5 really big advantages millennials have over everyone else

catch22

Note: The millennial grouping varies depending upon who is doing the counting. I have discovered different birth years for this group while reading articles.

I have contact and conversations with a fairly large number of the millennial group. I do listen and watch.

Personal note regarding the below story link..........wondering what other photo insert choices were considered for this write. I'm not quite sure what to assume about the young woman portrayed in the beginning of the article. Is she supposed to be a "typical"? She could be the 13 year old at middle school, which wouldn't qualify for millennial.

Lastly, this article only provides "some" views of this group; but related to the title, and is not intended to be a study, eh?

http://www.inc.com/peter-economy/5-really-big-advantages-millennials-have-over-everyone-else.html

DlphcOracl

Advantage #6: They are living in their parents' basements and have zero costs for lodging, i.e, rent, mortgage, etc.

Dex

Everything old is new again ...

http://joshuawilner.com/2014/09/12/advantage-part-generation-x/

I like to picture Generation X as offering three global attributes:

We are tech savvy.
We have life experience.
We are still young enough to have many years left before we retire.
That is a very powerful combination.

http://www.marketingteacher.com/the-six-living-generations-in-america/

Generation Z: The kids who’ll save the world?
http://www.theglobeandmail.com/life/giving/generation-z-the-kids-wholl-save-the-world/article20790237/?page=all

msf

Got to agree with Dex here - my reaction was that this article was at least a generation off. The era of The Organization Man passed many decades ago. And while educational credentials have increased, it's not clear that the educational level has - with more degree mills and for profit schools than ever.

davidrmoran

>> it's not clear that the educational level has

I do not know about in general, but in many selected areas it sure has, just phenomenally. From musical performance to history scholarship, from economic and business/management analyses to IR sophistication (these last two are fields my own kids work in), the depth, breadth, quality, speed, and practicality of (+/-) 30yos' work are breathtaking and sophisticated. Makes me think some serious problems will be successfully addressed. Some.

DlphcOracl

This is certainly true of musical scholarship. The number of gifted students majoring in musical performance is astonishing and, unfortunately, the number far exceeds the number of positions (teaching positions, orchestras, bands, etc.) that can employ them.

msf

I wasn't suggesting that the education provided by the top schools and partaken of by the best students isn't as good as ever. Regarding musicianship, we have been enthralled by the performances in a chamber music series featuring mostly young(ish) musicians. It's my favorite concert series.

But the fact that some students excel doesn't show that this generation collectively is better educated, regardless of what is written on their diplomas. I'll stick with my thesis that the typical BA today is not as well educated as those of yesteryear.

Dex

msf said:

But the fact that some students excel doesn't show that this generation collectively is better educated, regardless of what is written on their diplomas. I'll stick with my thesis that the typical BA today is not as well educated as those of yesteryear.

Agree - I think grade inflation is a big part of that. Also, the watering down of the college degree due to so many people having it. Bad high school prep is a factor also.

Anna

davidrmoran said:

>> it's not clear that the educational level has

I do not know about in general, but in many selected areas it sure has, just phenomenally. From musical performance to history scholarship, from economic and business/management analyses to IR sophistication (these last two are fields my own kids work in), the depth, breadth, quality, speed, and practicality of (+/-) 30yos' work are breathtaking and sophisticated. Makes me think some serious problems will be successfully addressed. Some.

This was my observation about the generation entering our workplace as I left. Most were engineers, business grads and PhD scientists. I found them - to use a overused word - amazing.

I don't know about high school educated individuals.

FundStudent

Millennials will have their choice of many empty houses after the boomers are gone. All the surpluses of the boomers will benefit the millennials. And once the boomers spend all of their money on healthcare and sell their stocks, interest rates will go up again. And so millennials can have nice lives without worrying about the markets. Amazing!

davidrmoran

msf's point about collectively and typical is taken, but what does that ultimately mean? Thesis seems altogether unprovable. Certainly there has been some sort of democratization of so-called higher ed; most think this is a worthy thing. Bound to be some serious dilution and, more complex, increases in inequality.

My own kids (not in music, alas ) are the first to remind me that not all or even most of their peers are like them, and at the same time that there are many hundreds (thousands) like them, if not superior.

