Roughly defined as a group of individuals between the ages of 18 and 34, the “Millennial” generation is now projected to surpass Baby Boomers as the largest living generation in the nation, according to the U.S. Census Bureau’s 2014 national population projections.
Disillusioned by dwindling long-term employment options and dismal statistics, such as young workers facing more unequal wage earnings between education levels than their same-aged peers did in earlier times (Pew report), it’s no wonder that The Pew Research Center also reports that over half (51 percent) of millennials do not believe there will be any money left for them in the Social Security system by the time they retire. Furthermore, with confidence in their long-term economic prospects shaken, an additional 39 percent of millennials believe the system will only be able to provide them with retirement benefits at reduced levels.
When these glaring statistics are coupled with the fact that millennials constitute 40 percent of the national unemployment rate (MarketWatch), it makes sense that their work values have been reevaluated to reflect the current status of the workforce paradigm. According to a 2012 Net Impact survey, 88 percent of millennial workers consider “positive culture” important or essential to their dream job, and 86 percent said the same for work they found “interesting.” When compared to the older generations, millennials place a higher priority on the “work-life blending” model, preferring more leisure time and flexibility, and as noted in a Huffington Post article, most millennials reject the idea of being required to be “physically present and onsite in order to accomplish the organization's mission.”
Twice as likely as non-millennials to travel as a hobby, half of millennials surveyed by The Boston Consulting Group reported taking four or more overnight leisure trips per year, and American Express Business Insights states that when it comes to travel spending, millennials are the fastest-growing age group.
Representing 20% of all international travelers, according to both World Youth Student and Educational (WYSE) Travel Confederation and U.N. estimates, millennials generate a staggering $185 billion in international tourism revenue and are creating new trends for future travel behaviors.
Millennials Mapping the Way for a New
American Workforce
By Brittany “Bella” Graham