Oct
11

Poll: Do You Have at Least 3 Months Income in Savings?

Generation Y doesn’t seem to be saving money.  This could be because of many reasons – cost of living is high, wages are down, unemployment is high, debt is skyrocketing.  Do you, Generation Y, have at least 3 months of income in your savings?  Please only vote if you are from Generation Y to preserve the integrity of the poll.  Feel free to discuss the topic in the comments or forum.

Do You Have at Least 3 Months Income in Savings?

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Oct
05

36 Facts About Generation Y in the Workplace and Beyond

More and more attention is starting to be paid to the working and spending habits of the biggest generation since the Baby Boomers: Generation Y.  There are 36 facts in the article at the bottom of the page.  I’ve pulled some of the more interesting bullets out to summarize, but I’d suggest reading the full article below.

Education:

  • About 40% of all young adults ages 18 to 24 were enrolled in either a two- or four-year college in October 2008.
  • So far, 1 in 5 Millennials are college graduates. An additional 26% are currently in school and plan to graduate from college, while an additional 30% are not in school but expect to someday earn a college degree.

Work Ethic:

  • About 37% of 18- to 29-year-olds have been underemployed or out of work during the recession, the highest share among the age group in more than 30 years.
  • About 60% of younger workers say it is not very likely or not likely at all that they will stay with their current employers for the remainder of their working life. (In contrast, 62% of Generation X workers say it’s likely they will never leave their current employer while 84% of Baby Boomers expect to remain with their current employer for the rest of their working life.)

Debt & Financial Outlook:

  • More than one in three young workers say they are currently living at home with their parents.
  • 31% of young workers are uninsured.
  • 7 in 10 young workers do not have enough saved to cover two months of living expenses.
  • In 2008, 67% of students graduating from four-year colleges and universities had student loan debt….Average debt levels for graduating seniors with student loans rose to $23,200 in 2008.
  • 60% of workers 20 to 29 years old cashed out their 401(k) retirement plans — typically a big financial no-no because such a move squanders retirement assets and forces the recipient to pay a tax penalty — when they changed or lost jobs.

Technology & Online Habits

  • 93% of teens ages 12-17 go online, as do 93% of young adults ages 18-29.
  • 75% of Millennials have created a profile on a social networking site.
  • 1 in every 5 Millennials have posted a video of themselves online.
  • 41% of Millennials use only a cell phone and have no landline.

Lifestyle, Civic Engagement, Family:

  • 1 in 4 Millennials are unaffiliated with any religion.
  • In 2008, 66% of Millennials voted for Barack Obama for president, compared with 50% of those 30 and older, the largest disparity between younger and older voters in 40 years.
  • Just 2% of Generation Y males are military veterans. (At a comparable stage of their life cycle, 6% of Gen Xer men, 13% of Baby Boomer men and 24% of Silent Generation men were veterans.)
  • 21% of Millennials are married (half the percentage of their parents’ generation at the same ages).

Please read the full article here at 36 Facts About Generation Y in the Workplace and Beyond.

Oct
05

10 Ways Generation Y Will Change the Workplace

Generation Y is reshaping the world.  Let us take a look at the 10 ways Employee Evolution thinks Generation Y will will change the workplace:

1. We’ll reduce executive compensation for underperforming companies. Generation Y will not allow excessive executive compensation for sub-par performance.  This was probably going to happen anyway with the transparency of Generation Y, but the fact that the recession highlighted this topic is icing on the cake.

2. Discussing salaries will be completely normal.  Transparency will continue. As Gen Y continues to work our way up the ladder, their salaries and lifestyle will be transparent to their peers and coworkers similar to how transparent their lives are already on social networking sites.

3. Employees will be more loyal than ever before.  While Generation Y notoriously jumped between employer to employer, once companies find out how to market their company’s culture to Generation Y, they will be some of their most loyal employees.  Companies that adapt will be held with respect and pride.

4. There will be less mass layoffs, but more pay cuts.  Generation Y is a team-based generation.  They want to win or lose as a team.  They will do what is necessary to survive as a team.

5. We’ll truly get over the “punch clock” mentality.  By the time Gen Y is ready to retire, people won’t even know what a punch clock is.  Work may still be demanding, the the hours will be flexible.

6. Independent contractors will become part of the team.  Contractors are everywhere.  They are cheap and experienced.  As this trend of contracting continues, the lines between employees and contractors will fade, and everyone will be considered part of the team.

