Facilitated Discussion With Alysia Kehoe, Kehoe Consultants
As Alysia continues to research facts and differences between the generations, the following are some interesting background pieces on Millennials, and how they have approached their career changes during their first 40 years of life.
Happy birthday to the oldest Millennials. They’ve hit the Big 4-0 this year and deserve a party for surviving their early careers.”
They’ve endured two economic downturns, including the Great Recession; the aftermath of the 9/11 terrorist attacks; the wars in Iraq and Afghanistan; and the COVID-19 pandemic. Add to that climate change, massive student loan debt, and increasing social and political strife and it’s hardly surprising that Millennials are burdened with monumental levels of stress.
That backdrop has led Millennials, who range in age from 25 to 40, to become skeptical of institutions, including their employers. Many members of this generation also have healthy self-confidence due to being raised by so-called helicopter parents who shielded them from disappointment, according to research.
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As the largest generation in the workplace today, Millennials have forced employers to bend to their will. They have pushed for policies that create a more employee-centered workplace benefiting people of all ages. Paid parental leave, diversity programs, mental health benefits and corporate responsibility efforts, for example, have expanded as companies fight to attract and retain members of this coveted group. Some companies have also developed student loan repayment benefits to help them.
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Millennials are very tough on themselves and are vexed by the slow pace of change, research shows. Members of this generation want their jobs to have meaning beyond just paying the bills. They worry about their finances, their health and their families. Roughly 40 percent of Millennials say they are stressed all or most of the time, according to Deloitte’s 2021 Millennial and Gen Z Survey report.
…that’s why Millennials are leading the exodus from the workplace.
The Great Resignation
In November 2021, it was reported that 4.5 million people of all generations, quit their job, and so the canned new expression is ‘The Great Resignation’. Plus Resignation rates for Millennial employees between the ages of 30 and 45, increased 20 percent between 2020 and 2021—more than for any other age group, according to a study by Harvard Business Review.
The Millennials have been preparing for an exit for some time; 50 percent of Millennials have a second income stream. For some, it’s a financial necessity; for others, it’s a pathway out of corporate America. The latter can pose a problem for companies as they also deal with large numbers of Baby Boomers retiring, so businesses continue to search for ways to attract and retain Millennials.
Families, of all generations, have stressed the importance of getting and keeping a good, steady job. But during the lockdown, people realized they were putting relationships with family and friends on the back burner. But now it’s not the money anymore; when COVID hit, it made us change what we viewed as important.
Big Hint / Idea from Alysia # 1:
If you are one of the 4.5 million people who quit their job, you need a coach to help you start your new career, a new business, and direction for more education. Get a certified Career Coach to help you navigate the job search process. A career coach gives you clarity, lets you take the lead, supports your decisions, gives you suggestions, and shows you possibilities. Alysia Kehoe is a Certified Coach with the Hudson Institute of Coaching; and the Career Coach Entrepreneur Academy (CCEA), affiliation with ICF.
Purpose-Driven
In 2017, employers needed to help their workers pay off student debt; and today still the typical Millennial has $40,000 in student debt, which requires a payment of $500 a month.
The debt is a drag on Millennials’ lives, affecting everything from their credit scores to where they can afford to get a job. Big cities might offer better salaries, but borrowers may not be able to afford the rent and still make their loan payments.
Teachers and counselors told them going to college would lead to higher-paying jobs and encouraged high school seniors who probably had never taken a personal finance course to seek loans they didn’t really understand. “It was like Monopoly money,” they were told at the time.
Classmates graduated during the Great Recession, had many struggled to find jobs, and felt misled.
Big Hint / Idea from Alysia # 2:
Ask your current employer to assist you in paying for further education so you have no more educational loans. Ask about employee Tuition Reimbursement; you pay for your individual course initially, then, when you complete the individual course (depending on your final grade), the employer will reimburse the bulk of your course tuition. See your Human Resource department for details today.
Financially Fragile
The combination of the recession and slow wage growth put older Millennials—those born in the 1980s—in danger of becoming a “lost generation” when it came to wealth accumulation, according to a study published in 2018 by the Federal Reserve Bank of St. Louis. However, they started to claw their way back as the economy recovered and are now only 11 percent behind, according to a 2021 report.
Millennials are often described as entitled and obsessed with praise, validation and brunch. These stereotypes fail to recognize the tremendous importance of Millennials in the world of work: Now the largest generation in the workplace, Millennials comprise more than 35 percent of the global workforce, and by 2025, they’ll make up 75 percent all employees. With generational issues in the workplace, on how employers can effectively attract and retain the Millennial generation.
Big Hint / Idea from Alysia # 3:
During preparation for your job search, make sure to compose a Competencies Grid. Read Alysia’s book “Reinventing Yourself” for details.