Millennials: Moving Home is an Option

The conversation about Millennials lately has centered on work expectations, the high cost of turnover and "How to Keep Gen Y Workers on The Job". Gen Y's inclination to leave a job that doesn't meet expectations seems to be the impetus of much of the advice about managing Millennials at work (as opposed to, say, a desire to maximize their contribution, or create a genuinely Gen-Y friendly environment or handbook).

That Millennials have different expectations is widely assumed, although not really proven. A recent academic exploration of Gen Y attitudes by academics at the London School of Business ("Gen Y: The Reflexive Generation") concludes Millennials may not be so much different in what they want than older workers, but they are more likely to give voice to their expectations and their frustrations. Why? Because they were raised to expect more from their career than just money or advancement. They are looking for meaning and self-improvement and to speak out when their needs are not being met.

"Many of the elements we uncovered, such as being in charge of one’s own work, career and life, are probably applicable to many people. This generation might be more vocal in expressing their needs, but we should not forget that the period of time in which they grew up shaped this mindset.

One of the overriding impressions of the men and women of this generation is their frustration with performance management practices which are too slow, too bureaucratic and too hierarchical.

They place a great deal of emphasis on intellectual capital (the knowledge and insights they have), social capital (the depth, richness and extent of their networks) and emotional capital (the means by which they understand themselves and build self knowledge). For this generation the emphasis is on ‘work to learn’ rather than ‘work to live’.

I agree that the differences in expectations are shaped by their upbringing. But I would go further. Millennials also have the financial freedom to demand more of their jobs as a result of enjoying a parental safety net.

According to some reports, as many as 65% of recent college graduates are returning home. Unlike earlier generations, Millennials feel welcome to return home and moving home carries no stigma. For their part, parents are eager to (continue) to help their kids get a good start in life. According to a study by Vibrant.com, 37% of Boomer women have an adult child living with them and 44% are helping a child or grandchild financially.

Saving thousands of dollars a year in rent provides many with the option to take a unpaid internship, a volunteer position, or wait for a better job. Even those who have good jobs are deciding living at home is a reasonable option. A successful Chicago hairdresser I know recently moved back in with her parents in order to be able to afford health care. And another young employed worker plans to stay with his parents until he saves $30,000 to start his own business.

These are considered rational sacrifices, if they are sacrifices at all. After all, Millennials famously like their parents.

Fast forward 20 years and it's possible the tables could reverse! Boomer parents, who selflessly paid for advanced degrees and provided shelter in time of need, and who experienced significant savings depletion in 2008, may call on their adult children to return the favor. My guess is that Millennials will have no problem taking in Mom or Dad.

Message to Millennials: Many CMO's Think You Are Like Them

I had the pleasure yesterday of speaking to a group of 70+ CMO's in New York City on the topic of Millennials in marketing. Actually I did very little speaking and let three fabulous Millennials speak for themselves, Justin DeGraaf, Marketing Manager at Unilever, Adrienne Waldo of Ask a Millennial and Brian Rosenberg of Prophet. The presentation was Titled "10 Things Millennials Wish They Could Tell Their CMO's". The 10 key points are nicely summarized on The CMO Club blog today.

The speakers did a great job bringing the points to life, but apparently many in the audience just weren't buying it. The Q&A session was unusually tense. The gist of the comments were that Millennials need to understand the workplace will not change to accomodate them Their issues are simply "management 101" - if they had good managers, their issues would go away. One CMO went so far as to say they are actively avoiding hiring Millennials because of the high maintenance demands.

I disagree. There is data, lots of it, that suggests this generation has different needs and expectations than Boomers and Gen X'ers. Their values are likely to have a greater effect on the workplace than the workplace will have on their values. If companies are to get the best from them, they will need to show greater sensitivity to these differences.

