Millennial Will Determine the Future Economy
Despite the fact that there are increasing criticisms from various individuals that claim millennial is not as productive as they are said to be, in the near future, this special group of people will be the sole determinant of the world's economy. According to a study conducted by Winograd and Michael (2014), they estimated that Millennial will comprise more than a third out of all adult Americans by 2020. Moreover, the study indicated that by 2025, this special group of individuals who are despised in the current moment will constitute up to 75% of the U.S's total workforce. Millenials are characterized by a desire to take logical actions (Dews internet source). In this regard, their sheer determination to impact positive change in the society will act as drivers of change, which in return will result in overtaking of today's emphasis on ideology and divergence within business enterprises (Troksa internet source). The rise of millennials will result in the consequent disappearance of the baby boomer generation. In addition, Winograd and Michael outlined that as time progresses; millennial generation will bring about a csultural force on the U.S economy and dominate the county's workstations and further permeate the corporate practices. Today, Wall Street culture has been secluded from the values and beliefs of U.S's largest adult generation. In a bid of providing insight into millennial demographic, Winograd and Michael included data on this group's ideal employers, how they behave financially, and their level of trust in a particular organization that they work or aspire to work (Winograd and Michael internet source; Business Radio internet source).
Millennial are Guided by Particular Values and Beliefs
Unlike the previous generation, millennials are guided by certain values and principles that make them unique and significant for future economic growth and sustainability. One of the values that guide millennial is their emphasis on corporate social responsibility, the creation of stronger brand loyalty for firms that provide particular solutions to the social issues that affect the people or the community that surround them (Dews internet source). Moreover, unlike their predecessors, millennial generation place higher worth on the level of experiences rather than focusing on monetary incentives or wealth. Also, the millennials believe that their interest to work and dedication to what they mirror the concerns of their societies (Winograd and Michael internet source). On an environmental perspective, millennial possess a greater admiration and respect and are determined to ensure that the surrounding within them is protected from any form of harm or destruction. Furthermore, contrary to the unfounded claims which state that millennial do not put much emphasis and invest their energy on the problems that affect the communities, this group of people believe on their ability to create and develop communities around certain-shared interests rather than focusing on the geographical vicinity. Given by the fact that millennial concentrate on working around a common aim, it can be concluded that they play a critical role of bridging the gap that exists between different groups within the societies (Winograd and Michael internet source).
Millennial Have Redefined What it means to Be Called a Young American
The current generation of millennial possesses a unique characteristic that makes them more reliable than their predecessors. According to data collected from various studies, it indicated that millennial enjoy particular characteristics that make them different from the previous generation (Raphelson internet source). Over the years, the U.S used to be ruled over by the majority. However, this new generation is focused on letting the minority lead the U.S. Although most millennial are educated, a substantial number are still uneducated (Raphelson internet source). The determination and optimism within millennial make them cope with the hard economic realities in the current unpredictable market environment. The shifts that have occurred over the years as millennial got introduced in the society have provided them with a competitive edge over their predecessors (Troksa internet source). For instance, one unique characteristic of millennial that make them unique from the previous generation is the enormous size of their population. The end of World War II signaled a huge spike in births in the U.S and since then it has been believed to be the largest generation. However, today, millennial have surpassed this number by almost eleven million individuals. The increase in the number of people belonging to this generation has been contributed by a wave of immigration and the death of members of the baby boomer generation (Raphelson internet source). According to an analysis conducted by Brookings Institution, they concluded that by the year 2020, one in every three adults will be a millennial. In this regard, with the aging population, millennial will constitute the highest percentage in the near future. Unlike the previous generation, millennials are not in a hurry to get married to one another, but instead, they wait due to financial constraints. This observation is backed by a recent study report released by Pew Research Center. The study reported that a substantial number of millennial-aged twenty-five to thirty-four years do not engage in activities such as having babies or getting married. In addition, a more surprising data from Pew indicated a quarter of the total number of millennial will never get married in their lifestyle. Moreover, the study found that twenty-four percent of the millennial who are currently married bought their residential home before they officially tied the knot.
