Revealed... Unique Insights into Millennials
Millennials are defined as the generation born between 1980 and the mid 2000s. And I’m one of them. We’re the largest, most diverse generation around the globe. In fact, research shows that we are more tech-savvy, creative, and career driven and have invested more in human capital than all previous generations.
The Phenomenal Influence of Millennials
There is a grand total of 2 billion Millennials out there in the world; 85 million living in the United States alone. Millennials accounted for 24% of the adult population in the 28-member European Union in 2013. In comparison, this generation represented about 27% of the adult population in the United States in 2014, and this year they are expected to become the largest generation, overtaking Baby Boomers.
Our economic influence is nothing to sneeze at: With a combined purchasing power of $1 trillion annually. And with a predicted 6.4 billion connected devices by the end of 2016*, there is more opportunity than ever for Millennials to influence purchase decisions, no to mention influence each other, and be influenced in return.
You Simply Cannot Afford to Ignore Millennials
And the smart people already know this. That is why there's a ravenous appetite for insight into this mysterious, yet increasingly connected generation. Companies and individuals clearly want to know what our deal is. A quick search on Google and Twitter reveals: - 16 million searches on the keyword "Millennial" - 43764 articles written about Millennials While we share plenty of common traits, it’s not realistic to group 85 million Americans into a single persona. Clearly, all Millennials do not prefer to consume content in the same manner, with the same intent, on the same platform.
What Millennials Are Looking for in a Job: The stereotype that Millennials are not loyal to companies is likely fueled by the fact that we switch jobs more than previous generations. But that isn’t necessarily a bad thing. Perhaps we don’t want to settle. Perhaps we know we’re capable of more. Perhaps we want to be continually challenged. LinkedIn surveyed 5,000+ Millennials across the world to find out how and why Millennials switch jobs. According to the data, the number one reason Millennials change jobs is to advance their careers, followed by compensation and the desire for more challenging work and roles that are a better fit for their skills and interests. LinkedIn surveyed 5,000+ Millennials across the world to find out how and why Millennials switch jobs. According to the data, the number one reason Millennials change jobs is to advance their careers, followed by compensation and the desire for more challenging work and roles that are a better fit for their skills and interests.
The data gathered from the survey also shed a few more insights on Millennials.
1 - Millennials extensively research companies online.
Millennials invest serious time and effort researching companies and their cultures. In fact, compared to other generations, they’re more likely to use online job boards, company career web pages, and social media to hear about a new job opportunity. They also use far more resources in general to learn about the company culture, which is a good reminder for companies to focus more energy on cultivating their talent brands.
2 - When it comes to compensation, they don’t settle.
Millennials seriously won’t compromise when it comes to their salaries. Nearly 80% are making more money in their new jobs, and 1/3 of them see as much as a 30% bump in salary when they start a new gig. This makes sense, as they are likely to "climb the ladder" early in their career. Clearly, they are ready to negotiate.
3 - The job hunt is different for Millennial men and women.
Although Millennial men and women share the same top three reasons for accepting a job, some reasons resonate more with one gender than the other. Women search for better work-life balance: They want to feel proud to work for their companies and care more about culture fit and company values. Men are more concerned with their compensation, the company’s potential for innovation, and challenging work.