The Gen Y in the Workplace infographic by PayScale examines how this upcoming generation differs from the rest of the pack. Generation Y, also referred to as Millennials, includes those born during the mid 80s and beyond.
This young generation is one of the fastest-growing groups identified in the current workforce. They are tenacious, tech-savvy and focused on obtaining achievements when it comes to the workplace. Gen Y has been criticized for having a short attention span, as the median years spent with an employer is just two. This can also be seen in their outlooks on education, with only 1.7% having obtained a Ph.D. Despite these criticisms, Gen Y demonstrates a strong entrepreneurial spirit, with 47% preferring smaller startup-like companies. This attribute is critical with job markets slumping and innovative businesses constantly emerging.
Learn more about the characteristics of Gen Y in the Workplace with this eye-opening infographic.
Generational Career Infographics
This Payscale Chart Examines Gen Y in the Workplace
Trend Themes
1. Gen Y Entrepreneurship - With 47% of Gen Y preferring smaller startup-like companies, there is an opportunity for disruptive innovation in the entrepreneurial sector targeting this generation.
2. Gen Y Workforce Retention - As Gen Y has a median time spent with an employer of just two years and is one of the fastest growing groups in the workforce, there is an opportunity for innovative and disruptive strategies to improve retention rates in industries such as tech, creative, and startup culture.
3. Gen Y Education - With only 1.7% of Gen Y obtaining a Ph.D., there is an opportunity for innovative and disruptive education solutions that cater to the learning style and preferences of this generation.
Industry Implications
1. Entrepreneurship - The entrepreneurial sector can benefit from targeting the 47% of Gen Y that prefer smaller startup-like companies, by offering innovative solutions that cater to the needs of this generation.
2. Tech Industry - With Gen Y being one of the fastest growing groups in the workforce and having a strong preference for startup-like companies, there is an opportunity for the tech industry to innovate and disrupt traditional workforce practices in order to improve employee retention rates for this group.
3. Education Industry - Innovative and disruptive solutions can be implemented in the education industry in order to cater to the learning style and preferences of Gen Y, who are currently underrepresented in the higher education sector.