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Avoiding the 2-Year Turnaround

“As Baby Boomers retire, this is the work force… It’s like consumer models; you have to be able to change with the tide of what’s in the marketplace today. You have to find ways to entice those individuals to come work for you and find ways to keep them happy and productive and wanting to stay and retain in your business,” Jeff Taylor of Esurance said.

It’s becoming more obvious that in order for corporations to keep the attention of millennial workers, they must work to understand that the requirements for this progressive-minded generation are simply changing and necessitate accommodation—or else, they’ll find somewhere that will.

As noted in my first post, “many of our studies show that millennials leave their corporations at the two year mark. In comparison, Gen X stays about five years and Baby Boomers stay about seven years at a company before leaving.”

So, how do employers avoid the two-year turnaround? How do we accommodate the millennials? According to Mr. Taylor, it seems as if the key to strengthening this generation’s loyalty is to entice and retain—to meet new and changing needs. So, what are some of the needs of Gen Y to consider when developing your corporate policies?

  • GenY workers need to feel relevant, important and accomplished.
  • Millennials thrive among adversity, acceptance and freedom to be who you are and be respected for it.
  • This group desires passion for their position and purpose for their work.
  • This generation grew up in the age of modernization and thrive with constant innovation and technology.
  • We like attention and require consistent shaping and guidance.
  • Pats on the back. Millennials value being recognized and appreciated.
  • GenY wants to feel excited and inspired, surrounded by flexibility and change.

An Entrepreneur.com blog also gives a good list on what motivates this generation in the workplace—like relationships, collaboration, engagement and communication—all very much emotion-based needs.

- This post written by Carrie Bowe, an Intern at Millennial Branding

The Gen Y Vote Study for the 2012 Presidential Elections

Millennial Branding and Internships.com Release Study on the Gen Y Vote 

15% more are voting in this election over 2008 and 58% will follow the election on social networks

Boston, MA – October 4, 2012 – Millennial Branding, a Gen Y research and consulting firm and Internships.com, the world’s largest internship marketplace, today announced a new study called “The Gen Y Vote.” The study shows how young people (age 18 to 29) will be voting in the 2012 presidential election, what issues they care most about, who influences their vote and more. This online survey of 2,236 Gen Y’s was conducted on September 14th.

More Gen Y will be coming out to vote in this year’s election compared to 2008. They will be voting for Obama, are more associated with the Democratic party and their parents have had the most influence on their vote. The issue that they care most about is the economy and after TV, social networks is where they will be following the election.

Additional highlights from the report include:

1. 75% will be voting in this election compared to only 60% that voted in 2008. Of those who will be voting this year, 64% intend to vote for Obama and only 22% for Romney. Out of those polled, 44% associated with the Democratic party, while 27% were Independents and only 17% associated with the Republican party. 54% are either considering or very interested in volunteering with a local campaign.

2. 48% believe that their parents most influence their vote (aside from themselves). After their parents, their friends were the next biggest influence, followed by their co-workers and then celebrities. When it comes to politics, celebrities don’t influence the youth vote.

3. 55% feel that the Economy is the most important issue in this election. After the economy, 14% said Education and 13% said Healthcare. Fewer than 5% said Foreign Policy, Immigration, Abortion, Same-sex Marriage and the Environment. They care most about the issues directly impacting their life situation at the moment and since many are without jobs, that’s the priority.

4. 58% will be following the election on social networks like Twitter and Facebook. TV is still the number one source of election coverage for Gen Y since 76% will be tuning in. The third most popular medium was newspapers and magazines at 55% and then radio at 23%. Only 36% are willing to share their political opinions online.

5. 61% feel that Obama will have a positive impact on the economy. Only 24% feel the same way about Romney. 63% said that the job situation  has affected their vote in this election. 50% feel that the unemployment rate is the fault of George W. Bush’s administration. 21% feel that neither Obama or Bush are at fault and 20% say they are both at fault. When asked if Romney’s business background would make him a better president, 71% said “no”.

Quotes:

“Gen Y has become a powerful force in politics with an army of 80 million strong and will have a major impact on who wins the 2012 presidential elections. Although they feel that Obama didn’t keep all the promises he made in 2008, they are willing to give him another four years to prove himself.”