This too:

http://www.theonion.com/article/5-months-college-research-outweighed-weekend-visit-52246

vkt

Isn't "Kids of this generation can't/won't/don't ...." pretty much the magic password into AARP membership at every generation? Doesn't mean it is valid.

@davidmoran is right. Unproven assertions on an ill-defined metric.

msf

I was responding to the article's claim that as a group, millennials had an advantage as being more educated. It's in this context that I was using "typical".

True, one can measure the number of degrees, while quality of learning is less quantifiable. But if one is talking about competing in the workplace, it is the latter that ultimately matters; the former serves merely as an admission ticket.

vkt

I have been in the position of having to hire from multiple generations over time including millenials. Hiring is always a very difficult task. What is important to the one hiring is not just whether they have degrees or better educated which is difficult to define to even talk about quantifying but simply whether they are a good fit for the company and whether they can deliver.

This is hiring in a technical field so it may not apply to other generic jobs.

1. Degree matters to the extent that they have the exposure and hopefully expertise in the subject matter. Startups cannot afford a big learning curve for hires. So jobs always have had minimum qualifications of bachelor's or higher in relevant fields. Where the millenials have improved over previous generations for technical fields is in the larger pool to select from as there has been a significant shift into STEM education over time. You just cannot get the required subject matter exposure in these fields from a home study or a high school dropout (which does not mean that they cannot get a great idea on their own and form a company of qualified people to deliver on it).

2. In terms of cultural fit, it is actually easier with the millenials when the employees are all similar in age. It is no longer the anti-social, loner geek portrayed in media in the technical fields which was not all fiction. On the average, millenials are much more social with each other and able to communicate better than previous generations while also being competent in their work. This is a huge advantage for a company and is steadily improving over successive generations. Some of the problems have been in a mixed workforce where millenials have to work with the previous generations. This has been very difficult in a peer-peer relationship. One of the reasons why agism is so rampant in the Bay Area. Consequently, often there is a lot of resentment between generations which makes it difficult to manage sometimes.

3. In terms of delivery, it helps that more millenials than previous generations at least in technical fields come with previous internship experience where they have had to deliver in time. This helps. Much less of the had to take some time off to discover myself and excuse me while I get used to working types.

But the Bay Area is 800 sq miles surrounded by reality so the experiences elsewhere or in other fields may be completely different.

Ted

@MFO Members: In case you missed this interactive information on millennials from Goldman Sachs .
Regards,
Ted
http://www.mutualfundobserver.com/discuss/discussion/25637/millennials-coming-of-age#latest

little5bee

Since I am a parent of two millennials (ages 24 and 27) and unofficial "parent" to many of their friends, I am somewhat of an expert on this topic My unscientific observation is: the ones who have a college degree in a marketable field are doing well; the ones who don't...not as well... unless they are highly motivated (one of my son's friends has started his own non-tech business and has several employees...at age 24!).

As far as technological superiority...yes, as long as it's job-related. My xh says at his company, many are on Facebook and Twitter during work hours...I can relate, since I check my Twitter feed constantly, as well.

msf

little5bee and vkt seem to be affirming my statement that degrees are admission tickets. Regarding startups, my observations of BA startups is that when small, they hire based on experience (no new grads). That experience needs to be somewhat close to the company product, but adaptability and ability to learn (quickly) are valued. Especially since startups are supposedly doing something new.

As the companies grow larger (or at least more mature, with existing product) they begin looking extensively at recent grads. There, it is often not only the degree and field, but the school that matters (personal bias of founders).

Regarding field of study, I had the pleasure of listening to Marvin Minsky (another recent loss) years ago, where he said that he would not want to hire a computer science major. Too narrowly focused. He preferred people with backgrounds in math, in philosophy; music may have been on his list.

No question that hiring is difficult, and in startups the pressure to do it right is tremendous - one wrong hire can sink the company. So many startups do follow a checklist for hires and expect schools to be job training mills.

little5bee

@msf Absolutely. Many MBA programs, such as the one at the Ross School of Business at my Alma Mater want work experience, as well. I think the difference today, as opposed to when most of us graduated from college, is that any degree in any major no longer automatically opens the first door. It's definitely easier with it than without it, though.

More food for thought:

http://www.cnbc.com/2016/02/02/you-dont-need-a-college-degree-to-earn-a-living.html