to why members join
continue to be networking (22%), access to specialized and current information (12%),
and advocacy (12%).P1

With the advent of the Internet and social media, people and organizations have the means for
doing their own research and sharing information and have vehicles for organizing around social
and political issues. Millennials (and increasingly other generations) use Facebook, Twitter, and
other tools to self-organize and participate in causes they care about. They simply are not as
interested in joining established member-based organizations.P6

This is evidenced by the continued downward trend since 2009 in networking and access to
specialized and current information regarding the reasons people join associations. This contrasts with
the upward trend in advocacy and continuing education as the reasons individuals join associations.P1

Associations with more than 5,000 members report what their greatest challenges are in attracting
and keeping young members.P1 Going forward, associations may need to retool their offerings to
attract members. One example is a program created by the Minneapolis Regional Chamber called
Emerging Leaders. It hosts six events per year and monthly roundtables for younger members
with content of interest to this group and leadership opportunities. It has also enhanced its online
presence in response to what this generation knows best.P7

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COMMUNICATIONS
For member-based organizations, as well as for companies and other organizations, the
complexity of managing communications and the speed in which information is available are
increasing. With the addition of social media (e.g., social networks, blogs, video sharing, and
online ads) to mainstream media communications (e.g., websites, email, and direct mail),
integrating messaging and content is a challenge.P6 Millennials have little patience for the speed
to which things get done and may not see the value in becoming a member of what they see as
inefficient organizations.P8

THE MILLENNIAL DONOR

In the area of fundraising, Millennial donors seem to blend their preference for technology with a
desire for personal, traditional giving requests. They use online tools to make their donations, but
they need to trust the organizations to which theyre donating and feel that they have a compelling
mission or cause. Millennials tend to give smaller donations to a number of organizations versus
fewer larger donations and tend to give one time for a specific cause or event versus annually.P9
One study found that 20-somethings donated on average to 3.6 different groups.P10

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WORKPLACE SUMMARY
This generation experiences a paradoxical world that is both expanded and
shrunk. Technology has blurred borders all within an accessible connected
generation. The lines between work and life are ill-defined in a literal 24/7
worldfurther motivating Millenials toward work-life balance. The workday is
no longer 9 to 5.

Intergenerational conflicts can be most noticeable in

the workplace. Ideologies and cultures clash, making
other people harder to understand. It is helpful
to know that Millennials work best with clear
guidelines, frequent and immediate feedback,
context, clarity, and independence. They prefer
to work in teams and make group decisions.
They do not deal well with ambiguity and slow
processes. They value trust and transparency.

The corporate ladder has become more of a career lattice,

with Millennials often preferring job rotation to a more time-demanding
job promotion. The most creative programs use the best talents of
each generation, with an end benefit of improved understanding and
communication. Improved working relationships also increase productivity
and allow mutual knowledge transfer. Welcoming this generation into the
workforce takes effort from managers. The benefits will be plentiful, as the
delivered needs of this generation bring out the best talents in each employee.

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WORKPLACEKey Findings
ROOM FOR MILLENNIALS
With positivity and optimism, 80 million Millennials have begun entering the world of work, and
other generations are taking notice. The recession and globalization influence this workplace as
do changes in the composition and size of the population, mostly due to slower population growth,
an aging workforce, and immigration. The United States is also experiencing an increase in
minorities, particularly Asian and Hispanic populations.W1

Cyclical factors are also affecting youth labor force participation. In weak job markets, the
young adult workforce is usually the last to be hired and the first to be fired. In down markets,
when jobs are harder to find, many Millennials make the choice to stay in school, lowering the
participation rate.W1

The recent trend of companies to outsource some traditional entry-level jobs may also be shifting
the types of jobs offered, affecting employment rates for younger, less experienced candidates.W2
As well, there is greater competition from more experienced workers for those companies that
are hiring. More than half of baby boomers nearing retirement have delayed doing so, making it
harder to find space for new workers.W3 Once Millennials understand and experience firsthand
the severely restricted job market, they are forced to compromise their anticipation of landing
that perfect job.

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RECESSIONARY EFFECTS
A weakened job market can lead entrants to taking jobs that are not a good match, usually
ones offering lower average wages, especially at smaller firms. Wage losses can amount to about
9% of annual earnings at first.W4 Research suggests that even after recovery, college graduates
who enter the workforce during a weak economy will continue to experience a relative wage loss
for at least 15 more years.W5

All agree that its much harder to be a young adult today than it was even just a generation ago.
The defining moment of the recession hit during a vulnerable life stage. More than a third of
young adults admit to being distracted on the job or having taken time off because of personal
financial issues.W6 Many are taking any job to pay their bills. As noted earlier, for 2529 year olds,
34% have boomeranged back to living with their parents and perhaps have taken an unpaid job to
gain work experience. They are postponing marriage and family.W7

