Millennials are currently the most powerful generation for companies around the world, and make the largest working population in the US. That’s why we prepared these millennials in the workplace statistics — to provide crucial insight into the demographic that in just five years from now will represent 75% of the global workforce. So, read on to learn what you can expect from millennials in the workplace, how to deal with them, and make the most of this generation.
The US Census Bureau data from 2016 points to 71 million millennials living stateside. The data includes all individuals born between 1981 and 1996. Millennials are expected to have overtaken baby boomers in 2019.
(Pew Research Center)
China’s millennial population is the largest in the world. While millennials represent 22% of the population in the US, they account for 25% in China. As these millennial workforce statistics show, this generation represents a huge chunk of the labor forces of the top 2 economies in the world.
The percentage of millennials in the workforce who have completed higher education is unmatched by any other generation: 39% of millennials between the ages of 25 and 37 hold a bachelor’s degree or higher, while 29% of Gen Xers and 25% of baby boomers can boast the same achievement, according to statistics about millennials in the workplace.
(Pew Research Center)
The millennial workforce has a higher percentage of working females than any previous generation. 72% of female millennials are employed, while 25% are not included in the labor force. For the Silent Generation (those born between 1928 and 1945), that number was significantly lower, with 40% of employed females and 58% not participating in the workforce. The situation was slightly improved for baby boomers, with 66% of females working and 28% not participating in the labor force.
(Pew Research Center)
Millennials in the workplace research data shows that contrary to popular opinion, this generation doesn’t fully rely on the free market. Gig economy statistics show that just 24% of millennials have earned some money in this way, while the majority still chooses traditional work; two-thirds of millennials are working in a full-time position.
(Harvard Business Review)
Millennials in the workforce statistics show that this generation accounts for over a third of all US workers. They became the largest generation in the nation’s workforce back in 2016: there are 56 million millennials in the US workforce. The next top labor force participants are Generation X, with 53 million working individuals. Baby Boomers come 3rd, with 41 million individuals either working or looking for work.
(Pew Research Center)
Millennials in the workforce statistics indicate that just a quarter of all workers in the world will not belong to the millennial generation 5 years from now. As baby boomers retire, the millennial percentage of the workforce will keep rising.
Despite stereotypes endorsed by older generations, millennials are one of the hardest working generations. Over a quarter of them work 2 or more jobs. The number of weekly working hours is also astonishing for this generation, with 73% working more than 40 hours per week, and almost 25% working more than 50 hours.
More than a fifth of all millennials in the workforce have switched jobs within 12 months. This number is 3 times higher than the workers who don’t belong to this age group. Half of the millennial workers think they’ll be working for the same company within the next 12 months, while 60% of non-millennials think the same.
Millennial employment statistics show that this generation is unlikely to stick around with the same organization longer. Under a third of all millennial workers plan on staying with their current company for more than 5 years. The number of those who plan on staying for 2 years is even higher; 43% of millennials think they’ll switch jobs within the next 2 years, which is one of the major problems with millennials in the workplace.
Millennials in the workforce statistics reveal that the high millennial turnover rate costs US businesses $30.5 billion per year. The insane amount of money comes from hiring, training, and other costs that come with needing to replace employees frequently.
Early retirement is something that many of us dream about. When it comes to millennials in the workplace, 43% plan to retire before the age of 65. Out of that number, 21% plan on retiring between the ages of 60 and 65, while 22% would like to do so before reaching the age of 59. By comparison, just 2% of baby boomers expect to retire before they’re 59.
Three-quarters of the millennial population find that businesses are more focused on their own good, rather than on improving and benefiting society. As a socially-driven generation, they find this disappointing.
(Glass & Company)
Stats on millennials reveal that more than a third of this generation leaves a job once they receive a better opportunity. Work ethic statistics further show that their employee loyalty is behind their principles, success, and job satisfaction.
According to recent millennials in the workplace statistics and job satisfaction data, just 57% of millennials are happy with their pay. Across all generations, pay satisfaction is at 60%. Millennials’ job satisfaction is mostly affected by 2 things: pay and job security. While all generations’ job security satisfaction is at 59%, millennials are at 56%. This, of course, affects their work engagement.
Statistics on millennials in the workplace reveal that millennial engagement is a huge problem for businesses across the US. While the national average stands at 34%, just 29% of millennials are engaged. Additionally, 55% are not engaged, while 16% are actively disengaged. There’s definitely some blame to place on the workers here, but their management has to take responsibility for the low engagement.
The cutoff for millennials is, apparently, debatable. While some sources claim that the generation spans from those born in 1981 to those born in 1996, others take the years 1983 and 2000. Even though we consider anyone born from the early 1980s to early 2000s a millennial, data only takes those born between 1981 and 1996 into account.
In the US, millennials are estimated to have overtaken baby boomers in 2019, rising to 73 million, to become the nation’s largest generation. China meanwhile has 351 million millennials, which represents 25% of the country’s total population.
The number of millennials in the workforce is 56 million. This generation represents 35% of the total US labor force. Currently, they are the largest working generation; there are 53 million Gen Xers in the US workforce. For those wondering, there are 41 million baby boomers working in the US. By 2025, millennials will represent 75% of the global workforce.
Managing millennials in the workplace can be a difficult task. That’s why this question is tricky to answer. On the one hand, just 29% of millennials are engaged in their work. On the other, 73% of millennials work more than 40 hours per week. Depending on who’s managing them, millennials can range from being excellent employees to being totally disengaged.
Millennial engagement in the workplace could be much better if they were managed properly. Establishing clear goals with milestones is one of the ways that can be achieved. Millennials also appreciate being recognized for their work. Ultimately, what makes millennials want to stay with a company is treating them like humans and not like disposable corporate drones.
Working with millennials means understanding who they are and what they stand for. This generation tends to regard companies that don’t make the greater good of the society their priority as disposable. Millennials are also commonly described as optimistic about the long-term, but uncertain about the short-term future, which should also be kept in mind when managing them.
Like most workers, millennials appreciate employers who provide guidance and insight without being overbearing. They also appreciate employers who provide personal and professional development options, who are socially responsible, and who offer decent pay. These are just some of the millennial employee retention suggestions.
Dealing with the currently largest working generation in the world can be a difficult task, as evident by these millennials in the workplace statistics. That said, by sticking to the basic principles of decency and understanding, employers around the globe can ensure that their millennial workers stick around longer, work harder, and reach their full productivity potential.