Millennials are the generations born between 1981 and 1996. According to the U.S. Census Bureau statistics, they are the most studied generation and the largest cohort size in history – over 80 million!
What makes Millennials so talked about?
First, the percent of Millennials in the workforce — they are expected to represent 75% of the workforce by 2025! There’s no doubt that the way these individuals behave as workers, consumers, and merely people has a huge influence on the economy, culture, and society as a whole. Let’s dive into the most essential Millennials in the workplace statistics to better understand this unique age group.
Millennials Workplace Statistics (Editor’s Choice)
- By 2025, the Millennial workforce will have reached 75%. (Inc.)
- Half of Millennials wish they had opted for a different career path. (CNBC)
- Millennials face the highest rates of unemployment and underemployment. (Gallup)
- Millennials have accumulated slightly less household income than older generations. (Pew Research Center)
- 83% of Millennial men and 72% of Millennial women are employed. (Pew Research Center)
- Only 29% of Millennial employees say they are engaged at work. (Gallup)
- Millennial turnover costs the American economy a staggering $30.5 billion every year. (Gallup)
- 73% of Millennials across the world work more than 40 hours a week. (ManpowerGroup)
- Over half of the Millennials in the workforce globally think theyâll work past retirement. (ManpowerGroup)
Millennial Workforce Statistics
1. Millennials comprise the largest labor force in the US.
Just over one-third (35%) of the American labor force are Millennials, the most represented generation among working Americans. That’s 56 million Millennials working or on the lookout for a job, outnumbering 53 million Gen Xers and 41 million Baby Boomers.
(Pew Research Center)
2. There are 34,057,000 Millennials in the US workforce.
This number is expected to reach over 38.5 million by 2029, which is a nearly 4.5 million increase over a decade. That’s the largest gain for a single age group, according to statistics on Millenials in the workplace.
(BLS)
3. By 2025, Millennials are expected to comprise 75% of the global workforce.
The percentage of Millennials in the workforce is growing, steadily replacing the once-dominant Baby Boomer workforce. The number of Gen Xers will go way down, leaving space for Millennials to shape work culture, invite more tech into the workplace, and drive greater innovation.
(Inc.)
Millennial Employment Statistics
4. 72% of Millennial women are employed.
Boomer women were the turning point when it comes to female representation in the active workforce. In 1985, the majority of young Boomer women were employed (66%) compared to unemployed (28%). In 1966, when the Silent Generation women were ages 22 to 37, only 40% were employed, and 58% were not actively participating in the workforce. Boomer women definitely paved the way for greater representation of women in the workforce.
(Pew Research Center)
5. Millennial employment stats show that 83% of men from this generation are employed.
Millennial workplace trends by generation show that fewer men are included among the employed compared to older generations. In 1966, 92% of men aged 22 to 37 were employed, a percentage that dropped slightly for Boomers and Gen Xers, reaching 83% for Millennial men in 2018.
(Pew Research Center)
6. Millennials have the highest rates of unemployment and underemployment in the US.
Millennial unemployment statistics show that 7% of Millennials are currently jobless. Another 10% work part-time but want a full-time job, meaning that the Millennial generation is facing a high percentage of underemployment.
(Gallup)
7. Just under a quarter of Millennials earn money from the gig economy.
60% of Millennials aren’t involved in the gig economy in any way, contrary to popular opinion that this generation prefers part-time, gig type of employment. The number of Millennials with full-time careers has been on the rise, climbing from 45% in 2016 to 66% in 2018. Employee benefits statistics further prove that Millennials resemble older generations in that they prefer stable jobs and benefits.
(Harvard Business Review)
Millennial Financial Statistics
8. The pandemic affected the income of 59% of older Millennials.
Reduced hours were the main reason for the drop in income, followed by reduced wages, working longer hours, and layoffs.
