oDesk’s weekly column brings you the latest news on hiring and managing teams, freelancing and the future of work.
Week of 6/23/2014:
Kelley Holland shares the results from a recent Wells Fargo study that shows an alarming trend: 61 percent of Millennial men have started saving for retirement, compared with 50 percent of Millennial women.
Why is this so? For starters, Millennial women continue to earn less than men — a shock for those conducting the study — and tend to lack both financial literacy and the confidence to invest.
Experts say failing to save now will lead to to a significant personal savings shortfall in the future. There is good news, however: according to Cindy Hounsell, president of the Women’s Institute for a Secure Retirement (WISER), “when women receive financial education, they do tend to quickly increase their savings.”
Millennials represent an increasingly large proportion of the workforce, bringing with them vastly different workplace expectations, skills and priorities.
Michael Obunga offers his observations and shares some research for managers looking to understand their younger employees. “They are unlike any generation that has ever been before them and many people find it hard to understand them,” he observed.
Obunga points out that Gen Y is the biggest generation of consumers, they are technologically savvy, they are independent thinkers, and they are the most racially diverse generation.
We know that Millennials are entering the workforce in droves, bringing new workplace expectations that will reshape the companies of the future. Hoping to shed some light into the expectations of this generation, John Zogby shares the results of a recent Zogby Analytics poll that analyzed the behaviors, preferences and expectations of Millennials.
One important theme that emerged is the significant role that video games plays in their lives:
- 57 percent of 18-34 year olds play video games at least three times a week,
- 67 percent feel video games are important in helping them to learn how to create winning strategies,
- 70 percent felt it aided in their ability to problem solve, and
- nearly two-thirds feel that video games teach them how to work smoothly and successfully on a team.
Zogby argues that this doesn’t mean they’re not workplace ready; it means employers need to adapt. “The most dangerous words you can utter are ‘we are going to continue to do things the way we have always done them,'” he warned.
Millennials continue to struggle to secure good-paying full-time jobs in line with their education levels, according to recent research on Millennials by Business Insider and New to Live By, a Gen Y career advice destination.
Sharing key findings from the comprehensive study, Danny Rubin, Jenna Goudreau and Sky Gould present an infographic illustrating the obstacles, issues, and barriers Millennials are facing in today’s job market. The survey of 548 Millennials in the U.S. found that 16 percent of Millennials remained unemployed after six months in the job market compared to the national unemployment rate of 6.3 percent.