Total Civilian labor force (2012 and 2020 projected) Unemployment Rate
2012 2012 2020 Current
Unemployment ..... 7.9%
Total level 162,269,000 % distribution % distribution
1619 ..... 23.7%
16 24 24,377,000 15% 11.2%
2024 ..... 13.2
25 34 35,406,000 21.8 22.2
2534 ..... 8.3
35 44 34,434,000 21.2 21.4
3544 ..... 6.3
45 54 37,026,000 22.8 20.1
4554 ..... 6.1
55+ 31,026,000 19.1 25.2
55+ ..... 5.8
Bureau of Labor Statistics, 2010, 2012
Total projected
for 2020 ..... 5.2%

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24 Research Review

VALUE OF A COLLEGE DEGREE

Higher education is appearing essential for economic security, as more and more jobs are
requiring postsecondary education.W11 Only workers with a bachelors degree experienced an
increase in earnings over the last generation.

The median earnings for young women with at least a bachelors degree rose 20% over the last
30 years, evidence of the advancement of women in the workplace. Millennial women fare better
than their mothers did at the beginning of their careers, though their salaries still lag behind those
of their male counterparts.W8

Also, the erosion of the union movement makes it is more difficult for those with blue collar jobs
to rise to the middle class. Males with high school diplomas in 2010 actually made less money
than their counterparts in 1980: $30,000 versus $39,750 in annual salary adjusted for inflation.W8
Since 2010, just 54% of young adults aged 18 to 24 have been employed, the lowest level since
1948, when the government began keeping track.W13

UNDEREMPLOYED OR UNEMPLOYED

As one may expect, underemployment (people who are either unemployed, inadequately
employed, or dropped out of the labor market altogether) shows a bleaker picture for Millennials
and minorities compared with the total population.

2011 Underemployment Rates, By Age, Race, and Ethnicity

White only, Black only, Asian only, Hispanic,
All
non-Hispanic non-Hispanic non-Hispanic any race
1824 28.6 24.5 42.6 22.4 32.6
2534 16.6 13.0 27.7 12.0 20.7
35 and older 12.8 10.8 18.6 11.8 19.0
Total population 15.9 13.1 24.8 13.0 22.1
Table compiled and prepared by Catherine Reutschlin, retrieved from: Reutschlin, Catherine (February 2012) The What
Unemployment Rates Dont Tell Us About Millennials Jobs Woes, policymic Next Generation News and Politics.
http://www.policymic.com/articles/4047/what-unemployment-rates-don-t-tell-us-about-millennials-jobs-woes

Despite the underemployment statistics, minority Millennials feel more optimistic than whites.
Only 12% of whites believe that their generation would be better off than their parents, versus
31% of African-Americans and 36% of Latinos.W8

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Research Review 25

FLEXIBILITY AND SECURITY

More than half of Millennials (56%) say that a quality benefits package influences their choice of
employers, and 63% say that benefits are an important reason for staying with an employer.W6
While managers believe that Millennials put the highest priority on salary,W17 research indicates
salary has become a threshold issue for this generation of workers.

Economic conditions have shifted young workers attitudes toward employee benefits. More
than four out of five indicate a preference for financial guarantees over greater risks. This makes
income protection benefits more important, not traditionally valued by the young worker. They
look for stable, even if it means lower, returns more than older workers.W6

More than half of Millennials (56%) prefer benefits they can choose, and 62% are willing to bear
most of the cost, rather than lose a benefit. In addition to health, other benefits of interest are
auto and home insurance as well as dental, vision, life, and disability insurance.W6 Other benefits
preferred by Millennials are paid vacation time, retirement savings plans, and a flexible work
schedule. They also look for interesting and challenging work, personal development, a custom
career plan, and an organization that reflects their values.

FOR WORK-LIFE BALANCE

Gen Xers tried to achieve work-life balance; Millennials demand it. At almost twice the size of
Gen X, Millennials may just get it with three out of four saying that work-life balance drives their
career choices.W10 Many organizations have shifted their benefits and environments accordingly.
Most notable is Google, the consistent top mention of places Millennials would like to work,W10
which offers many perks and balance enhancers.

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26 Research Review

A FLIGHT RISK

Millennials expect close relationships and frequent feedback from their managers.W12 They view
their managers as coaches or mentors. These bossesnot the corporationcan earn the loyalty
of Millennial employees by keeping commitments. Positive relationships with bosses help manage
Millennial retention risk. The No. 1 reason that this age group leaves a job is directly related to a boss. W6

Millennials want an employer that offers a democratized nontenured workplace, where authority
is earned in a collaborative, casual office. Ideas matter more than experience, and work output is
valued more than the time put in.W14 Creative engagements provide value to both Millennials and
other generations. For example, initiatives such as mentoring programs, have had success in both
shared learning and employee retention.

