Baby boomers and millennials often disagree on how to achieve career success, but a Heartland Monitor Poll found both generations believe people just getting started in life have a harder time than usual finding a job. The new poll analyzed responses taken from people ages 18 to 29 and ages 30 and older to ascertain the feelings of both generations.
In the younger demographic, 68 percent of respondents felt it is harder for young people to get started in life. For older Americans, approximately 80 percent of respondents believed millennials have a more difficult road ahead to career success as compared to earlier generations. Both generations felt starting a family, finding a job that pays well, living in desirable housing conditions and managing debt are more difficult now than they were when baby boomers worked. The survey polled 1,100 American adults between May 17 and 27, 2015. The Heartland Poll used age 30 to differentiate between younger Americans and older Americans.
Americans of any age believed several life milestones remain important, such as marriage, having children, buying a house and retiring in your 60s. However, the younger demographic believes the path to career success means something different than it does for older Americans. Younger people tend to value personal fulfillment at work over material gain. Younger workers believe overall monetary success occurs by changing jobs regularly, moving to communities that offer better public services and having two parents who work outside the home. Millennials also tend to feel both parents should have financial stability before having children.
The study predicts that the habits of millennials may fundamentally alter the way contemporary society handles consumer preferences, housing patterns, economic stability and politics. Massive student debt, mortgage payments and more reliance on higher education in the workplace created an entirely new generation of workers that may not have the economic clout of previous generations. Getting ahead financially revolves around the paradox of needing a college degree for career success, even though students may incur massive debt to obtain a higher education. This debt hinders monetary stability as millennials attempt to have a career, house, car and family.
Employers have also found it harder to retain younger workers, despite fringe benefits such as extensive training, workout facilities and free food at the office. In a 2013 poll, as many as 87 percent of employers said it costs between $15,000 and $25,000 to replace every single millennial employee lost. Compared to older generations, millennials are twice as likely to experience high turnover rates, with nearly 60 percent of younger workers leaving their current positions within three years. Career success for younger people seems to hinge on finding the right fit after job hopping as compared to waiting it out and earning a promotion. Half of employers surveyed showed millennials made between $30,000 and $50,000 per year.
For millennials, career success means something different when compared to their predecessors. Baby boomers often felt a stable career at one company meant more than switching firms to synergize their passion. HR managers and recruiters should keep this in mind moving forward as more millennials start their careers.
Photo courtesy of foto76 at FreeDigitalPhotos.net
Become a member to take advantage of more features, like commenting and voting.
Register or sign in today!