7. Corporate branding will work in conjunction with personal branding
.  Generation Y is all about lifestyle.  Companies that adapt and re-brand themselves to market their culture will find themselves successful in the future… especially with the new technology and marketing ventures that Gen Y will pioneer.

8. Leadership will be a team effort.  As a team-oriented group, Generation Y will not stand by and watch one person insert his will on the company. Generation Y will restore a democratic voice to business and politics.

9. We will really know people before we hire them. As Gen Y becomes responsible for hiring decisions, you can expect some innovation in employee checks before the job offer.

10. Entry level employees will be students and teachers.  Right of passage is a thing of the past. As Gen Y grows up, cross-mentor programs will be instituted. Old will teach young and young will teach old.  This will ensure a lifelong education rather than the Peter Principle of being promoted to your level of incompetence.

Read the full article here at Employee Evolution.

Oct
05

Generation Y Doesn’t Want Cars

Generation Y is passing on cars compared to previous generations.  There are a number of influencing factors ranging from financial reasons to lifestyle reasons.  There are three main reasons why purchasing an automobile may be placed on the backburner for the echo boomers:

  • Generation Y finds cars expensive.  With the recession delaying the careers of many millennials, student and credit card debt up to their ears, and a rising cost of living across the country (gas prices – yikes), Generation Y may be reluctant to jump into a purchase that will add a couple hundred dollar monthly payments to their budget.  While some people see Generation Y as being financially irresponsible, it is quite the opposite.  Generation Y is making lifestyle choices to situate their financial situation.
  • Generation Y wants a more free lifestyle.  Why spend two hours in gridlock everyday?  Why buy an overpriced home and be locked into a 30 year contract when you can rent an apartment close to work, walk or take public transportation to work, and pack up and move on with your life in a year?  Generation Y is opting for a more liberating lifestyle where they can be flexible with their time.  They want to live in areas with good public transportation, close to all their amenities, close to work, and have the freedom to move if they change employers (which they do – often).
  • Generation Y wants to help the environment.  Cars are big polluters.  Echo Boomers are more likely to take public transportation, car pool, or live in a walkable distance to work than they are buying a hybrid.  While this isn’t the main deciding factor on buying a car or not, it is a low-priority, lingering concern that may be used to justify their lifestyle decisions.

Keep in mind that this doesn’t mean Generation Y doesn’t want cars – it simply means that they are capable of adjusting their life due to the circumstances.  If traffic improves, if prices come down, if the disposable income of Generation Y goes up, expect to see some more cars on the road.  Until then, automobile makers take note – this new generation is not afraid to defy the status quo for a more efficient lifestyle.

Read a similar article here at Kiplinger.

Oct
04

Generational Differences: Baby Boomer, Generation X, and Generation Y Comparison

Generations grow up with different beliefs and perspectives.  The conditions of the economy, the state of the world, technology, and social trends all impact the overall behavior of the generation.  For Generation Y, it is a return to traditional values, a strong sense of community and diversity, and an emphasis on technology, information, and education.

Let’s take a look at a comparison between the Baby Boomers (1946-1964), Generation X (1965-1976/1981), and Generation Y (1977/1982-1995/2001).  Please keep in mind these are generalized observations taken from a different article (see below):

Level of trust toward authority

  • Boomers are confident of self, not authority.
  • Gen Xers have a low level of trust toward authority.
  • Millennials have a high level of trust toward authority. Yet they are less trustworthy of individual people. Perhaps it’s from being born into an age of terrorism or maybe it’s their overprotective parents or the danger-obsessed media.

What do they view as the ultimate reward?

  • Boomers want a prestigious title and the corner office.
  • Gen Xers want the freedom not to have to do something.
  • Millennials prefer meaningful work.

How were their parents with them?

  • Boomers had parents who were controlling.
  • Gen Xers parents were distant.
  • Millennials? Their parents were intruding. Or, as my Millennial-age intern tells me, they have “helicopter parents”—they’re always hovering.

What are their views toward having children?

  • Boomers are controlled, their children were planned.
  • Gen Xer’s are doubtful about the possibility of becoming parents.
  • Millennials are definite about parenthood. In fact, they view marriage and parenthood as more important than careers and success.

And overall family life?

  • Boomers were indulged as children.
  • Gen Xers were alienated as children.
  • Millennials were protected as children.

Views toward education?

  • Boomers want freedom of expression.
  • Gen Xers are pragmatic.
  • Millennials need the structure of accountability.