In a Sun Microsystems mentoring program, participants had a retention rate 23% higher than
nonparticipants, and the mentors had a retention rate 20% higher than nonparticipants, saving
Sun an estimated $6.7 million.W15 Sun also found that mentoring programs increased the level of
trust in organizational leadership.

Still, more than half of Gen Y workers agree that given the choice, they hope to be working for another
employer in 2012,W6 perhaps reflecting their short-term focus and different idea of a job and career.

U.S. CHAMBER OF COMMERCE

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Research Review 27

ALTRUISM, VOLUNTEERISM, AND OPTIMISM

Millennial employees who frequently participate in workplace volunteer activities are more likely
to feel positive, loyal, and satisfied than those who rarely or never volunteer, and they are more
likely to recommend their companies to friends. Volunteering shows more ambition than altruism,
with 51% saying that volunteerism needs to benefit them professionally.W16 More than half of
Millennials volunteer, proportional to that of Gen X.

Millennials are an optimistic group. Those with full-time jobs may just be the happiest workers in
America. Among Millennials aged 25 to 29 who work full time, 42% say they are very happy
with their lives. While most say they dont earn enough money to lead the kind of lives they want,
they believe that they will earn enough in the future. Those not working are also confident that
they will have enough income in the future.W17

SKILLS SET SUPPLY AND DEMAND

Qualities employers want to see in candidates are those considered tried and true. Managers
are seeing the desired teamwork, analytical, and computer skills demonstrated by Millennials.
Key skills that managers would like to see developed are those around communications, work
ethic, initiative, interpersonal, and adaptability.W18

Both Millennials and their bosses see necessary growth in areas such as communications as
well as the ability to give and receive criticism.W19 Another area for improvement mentioned by
managers is enhancing professional workplace etiquette.

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About Jessica
A summary of Millennials, told in short story form Titled About Jessica as it is one of the most
popular names given to girls born in the 1980s and 1990s1

Jessica earned her first soccer trophy while she was in nursery school. The soccer trophies
and medals kept on coming, as did the ones for swimming, karate, basketball, Girl Scouts,
and debate. She has been encouraged to be anything she wants to be. Because of the almost
constant support she receives and her full schedule, she craves lots of attention in the form of
praise and feedback. Her baby boomer parents shower her with attention and consult her about
what restaurants the family visits and where they will go on vacation.

Jessica has a full collection of Beanie Babies. She and her parents would discuss which were
the most coveted ones when they would drive her to school in the morning. Then, her parents
would surprise her with these collectibles after purchasing them online, some at hefty prices!
They are now neatly stored in her parents attic for the time she has a child or house of her own.

Upon college, she expects a return on the investment in her tuition to be a minimum of a
3.6 GPA. Her Gen X+ professors want her to earn it. The transactional perspective on education
typical of her generation is a harsh disconnect with her instructors.

Her colleges family engagement center enlightens instructors of this new student philosophy and
encourages instructors to provide students more leeway than past cohorts. Professors endeavor to
relate to and educate this new student and are humored by the continuing reminders of not using
Wikipedia as an annotation source.

Jessica thinks that she will be in the top 20% of graduates in her class. The problem is that 66%
of her peers think so too. That expectation leads to some anxiety and a bit of depression, which
concern her parents. They continue to support her and with the schools help, find her a therapist
to build up her usual hopefulness.

Jessica has a hard time finding a paying professional job upon graduation and wonders how
she will afford her shared apartment and pay her remaining student loan debt. After her unpaid
internship does not result in a job, she moves back in with her parents.

U.S. CHAMBER OF COMMERCE

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Research Review 29

Jessica acts quickly to a text from her friend Michael (the name given to more babies born in
the 1980s and 1990s than any other1) that his organization is hiring. Happily, she interviews and
receives an offer with a fine starting salary. She verifies with her potential employer that she can
still make her Wednesday late afternoon volleyball games and consults with her mom about the
offer before accepting.

Her manager, who is 49, appreciates her enthusiasm and energy. Jessica clearly wants to be
competent and successful. And while she can manage multiple tasks at one time, her manager
sees her missing some important information in meetings and wants her to improve her client
relationship skills.

Lucky for Jessica, her manager has received training on how to coach his employees, particularly
Gen Yers. Jessica has appreciated her managers support, and their relationship is positive.
Jessica told her parents the company is OK, but her manager is great, so she plans to stay awhile.
She is enjoying the feeling of stability.

Her manager invests extra time in providing more context, interim goals, and plenty of feedback.
The payoff is that Jessica is receptive and very open to developing her skills and is looking forward
to her mentoring relationship with a director in another department. The director is also looking
forward to a fruitful and informative alliance.