Dan Schawbel, founder of Millennial Branding, Gen Y expert and bestselling author of Me 2.0

“Our ability to extract important, timely, and topical data from Gen Y members is unmatched. We’re constantly surprised by the fast pace of attitudinal change among this demographic. Volunteerism is up, campaigns posting internship openings on Internships.com has skyrocketed, and Gen Y interest and action for the 2012 election year surprisingly exceeds 2008 by a strong margin.”

- Robin D. Richards, CEO of Internships.com

Contacts:

Millennial Branding (Spokesperson): Dan Schawbel dan@millennialbranding.com

About Millennial Branding:

Millennial Branding is a Gen Y research and management consulting firm based in Boston, Mass. Millennial Branding helps companies understand the emerging Gen Y employee by providing research, training, and advisory services. As representatives of Gen Y and advisers to management, our goal is to provide research and insights that will make you more profitable, grow your market share, help you understand your Gen Y employees, and turn you into an industry leader. As ambassadors to Gen Y, we want to give our generation a voice, support their careers, and connect them with brands that understand their needs.

About Internships.com:

Internships.com – a CareerArc Group company — is the world’s largest internship marketplace bringing students, employers and higher education together in one centralized location. The innovative, Los Angeles based company, develops a wide variety of interactive, world-class tools and services to enable every student, employer and educator to better understand and optimize internship opportunities. For additional information, please visit www.internships.com. For tips on finding internships, hot internship listings and internship advice, follow Internships.com on Twitter (www.twitter.com/internships) orFacebook (www.facebook.com/internships.com).

Despite High Unemployment Gen Y is Optimistic

My previous post established the overall characteristics of Gen Y as that of wavering loyalty when it comes to today’s job market—a market that is particularly challenging for this generation. The national unemployment rate among young adults ages 18 to 29 was about 12.7 percent in August (over 4% higher than the national average), according to nonprofit organization Generation Opportunity.

Why? Why are the Millennials so down, out and about?

Could it be that instead of unpredictable, at least a fraction of these Millennial workers are envisioning a more suitable opportunity for themselves? That instead of having trouble finding employment, some GenY workers are struggling to find meaningful employment—and are actually in the process of developing something better? For some, finding meaning means finding it on their own. Millennials crave opportunity, freedom and fulfillment.

According to The Multigenerational Job Search survey conducted by Millennial Branding and Beyond.com, survey, almost one third of all respondents have considered starting their own business instead of continuing their job search. And another study, found that the number of 18 to 29-year-olds in the process of setting up their own companies increased by 50% in the last year alone.

So Millennials want to explore the world on their own—but what does that mean? How will starting a new business affect your business? While I can understand why some management could see entrepreneurs as a direct hit to their human resource department, both leadership and team members must also consider that it’s an inevitable movement and it would prove to be much more beneficial to realize the positive picture for this relationship between entrepreneurs and corporate America.

The upside of entrepreneurs for our marketplace—

A chain reaction. The advancement caused by an entrepreneurial innovation will more than likely cause a domino effect. Advanced products and services push progression for innovation of technology and product development across industries—resulting in pioneering ideas and new advances that can ultimately benefit the entire market.

New business, new business partner. There are times that an employee might take on an entrepreneurial endeavor that creates a direct opportunity for the former employer. The previous business may provide a product or service that the new one needs in order to grow and develop.

Broader opportunity. Not only do entrepreneurial ventures have the potential to build a relationship and progress innovation, they have the potential to open up niches in the marketplace because of it. More businesses mean more opportunities to provide services to companies and individuals that are directly involved with these new, niche markets.

Finding a fit. Niches also create benefits for workers. There are a number of people currently working outside their passion or field of study. New opportunity means these companies often require new and/or specialized workers with focused skills to get the job done. Finally, that degree in Enigmatology might actually come in handy.

What are your feelings toward these benefits of entrepreneurship? What other advantages do you see as a result of GenY’s entrepreneurial search for personal satisfaction and opportunity?

- This post written by Carrie Bowe, an Intern at Millennial Branding

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