Ringing in the New Year with Optimism
Ringing in the New Year often fills people with optimism about the future. The Millennial generation (those born between 1980 and 2000) is said to have an indomitable confidence in both the future and themselves. As this generation is the youngest in the work force, it is important to understand them. Research shows that Millennial women (ages 21-34) view the world more optimistically.
Every generation has its own attitudes, values and defining moments. There was the Silent Generation (1925-42); Baby Boomer Generation (1946-64); Generation X (1965-1980); and Generation Y (1980-2000). Generation Y is also known as the Millennials; a term that stuck when children in this generation were just starting school in the mid-1980s and the media began to identify their link to the millennial year 2000.
Most research about Millennials shows that they are highly educated, self-confident, technologically savvy and ambitious. In the work place Millennials can be team players but they also seek constant appraisal and quick promotions up the corporate ladder. They desire a good work-life balance and a fulfilling job so they frequently change jobs frustrating employers with low retention rates.
According to a recent survey of women in the US, Asia and Europe, conducted by the PR Firm Fleishman Hillard, globally women have achieved an equality of aspiration, but not an equality of results. Women of the millennial generation feel more empowered. According to the report, they are a “truly global generation of women… shaped by shared experiences of technology, social media, emerging brands, and the cultural narrative that preached girls can do anything boys can do.” They are using these shared experiences to demand greater flexibility at work and home. These young female professionals are ambitious and don’t see their gender as a major hindrance to their success.
There is good news regarding the wage gap between men and women. According to the Pew Research Center, in 1980 women earned 64% of what men did. Today, women earn 84% of the male paycheck. Female Millennials are close to ending the wage gap, earning 93% of their male counterparts’ salaries. That is thanks to education. According to the report, “among older Millennials today (those ages 25 to 32), 38% of women have a bachelor’s degree, compared with 31% of men. And among younger Millennials (ages 18 to 24), women are more likely than men to be enrolled in college (45% vs. 38% in 2012).”
But there is bad news: The wage gap is also narrowing as male wages decline. “Overall, the median hourly wage for men decreased 4% from 1980-2012,” the study says, with wages for younger men dropping by 20%.
It is important to note that women tend to fall farther behind men the older they get, as they have children, opt out of the work force or work flexible hours. Around 63% of Millennial women expect to lose some job opportunities when they have children.
By Theresa F Weber
As luck would have it, I was born in the last year of the Baby Boomer generation and work closely in business with Millennials. Both our generations are products of a tumultuous economic climate. Both experienced a time of war, a stagnant economy and unsteady job market. It is important to find and celebrate common ground in an inter-generational workplace.
As we celebrate the beginning of a new year, the optimism of Millennial women is refreshing. Let’s hope their fire does not burn out as they make work-life balance choices. Let’s share their optimism and harness it in the workplace.
