SEATTLE—A two-year study of several-hundred thousand members of Generation Y (also known as Millennials), Generation X and Baby Boomers has found that the younger the person, the higher their rate of underemployment relative to education.
For instance, in the study by Payscale and Millenial Branding, called “Gen Y On the Job,” it was found that of Gen Y’ers who hold a Ph.D, 34% report being underemployed, compared to 27% of similarly educated Gen X’ers and 25% of Baby Boomers. The survey took place over a two-year period.
According to the two companies, one reason for conducting the survey was to provide additional information as a cost/benefit analysis before pursuing higher education, such as grad school.
Among the findings:
- The gender wage gap is shrinking with the millennial generation. When corrected for job choice, experience and hours worked, the gender wage gap is smaller for members of Generation Y at all job levels than either Gen X’ers or Baby Boomers. However, the gap still widens for Gen Y (as it does for all other generations) as responsibility level increases, the survey found.
- Many millennials don’t think workers should be expected to stay with their employer more than a year. Twenty-six percent of Millennials surveyed said that workers should only be expected to stay in a job a year or less before looking for a new position. Alternatively, 41% of Baby Boomers say workers should stay with an employer at least five years before looking for a new job. Only 13% of Millennials agree.
- Millennials are fast learners who bring expertise in emerging skills to the workforce, including mastery of new technologies like Sketchbook Pro, Google Analytics, Social Media Optimization and more.
- Millennials are ambitious and eager for their careers to take off – when describing their ideal job, they are more likely to value opportunities for career advancement and the chance to learn new skills than Gen X’ers or Baby Boomers.
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