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millennial

An Embarrassing Millennial Moment for Kronos

Millennial mishap alert! I was really looking forward to reading a new research report by Kronos, a US-based multi-national workforce management software company, called, “Motivating Millennials, Managing Tomorrow’s Workforce Today”. Researching Millennials is my work, and I collect research reports like I used to collect baseball cards as a kid.

So, I’m settling in with my cup of coffee, sun streaming in through the window, my dog Wulfie sprawled on the “dog sofa”, excited to digest this research report. The very first “take-away” from the research is that “Millennials will make up 75% of the Australian workforce in 2025.” REALLY? Guys– do the math. A generation, by definition, lasts 18 to 22 years. Let’s just say 20-years. The workforce is made up of people roughly 20 to 60-years old, right? That’s a 40-year span, meaning that at a MAXIMUM, Millennials could only represent is 50%, but that’s only assuming we are counting 2 generations.

I know many of you don’t care about this, but I’m a stickler for data accuracy. I would hope Kronos would be too. I’m giving then a “D” on this report for demographic accuracy.

Oh– if you want to know how many Millennials will be in the workforce by any given year, I am including a Link to a spreadsheet we put together by looking at census estimates. Max percentage is 51% in 2034. This is for the US, but population pyramids run roughly parallel between Australia and the US.

Bravo, Kronos, for recognizing that Mentorship programs should be a core part on Millennial’s development– (see our take on Mentorship), but its better if you stick with your core competency– software development.

Percent of Millennials in the workforce.xlsx

millennial

An Embarrassing Millennial Moment for Kronos

Millennial mishap alert! I was really looking forward to reading a new research report by Kronos, a US-based multi-national workforce management software company, called, “Motivating Millennials, Managing Tomorrow’s Workforce Today”. Researching Millennials is my work, and I collect research reports like I used to collect baseball cards as a kid.

So, I’m settling in with my cup of coffee, sun streaming in through the window, my dog Wulfie sprawled on the “dog sofa”, excited to digest this research report. The very first “take-away” from the research is that “Millennials will make up 75% of the Australian workforce in 2025.” REALLY? Guys– do the math. A generation, by definition, lasts 18 to 22 years. Let’s just say 20-years. The workforce is made up of people roughly 20 to 60-years old, right? That’s a 40-year span, meaning that at a MAXIMUM, Millennials could only represent is 50%, but that’s only assuming we are counting 2 generations.

I know many of you don’t care about this, but I’m a stickler for data accuracy. I would hope Kronos would be too. I’m giving then a “D” on this report for demographic accuracy.

Oh– if you want to know how many Millennials will be in the workforce by any given year, I am including a Link to a spreadsheet we put together by looking at census estimates. Max percentage is 51% in 2034. This is for the US, but population pyramids run roughly parallel between Australia and the US.

Bravo, Kronos, for recognizing that Mentorship programs should be a core part on Millennial’s development– (see our take on Mentorship), but its better if you stick with your core competency– software development.

Percent of Millennials in the workforce.xlsx

Millennial Footprint

The Millennial Footprint on Media and Entertainment

Millennial Footprint

The millennial generation will continue to leave a lasting footprint on American culture.

Every generation leaves their footprint on media and entertainment, and it looks like the Millennials’ footprint is likely to be a big one.

Last week at the ThinkLA conference in Los Angeles, I gave a Presentation on this topic. Attending were over 600 executives in the media and entertainment business. Among this group, there is a growing sense of unease about where it’s all going. Long standing business models have been disrupted overnight. In a recent research paper conducted by Ipsos for the Social Media Advertising Consortium, it was reported that 30% of Millennials’ media time (5 hours/day) is now spent with User Generated Content (UGC) created by their friends and peers. Our own research at LifeCourse confirms this. In a recent survey we conducted for twitch.tv, we found that  93% of Millennials go to social networking sites on their smart phones. This compares to 85% of GenXers and only 52% of Boomers. Conventional media like broadcast television is under enormous pressure to stem eroding market share from emerging media, and Millennials are leading this shift.

History shapes generations. Generations shape history.

To understand how Millennials  influence these new trends and discern where it is all going, we need to go back in time to the formative years of their childhood, and their coming of age experience– their own history. These early experiences shape their values and beliefs that remain enduring and unique, and can give us a glimpse into the future. Every generation is shaped by their place in history. Aristotle said that history shapes generations, and then generations shape history.