(CNBC)
9. Income has increased only among college-educated Millennials.
Individual earnings for young workers have remained flat in the past 50 years. Yet, there’s a notable gap in earnings between college-educated Millennials and those with lower levels of education, according to Millennial income statistics.
(Pew Research Center)
10. In 2018, Millennials had a median household income of around $71,400.
The gap in earnings by education is even more prominent when comparing household income. This involves the earnings of young adults and anyone else living in the household. In 2018, the median adjusted household income for households headed by Millennials ages 25 to 37 with a bachelor’s degree or higher was $105,300, nearly $56,000 more than that of households headed by Millennials with high school education.
(Pew Research Center)
11. Millennial wealth statistics show that this generation has accumulated slightly less household wealth compared to older age groups.
Millennials were the most affected by the Great Recession. Unemployment rates skyrocketed during and after the recession creating an extremely challenging Millennial job market. This unwanted turn of events in the US economy would later impact Millennials’ income and wealth in the long run. Another factor is student debt, which is higher for Millennials than for older generations. The median net worth of Millennial-headed households ages 20 through 35 was $12,500 in 2016 (the latest available data), compared with $20,700 for Boomer-headed households when they were in the same age range in 1983. The median net worth of Gen X-headed households when they were the same age was $15,100.
(Pew Research Center)
12. Millennial poverty statistics indicate that this age group is more likely to fall under the federal poverty line.
Millennials’ earnings are lower compared to those of other generations. They are indeed highly educated but struggle to land jobs they like. They are often overqualified for their jobs or work for lower wages. These Millennials problems in the workplace force them to keep looking for better opportunities and switch jobs more often. Given that this generation faces greater unemployment and underemployment coupled with higher levels of student loan debt, they are increasingly staying with or returning to their parents. Due to all these factors, Millennials delay buying a house and saying “I do” more than any other generation.
(Gallup)
13. Millennials tend to be better educated compared to prior generations when they entered early adulthood.
Statistics about Millennials in the workplace show that 39% of Millennials aged 25 to 37 have a bachelor’s degree or higher, compared to only 15% of the Silent Generation, a quarter of Baby Boomers, and 29% of Gen Xers when they were the same age.
(Pew Research Center)
14. Millennial women are 43% more likely than their Silent predecessors to have completed a bachelor’s degree between the ages of 24 and 37.
The differences in education for young adults by generation are most prominent among women. Only 11% of women from the Silent Generation had obtained a bachelor’s degree when they were young, almost four times less than the Millennial women. They have also outpaced Millennial men when it comes to college completion. Millennial men are twice as educated as their Silent predecessors when they were ages 25 to 37, which gives them more chances to pass demanding education verification checks and land better jobs.
(Pew Research Center)
15. Millennial work statistics show that 62% of Millennials globally are confident that if they lost their main source of income tomorrow they could find an equally good or even better job within three months.
Confidence is one of the most valuable Millennial traits in the workplace. Although Millennials are children of parents who faced greater job insecurity, and they entered the job market in the middle of a recession, they are surprisingly positive about their careers. Overall, Millennials coming from Mexico, China, Switzerland, and Germany are the most upbeat about their career, while those in Japan, Greece, and Italy are the least positive. The different outlooks could be attributed to a set of political, economic, and cultural factors.
(ManpowerGroup)
16. Millennials job statistics show that 73% of this generation is working more than 40 hours a week.
They aren’t lazy as some stereotypes try to portray them. Millennials work more hours than other generations. Nearly a quarter of Millennials in the workplace say they are working over 50 hours a week, with Indians reporting the longest work weeks with an average of 52 hours, and Australians working the shortest hours’ 41 per week. Additionally, 26% of Millennials globally are working two or more paid jobs.
(ManpowerGroup)
Statistics About Millennial Job Preferences
17. Nearly half of Millennials wish they’d have chosen a different career path.
What’s wrong with Millennials careers? Many Millennials were pressured to chase academic degrees, for which they ended up with huge debts without considering the real job market demand and pay for their vocation. As these older Millennials wrap up almost two decades of work experience, their job roles and responsibilities aren’t what they envisioned in high school or college.
