New Research Reveals Baby Boomers Taking more Risk, Bringing More Entrepreneurial Spirit to the Workforce than Gen-Y
Monster.com and Millennial Branding Release New Data on Multi-Generational Worker Attitudes
MAYNARD, Mass.–Monster.com, the worldwide leader in successfully connecting people to job opportunities, and flagship brand of Monster Worldwide, Inc. (NYSE: MWW), and Millennial Branding, a Gen Y research and consulting firm, today announced new survey data on the state of worker attitudes across multi generations of professionals.
“We don’t see the same barriers to entry to starting a new business as we saw 10 years ago. Everyone has the technology to connect and now all you need is an innovative idea and a website to create a startup.”
The new report found 41% of Gen X employees (loosely defined between ages of 30-49 years) and 45% of Boomers (loosely defined between ages of 50-69 years) consider themselves to be more entrepreneurial compared to only 32% of Gen Y (loosely defined between ages of 18-29 years) workers. And while younger workers tend to be drawn to start-ups and smaller companies in order to have more creative freedom and decision making ability, the Monster Millennial Branding research demonstrated the concept of intrapreneurship is alive across all generations of workers within many companies today.
Nearly one-third of all respondents feel they have the freedom, flexibility, and resources to be an intrapreneur, and slightly more Gen Y respondents feel that they have their management’s support in becoming an intrapreneur. But while 42% of respondents feel they have opportunities to work on projects outside of their direct responsibility, only 23% feel encouraged to work on these projects.
“The internet has created unique entrepreneurial opportunities, not just for Millennials but for all generations of workers,” said Dan Schawbel, Founder of Millennial Branding and Author of ‘Promote Yourself.’ “We don’t see the same barriers to entry to starting a new business as we saw 10 years ago. Everyone has the technology to connect and now all you need is an innovative idea and a website to create a startup.”
“This survey revealed that the entrepreneurial spirit resides in all of us and across all generations of workers” said Jeffrey Quinn, Vice President, Global Monster Insights. “Whether it’s a direct result of the current economy or a person’s independent drive, we are seeing more and more people across generations starting their own businesses as alternatives to traditional jobs or careers. Employer retention strategies could benefit from creating environments that encourage entrepreneurial culture and opportunities for workers.”
While a primary characteristic of entrepreneurs is an appetite for risk, the Monster Millennial Branding research showed Gen Y respondents are actually less risk-averse. Only 28% of Gen Y respondents identified with being high risk, compared to 40% of Gen X and 43% of Boomers who felt the same way. This could be due in part to Gen Y employees viewing their jobs as temporary, with 55% of Gen Y respondents indicating their current employer is a “step” in their career path. When Gen Y respondents were asked about their intentions to stay with their present company for a long time, only 26% agreed or strongly agreed.
Monster sent an invitation to 200,000 randomly selected Monster users to participate in a Monster Workplace Survey between October 29 and November 29th 2012. A total sample of 2,828 of those invited participated by completing an online survey form. Given the sample size, this survey has a general margin of error of +/-1.85% at the 95% confidence level.
To access the full research findings and infographic, and for additional resources on how to manage the multi-generational workforce, please visit http://www.about-monster.com/content/monster-gen-y-research.
Monster is the worldwide leader in successfully connecting people to job opportunities. From the web to mobile to BeKnown™ on Facebook, Monster helps companies find people with customized solutions, using the world’s most advanced technology to match the right person to the right job. With a local presence in more than 40 countries, Monster works for everyone by connecting employers with quality job seekers at all levels and by providing personalized career advice to consumers globally. Through online media sites and services, Monster delivers vast, highly targeted audiences to advertisers. To learn more about Monster’s industry-leading products and services, visit www.monster.com. More company information is available at http://about-monster.com/.
About Millennial Branding
Millennial Branding is a Gen Y research and management consulting firm based in Boston, Mass. Millennial Branding helps companies understand the emerging Gen Y employee by providing research, training, and advisory services. As representatives of Gen Y and advisers to management, our goal is to provide research and insights that will make you more profitable, grow your market share, help you understand your Gen Y employees, and turn you into an industry leader. As ambassadors to Gen Y, we want to give our generation a voice, support their careers, and connect them with brands that understand their needs.
1 An Intrapreneur is defined as a person within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through assertive risk-taking and innovation.
Kristen Gugliotta, 978-461-8089