Who are they?
The Millennials, born between 1980-1995, currently at the ages of 18-35. There are approximately 75.4 million of them, comprising 34% of the U.S. job market. The generation is still growing due to young immigrants joining the ranks. The Baby Boomer generation comprises approximately 29% of the workforce today, and is gradually shrinking.
Why is the millennial generation so significant?
As the Boomers decline and Millennials continue to boom, Millennials are the new front-runners of the workplace and have begun to create dynamic shifts since the baby boomer generation entered into the workforce circa 1960.
Bottom line: Millennials are the largest population in US history. As millennials approach their working and spending years, they will continue to make a huge impact on the US economy. Understanding this generation and what they want is vital to the survival of nearly any business.
Millennials as Employees
Most millennials are burdened with school debt by the time they hit the job market. Therefore, they are likely to work for less to secure a stable income, but conversely, they will also not hesitate to seek out a new position if they feel that their current position does not “holistically” suit their needs. Here are some tips to retain a millennial:
Millennials as consumers, clients, customers.
The millennial generation is larger than the Boomer generation and is now entering into its prime spending years (Millennials: Coming of Age, Goldman Sachs, http://www.goldmansachs.com/our-thinking/pages/millennials/)
A Forbes study of 1,300 millennials indicated the following:
(10 New Findings about the Millennial Consumer, http://www.forbes.com/sites/danschawbel/2015/01/20/10-new-findings-about-the-millennial-consumer/2/#e65a36e42b82).
Please contact us if you have any questions on this topic. We are happy to explain what we can do to help your business be in the best position to retain employees.
Amanda Lantz is an Associate at Lardiere McNair, LLC. To read more about our firm, please visitwww.lmcounsel.com.
The information presented here has been prepared by Lardiere McNair for promotional and informational purposes only and should not be considered legal advice. This information is not intended to provide, and receipt of it does not constitute, legal advice. Nor does the receipt of this material create an attorney/client relationship. An attorney client relationship is not established until such time as Lardiere McNair enters in to a written engagement agreement with a specific client for a specific legal matter.
LEGAL NOTICE: THIS MESSAGE IS AN ADVERTISEMENT AND SOLICITATION. TO OPT OUT OF FUTURE MESSAGES, PLEASE REPLY TO: [email protected] WITH “UNSUBSCRIBE” OR SEND REGULAR MAIL TO:
LARDIERE MCNAIR, LLC
3956 BROWN PARK DRIVE, SUITE B
HILLIARD, OH 43026
"*" indicates required fields