(CNBC)
18. Statistics of Millennial job commitments show that this age group switches jobs more than any other generation.
Turnover is one of the biggest problems with Millennials in the workplace. Data shows that six in 10 Millennials are open to job opportunities, and 21% of them have already changed their job within the past year, three times more than other generations. Hiring statistics show that they are also more likely to act on a new job opportunity, with 36% likely to look for a job at another organization if the market improves, compared to 21% of non-Millennials who would do the same.
(Gallup)
19. The Millennials’ job turnover costs the US economy $30.5 billion annually.
Millennials show less willingness to stay at their current companies, with only half of them strongly agreeing they see themselves working in the same company a year from now. Sixty percent of non-Millennials strongly agree with the same statement. To reduce the Millennial turnover rate, employers need to listen and act on their call for more tech, purpose, and flexibility in the workplace and perform in-depth employment background checks that will allow them to score the right candidates.
(Gallup)
20. Millennials work statistics show that only 29% of this age group are engaged at work.
This means only about three in 10 Millennials are emotionally and behaviorally connected to their job duties. The rest simply show up at work to do their hours without putting much effort and passion into what they do. Employee engagement statistics further show that 16% are actively disengaged, and the majority (55%) are not engaged at work, the highest percentage of all generations. Millennials’ disengagement at work is a huge problem for the entire country. Given that they are the most influential age group globally, the consequences could be huge in many areas.
In some cases, the problem with disengagement might come from substance abuse. Performing pre-employment drug screening and random testing can help employers ensure that everyone comes to work with a clear head.
(Gallup)
21. 75% of Millennials find the possibility to work remotely important.
As a generation that values innovation and technology, Millennials expect more workplace tech, technology-backed collaboration in smaller groups, and greater flexibility at work, Millennials in the workplace statistics show.
(Inc.)
22. 75% of some Millennials and 41% of all Millennials who work remotely are engaged at work.
Remote work is possibly the biggest driver of engagement among Millennials. Next on the list are clear plans of action, job preparation, resourceful managers, and organizations that care about their employees’ wellbeing. Given the positive effect remote work has on their engagement and productivity, why not allow Millennials to work from home? Remote work statistics indicate that employers need to seriously rethink their outdated practices if they want to use the full potential of their Millennial employees.
(Gallup)
23. The Millennial mindset sees jobs as opportunities for self-improvement.
The characteristics of Millennials in the workplace and the Millennial work culture are unlike that of any other generation. 46% of Millennials believe improving their skills and qualifications will take them to the next level, followed by a great performance at their current job, gaining more experience by taking new roles and assignments, having good connections, and seeking opportunities. Only 17% of Millennials believe that staying long enough at one company will level up their career. A social media background check can help employers gain better insights into the Millennial mindset and the personality of each candidate.
(ManpowerGroup)
24. Statistics about Millennial job preferences show that three-quarters of this generation are full-time employees, but half of them would be interested in non-traditional employment opportunities.
Millennials in the office might turn into a thing of the past. This age group is increasingly interested in taking part-time jobs, freelance/contract-based projects, casual and seasonal jobs, gig work, and portfolio projects.
(ManpowerGroup)
25. Millennials who think their companies have a high-trust culture are 22 times more likely to stay long term.
High-trust culture is more important to Millennials than to older generations. Also, Millennials who believe they work in a great workplace are 59 times more likely to endorse it to friends and family.
(Great Place to Work)
26. Millennials at work prioritize money, security, and time off.
Millennials put money and security on the pedestal, but they also love working with great people and enjoy the time they spend on the clock, statistics on Millennial work relationships show. Millennial work habits indicate that the possibility to work flexibly is also essential to this age group. A deeper understanding of Millennials in the workplace shows that Millennials define security differently. They want the stability that comes with a full-time job but don’t necessarily expect to move up within the same organization. For the majority of Millennials, job security means having a full-time job in the long run, having job skills that match market needs, and being able to maintain their standard of living.
