Tag Archives: "Workplace"

State of the Gen Y Worker Study

PayScale and Millennial Branding Release Study on the State of the Gen Y Worker

Report examines the Gen Y worker across cities, companies, careers, college degrees, compensation and job skills 

Seattle and Boston– August 21, 2012 – 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 on the state of the Gen Y worker (ages 18 to 29).

The study highlights that Gen Y workers — by and large — are not employed in large numbers inside America’s biggest companies.  Their preference is for smaller firms that allow for more flexibility, an opportunity to embrace their entrepreneurial ambitions, and the opportunity to use social networks at work without strict corporate guidelines.  The report findings indicate, though, that big technology companies where innovation is prized, salaries are higher and workplace programs and culture are more flexible are environments where Gen Y workers find significant satisfaction as well.“This report confirms that Gen Y is an entrepreneurial group, highly versed in social media, and prefers freedom and flexibility over big corporate policies,” said Dan Schawbel, founder of Millennial Branding, Gen Y expert and bestselling author of Me 2.0. “While they are the future corporate leaders and change-makers, they are suffering in this economy by having to work in retail jobs over professional ones. A bachelor’s degree can no longer be traded in for a job.”

Additional highlights from the report include:

1. Over 63% of Gen Y workers have a Bachelor’s Degree, but the most commonly reported jobs for Gen Y don’t necessarily require a college degree. Gen Y workers are more likely to hold the following positions than other U.S. workers: Merchandise Displayer (5.36x more likely); Clothing Sales Representative (4.63x more likely); Cell Phone Sales Representative (4.03x more likely). This is a strong indicator of the underemployment issue in the U.S. today.

2. The best companies for Gen Y are all technology companies. The top five – ranked on Gen Y pay, percentage of Gen Y employees, Gen Y job satisfaction, Gen Y job stress, meaningfulness of job for Gen Y workers, Gen Y schedule flexibility and green score – are (1) Qualcomm, (2) Google, (3) Medtronic, (4) Intel, and (5) Microsoft.

3. Most of Gen Y isn’t working for large companies. The highest concentration of Gen Y workers are at small companies with less than 100 employees (47%), followed by medium companies that have between 100 and no more than 1,500 employees (30%), and the fewest work in large companies with more than 1,500 employees (23%).

4. The most common Gen Y job skills center around online marketing and social media. The five most commonly reported job skills for Gen Y workers, relative to all U.S. workers, in order, are (1) Tableau Software, (2) Blogging, (3) Social Media Optimization, (4) Press Releases, and (5) Polymerase Chain Reaction (PCR) Analysis.

5. Gen Y is embracing science and entrepreneurism. Gen Y is more likely to choose the following college majors, relative to all U.S. workers: (1) Neuroscience (1.95x more likely); (2) Bioengineering (1.86x more likely); (3) Entrepreneurial Studies (1.82x more likely).

6. Seattle is the best large metro area for Gen Y workers. Of the 20 largest metro areas in the U.S., Seattle comes out on top for Gen Y, due to strong wage growth (4.4% increase between Q2 2009 and Q2 2012), high median pay for Gen Y ($44,000) and a strong presence of tech firms, which are top employers for Gen Y.

“Millenials are arming themselves with skills and educational training focused in technology and social media, two areas with great growth potential,” said Katie Bardaro, lead economist for PayScale. “However, the shaky economy has forced many of them into a world of underemployment nonetheless.”

About PayScale

Creator of the largest database of individual compensation profiles in the world, 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 search and query algorithms that dynamically acquire, analyze and aggregate compensation information for millions of individuals in real time. Publisher of the quarterly PayScale Index TM, PayScale’s subscription software products for employers include PayScale MarketRate TM  and PayScale Insight TM. Among PayScale’s 2,200 corporate customers are organizations small and large across industries including Zappos, Volunteers of America and Manpower.

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.

Gen-Y Wants a Remote Workplace. Can you Deliver?

I recently wrote an article for TIME on the rise of the remote worker. The workplace is rapidly changing and young people are looking for more freedom and flexibility out of employers. According to a Cisco study, 70% of college students and young professionals don’t feel that it’s necessary to work at an office anymore. More and more employers are allowing workers to telecommute because it saves them money and because they are demanding it. Studies show that 45% of the U.S. workforce now has a job that’s suitable for full-time or part-time telecommuting. A new study by the software company Wrike shows that 83% of employees work remotely at least part of the day. There are millions of people already who work from home and that number will grow in the future.

A lot of big companies have to make big decisions about how they manage remote workers. Companies are used to the command and control protocol that has existed in the workplace for decades. The problem is that it’s becoming harder to justify a 9 to 5 office day when we have the technology to allow us to work from anywhere at anytime. Using tools such as Skype video conferencing, instant messaging and Google+ hangouts, you can maintain relationships and productivity. Workers want to be trusted by management to do their jobs. Managers don’t want to give up control. We at Millennial Branding feel that there will be a new employment contract that allows everyone to work remote in the future. We are moving into an ROI world in which all that matters is that workers deliver results on projects that matter to the company.

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Gen-Y Picks Societal Development Over Profit

In a recent study of over 1,000 of their global Gen-Y population, Deloitte discovered that 92% don’t think success in business should be measured purely by profit. In fact Gen-Y favor innovation, and societal development (56%, and 51%) as a measuring stick for success. 52% of Gen-Y believe that the business sector will have the greatest impact of solving issues plaguing our society, and a whopping 86% of Gen-Y believe that business have the same if not more potential than the government to solve our greatest challenges.

While you could argue that Gen-Y employees would have that sentiment, I think there is a far greater narrative here. As a Gallup poll shows, faith in the government is at an all time low. The frequent stalemates that occur in Washington don’t allow for real progression when it comes to tackling larger societal issues. There will always be red tape in any sector you work in, however it is much easier to push new ideas forward in business. Business allows you to collaborate, compromise, and be inspired by your competitors, in a way that the Government cannot. Combined with the vast resources available to businesses, you actually have a better recipe for success.

Now looking at the first figure, Gen-Y is ready to change the way we measure success in business, and also use business to change the world. Sounds great right? So what’s the problem? Well also according to this study, business leaders don’t fully agree. 71% believe that success shouldn’t be measured by profit, and 35% feel that the business sector will have the biggest impact on solving societies challenges. Clearly a disconnect exists between what Gen-Y expect of business leaders, and what business leaders believe can be expected of them.

If we are able bridge that gap, and empower leaders to strive for innovation and societal changes, maybe we can prove Gen-Y are right in believing that business holds to keys to our future. According to the study, these beliefs stay pretty consistent regardless of geographic differences. What is being represented here are global beliefs on a small scale. If we can expand on this idea on an international level, according to Gen-Y, we should be able to solve some of the larger problems not just affecting our society domestically, but those abroad

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