Beyond Management 101, understanding Millennials is critical for effective marketing. Millennials are the 'target of the future' and what better way to start to understand them than to listen to the Millennials in your own organization. While many of their tastes and habits are age-related, many others are generational. These differences will shape their lives as consumers for many years. For their sake, I hope that the CMO's in the audience take time to do some investigating among the Millennials in their organization and keep an open mind that perhaps their young workers are not just younger versions of themselves.

Resume for Millennial Strategist Position

Scott Kelly wanted to apply for the Millennial Strategist position at IBM. here is the position desscription:

Millennial Strategist description:

This position is to increase the number of IT professionals from the millennial generation actively using developerWorks as their primary source for technical information, community, and learning. This position requires first hand knowledge of the millennial generation, their learning patterns and behaviors, and community preferences as well as an academic background in statistical analysis and marketing to consume market intelligence, combine it with first hand knowledge, and develop marketing plans to recruit and engage this generation of IT professionals in developWorks and get them using IBM technology in their jobs.

Scott created this video in response. Here is his cover letter:

Hello PK, After seeing the Millennial Strategist position, the following question came to mind, "How would a true Millennial Strategist apply for this position?" In answer to that question I have created a Blog entry seeking comments, YouTube video, Tweet on Twitter, LinkedIn Group, and Facebook group. While those channels are powerful in getting my message to you (and the world), the real power is in the public's ability to respond. So in that spirit I invite those who have worked with me to comment on my ability to add value as a Millennial Strategist. I appreciate your feedback.

I think he should get the job, don't you, PK?

Move Over Facebook? Here Comes Zumeo

What happens when you combine Facebook with job search? Zumeo is about to find out.

In past posts, I have speculated Millennials may be fickle about Facebook if they find something better. I am not saying Zumeo is necessarily better, but it fills a need -- jobs and internships -- that Facebook will never be able to address. Most of the Millennials we talk to would never want a prospective employer to see their Facebook page. Many older Gen Y's talk about deleting, or planning to delete, their profiles when the time comes to get serious about their careers.

Unlike Linked IN, Zumeo is all about jobs and it is focused on college students and recent graduates. It takes a social networking approach to creating and posting 'live' resume that can be updated and shared with recruiters, friends or colleagues or even shared with other social networks like Facebook and MySpace. The process includes a self-assessment that matches your resume to prospective employers. The voice and tone of the site is completely Gen Y, describing the frustrations of traditional job search sites and the advantages of Zumeo (discover your strengths, relevant matches) in simple relevant language and videos. There's also a nifty video of CEO Jared explaining the concept.

Unlike Facebook, Zumeo comes with a revenue model. The service is free to users, but recruiters are charged $9 per post and $19 per month for unlimited posts. There is also a free test drive. According to Tech Crunch where I first learned about Zumeo, there are only 500 users so far, but the company has $100 million in venture funding. I expect we'll be hearing more about Zumeo.

How Marketers Can Connect With Millennials

I am frequently asked to comment on how Millennials view their lives. To many 'older' people, Millennial lives seem 'complicated'. All those gadgets! The constant connection and 24/7 activity looks exhausting. Aren't they overwhelmed?

After hundreds of online and face-to-face interviews with college students and young professionals over the past six months, I can confidently say that 'complicated' is not how Millennials describe themselves.

Gen Y says their biggest challenge is 'busy-ness', the sheer volume of things they want and need to do. There simply isn't enough time to do it all. As a result, they see their lives as 'hectic', 'exciting', 'dynamic' and 'fun'. However, busy-ness also is the main barrier to achieving things that are really important to them, like staying in touch with old friends, making new friends and finding time to lead a 'balanced' life. Here is a sample of how they think of their lives and challenges:

Moderator: Now tell us what 3 words best describe your life right now..I know this might sound weird - but just say whatever comes to mind!

