By: Hissa Salman Al-Rooqi
Why Millennials are facing the scariest financial future of any generation since the Great Depression
Anyone born between 1981 and 1996 is considered a millennial, and anyone born from 1997 onward will be part of a new generation.
Right now millennials, globally and according to studies, are facing the scariest financial future and marriages delays of any other generation ever since the Great Depression. (which was a severe worldwide economic depression that took place mostly during the 1930s).
These twenty-something and early thirty-something employees just see the world and the workplace quite differently than older generations, ever since robotics and artificial intelligence has altered the nature of work.
The vast majority of millennials did not go to college, refuse to lean on their parents for help, and can't stand having a superior in the work frame. The circumstances they live in are more dire than most people realize. Many millennials are exhibiting a marked desire for reassurance; they rarely feel optimistic about the social progress, along with concerns about safety, social equality, and environmental sustainability, and it seems that the millennials have taken self-interest to an entirely new level.
A recent study conducted by the Mayo Clinic took a deeper look at how millennials work. What researchers discovered was that the elements that make millennials thrive in the workplace is collaboration, technology and empowerment. Moreover, the need for an environment that speaks to their interests. It is more about the result than the process. They don't want to feel trapped by repeating the same protocols as everyone else who has sat in the desk before them. They are less interested in following a tedious, conventional framework if they can get the same results in a more creative, engaging, or immediate way. Millennials aren't lazy, they want to work, and they work hard when they do, only when able to work on their own terms, and in a way that makes them most effective and to be judged on their results, not on how they have got there. It is in your best interest to fill them in on things the company is working towards, and most importantly, how each employee’s tasks end up contributing to those larger goals, share the vision. Also ensures that they are allowed to bring creativity and their ideas to how they work.
That is not too much to ask, right? (Please note that this is a sarcastic question).
We have all heard the statistics, more millennials live with their parents rather than starting their own family, they are delaying marriage, buying their own houses and having kids for longer than any previous generation. Delayed marriage has one of the biggest impacts on causing them to be picky when it comes to applying for jobs, hence, not having kids to support will lead them to avoid the thought of getting a lifetime job, researchers found. For previous generations, the average age women and men first married was in their early 20’s. Today, the median age for a first marriage is closer to 30. Mention the word “millennial” to anyone over 40 and the word “commitment” will follow within seconds.
According to generation X (born between 1965 - 1979), millennial problems are all their fault: They got the wrong degree, they spent money which they don’t have on things they don't need, they still haven't learned to cope with adulthood, they are obsessed with their phones etc.. when in fact they are just as any other "generations" that was obsessed with the amazing technology that they grew up with, like cars, TVs, and digital cameras. The real problem is away far complicated.
Simon Sinek is a motivational speaker, he briefly explained in a recent interview the complications that defines a millennial’s work ethics and many agreed on his theory.