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

Latest Videos

Launch marketing council Episode 5: Retailer and supplier

In our fifth and final episode, we delve into the relationship between retailer and supplier and how it drives and influences launch marketing strategies and success. To do that, we’re joined by Campbell Davies, group general manager of Associated Retailers Limited, and Kristin Viccars, marketing director A/NZ, Apex Tool Group. Also featured are Five by Five Global managing director, Matt Lawton, and CMO’s Nadia Cameron.

More Videos

Great read. I agree that it should be a perfect balance between interacting with your customers and knowing your brand. As a business, yo...

Caroline Scott

7 ways CMOs can improve their customer engagement game

Read more

Very true. Team development helps improve collaboration among the team members. I was able to improve my team's collaboration skills by t...

Quent Sinder

Why empowering others can help make you a great leader

Read more

CRM is a very good software that can help you succeed in your business. In my company, this system has allowed me to improve customer rel...

Anna Janicka

Sensis rebrands to Thryv and brings business software to Australian SMBs

Read more

AI Leasing Assistants have finally arrived for the multifamily industry. With so many to choose from it can be hard to figure out which i...

Alice Labs Pte. Ltd.

CMO's top 8 martech stories for the week - 6 May 2021

Read more

Nowadays, when everything is being done online, it is good to know that someone is trying to make an improvement. As a company, you are o...

Marcus

10 lessons Telstra has learnt through its T22 transformation

Read more

Blog Posts

The playbook to develop strategic brand moats

Warren Buffet is an unlikely ally for marketers. But his belief businesses need strategic moats that increase their value in the market while acting as barriers to competitors can offer marketers a new playbook for brand building and driving growth.

Fabian Di Marco

Founder and managing director, Tzu & Co

Why if marketing is all you do, you’ll never be very good at it

OK, so you’re probably thinking: “Here comes another article to badger me about living in my bubble.” And also, “I bet this bubble-bashing piece will go on to explain how I can achieve better results through some heady dose of new life experiences, new routines and annoyingly different opinions on social media.”

Dane Smith and Toby Harrison

Ogilvy Australia

A leader’s role in rebuilding a culture of confidence

Every day, there are new predictions and studies on the future of work, the state of the economy and the unfolding global pandemic. All of which creates uncertainty and heightens the imperative of effective leadership.

Michelle Gibbings

Workplace expert, author

Sign in