Jessica S: hectic, exciting, perfect Jason J: Dynamic, Fun, Anxious Doug: Fun, Non-Stop and Dynamic Lindsay J: busy, uncertain, overwhelming Alex S: interesting, action-packed, dynamic where action-packed = busy John C: Transition, Stress, Excitement Mary A: exciting, fun,hard Justin D: Margarine, content, excited. Katie H: busy, fun, happy Mike G: Three words that describe my life: dynamic, in-flux and wandering.

Moderator: a lot of you said "busy" - what are you mostly busy with?

Lindsay J: work, social, personal (moving) Jessica S: everything - work is busy and family life is busy - that makes for a feeling of going non-stop - I"m also moving and getting married Doug: Busy would entail for me...work (travel, responsibilities) and social life

Moderator: a lot of you said "exciting" - what makes your life exciting?

Mary A: new experiences everyday Katie H: constantly running around John C: just having a lot of fun and not sure what is coming next but it all is pretty fun and new.

Moderator: what makes your life hard or stressful?

Katie H: work and personal, wanting and trying to be in too many places all the time Mary A: meeting new people at both places and making connections John C: life is stressful because of trying to balance success at work with having a personal life. Work is also stressful because it seems to never end.

While finding time and achieving 'balance' is their biggest challenge, Millennials tell us they experience three other sources of stress:

1. Creating Meaning. Millennials yearn to make a difference. Many find it hard to do this in their work lives, so they search for ways to make a difference outside of work through volunteer work.

2. Making New Friends. Surprisingly, many post-college age Millennials say it is tough to meet new people and form meaningful friendships.

3. Meeting (High) Personal Expectations: Millennials are their own harshest critics. They are accustomed to achieving their goals, and often feel discouraged with their jobs when they don't get the responsibility or career progress they think they are capable of.

Marketers who demonstrate an understanding and sympathy for these stressors will find it easier to engage Millennials. Brands that help them ease or resolve their challenges will earn customers for life.

Millennial Entitlement: Keeping it in Context

Does this sound familiar? "Why do those in the Millennial generation seem to have such a sense of entitlement?" "Has anyone else noticed the “Paris Hilton syndrome” that is taking over our young people’s brains? The lust and desire for material possessions and fame increases, while the standards of hard work and creativity diminsh."

Gen Y:

Mike: "Older people sometimes laugh when I say I want my job to have meaning.My parents' generation... they often accept that a job is a job. (They) say my generation is spoiled -- I'm spoiled -- because I look for work that means something to me. They were satisfied with the paycheck. I have the luxury of wanting much more."

Katie:I feel like i want a lot more out of my work than what my parents generation ever thought of let alone expected. Older men laugh at the idea."

Justin:

"I often play the work/life balance card to work from my girlfriend's apartment in DC for a day so I can have a long weekend. It is critical to have the balance (between work and life) and I will demand it or find a new job."

The first comments came from the web. The Gen Y comments are from the transcripts of a series of online focus groups we conducted among young professionals last spring. The general theme was that my job isn't big enough for me, I want more from my job than just a job. Millennials feel prepared to make a difference.

Managers interpret this yearning for 'more' as over-ambition and unrealistic expections. The biggest frustration I hear when I speak with managers about their Millennial employees is an inability to meet high expectations on the job. Managers feel pressured to give young workers more responsibility, more praise, more rewards, faster than they feel comfortable. One senior brand agency exec I spoke with last week described his anguish over having to fire a talented and promising young Millennial because he was exhausted by the constant demands for more responsibility that he didn't feel the employee was ready to assume.

One generation's idea of 'spoiled' is another's idea of 'better prepared'. Here's blogger Cliff Mason's response to a review of Ron Alsop's new book, "The Trophy Kids Grow Up." Cliff blogs for CNBC at MillennialMoney.

"We all know the rap about us so-called millennials: we're spoiled, we have entitlement issues, we think we're better than everyone else, we have unrealistic expectations about entering the workforce. Apparently we were coddled too much by our parents and teachers, or at least that's what the baby boomers keep telling me.....At the end of the day the millennial generation is better educated, more adept at using technology, and much more media savvy than generation X or the baby boomers. Maybe we feel superior because we actually are?"

