Eve Rips, Director of Regional Strategy June 15, 2017 C2ER / LMI Institute Annual Conference

Transcription

1 Eve Rips, Director of Regional Strategy June 15, 2017 C2ER / LMI Institute Annual Conference

2 Amplifying the Millennial Voice Building a community of young activists to take action for social change and engage in the political process Providing tools and education campaigns for our generation to manage financial challenges and participate in our democracy. Cutting-edge policy research and analysis. Sharing the stories of young adults.

3 Overview A Generation in Context Jobs Tours at YI Millennial Workforce Trends: Current Preferences Millennials Workforce Trends: Adapting to the Future of Work Workforce Policy for Millennials

4 A Generation in Context

5 Millennials in the Public Eye

6 Media Portrayal of Millennials

7 Broader Financial Picture Boomers at our age earned higher incomes, amassed greater assets, were more likely to own homes, and had greater net wealth. There are huge disparities by education and race/ethnicity. Median Wealth 1989: $25, : $10,900 Median Income $10,000 decline (20 percent) between generations Home Ownership Rate fell 3 points from 46 to 43 percent

8

9

10 Jobs Tour Findings

11

12 Overview National Jobs Tour: 20 discussion in 13 states California Jobs Tour: 200 young adults engaged Texas Jobs Tour: 250 young adults engaged Illinois Apprenticeships Tour: 350 young adults engaged

13 Lack of Soft Skills Training Michael*, Houston TX Something that is absolutely a barrier [to finding a job] whenever you are very young and you are not able to come up with a good resume and good skills. We don t really get that in high school. I have studied many places and none of them have given me that: this is how you do your resume, what to put in it, how you go to an interview.

14 Education / Experience Paradox Stephanie - Austin, TX To afford her tuition and expenses, Stephanie has leaned on her parents support, received grants, and accumulated $5,000 in student debt, but she has still has needed to work long hours throughout college to cover tuition, books, and living expenses. As she gets closer to graduation, Stephanie has become increasingly worried about transitioning into her career. She has had to pass on many internship opportunities because they were unpaid, and she always depended on her earnings. By now, she has more than four years of work experience but not in her intended field.

15 Wraparound Supports are Crucial Jamillets - Bronx, New York Before I was connected with Career Network: Healthcare, my family struggled. We lived with my in-laws, where I started all over again. I depended on my husband s income of $400 per week, which was barely enough. Between the baby s needs, food, and keeping the lights on, we had no space for upward mobility.

16 Invested Mentorship Matters Darshai - Chicago, IL I tried to follow the educational path that was supposed to lead to success: I completed high school and earned my associate s degree in arts. I tried job preparedness programs that offered little mentoring or networking opportunities. An apprenticeship would give me on-the-job experience and allow me to build a network of coworkers I can learn from. Opportunities to follow a career you love shouldn t feel like a lottery,

17 Millennials in the Workforce: Current Preferences

18 Work-life Balance Flexibility Work-life balance, often over increased compensation and faster advancement. This means that Millennials favor: Flexible hours Teleworking opportunities Easy transience between employers.

19 Commitment Millennials change jobs more than other age groups. On average, members of Generation Y change jobs every two years. By comparison, members of Generation X typically spend about five years with each employer, and baby boomers spend about seven. But this may not be more than the last generation at the same age

20 60% How Many Employers Do You Expect to Have in Your Career? 54% 50% 40% 30% 20% 10% 4% 16% 9% 3% 14% 0% 1 2 to 5 6 to None- I expect to work for myself Don't know / other

21 Meaningful, collaborative, tech-savvy More idealistic: value meaningful work and personal fulfillment over higher pay. Sector-agnostic, flexible to work in large corporations, small businesses, nonprofit and government organizations. Open work cultures express values, etc. They value a collaborative approach to work tasks, preferring to work in diverse groups emphasizing teamwork and community. Expect to have access to the best tools and latest technology for collaboration and execution.

22 Manager POV versus Millennial POV

23 Millennials in the Workforce: Adapting to Future of Work

24 30% 10% 20% 18% 16% 12% 10% 9% 7% 0% -1% -10% -9% -14% -18% -30% -27% -50% Leisure and Hospitality Healthcare Agriculture Public Administration Education Transportation and Utilities Professional and Business Retail and Wholesale Financial Manufacturing Information Construction Other Services Changes in Employment by Sector (ages 18-34)

25 Best Jobs for Millennials Job Title Growth by 2022 Median Income 1 - Physician assistants 38% $90,930 45% 2 - Actuaries 26% $93,680 57% 3 (tie) - Statisticians 27% $75,560 44% 3 (tie) Biomedical engineers 27% $86,960 43% 5 - Computer and information research scientists 15% $102,190 45% 6 - Market research analysis and marketing specialists 32% $60,300 44% 7 - Nuclear engineers 9% $140,270 60% 8 - Elevator installers and repairers 25% $76,650 41% 9 - Petroleum engineers 26% $130,280 35% 10 (tie) - Therapists 27% $70,000 37% Millennial Share

26

27

28 Future of Work Themes for Millennials Bridging the digital divide Focus on key skills gaps Changing our lens on education

29 Millennials and Workforce Policy

30 Young Adults Vote on Jobs & Economy Issue Percent including in top 3 issues Economy / Jobs / Employment / Minimum Wage / Paid Leave 35% Foreign Policy / the Middle East / Terrorism / Homeland Security 25% Education / College Affordability / Student Debt 28% Health Care / Health Insurance 24% Gun Laws / Gun Safety 23% Immigration 19% Source, Ipsos Public Affairs survey for USA Today and Rock the Vote

31 Jobs Policies that Matter to Millennials Moving down the youth unemployment rate Job Quality Minimum wage Paid sick and family leave Benefits for part-time and gig economy workers Workforce Development Earn-and-learn programs Quality CTE Increased counseling access Employment equity Ban the box initiatives Restrictions on credit checks

32 In Sum Don t believe every headline you read on Millennials. Believe some of them.

33 Questions?