Today’s Millennials… Tomorrow’s Alpha Workforce Generation?

by jjodko June 16, 2015

With a rapid increase in population, it is no surprise that the makeup of the U.S. Labor Force is forever changing. Currently, four generations make up the American workforce – the Silent Generation (ages 70 – 87 in 2015), Baby Boomers (ages 51 – 69), Generation X (ages 35 – 50) and the Millennials (ages 18 – 34).

According to the Pew Research Center analysis of U.S. Census Bureau data, Millennials surpassed Generation X in the American workforce, with 1 in 3 American workers falling under the category in 2015. It was only last year that Millennials took the lead from the Baby Boomers who are retiring in large numbers yearly. Within the past 10 years, the Boomer generation has decreased in workforce size by nearly 30% from 65 million to 44.7 million, while the Millennials have rapidly grown to a massive 53.5 million. The Census Bureau has already predicted that the Millennial Generation will surpass in population size, to that of Baby Boomers, this year as the nation’s largest living generation.

But just how do these generations compare within working standards? Can a generation fresh out of school who have learned new strategies in the workforce compete against a generation of veteran experience who know the ins and outs of a company effortlessly?

A study conducted in 2013 by Ernst & Young, compared insights from over 1,200 professionals (managerial and non-managerial) across every generation and industries about the strengths and weaknesses of workers from different generations based on their peers. The report found that Millennials are tech savvy, but don’t work well in a team; Generation Xers make great entrepreneurs but rank low on executive presence; while Boomers are team players and loyal, but have trouble in adapting company changes.



"As management shifts to younger generations, the research reveals areas companies can focus on to enhance skill sets, address the challenges of managing multiple generations, and retain and engage employees by understanding which workplace perks they may value most," Karyn Twaronite, a partner of Ernst & Young, says in the study.

The study further explained workforce challenges that rose amongst the generations, with 77% of that being different work expectations and 72% of the younger generation lacking comfort in managing older employees. However, more than two-thirds of participants stated that their company has been making changes to alleviate the issues, including work style accommodations, team building exercises, generational differences training, cross generational networking and tailored communications.

Despite the differences in workforce, Millennials are not expected to slow down their growth any time soon. In 1998 when Generation Xers were the same age as Millennials today, roughly 80% were working with an increase to 84% of the Xer population in 2008, where the generation reached its participation peak. However, their role as the dominant generation in the workforce was short lived – about 3 years – when Xers took the title from the Boomers in 2012. Currently, in 2015, the Millennials have the title.

There are two possible occurrences that may give Generation X potential for a comeback. One, is the increase with immigrants into the workforce. Although the majority of newly arriving immigrants have been in the Millennial Generation, the next generation that come are the Xers which could steadily increase the generation’s workforce population. The second occurrence may come as a fix from an earlier setback. The labor force of Generation X was diminished due to the Great Recession. If the job market continues to improve then the generation has the possibility to return to the workforce. A thing to consider with this possibility is that the oldest Xer is 50, which is when workers are aging out of their prime working years. This may deflect any desire of returning to work.

In Ernst & Young’s survey, the incentive to continue working across all generations have remained in cash perks. Following suit were benefit plains including healthcare and retirement, which was a perk backed by a third of the Boomer study participants. Flexibility in work hours remained as the number one non-cash/benefit perk, especially among Generation X, with nearly a third of both Millennial and Boomer Generations saying they would leave a current job if day-to-day flexibility was absent. Millennials were the only generation to express their need of promotion and company growth.

For more information please visit:
http://www.multivu.com/mnr/63068-ernst-and-young-llp-research-younger-managers-rise-in-the-ranks

http://www.pewresearch.org/fact-tank/2015/05/11/millennials-surpass-gen-xers-as-the-largest-generation-in-u-s-labor-force/


About ASI:

ASI System Integration, Inc. is North America’s leading independent provider of IT services, solutions, and technologies.  As a leading system integrator, ASI builds world-class IT solutions that fit the unique requirements of customers. Representing the most influential OEMs in the industry, ASI rides on the cutting edge of the technology wave. That is, they know technology, where it's been, and where it's going. The solutions they represent, implement, and support are designed to launch customers from their current state into a more mature IT arena, setting them above competition. ASI strives to build quality solutions that bring efficiency, effectiveness, and return on investments.

ASI has five tightly integrated business units

  • Consulting & Integration

Our consulting & integration portfolio offers a range of services, from strategic IT advice, to cloud consulting, and data center transformation services.

  • Lifecycle Sourcing

Our optimized and agile single point-of-contact solutions meet all of our clients’ sourcing, integration, deployment, and IT management requirements.

  • Technology Services

Our certified and experienced technology professionals ensure maximum system availability and minimal service disruption to our clients’ infrastructure.

  • Asset Disposition Services

Our services reduce the risk, cost, and complexity associated with securely managing the disposition and return of end-of-life technology across multiple global locations in an environmentally compliant manner.

  • Technology Workforce Solutions

Our technical experts and consultants link people with performance to maximize human capital in today's competitive and changing economic and social environment.

 

Tags: , , , , ,

Calendar

«  April 2017  »
SuMoTuWeThFrSa
2627282930311
2345678
9101112131415
16171819202122
23242526272829
30123456

View posts in large calendar

TextBox