Tag Archives: "Baby Boomers"

2nd Annual Study on the State of Gen Y Gen X and Baby Boomer Workers

Comparing Generations in the Workplace:  PayScale and Millennial Branding Release Second Annual Study on the State of Gen Y Gen X and Baby Boomer Workers

Latest Study Highlights Complexities Of Gen Y And Assesses Differences Between the Generations

Seattle and Boston – October 24, 2013 - PayScale, Inc., the world’s leading provider of on-demand compensation data and software, and Millennial Branding, a Gen Y research and management consulting company, today announced a comprehensive study comparing career trends amongst Baby Boomer (1946-1964), Gen X (1965-81) and Gen Y/Millenials (1982-2002) workers.

The 2013 study highlights both changing demographics in the United States, as well as the impact of the economic downturn of 2008 and the sluggish recovery the country has experienced.  Boomers are still in top positions and may be delaying retirement due to the economy, preventing younger generations from moving into management roles. The percentage of Gen Y workers managing people declined from 15 percent in 2012 to 12 percent in 2013. Furthermore, due to the economic collapse, Millennials are starting their professional lives later than previous generations and many are unemployed or underemployed right now.

“The economy has delayed their careers and their personal independence and forced them to work harder than previous generations just to catch up,” said Dan Schawbel, Founder of Millennial Branding and New York Times best-selling author of Promote Yourself. “They are taking on multiple jobs to pay back student loans and are being forced to create their own careers instead of relying on companies to do it for them.

Highlights from the report include:

1. Millennials are most likely to have had to move back home with their parents due to financial hardship after starting their careers (28 percent) compared to Gen X (11 percent) or Baby Boomers (5 percent).

2. More Baby Boomers (9 percent) wish they could change their boss (out of all the possible changes to their work situation) than Gen Y (6 percent) or Gen X (7 percent).

3. Baby Boomers are most likely to have the highest-paying jobs, including Chief Medical Officer (CMO) ($300,700), Psychiatrist ($215,200), and Aerospace Engineer ($122,800).

4. Gen X (7 percent) is more likely to have the option to work from home than Gen Y (5 percent) or Baby Boomers (5 percent).

5. Gen Y workers are more likely to work at small firms (<100 employees) than both Gen X or Baby Boomers (56 percent vs. 48 percent vs. 50 percent, respectively)

6. Gen Y reports the lowest levels of Job Satisfaction and Job Meaning, even though they also report the lowest levels of Job Stress.

7. After controlling for all other factors, there is only a 2-3 percent difference between male and female pay across all three generations, and that difference is the smallest for Gen Y.

“Similar to other studies, our research reinforces that the sluggish and uncertain economy has made a significant impact on the perspectives and experiences of not only Generation Y, but also Generation X and Baby Boomers,” said Katie Bardaro, lead economist for PayScale. “It is also important to note the complexities that each generation possesses based upon so many economic, cultural, and sociological conditions and issues.”

About PayScale

Creator of the largest database of individual compensation profiles in the world containing 40 million salary profiles, PayScale, Inc. provides an immediate and precise snapshot of current market salaries to employees and employers through its online tools and software. PayScale’s products are powered by innovative algorithms that dynamically acquire, analyze and aggregate compensation information for millions of individuals in real time. Publisher of the quarterly PayScale Index™, PayScale’s subscription software products for employers include PayScale MarketRate™, PayScale Insight™, and PayScale Insight Expert™. PayScale’s cloud compensation software is used by more than 2,500 customers including Mozilla, Tully’s Coffee, Clemson University, and the United States Postal Service.

Follow PayScale on Twitter: @payscale

Find PayScale on Facebook: http://www.facebook.com/PayScale

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.

Multi-Generational Entrepreneurship Study

New Research Reveals Baby Boomers Taking more Risk, Bringing More Entrepreneurial Spirit to the Workforce than Gen-Y

Monster.com and Millennial Branding Release New Data on Multi-Generational Worker Attitudes

MAYNARD, Mass.–Monster.com, the worldwide leader in successfully connecting people to job opportunities, and flagship brand of Monster Worldwide, Inc. (NYSE: MWW), and Millennial Branding, a Gen Y research and consulting firm, today announced new survey data on the state of worker attitudes across multi generations of professionals.

“We don’t see the same barriers to entry to starting a new business as we saw 10 years ago. Everyone has the technology to connect and now all you need is an innovative idea and a website to create a startup.”

The new report found 41% of Gen X employees (loosely defined between ages of 30-49 years) and 45% of Boomers (loosely defined between ages of 50-69 years) consider themselves to be more entrepreneurial compared to only 32% of Gen Y (loosely defined between ages of 18-29 years) workers. And while younger workers tend to be drawn to start-ups and smaller companies in order to have more creative freedom and decision making ability, the Monster Millennial Branding research demonstrated the concept of intrapreneurship1 is alive across all generations of workers within many companies today.