I may have to agree with Cliff. At the very least, it's worth giving him and his generation the benefit of the doubt. After all, it may be true!

Millennials' Biggest Issue and What It Means

What is the most important national issue for Millennials? Harvard Institute of Politics posed this open-ended question in its 15th annual poll among 2,400 18-24 year olds in September/October 2007 and again in 2008. (Thank you! John Della Volpe at Social Sphere for sending this!) The answer (see chart) is the state of the economy (53%). The economy trumps the war (9%) and healthcare (5%) by a wide margin. This is not a surprise, given that the poll was conducting during the financial crisis and two economy-focused presidential debates. The surprise is how different things looked a year ago, when the war was the top issue and the economy was mentioned by only 5%. Admittedly, my priorities have shifted a bit as well, so this is not solely a Millennial phenomenon. But it's interesting to explore how this new awareness is affecting Gen Y, beyond the presidential election. In this regard, nothing has really changed: according to the poll, 18-24 year olds choices are pretty pretty much the same as they were before crisis.

I have firsthand evidence they are thinking about the crisis. I asked a young man I met in the Dallas airport last week who attends Farragut HS in St. Petersburg whether they were discussing the crisis in his economics class. He replied with a grin, "It's ALL we talk about."

My daughter who is a college freshman reports her friends are concerned about their parents ability to pay tuition and that scholarships and loan availability will be affected by the new economic reality.

On the job front, business schools are reporting an uptick in enrollment. According to a report, Grads Fear Gloomy Job Prospects, by Medill at Northwestern, there is additional pressure on students college career centers . (Check out the great video of students across the country talking about their job prospects). We are about to conduct a series of focus groups among recent alumni on behalf of Notre Dame's Alumni Services; I expect to hear there is extra pressure on young employees to perform, making the already stressful transition from college to work even more taxing.

Here are some other predictions:

High school students will begin to defer going to college in favor of jobs or to wait until older siblings have graduated. Applications may be down this year for the first time in many years, despite the demographic bulge for the class of 2013. Others who normally would go for a 4-year school will opt for community college.

We will see parents become even more important to young graduates. Already 50% of men and 33% of women 18-29 live with their parents. Look for this to increase, with no increase in raised eyebrows.

We may even be relieved from hearing more whining about Millennials' unrealistic workplace expectations over the next few years.

Finally, Millennials' civic mindedness may also combine with necessity to drive more to public service. Many may prefer underemployment that helps 'make a difference' to unemployment. The Harvard Institute poll I referenced earlier confirms other studies in this regard, and goes on to specifically outline what they might do to serve:

"Three-in-five (59%) of America’s youngest citizens (18-24 year olds) say that they are personally interested in engaging in some form of public service to help the country -- 19 percent very interested....In addition, the subgroups that seem most intense in their interest to engage in national service are African Americans (25% very interested) and Hispanics (24% very interested). Among the 59 percent who say that they are interested, following are the ways in which they would consider engaging: • 75 percent, part time in their community • 47 percent, work for the federal, state or local government • 32 percent, use the Internet to collaborate with government • 32 percent, get involved in a political campaign • 25 percent, join the foreign service • 23 percent, join national service program full-time like Teach for America or City Year • 17 percent join the military, and • 17 percent run for political office.

Those are some impressive figures. If Millennials follow through, there could be a silver lining to the crisis after all.

Listen Up! What Millennials Wish They Could Say to Their Bosses

Last spring, Brand Amplitude conducted focus groups among professionally employed Millennials around the country. We asked, “If you could tell your boss one thing, what would it be?” Here's what they said. (Are you listening bosses?)

1. “Teach me!”

“I feel like boomers don’t teach as much as they could… Millennials want to learn.”

