Hickey and Associates (H&A), a global site location, incentive advisory, and workforce analytics firm, has released a new report, SiteTrends: Millennials – Shifting Demographics in the Workforce Fall 2017, which dives into the labor trends of the largest generation in the workforce. The report discusses how Millennials may impact business and their employers today, tomorrow, and well into the future. To download a complimentary copy, click here.
As a result of the cyclical nature of global generational shifts and its overall population growth, Millennials – those born between 1985 and 2004 – are poised to overtake Baby Boomers in workforce participation, particularly in the United States. Demographically, these newer workers are more educated, ethnically diverse, and pursue different career paths than those in the generations preceding. Accordingly, it is crucial for employers to consider the changing characteristics of the workforce as they develop their businesses for the future.
In evaluating the labor demographics of the Millennial workforce, H&A compares the growing population of young workers to the retiring Boomers and Generation X to provide a new perspective on the trends within the group. This summary also aims to evaluate job growth and wage inflation within the industries that attract Millennials, and the lifestyle choices that dictate where they live, how they work, and their attitudes on traditional domestic life.
This report should demystify, in part, some of the disputed economic and social differences that separate Millennials with their older peers in the workplace.