Millennials were raised during a time of increasing parental involvement. We’ve all heard stories of helicopter parents, clearing the way for their child’s success and achievement. Indeed, Millennials were raised to feel special and instilled with an ethic of achievement. Surrounded by a team of parents, teachers, coaches, and tutors, the expectation of individualized attention as well as a trusting support network allowing them to grow and achieve has always been part of the Millennials coming of age story. Role models at an early age encouraged teamwork and cooperation. Do you remember Barney the Dinosaur? I love you, you love me, we’re one big happy family… By contrast, GenXers grew up to learn to fend for themselves– it was a time of declining parental involvement. One of the iconic figures of their coming of age experience was a Muppet who lived in a garbage can– Oscar the Grouch!

[youtube https://www.youtube.com/watch?v=e4Sml5MgOcM&rel=0&w=560&h=315]

 

In my presentation, I’ve identified four shaping criteria that is now influencing, and will continue to influence the direction of entertainment and media usage:

  • Hyper-Socialization

Millennials are a connected generation, but it is more than the technology that allows them to connect. Millennials are social, and they seem to love everybody. They love their parents, they love their friends, and they love the community where they live. 82% of teenagers in 2005 (now Millennials in their late 20’s) reported “no problem at all with any family member”. This compares to 75% in 1983, and 48% in 1974. We all know that Millennials are the “friend” generation. In our 2014 LifeCourse survey, 55% of Millennials agreed with the statement, “My friends are the most important thing in my life”. This compares to 44% for GenXers and 40% of Boomers. But it is not just about being social and liking friends and family… it is about doing things together. Millennials like to work with others and collaborate in teams. In the world of video gaming, long thought of as a lonely geek activity, 72% of Millennials play video games with their friends or family members.

Perhaps the most telling event in recent media history about Millennials’ propensity for hyper-socialization and doing things together was the recent phenomenon called Twitch Plays Pokémon. Here is how it worked: An anonymous gamer from Australia developed a program on one of the world’s most popular live streaming sites for Millennials called twitch.tv. On twitch.tv, gamers input over 112 million commands to vote on how the main character should move. Together, they beat the game in 16 days. Twitch Plays Pokémon is now a regular site feature where users play assorted Pokémon titles together. Furthermore, users have also enhanced the game in ways the creator could not have anticipated, from creating memes in Photoshop to planning Pokémon battle strategies on social media.  In essence, this one game created a thriving community of its own.

  • First Life/Second Life Blend

Unlike Boomer and GenXers, who adapted to today’s technology, Millennials are digital natives. Their orientation is entirely different than older generations. They spend more time in front of a screen (10 hrs per days vs. 8 hrs for Xers and 7 hrs for Boomers), and they are the first generation that feels as much ‘at home’ with their second life on the internet as their first life (their actual real life). IRL is a common acronym going around today– it stands for In Real Life, as opposed to “life” on the internet. The fact that Millennials need to distinguish between the two suggests that there would otherwise be confusion for which is which. This is a remarkable paradigm shift that can’t be overstated. Indeed, in the LifeCourse survey for twitch, 52% of Millennials think that life is like a video game. Millennials quite simply trust technology. It was there with them in their crib, and has always been a dependable partner, so no wonder Millennials gravitate toward this second life of technology.

All of this means that as far as media and entertainment preferences, Millennials are likely to get deeper into interactive media– spend more time and become more engaged on the internet and in their second life, and of course, bringing their friends and family with them.

  • The Maker Movement

Like many new movements in the last few years, this one started with geeks in their basements. The whole maker culture represents learning by doing in a social environment. The maker movement is networked, informal, peer-led, and motivated by fun, learning, and achievement. This is quintessential Millennial! We know that Millennials are highly networked to their peers, and we also know that the notion of achievement is very important to them. Schools have increasingly been focused on achievement standards, and Millennials are on track to becoming the best educated generation in U.S. history. Good performance is a source of pride and social capital for Millennials, and the maker culture encourages both.

The rise in Millennials time spend with User Generated Content (UGC) is up to 30%. This is content that is created by their friends and peers. Earlier this year, Disney purchased Maker Studios for a deal worth about $900 million. Microsoft introduced Project Spark to the gaming community, and program that allows players to create their own characters, plot lines, settings, etc. All of these events point to a Maker Movement and this has “Millennial” written all over it.

As to the implications of Maker Movement on Media and Entertainment, expect more Millennials to be using today’s technology tools to advance their education and the their avocation. I predict that the entertainment industry will reshape the education business in America and throughout the world. After all, entertainers know how to grab your attention and keep you engaged.