Political orientation

  • Thankfully, boomers want to attack oppression. Without those views we might not have had civil rights or protested Vietnam.
  • Gen Xers are apathetic and more worried about the individual.
  • And the Millennials, the facebookers and Tweeters? It should be no surprise that they crave community.

Last but not least, the views on the big question...

  • Boomers want to know, “What does it mean?”
  • Gen Xers need to know, “Does it work?”
  • Millennials are curious to know, “How do we build it?”

Please read the full post here.

Oct
01

Where Do You Prefer to Live?

Generation Y, do you prefer to live in an urban environment, in the suburbs of a city, or in rural areas?  Please respect the integrity of the poll and vote only if you are an echo boomer.  Feel free to join in the discussion in the comments and on the forum.

Where Do You Prefer to Live?

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Sep
30

Generation Y Attitudes

Here is a snapshot of the attitude of Generation Y taken from a previous post.  Please keep in mind that this is a blanket generalization for an entire generation and shouldn’t be taken as anything more than an observed trend of a large populace.

Attitude/Behavior of Gen Y:

  • Raised as consumers in a media saturated, brand conscious world
  • Fostered a distrustful and cynical view of advertising as a whole – prefers trust, irony, and humor.
  • Parallel (rather than linear) thinkers
  • Apt to begin tasks randomly – perhaps in the middle – as opposed to a traditional starting point
  • Graphics oriented, see text as supporting visual material
  • Thrive on change and variety.
  • Demand quick, if not instant, gratification
  • Upbeat, confident, and assertive with high self esteem
  • Optimistic
  • Independent and self-reliant: Used to doing it (and many other things) themselves
  • Multi-taskers
  • Asserting their “intellectual authority” over parents, teachers, employers because they are more techno-savvy and capable of accessing greater breadth of information quickly.
  • High value for education – strive to continue education through life
  • Motivated and Goal-Oriented
  • Diverse and Tolerant
  • Strong dislike for racism in any form, sexism and homophobia
  • High in Volunteerism
  • Invest in the social and community causes
  • What do Gen Yers value most in life? Family, traditional values, country, planet
  • Unlike the Baby Boomer generation, Gen Yers value things other than income and status as being primary in life
  • Desire to work in highly motivated and committed teams
  • Need to be challenged – look for opportunities for growth, education, apprenticeship
  • Up to 20% of their time is spent alone
  • Includers – they make people feel welcome and involved
  • Lofty financial goals – remember they are spenders!
  • Trained to be “Doers and Achievers”
  • Limited Employer loyalty – Jobs for life are replaced with short-term contracts
  • 1 in 5 Gen Y women will choose to remain childless

Read the full post HERE.

Sep
30

Generation Y Demographics

A snapshot summary of the demographics of Generation Y, the echo boom of the baby boomers.  Please keep in mind that this is a blanket generalization for an entire generation and shouldn’t be taken as anything more than an observed trend of a large populace.

Demographics of Gen Y

  • Born from 1977-2001 (estimated – majority between 82 and 94)
  • Aka. Echo Boomers or Millennials
  • Children of Baby Boomers, some children of Gen X
  • Oldest holding entry level positions in workforce; youngest in elementary/middle school
  • Nearly 80 million in population (larger than the baby boomer population of 72 million)
  • Ethnically diverse (34% are Black, Hispanic, Asian, or Native American)
  • One in four live in single–parent households
  • 75% have working mothers
  • Highest level of education compared to previous generations.
  • Women may have a higher salary than men due to college admission rates in favor of women.
  • College graduates graduate with an average of $20k-30k debt.
  • Recession impacting Generation Y income – education, debt, high cost of living causing many to return to school, struggle to find jobs, and/or live with family/friends.

Read the full post HERE.

Sep
29

The Echo Boom Statistics

Below is an outline on the characteristics of members of the echo boom, Generation Y, the echo boomers.  Keep in mind that this is a generalization, an observed concept, and not a conclusive description.  Not all echo boomers will identify with this, but it might demonstrate overall trends.

