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Millenials Are Coming!

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by

Rose Spiegel

on 15 July 2014

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Transcript of Millenials Are Coming!

Trends
From an Under-Populated Wilderness to an Era of Consumerism
"Millennials want to align their money with their views"
Definitions, Trends and Thoughts
History
Current Workforce
The Opportunity
$1.25
Thursday, July 10, 2014
Vol XCIII, No. 311
Our Generational Impact and Shift/Projection of the Workforce
By 2020, Millennials will comprise more
than one of three adult Americans. Consider yourself warned.

The Road Ahead...
Future Stakeholders Approach
The Real Game Changers
Millennials Are Coming!
21st Century Breakdown
Generations
Shifts
Silent Generation:
Mostly retired from labor force, comprise a wealth of knowledge and experience.
View work as an obligation, respect authority, take rational approaches and produce quality work.
Baby Boomers:
Young retirees and most senior-level management roles.
Stereotyped as extremely focused on work, possess strong work ethic and desire of recognition for their efforts.
Generation X:
Some senior-level management roles; most mid-careers and senior-level supervisory roles.
Embrace diversity and entrepreneurship.
Millennials:
Optimistic, goal-oriented; known for enjoying collaboration and multitasking.
Comfortable with emerging technologies and appreciate meaningful work.

Work Flexibility:
Ability to integrate technology into the workplace is taking away from the necessity of a structured workplace that follows a strict 8-hour workday.
Benefits:
As trends in middle class dissolve, dependence upon 401k's and benefits increase.
Culture:
Personality and fit are important attributes in a company. Increasing employe happiness to foster greater loyalty without compromising strategic goals.
Leadership:
Increased preference for autonomy while adhering to the organization's culture and mission.
Loyalty:
Lack of belief in promises and silver bullets. Seeking higher starting salary in exchange for promises of raises and future promotions.
Alas
Work Environment
Money, not so green...
19th Century
Mid 20th Century-Present
16th-19th Century
5th-15th Century
19th Century
By mid 19th-century, many people worked for small businesses or on farms, laboring in fields that would yield barely enough food to feed the family.
New inventions and technology
began to change that, however.

The population of urban areas grew quickly. In these overcrowded cities, laborers often suffered on back streets in poor housing, plagued by terrible sanitation, disease, and violence.

Workers expressed anger at their bosses for paying them low wages for long working hours by organizing public protests that sometimes led to violence. Millions of laborers eventually organized into
unions
in an effort to negotiate with their bosses for better wages and working conditions.

Throughout the 1800s, the demand for labor was so great that
children were put to work

Differences in
industrialization
to the different cultures of the countries.

Shift in
role of worker - Focus on Labor as the sole commodity of a worker.

The Industrial Revolution
transformed
not only the workplace but also the
rest of society: all can by goods,not just the wealthy. For the first time millions could by ready made goods.

Mid 20th Century to Present
5th - 15th Century
• Under-populated
wilderness
> slow build-up of
feudalism
>more complex
economy
developed


• The
Crusades
opened
trade routes
and brought commercial activities and great wealth to cities like Venice.


• Then the
plague
in 1347 and 1351 “snuffed out” this developing economy.



• The economy did not recover fully until the 15th-century> grew into nation-states> Nobility Weakened>
Calvinism>Capitalism Economic Structure


16th-19th Century

"accumulation and use of capital had become a virtue; to
save and invest
became both individual and national goals">
Materialism


America was denied European markets. This was a time when the “seeds for the
industrial revolution
and an ‘American system’ of manufacturing were sown, and the concept of the
modern corporation
took form”. America adopted at this time the ideas of “individualism, personal liberty, and rights of economic property as essential values”


For the US, the next phase leading to the Civil War, concentrated on three forces—
westward expansion, urbanization, and industrialization.
These three factors contributed jointly to business expansion.
Characteristics
Experienced their formative years around the turn of the millennium and have been surrounded by rapid globalization and technological innovation
First generation to be truly global, sharing experiences across cultures and geography, connected by technology more than any generation before them.
There are approximately
82 million Millennials in the United States.
Comprise
50% of the workforce by 2020.

