What are Millennials (Generation Y)?
‘Millennials’ or ‘Generation Y’ is the generation cohort that came after ‘Generation X’ and is followed by ‘Generation Z’. This generation consists of individuals born between the early 1980s to the early 2000s. They are also called ‘Generation Y’ as they were born between Generation X and Generation Z. Authors William Strauss and Neil Howe coined the term ‘millennial’ in the year 1987.
The millennials are characterized by a heavy digital footprint due to the advancements in technology and the internet. They also tend to be less religious than the previous generation. They are also less likely to have kids as their childhood was spent at such a time when the fertility rates were falling.
▸Frequently asked questions (FAQs)
1. What are the characteristics of millennials?
The following are some of the primary features of millennials:
- Technologically adept: Millennials are comfortable using technology. They have grown up in a technologically connected environment. They are familiar with a variety of digital tools and platforms, making them well-suited to handle the demands of a modern-day workplace that largely depends on technology for communication and collaboration.
- Societal: Millennials are renowned for their support of social causes. They are drawn to companies that reflect their beliefs because they care profoundly about social and environmental issues. Therefore, organizations that want to draw and keep millennials must give top priority to programs that advance corporate social responsibility and have a positive effect on the environment.
- Work-life balance: Flexibility and a healthy work-life balance are vital for millennials. They appreciate the time they spend with their families and friends, and they choose to work for companies that support a healthy work-life balance. Offering this demographic flexible employment choices, such as freelance work and schedule flexibility, maybe a strong attraction.
2. How can businesses capitalize on the millennial labor force?
Businesses that want to benefit from the millennial workforce must first comprehend their particular demands and preferences. Providing training and development opportunities and growth possibilities within the company can be a successful strategy for retaining top millennial talent. Additionally, creating a collaborative work atmosphere where employees can work together to achieve common goals can be a significant pull for this demographic.