  • The Barney Effect

The purple dinosaur that millions of Millennials watched as children encouraged teamwork, cooperation, respect, and fairness. Whether it is support for same sex marriage, or support to reduce the income gap, Millennials’ values of equity, respect and fairness were forged in their early years. Millennials are the first generation since the GI’s (pre-WW II) to value a middle class. 72% of Millennials believe the government should work hard to reduce the income gap between the rich and the poor, according to a 2014 CNN poll.

Along with this fairness and equity ethic comes Millennials’ embrace for brands that have a socially conscious element to it. Millennials scored higher than GenXers of Boomers when agreeing with the two statement “having a positive impact on society is important to me” and “It is important to me companies I buy products from support social causes.”

This notion of equity and fairness extends to expectations Millennials have on their participation in how products and brands are developed. This is often accomplished through crowdsourcing, which is second nature to Millennials. Ben and Jerry’s was one of the first companies to crowdsource flavors. According to the LifeCourse publication Social Intelligence, “Millennials expect brands to listen to their feedback and engage in two-way, interactive conversation with them.” Wasn’t it Barney who originally taught them to participate and share?

[youtube https://www.youtube.com/watch?v=xqfJ1_zjEjA]

The Three Key Words for the Footprint: Participate, Create, and Share

Those that are paying attention to the footprint are finding ways for Millennials to participate, create, and share in their media experience: Participate because Millennials feel that it is important to have their voice heard in the decisions being made, whether it is an ice cream flavor, or privacy policy on Facebook. Create because Millennials are leading the original Maker culture with an active and engaged mindset to learn, build, and achieve. And finally, Share, because Millennials value open transparency and dialogue, and advocate a crowdsourcing mentality. Follow the Participate-Create-Share mantra and watch your audience grow.

-Warren Wright
@MillennialCoach

http://www.CoachingMillennials.com

Top four reasons that Millennials are leaving their “dream jobs”

Millennials Dream Job

60% of Millennials leave their jobs within a 3-year period

Warren Wright is Executive Vice President of LifeCourse Associates, a publishing, speaking, and consulting company built on the generational discoveries of Neil Howe and William Strauss. Warren has spent over twenty-five years in leadership roles at companies that use behavioral sciences, statistics, organizational development, change management, and media to help their clients.

Last week I came across a study that said 60% of Millennials leave their jobs within a 3-year period. This was part of the much publicized Millennial Branding Report that was released in August. Among the findings, 51% of companies report that the cost of training and development is highest when hiring Millennials. This is obvious, as on-boarding costs for new talent requires far more resources and development. 56% of employers revealed that it takes 3 to 7 weeks to hire a fully productive Millennial into a new role. This statistic is a little concerning, as it seems the expectations of companies is too high in terms of getting new employees up to speed on a role. Well managed companies with typically invest several months, not weeks in on-boarding and development.

  • 60% of Millennials leave their jobs within a 3-year period
  • 51% of companies report that the cost of training and development is highest when hiring Millennials
  • 56% of employers revealed that it takes 3 to 7 weeks to hire a fully productive Millennial into a new role

The top four reasons that Millennials are leaving their “dream jobs” might be less about Millennials and more about their managers. When I worked at Gallup, our consulting mantra revolved around the notion that your manager is responsible for 85% of your experience with the company you work for– they can make you or break you. It turns out that the reason for high Millennial turnover is bad management. Listed below are four reasons Millennials say they are leaving their dream job, and each one of thee reasons has to do the difference between good management practices and bad management practices:

#1: “No one is asking for my feedback”

Clue: If your Millennial isn’t happy, find out why. This is management 101. Frequent check-ins are critical especially early on ones career, and especially for Millennials, who are known as the “Feedback generation”.

#2. “I wasn’t clear about opportunities for advancement”

Clue: Provide clear opportunities for advancement (in excruciating detail). Millennials like to see a clear path for advancement, and it does not have to be straight up the ladder… it can be different responsibilities at the same level. The important thing is that the path is clear and someone is guiding them along the way.

#3. “The job was advertised as one thing, but it turned out to be something else”

Clue: Never inflate or misrepresent a role. Be completely honest about job expectations. Recruiters in HR try to put their best foot forward, but sometimes, if the job seems to be too good to be true, it probably is. Always temper job expectations with reality about the job.

