The American workforce, and the global economy as a whole, is going through a change. Baby Boomers, who have had an astronomical influence on the global economy, are beginning to leave the work force. The Millennial generation—those born within that last thirty years—has begun to exit college and enter the workforce en masse, and soon the world’s business leaders will comprise of this “tech native” group. However, the question has been raised time and time again: are Millennials up to the task? How much confidence do older generations have in this younger generation as the future? How do Millennials view themselves, and their current situation? What is the future of American business?
Baby Boomers are a genially stubborn generation; business leaders among them form their own ideas, and then make them happen. Those who work in manufacturing or the trades, as well as the small business owners, are frequently called the backbone of the American economy. Millennials have been raised sitting at their feet, listening to their stories, and learning from their examples; and yet many Boomers are apprehensive about passing the economy into their hands. They watch as their children and grandchildren flitter from one source of amusement to another, all the while their mobile devices are in hand to provide constant amusement, and consequently, distraction.
In a personal interview discussing his hopes for the future of American business, Ethan, an electrician on the verge of retirement, explained his distrust of big government, and advised Millennials to seek education in trade work. “The older generation has already messed it up,” Ethan explained, “we need the younger generation to step up to the plate to save the economy, and adopting socialist properties will not do it. Look at Europe: the economies within the Euro-zone are failing, and it’s because people want something for nothing.” He further explained his fears for the future saying, “Each country needs a balanced base to support itself. This growing generation all want to be a big boss, nobody wants to learn trades anymore. Not everyone can be the business leaders, you can’t have a top heavy workforce and expect to make it, someone has to do the labor.”
Millennials tend to be much more optimistic than Ethan and many other Boomers. Recent research on Millennials shows that 41 percent are satisfied with the direction the country is headed, much higher than the 26 percent of those over age 30. The fears from the recent recession are fading away, and many believe that the economy can still be salvaged. In this technological age, information is just a few finger swipes away, and many are using this accessibility to learn and grow. In a 2011 Kaufman study, 54 percent of Millennials reported the desire to start their own business. The percent of students graduating from college is on the rise as well, as 40 percent of Millennials now attend and graduate from institutions of higher education.
However, there is a down side to all of this optimism. Many think that a college degree leads to a dream career, and most Millennials are sure that they will be within the top 20 percent of their trade post-graduation. This optimism is already leading to disappointment. Also, Millennials are willing to enter dramatically into debt to receive an education. On average, students today graduate with student loan debt above $25,000, with some borrowing over $100,000. Included with that dream of a high-level job, is the idea that the debt will be paid off within a few short years. The reality is much different: the percent of Millennials who are underemployed is higher than both Generation X and the Baby Boomers.
Notwithstanding these obstacles, nor the doubt of the Boomers, there are great opportunities in the future of American business. Millennials are entering the work force in greater numbers each year, and the optimism and desire for innovation they bring with them has the potential to improve American business astronomically. It is going to take a lot of work, and a willingness to participate proactively in government, as there is a looming threat of economic failure if it is not treated with great care. It is up to the Millennials to learn the facts and work with public and private leaders so business and the economy can thrive once more.
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Millennials and the Future of American Business
September 19, 2013
The American workforce, and the global economy as a whole, is going through a change. Baby Boomers, who have had an astronomical influence on the global economy, are beginning to leave the work force. The Millennial generation—those born within that last thirty years—has begun to exit college and enter the workforce en masse, and soon the world’s business leaders will comprise of this “tech native” group. However, the question has been raised time and time again: are Millennials up to the task? How much confidence do older generations have in this younger generation as the future? How do Millennials view themselves, and their current situation? What is the future of American business?
Baby Boomers are a genially stubborn generation; business leaders among them form their own ideas, and then make them happen. Those who work in manufacturing or the trades, as well as the small business owners, are frequently called the backbone of the American economy. Millennials have been raised sitting at their feet, listening to their stories, and learning from their examples; and yet many Boomers are apprehensive about passing the economy into their hands. They watch as their children and grandchildren flitter from one source of amusement to another, all the while their mobile devices are in hand to provide constant amusement, and consequently, distraction.
In a personal interview discussing his hopes for the future of American business, Ethan, an electrician on the verge of retirement, explained his distrust of big government, and advised Millennials to seek education in trade work. “The older generation has already messed it up,” Ethan explained, “we need the younger generation to step up to the plate to save the economy, and adopting socialist properties will not do it. Look at Europe: the economies within the Euro-zone are failing, and it’s because people want something for nothing.” He further explained his fears for the future saying, “Each country needs a balanced base to support itself. This growing generation all want to be a big boss, nobody wants to learn trades anymore. Not everyone can be the business leaders, you can’t have a top heavy workforce and expect to make it, someone has to do the labor.”
Millennials tend to be much more optimistic than Ethan and many other Boomers. Recent research on Millennials shows that 41 percent are satisfied with the direction the country is headed, much higher than the 26 percent of those over age 30. The fears from the recent recession are fading away, and many believe that the economy can still be salvaged. In this technological age, information is just a few finger swipes away, and many are using this accessibility to learn and grow. In a 2011 Kaufman study, 54 percent of Millennials reported the desire to start their own business. The percent of students graduating from college is on the rise as well, as 40 percent of Millennials now attend and graduate from institutions of higher education.
However, there is a down side to all of this optimism. Many think that a college degree leads to a dream career, and most Millennials are sure that they will be within the top 20 percent of their trade post-graduation. This optimism is already leading to disappointment. Also, Millennials are willing to enter dramatically into debt to receive an education. On average, students today graduate with student loan debt above $25,000, with some borrowing over $100,000. Included with that dream of a high-level job, is the idea that the debt will be paid off within a few short years. The reality is much different: the percent of Millennials who are underemployed is higher than both Generation X and the Baby Boomers.
Notwithstanding these obstacles, nor the doubt of the Boomers, there are great opportunities in the future of American business. Millennials are entering the work force in greater numbers each year, and the optimism and desire for innovation they bring with them has the potential to improve American business astronomically. It is going to take a lot of work, and a willingness to participate proactively in government, as there is a looming threat of economic failure if it is not treated with great care. It is up to the Millennials to learn the facts and work with public and private leaders so business and the economy can thrive once more.
