Currently, millennials are the most vital generation in the United States business scene TBH. Despite the widespread criticism that millennials and their younger Gen Z counterparts often face due to their alleged poor work ethic, studies show that millennials do a lot of heavy lifting in the workplace. Millenials and work – OTP. Nobody would have guessed that.
As predicted, millennials officially became the dominant US workforce a few years ago, which has had a significant impact on the American work culture, especially in terms of modern concepts like remote work and freelancing. The millennial workforce has also brought unprecedented racial and gender diversity to the workplace as well as many other benefits. With new outlooks on money given Bitcoin and Tezos, they are also pushing the limits financially using tools like Lolli.
With this generation now entirely in the spotlight, let’s look at some interesting facts and:
Millennials Became the Largest Generation in the Workforce in 2016
According to a Pew Research study, millennials became the largest generation in the United States labor force in early 2015, surpassing Generation X predecessors. It was an expected and predicted development due to the rise in the number of available jobs in the US and companies’ tendency to hire younger, more driven, and tech-savvy workers. There were about 53.5 million millennials in the workforce in 2015, and that number continues to grow.
There Are Approximately 56 Million Millennials in the US Workforce as of 2017
According to labor statistics, there were just under 40 million millennials in the workforce in 2010. Their steady influx into the workforce in the last decade has caused that number to rise by over 16 million between 2010 and early 2020. That means that millennials now account for 56 million out of 157 million people in the US workforce. This figure results in a little over one in three or approximately 35% of all US workforce members. Millenials are also a factor outside America in places like Russia, Mexico, China, Japan, South Korea, Canada, Australia, and beyond.
Millennials Will Account for 75% of the Workforce by 2025
According to projected statistics, in about half a decade, 75% of all workers in the United States will be millennials. This is largely due to the predicted retirement of most workers belonging to Generation X and the baby boomer generation as well as the relatively young population of Gen Z Americans. This implies that millennials will be the majority of the workforce. According to the Census Bureau, the millennial population will peak at 75 million, but it’s unlikely to reach the boomer labor force’s peak size.
Conclusion
Millennials, a generation often labeled as lazy and overly dependent on the internet has now become the leading workforce in America. Just like previous generations, their unique characteristics are set to change the US work scene drastically. According to researchers, their impact on the work culture in America is set to include a more racially diverse, collaborative and tech-friendly working environment which will not just benefit them, but also their younger Gen Z counterparts.
Overall, the future of the American labor force looks bright with millennials at the helm. They are predicted to have a positive impact on the American business scene and the nation as a whole.
FAQ
How many millenials are in the workforce?
According to labor statistics, there were just under 40 million millennials in the workforce in 2010. Their steady influx into the workforce in the last decade has caused that number to rise by over 16 million between 2010 and early 2020. That means that millennials now account for 56 million out of 157 million people in the US workforce. This figure results in a little over one in three or approximately 35% of all US workforce members. Millenials are also a factor outside America in places like Russia, Mexico, China, Japan, South Korea, Canada, Australia, and beyond.
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