Millennial are More Educated that their Predecessors but are Characterized by a High rate of Unemployment
On an educational perspective, contrary to the popular belief that set the bar too high for millennial by stating that this group is overeducated and underemployed, according to report published by A. Khalid, about two-thirds of the millennials aged between 25 and 32 do not have a bachelor degree. In this regard, a college degree has become significant particularly in a middle-class lifestyle (Troksa internet source). However, this was not the case with the baby boomers that had a better lifestyle with just high school education. The current world has forced millennial to be more creative and dependent on student loan debts in order to effectively cope with the current dynamic environment. Although a good number of millennials do not have a college degree, they are still the most educated lot with a whopping 34 percent of the total number of this group having a bachelor degree or more (Graf internet source). However, due to an increase in a number of young individuals going to college, it has adversely affected a reasonable portion of millennials who have a high school diploma to get a job (Fry et al. internet source). In addition, for millennial that have a college education, they were adversely affected by the great recession that hit the U.S and some parts of Europe and their unemployment rate has hit a record of 3.8%, which is a figure that represents double that of their predecessors-Generation X when they were on the same age (Graf internet source). Unlike the previous generations such as Baby boomers and Generation X, millennial have been presented with an opportunity to actively interact with the current intelligence community and they are required to engage across various segments and platforms in order to succeed in life (Fry et al. internet source; Weinbaum, et al. 44). This special group of people acts as intelligent partners, clients, members of public, and employees. The perception of intelligence by the millennial is different from that of their forerunners. In this regard, it may influence how this group partners and interact with the members of the intelligence community (Weinbaum, et al. 56).
Millennial Are Characterized by Globalization and Technology
Today, technology has advanced to unimaginable levels and has been used as a tool of communication by millennial each and every day. Unlike the former generations, millennial was born in an environment where access to data is almost instantly and within their reach. Majority of decisions and analysis done by millennial solely rely on technology (Dimock internet source). The technological tools at their exposure have enabled millennial to actively interact and maximize their use when offering services to the public (Maiers 213). Moreover, the forces of globalization have positively impacted millennial by forming a connection and offering them the freedom they desire in terms of cultural diffusion, business integration, and communication. The existence of multiple cultural practices and generations have equipped millennial with required skills to cope with the ever-changing work environment (Dimock internet source). Unlike the previous generation that confined their knowledge within a particular group, millennial largely rely on the tools at their exposure to share ideas and pinpoint certain trends across a broad range of stakeholders or partners. Furthermore, as a result of engaging with different cultural groups and learning the significance of engagement and diversification, millennial act as strong motivators within their real-life interactions (Maiers 216).
Ethnic/Cultural Diversity
Various studies have termed millennial generation as the most diverse group to ever exist in the history of America when compared to previous generations (Frey 6). The baby boomers were born when there were very few cases of immigration in the U.S and thus the minority group was black Americans and the rest were Native Americans. However, most millennial came into existence when immigration was peaking and the white population was slowly decreasing as more were aging (Frey 31). In this regard, millennial became more ethnically and racially diverse group than their predecessors.
Conclusion
Millennial form part of the generation that is defined by its ability to adapt to the changing working environment and the agility to withstand the pressure from the financial market, rapid advancement in information technology and other revolutionary objects and tools. The workforce of the future will be characterized by scarcity of resources and a diverse group of people working toward a common goal or objective. In this regard, millennial will perfectly fit in this environment due to the expertise in technology and technical know-how. The change in the workforce and target market present millennial with an opportunity to actively interact with an intelligence community and are further required to engage across various segments and platforms in order to succeed in the competitive environment. Unlike the former generations, the technological tools for sharing ideas are largely relied upon by millennial. Finally, contrary to the unsubstantiated claims which state that millennial do not put much emphasis and invest their energy on the challenges that affect the communities, this group of people believe on their ability to create and develop communities around certain-shared interests with the hope of bringing about positive impact.
Works Cited
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