If there was ever a group of people that are coming up through the ranks that have been more mystery around how they should be defined its Generation Y. We have early Boomers, late Boomers, Generation X and now Generation Y. They are different for sure and a recent study conducted by Millenial Branding and Identified.com takes a look at this mysterious group that will be imposing its considerable will and weight on everything we do for quite some time to come whether we like it or not. Click through for an infographic summarizing the results.
Some of the major findings include:
80% of Gen-Y list at least one school entry on their Facebook profiles, while only 36% list a job entry. They define themselves by their colleges instead of their workplaces.
They spend an average of just over 2 years at their first job. They are job hopping multiple times in their careers.
Only 7% of Gen-Y works for a Fortune 500 company because startups are dominating the workforce for this demographic in today’s economy. If large corporations want to remain competitive, they need to aggressively recruit Gen-Y workers. Gen-Y will form 75% of the workforce by 2025 and are actively shaping corporate culture and expectations. Big corporations can’t afford to be left behind.
“Owner” is the fifth most popular job title for Gen-Y because they are an entrepreneurial generation. Even though most of their companies won’t succeed, they are demonstrating an unprecedented entrepreneurial spirit. Companies need to allow Gen-Yers to operate entrepreneurially within the corporation by giving them control over their time, activities and budgets as much as possible.
The travel and hospitality industry hires the most Gen-Y candidates now because young people are having trouble getting internships and jobs so they turn to bartending and waitressing jobs.
The US Military is the largest Gen-Y employer overall and Deloitte is the largest corporate employer. Companies such as Walmart and Starbucks ranked high and should focus on training their in-store workers to become corporate employees when they graduate.
It’s a fascinating group for sure and one that requires some serious thought since they are the first group to have literally grown up with the commercial Internet being the norm rather than something new. Here is an infographic from the study for you to enjoy.
I have a considerable amount of experience with people in this age group and some opinions for sure but that’s not the point here. How about you? What is your perception of the Gen-Y set? How is your business attacking a group that will be 75% of the workforce by 2025 according to some sources? Are you ready for this group? If you are a true marketer this is one that you should be taking a serious look at. Are you?