Thursday, May 17, 2018

So ... What's With The Millennials? (Part 4)


Millennial rant goes viral
Fox Business
Published on Apr 29, 2016
Millennials Vs Boomers: Which Generation is the worst?
CBC Comedy
Published on Apr 10, 2018

Entitled millennial snowflake get owned by hotel owner
Gerald Pauschmann
Published on Jan 25, 2018

Millennials - The Most Dumbed Down & Brainwashed Generation In History
Published on Mar 12, 2016

Millennials Don't Stand a Chance
Published on Apr 10, 2014
For many millennials, socialism isn't the "dirty word" it once was
By Janet Nguyen and David Brancaccio
May 17, 2018
Thousands of people gather to hear Sen. Bernie Sanders (I-VT) during a presidential campaign rally at the Prince William County Fairground back in 2015 in Manassas, Virginia.     - 
Millennials are living through a massive upheaval in our economy. From the aftereffects of the Great Recession to the displacement of workers due to automation, they're inheriting conditions vastly differ than previous generations.
So which economic systems do they think will work? How well do they think the government is doing in tackling our country's economic issues?
GenForward — an ongoing study that looks at how millennials think about major societal issues, with special attention to race and ethnicity — recently posed questions like these to them.
"The lessening of opportunities, quite often for those who are most vulnerable, have an impact on how these young people think about the economy," said Cathy Cohen, lead investigator of GenForward and a professor of political science at the University of Chicago.
She joined us to discuss the study's latest findings on millennials' views toward capitalism and socialism, and how big of a role they think our federal government should have.
Socialism vs. Capitalism
Janet Nguyen/Marketplace
Millennials have mixed views toward capitalism: While a majority of Asian-Americans and white millennials have favorable views toward it, only 34 percent of African-Americans and 45 percent of Latinos do. (Note: GenForward asked millennials if they were favorable toward capitalism separately from asking if they were favorable to socialism. They were not asked if they favored one over the other.)
Meanwhile, African-Americans and Latinos expressed greater support for socialism. Cohen pointed out that economic indicators like unemployment are worse for them than other groups, which may play a role in their thinking. The African-American unemployment rate, for instance, is 7.4 percent — about double that of white unemployment.
“When you think about kind of their lived experience and think about their kind of economic conditions, they for sure are thinking, ‘Well, why wouldn't I be open to socialism if in fact it can provide more economic opportunities for me, for my family and my community?’” Cohen said. "For many [millennials], socialism is not the dirty word that it was for other generations."
Fifty-six percent of Asian-Americans hold favorable views on capitalism, while 59 percent also hold favorable views on socialism. The study said this may be because Asian-American millennials were not clear about the definition of these concepts, or because they do not view capitalism and socialism as competing opposites.
"We can't control for how respondents think about these issues. But I would suggest that I think for many young people, there was a kind of reintroduction to socialism in the form of Bernie Sanders — who many people thought of as someone's grandfather," Cohen said. "And so the idea that there's a kind of scary socialist country somewhere that is repressing its people was challenged by the ideas of Bernie Sanders, who talked about free tuition and economic stability for all people."
The role of the U.S. federal government
Janet Nguyen/Marketplace
Millennials across race and ethnicity favor a strong government to handle economic issues.
“They do not believe, in fact, that the free market alone can handle the economic issues that face the country, and in particular, face their generation,” Cohen said.
Less than 40 percent of millennials of any race think that the free market can handle today’s economic problems without involvement from the government.
Unsurprisingly, those reactions diverge a bit more when looking at the respondents’ political parties. While less than a quarter of Democratic millennials don’t think the free market can handle today’s complex economic problems, 56 percent of Republicans do.
Is the government doing a good job?
Janet Nguyen/Marketplace
Here’s where you see a reversal of sorts. While many millennials agree that the United States should have a strong government on principle, many don’t agree that the current government is actually doing a good job in strengthening the economy.
Majorities of whites and Asian-Americans think it’s doing a “very” or “somewhat” good job, while less than half of African-Americans and Latinos do.
“Again, I think this reflects kind of their lived experience in terms of economic opportunities,” Cohen said.
And when it comes to political party, 78 percent of Republicans think the federal government is doing a good job to strengthen the economy, while 44 percent of Democrats and 42 percent of independents do.
Janet Nguyen/Marketplace
Some of this may be a referendum on the Trump administration.

“I think especially when we look at the data by party [identification] or partisanship, what we're getting are feelings about the current government and the current president,” Cohen said. But she noted that these responses aren’t entirely feelings about Trump, since there’s a split in the Democratic coalition — Asian-American millennials say the government is in fact doing a good job.
It's not (just) about the money, millennials say
The World Today, by Lauren Williams
16 May 2018
The 2018 Deloitte Millennial Survey shows a low point in young people's perception of business ethics. Unsplash: Andy Beales
In a time when tales of corporate greed and misconduct abound, is it any wonder young people's confidence in business ethics has plunged?
This year's annual Deloitte Millennial Survey shows Generation Y's opinion of business motivation and ethics is at the lowest point in three years.
However, despite feeling pessimistic about their economic future, the survey found money was not the sole motivation for the age group that makes up 50 per cent of Australia's workforce.
Millennials not feeling it
Nearly a fifth of 24 to 35-year-olds surveyed in 2018 said reputation for ethical behaviour, diversity and inclusion, as well as workplace wellbeing were important when choosing an employer.
But, according to Deloitte Australia's chief operating officer, David, Hill, millennials see a gap between their priorities and those of employers.

