Gen Y on the job, things you need to know
US numbers estimates that 75% of the industry working is build up by the Y generation (people born between 1982 and 2004). Because of this, employees need to start understanding this people.
A study made by Millennial Branding y Pay Scale named Gen Y on the job concluded with the following list of things that we probable didn’t know about this generation.
- – Difference in salaries between men and women of the gen Y is lower.- These differences compared to the gen X and “baby boomers” are declining; however, the distance between responsibilities is bigger vs. the last generations, meaning that there is inequality on the tasks, responsibilities and salaries throughout generations.
- 2.- Gen Y people does not work for the same employee for more than a year.- Most of this generation thinks to stay only a couple of months before they start looking for a new position. 41% of “baby boomers” think that they must stay 5 years minimum before they look for a new job.
- – High educational levels vs. unemployment rate.- The report indicates that the percentage of the unemployment rate is 30% for the gen Y, 22% for the gen X and 21% for the baby boomers. On the other hand, the percentage is 34% for the “millennial” that have master degree. These numbers indicates that the ones with high educational levels are not getting the right remuneration or that they have part time jobs and are looking for full time jobs.
- 4.- Gen Y find difficult to obtain financial independence.- 20% of this generation will get back home at some point after joining the work industry because of the hard time on the financial status.
- – Gen Y is the generation with the highest educational level ever.- 79% of this generation graduated a college degree compared to the 69% of the gen X and 62% of the baby boomers; however, it is important to note that those who do not take required careers like engineering, have higher debts than before.
- They are looking for their own business. – They have entrepreneurship spirit compared to other generations; they also look for a business career.
Salomon Juan Marcos Villarreal, president of Grupo Denim thinks that the gen Y will be great leaders if they are conducted in the right way and on the correct environment. “Right now we need financial and emotional education for our youth people”, said Salomon Juan Marcos Villarreal.