While they do believe they are more knowledgeable in certain areas – such as technology – they realize that they have a lot to learn from older generations. As one Millennial, put it: “Go ahead and tell stories, share your wisdom, or teach them something you wish you would have known when you were their age.”

2. “Mentor Me!”

“The whole concept of ‘reporting’ to people is very parents’ generation… [we] are more team focused.”

Relationships and corporate cultures are especially important to Millennials. They want want to feel cared for as individuals -- not just employees. In short, they want mentors, coaches and teammates – not just bosses. Participants expressed more loyalty to the people they work with than to their company. As one brand manager put it, “I feel connected to the people I work with, not necessarily the company.” Another said, “People make everything worth doing.”

3. “This job is not my life!”

“My job isn’t life or death – I’m not saving lives, I work in marketing – sometimes people forget that.”

This statement received unanimous agreement. It followed a conversation about expectations regarding flex hours, vacation time and work/life balance in general. All expected a minimum of three weeks vacation from the start. Most expected a flexible work schedule and the opportunity to work from home when they didn’t need to be in the office for meetings. It’s interesting to note that Millennials know they’re spoiled. While they can appreciate how fortunate they are, they don’t feel the need to apologize for it. They believe that work life balance will make them even more productive.

4.“Trust me!”

“I would tell my boss that they need to place more responsibility in the hands of younger employees.”

Millennials want to feel empowered to make a difference in the business. They yearn for autonomy and the authority to have a real impact. Millennials feel especially discouraged when they are micromanaged. A manager’s goal should be to find that magical middle ground – the perfect balance between giving employees generous feedback while simultaneously giving them the freedom to make decisions and solve problems on their own.

5. “Reward me!”

“I’m as loyal to them as they are to me.”

It’s important to clearly communicate performance expectations and how performance will be rewarded. It’s also key to be true to your word! The fastest way to lose a Millennial’s loyalty is to renege on a promise. It seems to be especially important to Millennials to know the right incentives are in place. Millennials welcome open conversation about compensation and incentive programs. Some want a raise, but others prefer a results-based bonus structure, more vacation time or public recognition.

6. “Don’t Take Me For Granted!”

“My company doesn’t realize that their most qualified people can and will leave for a better work environment.”

A common perception about Millennials is that they aren’t very loyal. Yet when we probed about workplace loyalty, we heard many say they would like to be loyal, but only to companies that ‘earn’ their loyalty. Millennials feel their parents’ generation was loyal to a fault. Millennials believe they have more options, so they insist they will only stick with a company that earns their devotion.

Special thanks to Carolyn Torres, Millennial, Notre Dame MBA graduate and Product Development Manager at Whirlpool for moderating these groups! (That's Carolyn's picture, fyi!)

How Gen Y Sees Itself

Very interesting new poll data by Harris Interactive provides insights on what Gen Y thinks of itself and other generations. The results show Gen Y may the most self-critical: they tend to rate themselves lowest on the positive attributes (most admired, most generous) and highest on the negative attributes (most greedy, most self-indulgent). While they admire their parents and grandparents most overall, they reserve their highest ratings for Gen X who they see as the 'most productive', 'most socially conscious', 'most innovative' and having the 'most positive effect overall on society'. This insight is consistent with our research findings: while Millennials respect Boomers, they prefer to work for Gen X, who they perceive as having more to offer them in the way of learning.

What to make of the self-criticism? Look to see this change as they mature. Some of the low marks may simply be due to higher respect for their elders, rather than low opinions of themselves.

What Do Millennials Want? To Make a Difference.

Wendy Kopp is 40 years old, but she may be the ultimate Millennial. As founder of Teach for America, she understands the deep need of Millennials to make a difference in the world and has given them a way to do it. Each year, Teach for America selects about 3,700 college graduates to work in low-income public schools.