Many of Jessicas friends are still looking for jobs, so she feels lucky. A few are going back for a
masters degree. Shed like to further her education one day as well. She texts her friends about
her volleyball win and tweets that her company just launched a great new product and suggests
they try it out.

1. Social Security Administration, Top Names (5/14/2012) http://www.ssa.gov/oact/babynames/top5names.html

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30 Research Review

WORKS CITED
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G2 Ibid.

G3 Taylor, J. (March 2011) Technology: Myth of Multitasking, Psychology Today. http://www.

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Research Review 31

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Research Review 33

E5 Haltiwanger, J., Jarmin, R., Miranda, J. (May 2012) Business Dynamics Statistics Briefing:
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M10 U.S. Census Bureau (September 2011) Source: U.S. Census Bureau, Families and Living
Arrangements, Table SHP-1. Parents and Children in Stay-At-Home Parent Family Groups

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M11 Yahoo!, DB5 and Hunter (2011) Digital Dads: Im Not a Subsegment.
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M12 Euro RSCG Worldwide (2010) Prosumer Report, Gender Shift: Are Women the New Men?
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P4
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P10 Convio, Edge Research, Sea Change Strategies (May 2010) Sleeping with the Cellphone:
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W10 Twenge, J. M ., Campbell, S., M., Hoffman,B., J., Lance, C., E. (2010) Generational
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U.S. CHAMBER OF COMMERCE

 The Millennial Generation
Research Review

Dear Reader:

Every generation gets to write a page or two in the history books. For the people born from
1980 to 1999, those pages will undoubtedly be digital. Called Generation Y or Millennials,
this generation is wired unlike any of its predecessors. Millennials have an almost innate
mastery of technologies and how to use them in business, education, and everyday life.

Technology is only one part of what makes this generation what it is. The unique
personalities, values, and collaborative nature of Millennials also make them different in
how they engage the world. These changes impact many different aspects of our lives, but
in terms of commerce, the rules of the road are being changed.

Thats why the National Chamber Foundation (NCF) decided to take a closer look at
Millennials and how they are impacting business. Much research already exists about
this generation. Assembling this research into a concise format was a tool NCF aimed to
share with others. NCFs commitment to exploring emerging issues and examining whats
next is a mission that it believes in. When you see that mission personified and driven by
Millennials as described in this research review, it is easy to declare that the future is now.

Thanks to the work of Sally Seppanen, the author of this work, NCF is providing this
research to help business leaders of all generations better understand the force, talent,
and promise that Millennials bring to the workplace, marketplace, C-suite, and beyond.
The report also delivers perspective on the generational mindset that can be critical
when building relationships, partnerships, a client base and a productive team.

If you look closely, you will find members of this generation in every one of these locations,
changing the way we do business. Casual observers of these changes may disregard
their impact, but it would be a mistake to write off Millennials or expect their absolute
conformity with the way things have been done in the past.

As this research review shows, Millennials will challenge us with new means, metrics,
markets, and possibilities. Speed and change will be the primary drivers going forward.
NCFs advice is fairly straightforward: Buckle up and be ready its going to be an
amazing ride.

Sincerely,

Rich Cooper
 The Millennial Generation
Research Review

Sally Seppanen is a certified leadership coach and consultant in

Washington, D.C.Seppanen, the principal of Sepp6, delivers programs designed
to strengthen communications skills, presence, emotional awareness, and
self-management.She holds degrees in communications and psychology, is
a Georgetown-trained coach, and a credentialed member of theInternational
Coaching Federation.Seppanens research on generational dynamics helps
organizations engage the potential of Generation Y and build an understanding
of differing priorities.Her interest in leveraging individuals talents promotes
organizational goals and personal fulfillment.

Wendy Gualtieri provides consulting and research services to organizations

looking to understand potential new markets. Gualtieri has led consulting projects
for major consumer product manufacturers and retail clients in the areas of
process improvements and strategic sourcing. Her research in generational trends
and desire to build Gen Y skills paves the way for preparing an optimal workforce
in an ever-changing economic environment. Gualtieri holds an M.B.A. from the
University of Michigan and a bachelors in finance from Miami University in Ohio.

Research Manager Rich Cooper Editor/Reviewers Michael Hendrix

Andrea Bitely

The U.S. Chamber of Commerce is the worlds largest business federation

representing the interests of more than 3 million businesses of all sizes, sectors,
and regions, as well as state and local chambers and industry associations.

The National Chamber Foundation, a nonprofit affiliate of the U.S. Chamber

of Commerce, is dedicated to identifying and fostering public debate on
emerging critical issues. It provides business and government leaders with
insight and resources to address tomorrows challenges.

National Chamber Foundation, 2012. All rights reserved. No part of this publication may be reproduced or
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