Do millennials believe in their employers' priorities? Not really

Generating JobsImproving SocietyGenerating Profits
Percentage of millennials who think this is what their employer's objectives should be43%39%24%
Percentage of millennials who think this is what their employer's objectives actually are25%25%51%
Source: 2018 Deloitte Millennial Survey
"The view is that you should be about profit and purpose, whereas essentially coming through in this survey, millennials feel that many of their employers are all about profit," he said.
This year's survey saw millennials' view of business motivations plunge to its lowest level in three years.
Less than half of those surveyed believe businesses behave ethically, while 83 per cent of those surveyed believe businesses focus more on their bottom line over the good of greater society.

What are millennials' top employer priorities?

Source: Deloitte Insights, 2018 Deloitte Millennial Survey
"The concept of corporate social responsibility has been around a long time," Mr Hill said.
"I think what millennials are doing is cutting through the rhetoric to what they see as the action."
Mr Hill pointed to the conduct issues currently in the spotlight, particularly in social media, where this generation is very adept.
"This is a generation, if they see a disconnect between the form and the substance, they'll call it."
What would convince a millennial to stick around?
As in last year's survey, millennials were found to have a low sense of loyalty to their current employer.
But inclusion, flexibility in the workplace and a positive work culture are an important determinant.
"As employers, if we can embrace things like flexibility, truly live diversity and inclusion, live the values that matter to the millennials, then they're likely to be more loyal, more confident and more trusting," Mr Hill said.
Nick Tucker, a psychologist and analyst at AON Hewitt, a human resources consultancy firm, believes expectations of millennials are a product of age, not generation.
"People have different priorities at different life stages in their career.
"For example, when you're starting out and establishing your career, the focus is career progression, the focus is pay, the focus is getting that next step," Mr Tucker said.
He said employers need to understand employees' values to encourage loyalty.

What kind of impact do millennials think society's leaders are having?

NGO and not-for-profit leaders59%23%
Business leaders44%42%
Religious faith leaders33%52%
Political leaders19%71%
Source: 2018 Deloitte Millennial Survey
"So the idea is then to go above and beyond.
"One of the common ways you can achieve that is by connecting that employee to the greater purpose."
'Don't call us millennials': Majority of young people say term does not represent them
Olivia Rudgard, social and religious affairs correspondent
08 July 2017
The word "millennial" has become synonymous with the young - but evidence suggests that they are starting to reject it.
According to new research three quarters of under-30s say they do not feel the term represents them and more than a third say they don't even know what it means.
The study, carried out by marketing agency ZAK, argues that those aged between 18 and 30 have been misunderstood by society.
The research suggests that young people have had enough of the negative connotations of the word, and experts say they may have a point.
"It puts them into a category of being selfish and self-interested, and they're not"
Mark Ritson, marketing professor at Melbourne Business School & Singapore Management University, told researchers that "brains don’t change in a decade. We’re still driven by the same goals as our ancestors.”
The paper is one of a series in which scientists challenge the widely-held idea that young people are selfish and workshy. 
Elisabeth Kelan, professor of leadership at the Cranfield School of Management, who has researched millennials in the workplace, agreed that many of the stereotypes about young people have come out of their economic and social circumstances.
"Much of the research is not based on really good evidence. I think it's much more about the experiences that led you to have a specific mindset," she said.
She added that she was "not convinced" that young people were less hard-working than their parents.  "They see it as a marathon not a sprint - it's much more about where that job can take you in the future," she said.
The term "millennial" came about because young people were unhappy at being called "Generation Y" - because it was too closely related to the previous group, Generation X, those born in the mid 1960s to early 1980s, added Professor Kelan.
But now the new term is also falling out of favour.
Professor Cary Cooper, of Manchester business school, said that the term "millennial" had become meaningless because it encompassed too many different groups.
It is normally defined as including those born between the early 1980s and the late 1990s.  "It's really quite a wide-ranging group of people.
18-24 year-olds probably have some things in common but the full age group is over 10 years - I don't blame them for getting angry at being lumped together.
"People make generalisations, and no-one likes being put into a category where they don't agree with what the findings are.
"It puts them into a category of being selfish and self-interested, and they're not.
"What I would rather do is seeing other differences examined too - for example between men and women you find big differences," he said.

Young people were shaped by watching their parents divorce, lessening their enthusiasm for romantic commitment, and watching older family members be laid off during the financial crisis, reducing their faith in employers, he added.
Also See:

What Next? Millennials Want To Euthanize The Elderly!

23 November 2017

So ... What's With The Millennials?

(Part 1)
10 August 2017
(Part 2)
21 August 2017

(Part 3)
15 October 2017

Older White Generation Voted Trump!

12 November 2017

The Me-Generation is Growing Up!

13 June 2016

The Precarious World of Teenagers!

02 April 2009