Are Millennials different from other generations? I’ll define Millennials as those born from 1976 to the late 1990’s. Generation X is those born between 1965-1975. Baby boomers are those born between 1945-1964. Millennials often get labeled as lazy, entitled, bad communicators, job hoppers, not loyal, and with poor work ethics. Are Millennials entitled or are they just misunderstood? Check out these stats:
• 23% of all millionaires are Millennials
• That’s 5 million Millennial millionaires
• Gen X only has 4 million millionaires
Every generation when they were young and new in the workplace gets labeled by previous generations as bad. Millennial employees have never lived a day without technology, which makes them unique to previous generations. It is up to managers to keep up and not misunderstand young people.
“This isn’t generational behavior, it’s stage of life behavior.”
Millennials aren’t different than generations past, but just as any generation does—they need leadership and inspiration. I believe there are four key truths and one harmful myth about the differences between Millennial employees compared to their older Gen X and Baby Boomer co-workers.
Related article: Keys to Success for Every Age
Truth #1: Your career stage impacts your interests and job expectations.
Truth #2: Health and non-work obligations impact work interests, expectations, and needs.
Truth #3: Labor market conditions influence employee behavior.
Truth #4: Millennials have different expectations about technology and workforce opportunities.
Myth: What Millennials want is fundamentally different from previous generations.
Millennials have 6.3 jobs by 25 while Baby Boomers had 5.5 jobs by 25. A Pew survey of Millennials, young adults between 18 and 33, show that they are low on social trust: Just 19 percent believe that “most people can be trusted,” compared to 40 percent of Baby Boomers and 31 percent of Generation X.
“Why are young people less trusting than their elders?”
The main culprit is economic pessimism. The pessimism of Millennials stands out: relative to Baby Boomers, Millennials are more likely to say that their generation is worse off than their parents. Millennials also worry that “today’s young adults face greater economic challenges than their parents’ generation faced when they were starting out,” as stated in the Pew report. And fewer Millennials now consider themselves to be middle class (42% to 53% in 2008). Millennials see themselves as lower or lower-middle class now more than in 2008.
The reason that relative expectations matter is because social trust rests on a foundation of economic equality. From 1966 to 2010, trust and inequality are strongly linked. This rising inequality feeds pessimism among those who see themselves as becoming worse off — the Millennials.
“When you blame, you become a victim.” – Grant Cardone
In short, as each generation since the Baby Boomers became more pessimistic, the amount of distrust increased. Pessimistic people are loath to trust most people, especially people unlike themselves. Social trust rests on the belief that we are all in this together and that we have a shared fate. Inequality helps create the opposite belief: that what happens to you doesn’t necessarily affect what happens to me and that I’m not responsible for my neighbor.
Related article: Is Your Guru the Real Deal?
Many Millennials are pessimistic, but we also know that many Millennials are also optimistic and want to break the stereotypes. Plenty of Millennials want true freedom, prefer entrepreneurship to 9-to-5 and are hungry for a mentor who gives them the raw and real deal. That’s one reason I’ve put together Cardone University, as a tool to get your finances right to succeed in the marketplace in 2016!
Your friend in business and sales,