Nearly one third of all respondents feel they have the freedom, flexibility and resources to be an intrapreneur, and slightly more Gen Y respondents feel that they have their management’s support in becoming an intrapreneur. But while 42% of respondents feel they have opportunities to work on projects outside of their direct responsibility, only 23% feel encouraged to work on these projects.

“The internet has created unique entrepreneurial opportunities, not just for Millennials but for all generations of workers,” said Dan Schawbel, Founder of Millennial Branding and Author of ‘Promote Yourself.’ “We don’t see the same barriers to entry to starting a new business as we saw 10 years ago. Everyone has the technology to connect and now all you need is an innovative idea and a website to create a startup.”

“This survey revealed that the entrepreneurial spirit resides in all of us and across all generations of workers” said Jeffrey Quinn, Vice President, Global Monster Insights. “Whether it’s a direct result of the current economy, or a person’s independent drive, we are seeing more and more people across generations starting their own businesses as alternatives to traditional jobs or careers. Employer retention strategies could benefit from creating environments that encourage entrepreneurial culture and opportunities for workers.”

While a primary characteristic of entrepreneurs is an appetite for risk, the Monster Millennial Branding research showed Gen Y respondents are actually less risk adverse. Only 28% of Gen Y respondents identified with being high risk, compared to 40% of Gen X and 43% of Boomers who felt the same way. This could be due in part to Gen Y employees viewing their jobs as temporary, with 55% of Gen Y respondents indicating their current employer is a “step” in their career path. When Gen Y respondents were asked about their intentions to stay with their present company for a long time, only 26% agreed or strongly agreed.

Monster sent an invitation to 200,000 randomly selected Monster users to participate in a Monster Workplace Survey between October 29 and November 29th 2012. A total sample of 2,828 of those invited participated by completing an online survey form. Given the sample size this survey has a general margin of error of +/-1.85% at the 95% confidence level.

To access the full research findings and infographic, and for additional resources on how to manage the multi-generational workforce, please visit: http://www.about-monster.com/content/monster-gen-y-research.

About Monster

Monster is the worldwide leader in successfully connecting people to job opportunities. From the web, to mobile to BeKnown™ on Facebook, Monster helps companies find people with customized solutions, using the world’s most advanced technology to match the right person to the right job. With a local presence in more than 40 countries, Monster works for everyone by connecting employers with quality job seekers at all levels and by providing personalized career advice to consumers globally. Through online media sites and services, Monster delivers vast, highly targeted audiences to advertisers. To learn more about Monster’s industry-leading products and services, visit www.monster.com. More company information is available at http://about-monster.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.

1 An Intrapreneur is defined as a person within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through assertive risk-taking and innovation.

Infographic

Contacts

Monster Worldwide
Kristen Gugliotta, 978-461-8089
Kristen.Gugliotta@Monster.com

Millenial Branding
Dan Schawbel
dan@millennialbranding.com

Why Companies Are Having Gen Y Retention Problems

Gen Y is typically identified as being a fickle and wavering group of individuals. Here today, gone tomorrow. On to the next job. Attributed to becoming bored, seeking enjoyment or following the road, Millennials are known for moving on. In fact, 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.

What is the cause of all of this? What are some of the reasons that Gen Y has seemingly lost their loyalty to long-term job commitment? Through experience and observation, these seem to suggest some causes:

  • An unstable economy has caused Gen Y to devalue the tenure of a position. Even if you stayed with the same company for 30 years, what’s the payoff for remaining when benefits, pensions and investments are not guaranteed?
  • The company gets what it gives. As companies become less loyal to their employees, employees become less loyal to the companies. Gen Y especially sees disloyalty as a major red flag and a cue to exit.
  • Millennials crave exploring the next opportunity to discover, create and expand. Sometimes called dreamers; this generation has an entrepreneurial nature that searches for freedom, limitlessness and fulfillment.
  • Suppressive, rigid, traditional corporate cultures don’t match the mindset of this generation. Gen Y workers are less tolerant of work environments that don’t reflect personal values, opinions and/or feelings toward change.
  • Much of this generation is still in search of the purpose of life. Either because they don’t know what they want to do when they grow up or they aren’t sure how to get there. Sometimes they’re just passing through in search of where they fit.
  • Gen Y is an entitled group. This group was raised to expect, receive and question everything. This sense of privilege has caused some in this group to lack patience in developing professionally, an unconcern with paying their dues and a different perception of how “work” should work.

What’s your opinion? Have you seen this happening in your organization? In what ways does your company counteracts these reasons for Gen Y’s lack of loyalty?

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

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