What You Need to Know to Hire, Manage and Market to Millennials

Generation Y is a complicated bunch. Many millennials are over-educated, under-employed and carry debt greater than their annual salaries -- yet your future hinges on them. Whether you need to hire them or sell to them, this infographic looks at common traits of millennials as both employees and consumers.

The world (and your business) is turning toward millennials as the future power brokers, valued workers and targeted consumers, but what do you really know about them? Sure, they come after GenXers and before GenZers. They are in their 20s and early 30s, but what patterns do they follow?

Gamification company Badgeville set out to learn more about this critical demographic, piecing together research from many sources to come up with a data-packed infographic about millennials in the workplace and at the shopping mall.

Millennials grew up with expectations of higher education, but have also had adapt to the effects of a recession and an economic recovery that continues to stumble along. This means many millennials are over-educated and under-employed.

Millennials Are Homeward-Bound

According to Badgeville's study, 63 percent have a bachelor's degree yet one in four has had to move back home because they couldn't afford to make it on their own.

The average millennial makes US$39,700 and carries $45,000 in debt.

While the generation that lived through the Great Depression tended to hoard their money, millennials are spendthrifts. Millennials love to travel, buy clothes and dine out with friends more so than any other generation. Moreover, they're expected to surpass the buying power of baby boomers by 2018.

Can't Trust 'em, Can Sell to Them

As big-time shoppers, millennials are faithful to brands but not so loyal to employers. They are ready to jump to other companies more often. The cost of this turnover: $24,000 to replace each millennial worker. Nevertheless, they're highly coveted in Silicon Valley.

[Related: 5 Millennials-in-the-Workplace Myths Busted]

[Related: Why Managers Need to Stop Worrying and Love Millennials]

[Related: Millennials in the Valley: Inside the Gen Y Mindset]

Millennials have also made social networking a part of their business and personal lives; in fact, the blurred line between business and personal is a hallmark of the millennial. For companies, this can be a huge problem. More than half of millennials won't take a job that bans social media, 71 percent don't always obey social policies at work, and 40 percent think it's OK to blog about workplace issues.

For more about millennials, check out Badgeville's infographic:

Click to enlarge

Tom Kaneshige covers Apple, BYOD and Consumerization of IT for CIO.com. Follow Tom on Twitter @kaneshige. Follow everything from CIO.com on Twitter @CIOonline, Facebook, Google + and LinkedIn. Email Tom at tkaneshige@cio.com

Read more about leadership/management in CIO's Leadership/Management Drilldown.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Show Comments

Blog Posts

Why are we dubious about deep learning?

The prospect of deep learning gives those of us in the industry something to get really excited about, and something to be nervous about, at the same time.

Katja Forbes

Founder and chief, sfyte

Why you can’t afford to fail at CX in 2019

In 1976 Apple launched. The business would go on to change the game, setting the bar for customer experience (CX). Seamless customer experience and intuitive designs gave customers exactly what they wanted, making other service experiences pale in comparison.

Damian Kernahan

Founder and CEO, Proto Partners

Natural born leaders

Many business and marketing managers progressing to leadership positions face evolving their focus from operational matters to strategic decision making and planning.

Jean-Luc Ambrosi

Author, marketer

Do you need a loan to pay off your credit or debit? Do you need financial help to set up your own business? Do you need a loan to carry o...

NORA

Facebook: Friction is costing Australian businesses $29 billion a year

Read more

Thanks for writing about chatbots. Definitely bots have the exciting future when it comes to customer engagement, transactional and conve...

Sanket Nair

7 businesses successfully implementing chatbots

Read more

Interesting article but what about the employees? There needs to be access to quick cash for everyone involved lest we have yet another '...

Joel Pencer

Suncorp outlines customer investments, digitisation as key to business improvement

Read more

Just printed out this Brad Howarth screed to read tomorrow. I need a good laugh once in a while. Or maybe shed some manly-man tears at th...

Larry A Singleton

What a diversity agenda has done for Kellogg's staff and innovation engagement

Read more

Morons. PC Nazis infiltrating and subverting every level in our lives.These scum have destroyed our education system.Read FrontPage Magaz...

Larry A Singleton

What a diversity agenda has done for Kellogg's staff and innovation engagement

Read more

Latest Podcast

More podcasts

Sign in