(ManpowerGroup)
27. Millennial salary statistics show that this generation also wants purpose, not just paychecks.
Millennials are possibly the most disruptive generation ever, forcing companies and society to rethink priorities and change the culture. This age group wants a fair salary but that’s not all they care about as is the case with the majority of the older generations. The Millennial generation in the workplace strives for meaning, development, coaches instead of bosses, and ongoing conversations instead of annual reviews.
(Gallup)
Millennial Retirement Stats
28. Over half of the Millennials globally expect to work past age 65.
37% of Japanese Millennials expect to work until the day they die, followed by 18% of Chinese Millennials, and 15% of Greek Millennials. Only three percent of Spanish Millennials, on the other hand, expect the same. Overall, this generation is aware that they would probably have to work past retirement, and retire later than their predecessors.
(ManpowerGroup)
29. Most Millennials expect to retire between 65 and 69 years old.
Millennials in the workplace statistics show that less than one percent of this age group have high hopes about retiring at 49 years old. 12% of Millennials globally don’t believe they will ever retire.
(ManpowerGroup)
FAQ
What percentage of the workforce are Millennials?
Millennials comprise 35% of the American workforce. (Pew Research Center)
What is important to Millennials in the workplace?
Millennials prioritize money, stability, and paid time off, just like previous generations. What makes working with Millennials different is that this age group also strives for purposeful jobs that allow room for development, innovation, and lots of tech. (ManpowerGroup)
How long do Millennials stay at jobs?
Similar to what Generation Z statistics show, Millennial work statistics show that the average time Millennial workers spend at a job is two years and nine months. (CareerBuilder)
Why do Millennials change jobs?
Why employees quit statistics indicate that Millennials are the least engaged generation at work which leads them to constantly explore whether the grass is greener on the other side. As a generation that faces the highest unemployment and underemployment rates, Millennial workers are often forced to accept jobs they are overqualified for or work for lower wages while actively looking for better opportunities. Some of them are chasing more purpose and meaning, while others are more concerned with flexible work options that leave room for better work-life balance. The Millennial mindset also views jobs as possibilities to learn, not necessarily as a final destination, meaning that they are open to progress in different organizations rather than climbing one ladder. (Gallup, ManpowerGroup)
What do Millennials value in the workplace?
Statistics on Millennials in the workplace show that employees from this generation value fair pay, security, paid time off, technology, and purpose. (ManpowerGroup)
Why are Millennials getting fired?
Millennials tend to be more disconnected at work, trying to do only the bare minimum and have more free time for other pursuits in life. They also expect extensive training and development, which for small to midsize business owners is impossible to fit into their budget, small business statistics show. Employers, on the other hand, think people need to invest in building their skillset to make themselves worth hiring and keeping. Millennial workers are also more vocal about their dissatisfaction even when companies are using a set of benefits and perks to attract them. The anti-work attitude, high expectations for development, and the notion that work must be fun lead some employers to write letters of termination to Millennials. (Inc.)
How are Millennials changing the workplace?
Millennials in the workplace statistics indicate that they are changing the culture by demanding more workplace tech, opportunities for growth and development, closer communication with higher levels of management, socially-responsible organizations, and enjoyable time on the clock. (Inc.)
How do you retain Millennials in the workplace?
Employee retention statistics show that to retain Millennial employees, organizations need to provide more schedule flexibility and remote work options, more opportunities for growth and development, fair salary, state-of-the-art technology, and an enjoyable work atmosphere. (Inc., ManpowerGroup, Gallup)
Sources: Pew Research Center, BLS, Inc., Pew Research Center, Gallup, Harvard Business Review, CNBC, ManpowerGroup, CNBC, Gallup, Gallup, Great Place to Work, CareerBuilder, Inc..