#4. “It seemed like no one cared about me”

Clue: Show that you care. This is a big one. Remember, Millennials grew up with an entire team that was looking out for their well-being: parents, teachers, coaches, doctors, etc. Transitioning into the workplace  can be an entirely different environment than their life experience up until their first job. Frequent check-ins, feedback sessions, praise for good work, and constructive criticism for missing the mark– these are all important elements to successfully managing Millennials.

In summary, many of the reasons Millennials are leaving their jobs is directly related to the quality of the manager to foster high levels of productivity of the employees he or she manages. Millennials seem to be forcing the bigger issue of demanding better management overall. As they say, a rising tide raises all ships– better management not only helps Millennial employees, but all employees.

-Warren Wright
@MillennialCoach

http://www.CoachingMillennials.com

Top four reasons that Millennials are leaving their "dream jobs"

Millennials Dream Job

60% of Millennials leave their jobs within a 3-year period

Warren Wright is Executive Vice President of LifeCourse Associates, a publishing, speaking, and consulting company built on the generational discoveries of Neil Howe and William Strauss. Warren has spent over twenty-five years in leadership roles at companies that use behavioral sciences, statistics, organizational development, change management, and media to help their clients.

Last week I came across a study that said 60% of Millennials leave their jobs within a 3-year period. This was part of the much publicized Millennial Branding Report that was released in August. Among the findings, 51% of companies report that the cost of training and development is highest when hiring Millennials. This is obvious, as on-boarding costs for new talent requires far more resources and development. 56% of employers revealed that it takes 3 to 7 weeks to hire a fully productive Millennial into a new role. This statistic is a little concerning, as it seems the expectations of companies is too high in terms of getting new employees up to speed on a role. Well managed companies with typically invest several months, not weeks in on-boarding and development.

  • 60% of Millennials leave their jobs within a 3-year period
  • 51% of companies report that the cost of training and development is highest when hiring Millennials
  • 56% of employers revealed that it takes 3 to 7 weeks to hire a fully productive Millennial into a new role

The top four reasons that Millennials are leaving their “dream jobs” might be less about Millennials and more about their managers. When I worked at Gallup, our consulting mantra revolved around the notion that your manager is responsible for 85% of your experience with the company you work for– they can make you or break you. It turns out that the reason for high Millennial turnover is bad management. Listed below are four reasons Millennials say they are leaving their dream job, and each one of thee reasons has to do the difference between good management practices and bad management practices:

#1: “No one is asking for my feedback”

Clue: If your Millennial isn’t happy, find out why. This is management 101. Frequent check-ins are critical especially early on ones career, and especially for Millennials, who are known as the “Feedback generation”.

#2. “I wasn’t clear about opportunities for advancement”

Clue: Provide clear opportunities for advancement (in excruciating detail). Millennials like to see a clear path for advancement, and it does not have to be straight up the ladder… it can be different responsibilities at the same level. The important thing is that the path is clear and someone is guiding them along the way.

#3. “The job was advertised as one thing, but it turned out to be something else”

Clue: Never inflate or misrepresent a role. Be completely honest about job expectations. Recruiters in HR try to put their best foot forward, but sometimes, if the job seems to be too good to be true, it probably is. Always temper job expectations with reality about the job.

#4. “It seemed like no one cared about me”

Clue: Show that you care. This is a big one. Remember, Millennials grew up with an entire team that was looking out for their well-being: parents, teachers, coaches, doctors, etc. Transitioning into the workplace  can be an entirely different environment than their life experience up until their first job. Frequent check-ins, feedback sessions, praise for good work, and constructive criticism for missing the mark– these are all important elements to successfully managing Millennials.

In summary, many of the reasons Millennials are leaving their jobs is directly related to the quality of the manager to foster high levels of productivity of the employees he or she manages. Millennials seem to be forcing the bigger issue of demanding better management overall. As they say, a rising tide raises all ships– better management not only helps Millennial employees, but all employees.

-Warren Wright
@MillennialCoach

http://www.CoachingMillennials.com

New Study: Millennial Males Worse off than Millennial Females

Millennial Males

The employment rate for young men declined from 84% in 2000 to 72% in 2012.

We’ve heard the refrain many times in the last couple of years– young adults are launching their careers later since the Great Recession of 2007-2008. While graduation rates and test scores go up, the ability to secure employment has gone in the opposite direction. According to a new Study from Georgetown University’s Center on Education and the Workforce, called “Failure to Launch: Structural Shifts, and the New Lost Generation“, Millennials are far less likely than previous U.S generations to be employed, and when they do become employed, their wages are lower. The study also points out the gender disparity, a disturbing trend that looks bleak for young males graduating from college.

