Recession Changing Workplace Expectations of Millennials

NEW YORK, Nov. 9 /PRNewswire/ -- Over half (55 percent) of Millennials have experienced a layoff or loss of work in their family within the past year, and nearly three-fourths (72 percent) feel threatened by a possible layoff or loss of work in the coming months, according to research conducted by Lumin Collaborative, an integrated communications agency network consisting of five mid-sized marketing and public relations firms. Lumin Collaborative released results from a study unveiling the changing mindset of 1,000 Millennials, currently ages 18 to 27, and their expectations in the workplace.

Further, sixty-six percent of Millennials say they have lowered their expectations of being promoted versus 51 percent of other workers. Despite increased fears over job security, Millennials are saving and investing less money and increasing their credit card debt more than any other adult generation.

"As a generation, Millennials are still optimistic and ambitious but the pressures of the current economy are reshaping our approach and outlook on our relationships with our employers," said Lauren Begley, a Millennial and account executive at Peppercom. "It may have taken one of the most severe economic contractions since the Great Depression, but we are finally learning to be more realistic about getting ahead and surviving in workplace."

Other findings from the study include:

• Millennials are frequently "new" employees: Forty percent have been at their jobs less than 12 months, compared to eight percent of Non-Millennials.
• Despite their low household income and relatively large households, Millennials are as likely as Non-Millennials to feel they have enough income to live comfortably.
• Forty-five percent of Millennials want to be the President or CEO of a corporation, compared to 33 percent of Gen-X and 20 percent of Baby Boomers.
  

"Given that this is the first major economic downturn experienced by Millennials while in the workforce, it's not surprising that the recession is having a profound impact on how they view their professions and live their lives," said Mark Raper, chairman, Lumin Collaborative, chairman and CEO, CRT/tanaka. "Changes in Millennials' workplace expectations and how they envision professional success will have a major impact on how companies recruit, retain and grow this generation throughout the workforce. They are an invaluable part of the domestic and global economy, so it behooves all employers to pay attention and adapt alongside them."

The study drew on data from more than 1,400 consumers, including 535 Millennials who make up 19 percent of the U.S. population. To learn more about the study, visit the Lumin Collaborative Web site at www.luminllc.com.

About Lumin Collaborative
Founded in 2003, Lumin Collaborative is an intellectual collaborative of like-minded, independent PR firms dedicated to developing and providing next-generation communications solutions for companies around the world. Lumin is composed of five leading mid-sized firms that include: CRT/tanaka, Conexion, Padilla Speer Beardsley, Peppercom and Capstrat. These member agencies have more than 300 professionals in 15 offices throughout the U.S. and Europe. The Board of Directors includes Mark Raper, as chair, Brian Ellis and Patrice Tanaka from CRT/tanaka, Michelle Schwartz and Gaby Alban from Conexion, Lynn Casey and Matt Kucharski from Padilla Speer Beardsley, Steve Cody and Ted Birkhahn from Peppercom and Ken Eudy from Capstrat. Additional information is available at www.luminllc.com.