At Notre Dame, where I teach Marketing, 10% of seniors in each of the last three class years planned to join a service program upon graduation rather than accept employment or pursue a higher degree. According to the Wall Street Journal, the Fighting Irish are not unique: there has been a surge in applications at Teach for America and the Peace Corps. Teach for America saw applications jump 36% to 24,718 for its limited spots, spots that offer salaries of just $25,000-$44,000 but offer rich psychic rewards. The Peace Corps is expecting a 16% increase in applications, and is experiencing volumes last seen in the 70's. While some of the increase is no doubt dimmer job prospects, the Journal says it is something deeper - a generational desire to give back.

According to researchers, Millennials are among the most civic minded cohort in four generations. Our own recent focus group research among new hires at major marketing companies provides confirmation: many feel conflicted about their inability to "give back" in their current job. Here's how one responded to the question of how he feels about opportunities to give back at work:

"The last company I worked for went down to New Orleans to help with the Katrina clean-up effort.I know people really enjoyed that.In fairness, taking time out to do some good -- while great -- is a lot different than being in a career where each and every day you're supporting a cause or a purpose you believe in." "I lead the company in a fund raiser for a battered womens shelter,something small but makes a difference."

While some respondents were able to rationalize their work as doing good (or at least no harm), others are overt about seeing their current job as simply a stepping stone to a job that will provide more opportunities to give back. Most think that means a job at a non-profit, and lower pay. Moderator: Do you see a tradeoff between making a difference in the world and making a lot of money? Millennial: (There are) plenty of non-for-profits that would be fun to work for that make a difference but you can't earn the same there.

Marketers take heed, this may be a group that is motivated less by self-interest than the common interest. How refreshing. How Millennial.

Millennials Want a "Chill" Work Culture

One word sums it up: the key to attracting top Millennial workers to your company is a 'chill' culture. A few weeks ago, we held two online focus groups among Millennials at marketing companies around the country. Most participants have MBA's and several years of work experience. The conversation, moderated by Carolyn Torres, a Millennial herself, centered on their lives at work, their frustrations and what makes them happy.
It will not come as a surprise that what matters most to Millennials is their work team. However, a great team is not enough. Nearly as important as the team to their satisfaction was the culture. Here's a sample of how the happy ones talk about their jobs:

I love the culture at XXX, which has become very chill and youthful. Plus, people are quite laid back and not overly competitive. ...For example, we have Nintendo Wii in the office and have tournaments among the business unit. - Brand Manager, Major CPG firm

I've been at my new job for three days now. Up until this point, I've bounced from job to job a lot. Well, it's brand new... but so far I really like the people, the energy and the culture.-- Account Exec, major ad agency

I'm still new; however, like I said, I like the people I work with (my co-workers, manager, sales team) and therefore am motivated to do my best. -- Manager, Major Commercial Realty Firm

Their biggest complaints? Micro managers and not enough challenge.

I totally agree... I have some managers that are totally hands off and then disagree with what you do and then i have the opposite that micro manage and don't do any work. I wish i could find some managers in the middle.

I don't feel my employer makes use of my skills. And that's pretty much the stem of my discontent with my current job. I did recently approach the SVP of the area in which I'd excel and explained to her my situation, thoughts, hopes to grow my career. It's hard to approach an exec, but I've learned that it often pays to go straight to the top.

When asked if they could tell their boss one thing, what would it be, most indicated a desire to tell them they need more challenge.... and more balance. Of course, a raise and a promotion, wouldn't hurt either!

Keep me challenged because as soon as i get bored I start to move on... I might not actually make a move but I will start thinking about it. Manager, Consumer Durables Company

I would tell my Boss that they need to place more responsibility in the hands of younger employees so they grow into the roles.

I didn't realize how much time was spent on process and meeting where nothing gets accomplished. I think they are making the most of my abilities but could get a bit more if my manager didn't micro-manage. - Market Research Manager, Major Pharmaceuticals Company

More antomomy and simplifed decision processes would help. In a multifunctional team dynamic, it takes ages to get a decision made. -- Brand Manager, multinational CPG firm