Among the highlights related to gender differences:

1. Millennials, especially Millennial males, are taking longer to launch their careers. From the period 1980 through 2012, the age at which young adults reached the median wage increased from 26 to 30 years old. Meanwhile, older workers’ relative earnings are much higher over that same period of time. Good for Baby Boomers, bad for Millennials.

2. While young women have seen substantial growth in labor force attachment over the past three decades, coinciding with their enormous growth in post-secondary enrollment and educational attainment, young men’s labor force growth has gone down. Young men experienced the greatest declines in workforce participation and employment. Employment rate declined from 84% in 2000 to 72% in 2012.

3. The most common jobs for young adults are concentrated in low wage occupations such as cooks, cashiers, and waitresses. In 1980, young men made 85% of the median wage; In 2012, they earn only 58% of the median wage.

The authors of the report offer some suggestions on how to reverse the trend, focusing on investing in training and education programs for the young. But in today’s rancorous political environment, the likelihood of public sector investments in educational programs is not likely. This, combined with continuing economic malaise, we may be looking at one of the most fundamental shifts in employment trends in U.S. history– a long-term downward trend.

Is there a silver lining? The report points to three positive trends: “While the situation may look dire for today’s generation of young adults, there are several reasons for optimism. First, Millennials themselves are the most optimistic generation: 88 percent of 18- to 34-year-olds think they either have, or will have, enough money in the future to achieve their long-term financial goals.” Second, Millennials are the most-educated generation: 60 percent of women have attained at least some college credit, compared to 52 percent of women from Generation X and 34 percent of baby boomers at the same ages. Third, despite troubling trends in the labor market and changing sociocultural norms, Millennials’ median household income remains the highest of any generation at similar ages.”

This may not be solace for a 20-something who is working two part part time jobs, living in his parent’s basement’ however. We clearly have some work to do.

-Warren Wright
@MillennialCoach

http://www.CoachingMillennials.com

Millennial Minute: What is a Generation Anyway?

[youtube=http://youtu.be/F9qTJKnK29Y]

 

People get confused easily about what a generation is, but social science researchers all agree on the same definition. In less than a minute, here is a quick description.

Coaching is the New Managing For Millennials

I love Peter Drucker.  The father of modern management always cut through the complexity and got to the heart of that matter. I remember during the weighty assignments in finance and accounting classes while getting my MBA, I’d run across a Drucker quote like, “business has only two functions, marketing and innovation”. This inspired me to slog through the double-entry bookkeeping.

Drucker died in 1995 at the age of 96, so he never managed a Millennial, but if he did, he would be refining and tweaking one aspect of his management theory. He might say that to get Millennials to peak performance, manage less, and coach more.  Coaching is the new managing for Millennials. Here’s why

Millennials grew up to believe they were special. From an early age they were doted on by their parents, helicopter-hovered in K-12, and plastered with gold stars for completing assignments. They have been under the watchful eye of parents, teachers, tutors, and coaches all their lives. For the most part, these authority figures have been caring with their Millennials’ best interest in mind.  So when these Millennials enter the workforce, how will they respond to someone who doesn’t possess these characteristics? A distant authority figure doling out unexplained assignments and lofty goals without explaining how to get to those goals is not the way to get there. On the other hand, someone that will work closely with them, mentoring and partnering– coaching them to better performance will experience far greater levels of productivity.

The word “management” conjures up a faceless bureaucratic infrastructure, at worst– malevolent, and at best—indiscriminate: Rule-making and decision-making at its worst. Drucker himself even said, “So much of what we call management consists of making it difficult for people to work”

Let me be clear. The principles of good management still need to apply—clear expectations, a means of tracking progress, and rewards for achieving goals. But how a manager manages should be more like a coach—developing his or her Millennial employee with close supervision and a watchful, caring eye.

Old habits die hard, and if you’ve been a manager for more than 10-years, I can understand the inclination to subscribe to the philosophy,  ‘if it ain’t broke, don’t fix it.’ But something does not have to be broke in order to fix it.  Change happens, and the strong are those that can adapt to change. Millennials are different from the previous two generations. They are the change that is happening in the workplace, and coaching, not managing, might be the change that gets your organization to higher levels of productivity.

Take it from Peter Drucker when he says, “If you want to start doing something new, stop doing something old.” Coaching is the new managing when it comes to Millennials.

-Warren Wright

www.coachingmillennials.com