Millenials. Comprised of those born after 1980, or those 18-29 years old, they’re America’s newest generation.  (And it’d be more fun if they were called this, no?) But what else are we learning about them, particularly when it comes to the workplace? A new report aimed at Millenials attempts to answer some of our unanswered questions.

Who are Millenials?

Fifty million people currently fall into the “Millenials” category. Pew Research Center, a nonpartisan fact tank that provides information on the issues, attitudes and trends shaping America and the world, has just released a report called “Millenials: Confident. Connected. Open to Change.”

The report, conducted by Pew Research Center’s “Social & Demographic Trends Project,” compares the values, attitudes and behaviors of Millenials with those of older adults, and seeks to shed some light on which formative experiences Millenials will carry throughout their life cycle. Among other findings, the report found that personality-wise, Millenials are confident, self-expressive, liberal, and upbeat, and are open to change.

Dissatisfied With Work Now — But Optimistic for the Future

Interestingly, although Millenials’ careers have been derailed — or at least detoured — with a recession, they are more upbeat than their elders about both their own economic futures and the state of the nation.

Having a high-paying career is cited by only 15 percent of 18- to 29-year-old respondents as one of the most important things in their lives, while things like a successful marriage and being a good parent rank much higher — even though unemployment for this age group is higher now than it has been in more than three decades.

Unemployed Millenials

• Only 19 percent of unemployed Millenials say they have enough money to live the kind of live they want

• 89 percent, however, believe they will have enough income in the future

Employed Millenials

• Just 31 percent of employed Millenials reported making enough money to lead the kind of life they want — leaving 69 percent who are not satisfied.
• They are less satisfied than previous generations; 46 percent of Gen Xers, for example, cite satisfaction with their income.
• Among those employed Millenials dissatisfied with their income, 88 percent are confident that they will be able to earn enough in the future.

How They View Their Elders

They respect their elders. Surprised? According to the report:

“A majority say that the older generation is superior to the younger generation when it comes to moral values and work ethic.”

New Einsteins

This generation is also poised to become the most educated generation in American history — a trend which, according to the report, is driven largely by the demands of a modern knowledge-based economy, but also by the millions of 20-somethings enrolling in educational institutions like graduate school or community college due to lack of a job. A record share of 18- to 24-year-olds (39.6 percent) were enrolled in college in 2008, according to census data.

BlackBerrys in the Bed

As we’ve discussed on the blog before, the lines between work and personal lives are getting blurrier by the minute. And now, Millenials are being called the first “always-connected” generation in history. According to the report:

“Steeped in digital technology and social media, they treat their multi-tasking hand-held gadgets almost like a body part — for better and worse. More than eight-in-ten say they sleep with a cell phone glowing by the bed, poised to disgorge texts, phone calls, e-mails, songs, news, videos, games and wake-up jingles,” the report says.

Social Media? Yes Please!

A whopping 75 percent of 18- to 29-year-old respondents said they have a social networking profile. And although this generation is characterized as wary of human nature and many have their profile on lockdown, there are still great ways to c0nnect on public pages and forums.

If you’re an employer and you’re not involved in social networks, you’re missing an opportunity to get in front of a huge group of potential candidates.

Education

When ranked with older generations at comparable ages, Millenials are shown to be more highly educated (in the formal sense).

• More than half of Millenials (54 percent) have at least some college education, compared with 49 percent of Gen X, 36 percent of baby boomers, and 24 percent of the Silent Generation
• Millenials, when compared with previous generations at the same age, are also more likely to have finished high school
• Conversely,  Millenials are less likely to be employed than their elder generations; 63 percent of Millenials are likely to be employed, compared to 70 percent of Gen Xers or 66 of baby boomers had been at the same age
• Compared with the Silent Generation at the same age, Millenials are overall are more likely to be in the labor force

We’re Different

Like many of us (see what I did there?), sixty-seven percent of Millenials also see their age group as unique, according to the report. When asked why, the most popular response at 24 percent was “technology use.” Other responses included music, pop culture, and tolerance. And 6 percent say it’s because they’re smarter.

There’s much more to the report — you can read it in its entirety here.

Employers, what do you think, based on what you’ve experienced with Millenials in the workplace? And Millenials, do you agree with the report’s findings?