Posts tagged ‘Millenials’

May 18, 2015

Millennials’ poor technology skills are hurting their employers

by Grace

Millennials’ lack of technological prowess is costing their employers big-time”.

Today’s young adults are establishing their careers, but their lack of technological prowess is costing their employers big-time. Yes, you read that right. In spite of growing up having the Internet in the palms of their hands, these so-called “digital natives” have a yawning knowledge gap that’s not apparent until they get into the office.

“Most Gen Ys grew up accustomed to using social media and texting for communicating and collaborating and haven’t had to use email or spreadsheets extensively,” explains Chris Pope, senior director of strategy at technology services company ServiceNow.

In terms of technology, they lack workplace skills but have mastered social skills.

And unfortunately for them, programs like Outlook and Excel are the technologies most companies in America still rely on to get stuff done. Being able to summon a car, book a table or send a birthday gift with the tap of a finger is great, but this kind of streamlined experience isn’t the norm in most workplaces, and young workers just can’t deal. “Many are only introduced to those tools when they enter the workforce and have to change their natural way of engaging to better match the way everyone else in the enterprise is working,” Pope says. “In many ways, Gen Y have to go backwards to use less efficient technology in the office than they use in their personal lives.”

Millennials are lousy at Google research.

And millennials’ technology problem isn’t limited to functions like emailing and creating spreadsheets. Researchers have found that a lot of young adults can’t even use Google correctly. One study of college students found that only seven out of 30 knew how to conduct a “well-executed” Google search.

“When it comes to finding and evaluating sources in the Internet age, students are downright lousy,” an article in Inside Higher Ed says about the study. “They were basically clueless about the logic underlying how the search engine organizes and displays its results. Consequently, the students did not know how to build a search that would return good sources.”

Some of the “most basic information literacy skills” are not being taught in high school, and are apparently not required to get a college diploma.

Duke and Asher said they were surprised by “the extent to which students appeared to lack even some of the most basic information literacy skills that we assumed they would have mastered in high school.” Even students who were high achievers in high school suffered from these deficiencies, Asher told Inside Higher Ed in an interview.

In other words: Today’s college students might have grown up with the language of the information age, but they do not necessarily know the grammar.

“I think it really exploded this myth of the ‘digital native,’ ” Asher said. “Just because you’ve grown up searching things in Google doesn’t mean you know how to use Google as a good research tool.”

‘Satisfice’
Educational institutions are finding that they are enablers in allowing students to do enough to ‘“satisfice” — that is, do what they can to get by and graduate’.

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Martha C. White, “This Is Millennials’ Most Embarrassing Secret”, Time, May 4, 2015.

Steve Kolowich, “What Students Don’t Know”, Inside Higher Ed,  August 22, 2011.

October 28, 2014

Millenials expect to rely on work income during retirement

by Grace

Personal savings and income from work will become increasingly important to future retirees.

Working in retirement is likely to become even more commonplace as Generation Xers and Millennials eventually head toward their retirement years. While many of today’s retirees say they can count on Social Security and employer pensions to fund most of their retirement, future generations are far more likely to say they will need to rely primarily on personal savings and income from working during retirement (FIG 8).

EXPECTED SOURCES OF RETIREMENT INCOME

20141026.COCRetirementIncomeSources3

CLICK ON IMAGE FOR DETAILS.

 

Although I was initially surprised that 12% of Gen Xers and Millenials still expect pensions to fund their retirement, I realized these might represent the views of government employees, one of the few groups still covered by traditional pension plans.

And those who expect personal savings to cover retirement expenses need to start saving more.  The latest alarming news on this topic is that “middle-class people in the USA have a median of $20,000 saved for retirement, far short of the $250,000 they think they’ll need during that time of their lives”.

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Work in Retirement: Myths and Motivations, Merrill Lynch with Age Wave, June 2014.

August 4, 2014

Millennials favor privatization of Social Security

by Grace

Millennials favor privatization of Social security even if it means that current recipients receive less.

20140726.COCMillennialsPrivateSocialSecurity2
This majority appears to believe that senior citizens are taking an unfair proportion of the benefits offered by the Federal government.

53% of Millennials believe Social Security is “unlikely” to be there when they become older.

Education decreases the likelihood one believes Social Security will continue in the future. A majority (54%) of those with high school degrees or less expect Social Security to exist when they retire, compared to 36 percent of college graduates.

Nearly two-thirds (62%) of white millennials say Social Security is unlikely to remain in the future. In contrast, 55 percent of African-American, Latino, and Asian millennials instead say it’s likely to continue. Nevertheless, strong majorities of all race/ethnic groups expect that government will not provide the same level of retirement benefits to them as it does for current retirees.

Millennials’ lack of confidence perhaps explains why 73 percent support “changing the Social Security program so younger workers can invest their Social Security taxes in private retirement accounts. ”

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Emily Ekins, “Millennials Favor Private Accounts for Social Security Even if Benefit Cuts to Current Seniors Required”, Reason.com, Jul. 17, 2014.

July 3, 2014

Advice for surviving, and even enjoying, your boomerang kid

by Grace

Many millennials are living at home with their parents.

Graduating with major student debt but without plans, as well as dropping out of college, unemployment, underemployment, poorly paid first jobs, sky-high rents and breakups or emotional upheavals can all create a perfect storm and send 20-somethings seeking shelter with mom and dad.

Thanks to closer parent/child relationships, smaller families, a later marriage age and the pressures of hard economic times, that’s a sharp shift since today’s boomer parents were launching their lives. Back then, one of the major milestones en route to adulthood was moving out of your parents’ home after high school.

Forbes offers five tips for surviving your 20-something child’s return to living at home.

  1. Encourage a plan.
  2. Treat grown-up kids as the young adults they’ve become.
  3. Let them know your expectations…before they move in.
  4. Have the money talk.
  5. Consider couple relationships — yours and theirs.

Are most adult kids who live at home paying rent to their parents?

… About half the boomerang kids who move home pay some sort of rent, and almost 90% help with household expenses, according to a 2012 Pew Report. But there are many ways to divvy up what it takes to run a household.

I have a boomerang kid at home, and two things I’ve found very helpful are making sure to treat him like an adult and finding agreement on a plan toward self-sufficiency.  I give some advice, but I also try to understand that he is in charge of his life.

Until a few years ago, I was resistant to the idea of a college graduate returning home to live.  But the high cost of living in my area along with the sorry state of the jobs market have softened my stance.  In fact, living at home is sometimes the better choice since it may be a way of getting a head start on saving for retirement.

Related:  “Parents have lower expectations for kids becoming financially independent” (Cost of College)

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Elizabeth Fishel and Jeffrey Arnett, 5 Steps To Survive Your Adult Child’s Return Home, Forbes, 6/26/2014.

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March 14, 2014

Is it okay to use cell phones at the dinner table?

by Grace

One of my pet peeves is the use of cell phones at the dinner table.  According to a recent Pew Survey I’m in the majority, even among Millenials.

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But norms are changing.

I can see the temptation to use cell phones in social situations.  If I’m with a group of friends but not actively participating in the conversation at that moment, I might find it handy to use that time to check the latest scores, news headlines, or emails on my phone.  This happens all the time, especially with young people, many of whom find it perfectly acceptable.  But it’s incredibly annoying when I find myself sitting next to someone who’s playing games or checking Facebook while I’m engaged in conversation with another person at the dinner table.  Maybe I feel snubbed?  Is it too much to ask everyone to listen with rapt attention to every word at the table?  Perhaps.

I might just have to get used to changing norms and attention spans.

20140313.COCGrumpOldWoman

Related:  Distracted by digital devices (Cost of College)

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