Millennials, Generation Y, Echo Babies, the Boomerang Generation, iGen, Generation We, Generation Me, Generation Next… the list goes on. Whatever you call them, the generation born between the early 80s and the year 2000 is starting to make a big impact in the workplace.
Coming from an era immersed in technology, globalization and instant communication, the expectations of millennials and their outlook on the workplace are different from preceding generations. A study published in 2000 by J.J. Arnett, a professor in the Department of Psychology at Clark University in Massachusetts, suggests that this is a generational effect, not just an effect of age, and it transcends culture.
In the next five years, as most Boomers retire and leave the workforce, we expect to see a shift as more millennials take their place in the workforce. While millennials already form 23% of the Canadian workforce, by 2020 that number is estimated to increase to 50%. The better we understand this generation, the better we can inspire, challenge and retain these future leaders.