The term ‘Millennial’ often comes with negative connotations built on stereotypes of the younger generation. These stereotypes are quite sweeping statements to make about a whole generation of people, ranging from their early twenties to late thirties.
Let’s debunk three common stereotypes.
- Millennials don’t have a sense of commitment. They job-hop.
Think tanks in the UK and US have reported that younger workers are in fact just as likely to stick with their employers as their Generation X counterparts. If anything, millennials are showing to be more loyal and hardworking than before, according to the 2017 Deloitte survey1 on millennial attitudes.
The survey cited that recent political and social instability is driving a desire among millennials for greater consistency; they are more willing to stay in jobs for five or more years.
- Millennials are slackers.
Millennials are always on their phones, which is “not work”. However, it’s easy to forget that millennials, especially the younger ones, grew up with the smartphone.
What an older person might deem as unnecessary to do on a phone — e.g. checking an email or googling for information — is more natural to the millennial, which could be why they’re looking at their phones so much.
- Millennials act entitled.
Millennials always seem to be asking for more time-off, shorter work days, more flexible jobs — and all these at a higher pay.
Rather than entitlement, these requests be a strive for better work-life balance. Millennials understand the importance of work, but also that of family and the importance of improving themselves.
As for a higher salary, it is simply the case of living in different times. Millennials, like past generations, have the same basic life goals: a home, a decent career, retirement savings, a family. But all these are more expensive today with a rising cost of living in many countries.
With millennials making up most of the world’s population today, understanding them will be key in knowing which forces will shape society, businesses and investments. Tap on Eastspring Investments’ insights at www.eastspring.com