Youth Prefer Working For Small Companies – OnlineBusinessDegree.org
Generation Y – also known as Millennials – make up the 18-29 age group of the U.S. workforce, and according to a recent study conducted by PayScale and Millennial Branding, they favor jobs in smaller companies that allow for utilization of their skill set and entrepreneurial aspirations.
The study finds that 41% of Gen Y work in small companies with less than 100 employees, compared to 30% who work in medium-size companies of 100 to 1,499 employees, and 23% who work in large companies that employ more than 1,500 people.
Relative to all U.S. workers, Gen Y is more likely to choose entrepreneurial studies as a college major (1.82 times more likely). Only neuroscience (1.95 times more likely) and bioengineering (1.86 times more likely) ranks higher. Their jobs skills also tend to center around online marketing and social media, and 15% of Gen Y workers are in management roles at their jobs.
“This report confirms that Gen Y is an entrepreneurial group, highly versed in social media, and prefers freedom and flexibility over big corporate policies,” Millennial Branding founder Dan Schawbel said in a press release.
Results from the study also reveal that 63.3% of Gen Y workers have a bachelor’s degree. While the jobs best suited for Gen Y – based on factors including pay, job satisfaction and schedule flexibility – are technology companies, Gen Y are most likely to hold jobs that do not necessarily require a bachelor’s degree, such as merchandise displayers and sales representatives.
Gen Y is especially concerned with job availability – as data from a separate study suggests – with 64% believing availability of more quality, full-time jobs after graduation is more important than lower student loan interest rates.
Lead economist for PayScale Katie Bardaro said in the press release that the “shaky economy forced many” Millennials into a “world of underemployment.”
Follow Valerie Jones on Twitter @ValerieJonesCMN