22. Around 40% need a college degree for entry-level jobs.
Stats show that about 40% of millennials looking for a job need a college degree for entry-level openings. As the nation is getting more educated, employers gain access to highly educated candidates to choose from, so they often require a bachelor’s degree or a specific qualification even for the lowest positions.
23. Millennials don’t make enough money.
Low income remains among the top problems millennials face in the workplace. Consequently, they often have side hustles to boost their income. About 28% of employed millennials reported having a side hustle, and 61% of them made extra money on a weekly basis.
Most of them (96%), however, have monthly side hustles. Only 25% of young Americans aged 18-26 make more than $500 per month via a side hustle.
24. Student debt forces them to skip vacations and work more.
Student debt is a $1.5 trillion problem America has. About 40 million people have college debt, and most of them are millennials. So statistics on millennials in the workplace highlight that these workers often skip vacations to work more.
Job and Salary Stats for Millennials
25. Older millennials have an average wage of $84,000 per year.
Stats show that the average annual salary of older millennials is $84,000. In contrast, younger millennials have a much lower income per year of $21,000. The highest salary among Americans aged 38 goes up to $104.900. Such individuals mostly work as physician assistants or physical scientists.
26. Younger millennials rarely make over $30,000 per year.
Younger millennials aged between 21-30 rarely have a yearly income of over $30,000. Just like most millennials statistics for 2018 show, these Americans mostly hold bar tendering or waiter jobs. As a result, most of them make about $21,000 per year. Veterinary assistants, coaches, helpers, and tellers are jobs held by younger Americans with a higher annual salary of around $30,000.
27. Millennials make less money than Generation X and baby boomers.
According to official numbers by the Federal Reserve, millennial households make less money than both Gen X and baby boomer households. The household incomes of Generation X families and baby boomer families are higher by 11% and 14%, respectively.
The same millennials generation statistics report highlights that millennial families with female heads of household have it even worse. In this category, Gen X and baby boomers households have higher earnings by 12% and 24%.
28. Money is a top priority when looking for a job for 92% of millennials.
Money, security, and time-off are the top priorities to millennials who are looking for a job, reveals a ManpowerGroup millennials in the workforce 2020 research. The respective percentages of participants who saw these things as a priority are 92%, 87%, and 86%. Great people and flexible working environment were important to 80% and 79% of individuals aged 23-38.
29. Millennials represent only 3% of gig workers.
Latest BLS reports revealed that only 1% of employed Americans were gig workers. Among those, only 3% are millennials. This is an interesting fact because many believe millennials stand behind the concept of gig working.
30. 73% of millennials have full-time jobs.
The largest percentage of millennials in the workforce in 2019 is full-time employees. However, out of 73% of full-time working millennials, 71% said they were open to non-traditional forms of employment. Only 21% of millennial workers hold part-time positions.
31. Only 14% of individuals aged 23-38 work on freelance/contract projects.
Freelancing grows in popularity. Yet, only 14% of those from the 23-38 age group are freelancers and contract workers. About 12% are self-employed, and 9% do casual work. Additional 4% of millennials are seasonal workers.
32. About 33% of millennial workers expect to get a promotion in less than two years.
About 33% of millennials in the workforce expect to get promotions every two years. Moreover, around 25% of employed millennials said the right time to stay in a company before being promoted was less than 12 months. The only alternative to getting promoted for these employees is getting a new job.
33. 93% of persons from the 23-38 age group find skill development crucial for their career.
Young workers aged 23-38 aren’t afraid of skill development, training, and learning. In fact, a stunning 93% of millennials in the workplace in 2019 saw these aspects as crucial for their career path. Most of them would even invest their money and time in order to grow their skills and knowledge. Only 7% reported no interest in learning and training.
34. 29% of global millennials are high learners.
Optimistic about their future, willing to learn new skills, and intellectually curious, around 29% of global millennials are high learners. Among those, about 66% hold a bachelor’s degree or higher qualification. Statistics on millennials in the workplace highlight that 69% of those high learners have income above the national average. About 63% of them were prepared for work by education.
35. 52% of employed millennials consider career progression a huge pro when rating employers.
Persons aged 23-38 won’t stay stuck in the same position and level for years. Instead, 52% of them claim career progression to play huge importance when deciding on a job. Millennials in the workplace 2018 study highlights that the second incentive to keep them engaged would be a competitive salary (44%).
Numerous minimum wage statistics confirm this statement, as more and more Millennials are making competitive, high-paying positions their priority.
36. 35% of employed Americans aged 23-38 have their own business on the side.
Not only millennials are prone to job-hopping, but they also have an interest in starting their own business too. Iconoculture research in 2011 showed that 35% of employed millennials in the US had their own business on the side.