Difficulties in a tough economy has led
46% to "boomerang" back to their childhood homes
after adulthood.
Hold the
most favorable view of any previous generation in terms of social issues
such as same-sex marriage and legalization of marijuana.



The Information Age
has created a situation in which workers who perform tasks which are easily automated are being forced to find work which involves tasks that are not easily automated. Second, workers are being forced to compete in a
global job market
. Lastly, workers are being replaced by computers that can do the job
more efficiently.
Individuals who lose their jobs must either move up, joining a group of "mind workers" (engineers, doctors, attorneys, teachers, scientists, professors, executives, journalists, consultants), or settle for low-skill, low-wage service jobs.

Industry is becoming more
information-intensive and less labor and capital-intensive
. This trend has important implications for the workforce; workers are becoming increasingly productive as the value of their labor decreases. However, there are also important implications for capitalism itself; not only is the value of labor decreased, the value of capital is also diminished. In the classical model, investments in human capital and financial capital are important predictors of the performance of a new venture. However, as demonstrated by Mark Zuckerberg and Facebook, it now seems possible for a group of
relatively inexperienced people with limited capital to succeed on a large scale
.

In the Cobb-Douglas Production Function : We are seeing
a shift from a reliance on L and K to C
(total factor productivity, aka a f(technology)



The coming of age of
baby boomers and the rise in women’s labor force participation
the fueled economic growth in the past four decades.
As women become fully integrated into the economy and the baby boomer population begins to age
growth is expected to slow.
Immigration
has influenced labor force growth
A smaller labor force will
encourage employers to offer better incentives
for employees.

Technological changes complement the work of higher-educated workers while replacing work for mid-level workers
and having little effect to basic manual labor.
Global
corporate restructuring
and other trends in the U.S. labor market have
exacerbated wage inequality
by containing compensation for low and mid-level workers while increasing that for management where they are merit-based on profits and other indicators.
Globalization is forcing western companies to
shift production from high-wage areas to low-wage areas
, predominantly to eastern countries such as China.
"Transparency" promotes better corporate citizens and governance.
"Healthcare" is expanding to include preventive benefits and "mental health" treatment.
Obamacare reforms are expected to increase costs for firms.
Meanwhile,
companies who offer wellness programs benefit from increased productivity.
"Focus work" is becoming mainstream;
flexible schedules and increased accountability ensures assignments get done on time.
"Freelancing", is becoming a significant force in the economy.
Currently 17 million strong and are expected to grow to 65 million by 2020.
Over
$30 trillion in wealth will be inherited from baby boomers
in America alone.
T
his will exceed
$59 trillion before 2061
in US.
Largest
spending power, $2.75 trillion
in the US by 2018.
43% of Millennials described themselves as
'conservative' investors
, compared with 31% of baby boomers.
'Self-directed' investors
, researching and consulting sources before making investment decisions.
4x more
unwilling to take advice from a financial adviser
than baby boomers.
51% of high net worth Millennials
fear they will loose money by investing in the stock markets
, while almost 2/3
prefer to invest in physical assets
.
Willing to accept a higher risk profile or receive lower return on investments in companies that create positive social or environmental impact.
45% want to use their wealth to help others and
consider social responsibility a factor when making investment decisions
.
Financial advisers who are looking to succeed with the millennial demographic should educate themselves on trends in philanthropy, social enterprise and values-based investing.
Include a working knowledge of microfinance, Social Responsible Investing, ESG investing and Impact Investing.

Industry leaders will give the next generation of clients confidence that a financial adviser is able to advise on social and environmental objectives in addition to standard financial advice.
Average Hours Worked Per Year
Notes
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