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Each generation has characteristics that make it unique. The "Millennial" generation is set to make an impact in the workplace, and CPA firms should be aware of this generation's particular skills and desires in order to incorporate them into the profession successfully. By some definitions, Millennials were bom between 1980 and 1992, but other studies use ranges anywhere from the mid-1970s through the early 2000s. Millennials - also known as Generation Y - are more technologically savvy, better educated, and more ethnically diverse than any previous generation.
Numbering between 50 million and 80 million (depending upon the definition), Millennials represent a sizable population cohort. They account for 10% to 15% of the U.S. labor force, and they are currently entering the lower management ranks. Millennials are poised to be powerful drivers of the economy, both as employees and as consumers. They will change today's workplace, and businesses - from mom-and-pops to multinational corporations - need to understand what this future workforce will look like in order to tap its potential. While the characteristics of Millennials may appear to clash with the existing traditional work environment, these traits can be an asset if properly utilized.
Describing a Generation
Employers must determine what type of compensation, rewards, recognition, or other incentives will meet the needs of Millennials entering the workplace. Successfully meeting these needs will lead to an increase in employee morale and efficiency, as well as to greater long-term employee retention. According to the Pew Research Center, nearly 57% of younger workers say it is not very likely or not likely at all that they will stay with their current employers for the remainder of their working life. Among Generation X workers (those bom from 1965 to 1980), those numbers are nearly reversed: 62% say it is likely they will never leave their current employer, while only 36% expect to someday work for someone else. Baby boomers (bom from 1946 to 1964), many of whom are at or approaching retirement age, are even more settled, as 84% expect to remain with their current employer for the rest of their working lives. Based on this information, it is crucial for employers to understand what motivates the Millennial generation if they hope to retain these valuable employees.
Several...