Millennials are the Americans born between 1982 and 2000, and now that they make up a quarter of the U.S. population, this generation is the biggest and most diverse group America has ever seen. Their unmatched ambition gives them the potential to change the world for the better.
They may be new to the workforce, but their education, career-oriented goals, and affinity with technology makes them a force to be reckoned with. Because they have these important traits, millennials are positioned to make one of the biggest impacts on the U.S. economy in the coming years.
Highly Educated
Millennials are currently the highest educated generation to date. [2] From 1964 to 2014 the number of men between the ages of 24 to 34 with a bachelor’s degree has gone up 15%. The number of women to pursue higher education has gone up much more. From 1964 to 2014 women between the ages of 24 to 34 with a bachelor’s degree has gone up almost 30%.
We live during a time when education is more important than ever to find a job and make a living wage. The wages for college graduates aged 21 to 25 years old are currently higher than 26 to 34 year-old non-college graduates. Even though the non-graduates have years of experience over the young graduates, they are still making less money. Millennials understand the importance of higher education and because of this they will be a driving force in our economy.
Career Oriented
Baby boomers are thought to be one of the hardest working generations, but millennials shouldn’t be taken lightly. They are so focused on their careers that they push off marriage longer than previous generations. Since 1980, every decade has brought with it around a 10% drop in 25 to 34 year-olds that get married at this age. This age group now works on developing their careers, and focuses more on getting married once they have stability in their work life.
Millennial women are empowered and are more likely to join the work force when compared to much older generations. About 63% of millennial women have joined the work force. [3] Only 12% of women in the silent generation and 56% of the boomers make up the workforce. Women of today have chosen to pursue higher education at higher rates than men in order to establish a career for themselves.
Technophiles
The 1990s had one of the largest technological booms since the industrial revolution, and millennials grew up absorbing the frequent technological changes. It doesn’t matter if they are trying to navigate the web or the newest handheld device; a millennial can figure it out with little to no difficulty. This is a generation obsessed with technology, and because of their experience living in a world where something becomes obsolete in months, millennials learned how to adapt.
Millennials’ fluency in technology makes them a powerful player in the workforce.
Technological trends are constantly changing and because of this, businesses need to keep up with the times. There’s value in understanding change when your company is frequently updating their computer systems, implementing new technologies, and operating with different computer programs. Change is never easy, but millennials can handle it.
References
[1] http://www.census.gov/newsroom/press-releases/2015/cb15-113.html
[2] https://www.whitehouse.gov/sites/default/files/docs/millennials_report.pdf
[3] http://www.pewresearch.org/fact-tank/2015/03/19/how-millennials-compare-with-their-grandparents/#!19