Demographics of Gen Y

  • Born from 1977-2001 (estimated)
  • Aka. Echo Boomers or Millennials
  • Children of Baby Boomers, some children of Gen X
  • Oldest holding entry level positions in workforce; youngest in elementary/middle school
  • Nearly 80 million in population (larger than the baby boomer population of 72 million)
  • Ethnically diverse (34% are Black, Hispanic, Asian, or Native American)
  • One in four live in single–parent households
  • 75% have working mothers

Consumer Profile

  • The next dominant generation of Americans.
  • Gen Y population will be 32% of total population.
  • Average weekly spending by teenagers = $84 per week ($57 of own; $27 or parents)
  • Annually: $25B of own money and influence another $187B in purchases
  • 66% have savings accounts; 22% have checking accounts; 18% have their own stocks and bonds
  • Dollar savvy with adult buying habits and sophisticated tastes (clothing, dining, recreation)
  • Majority grew up in dual income families
  • Raised as consumers in a media saturated, brand conscious world
  • Fostered a distrustful and cynical view of advertising as a whole
  • Marketing is most effective as unvarnished truth, irony and humor.
  • Likely to support “cause-related” marketing (83% willing to switch brands for a good cause if price and quality were equal)

Technology

  • Get news on the latest and greatest, what’s hot and up-to-the-minute cool from the Internet – their primary media vehicle
  • 1/3 of life on the Internet
  • The average echo boomer has at least 2 email addresses.
  • First generation to grow up with computers in the home.
  • Email is preferred form of communication along with text messaging and instant messaging.
  • Enjoy tech gadgets (video games, cell phones, mp3 players.

How do Gen Yers think?

  • Conceptual Abilities
  • Parallel (rather than linear) thinkers
  • Higher input/output
  • Apt to begin tasks randomly – perhaps in the middle – as opposed to a traditional starting point
  • Graphics oriented, see text as supporting visual material
  • Thrive on change and variety.
  • Demand quick, if not instant, gratification

Sociological

  • Upbeat, confident, and assertive with high self esteem
  • Optimistic
  • Independent and self-reliant: Used to doing it (and many other things) themselves
  • Multi-taskers
  • Asserting their “intellectual authority” over parents, teachers, employers because they are more techno-savvy and capable of accessing greater breadth of information quickly.
  • High value for education
  • 90% of HS seniors expect to attend college
  • Strive to continue education through life
  • Motivated and Goal-Oriented
  • Diverse and Tolerant
  • Strong dislike for racism in any form, sexism and homophobia
  • High in Volunteerism
  • Invest in the social and community causes
  • What do Gen Yers value most in life? Family, traditional values, country, planet
  • Unlike the Baby Boomer generation, Gen Yers value things other than income and status as being primary in life

Work Behaviors

  • Desire to work in highly motivated and committed teams
  • Need to be challenged – look for opportunities for growth, education, apprenticeship
  • Strive to work hard and do well
  • Up to 20% of their time is spent alone
  • Includers – they make people feel welcome and involved
  • Lofty financial goals – remember they are spenders!
  • Trained to be “Doers and Achievers”
  • Limited Employer loyalty – Jobs for life are replaced with short-term contracts
  • May have many different “careers” and diverse education/background
  • 1 in 5 will be self employed
  • Old age postponed by “senior participation”
  • 1 in 5 Gen Y women will choose to remain childless

Marketing Preferences:

Sell a lifestyle based on trust and emotion – not a product.  McD’s now playing Hip Hop music and not talking about their juicy burgers. Why? Selling lifestyle: diversity is key and everyone looks like they are having fun with friends while eating at McDs – it’s about lifestyle.  Those who might not like McDonald’s may not like it because they prefer a different lifestyle – perhaps a healthier lifestyle?

  • Brand conscious – seek to figure it out what brand aligns with their preferences, lifestyle, standards
  • Prefer directness over subtlety, action over observation, cool
  • It’s not about reaching the masses; it’s about building a community.  Gen Y is community based.  Rely on reviews, word of mouth.
  • Jones Soda: their website urges fans to send in photos for possible use on their labels. The odds of actually getting selected are low – only 40 are picked each year – but the lure is irresistible because it is interactive. Jones creates an emotional connection. Gen Yers buy Jones Soda not because they are thirsty, but because they want to make a fashion statement…drinking Jones makes you cool!
  • Social networking is a tool created by Gen Y to reinforce their communal thinking and a soap box for spreading ideas/preferences through word of mouth.

These statistics in full detail can be found at Who Are the Gen Y Students, a presentation performed by Jessica Morgan at a Student Affairs retreat for California State – Chico.

Sep
29

Is Online Privacy a Concern for You?

Generation Y is on the front lines of a growing privacy issue online. How concerned are you about your degree of online privacy? Do you believe it isn’t a big deal and feel that the internet brings about a new era of transparency, or does the availability of information online leave you paranoid? Please respect the integrity of the poll and vote only if you are from Generation Y. Feel free to join in the conversation on the forums even if you are not an echo boomer.

Is Privacy a Concern for You Online?

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