Projecting wage outlooks over the coming years is vital to forecasting the economy, policy changes, and labor markets. According to the Bureau of Labor Statistics, wages and wage trends are heavily tied to industry and industry clusters. But there are general trends that emerge from each cluster.
DecisionWise, a consultancy specializing in measuring and improving employee engagement, has studied employee engagement drivers for over 20 years. They have summed up their findings in a few categories.
According to the Pew Research Center:
- In 2017, 35% of the workforce consisted of millennials. Now that number is over 50%.
- Millennials have a higher propensity to switch jobs than other generations (HBR)
- 6/10 say they’d be open to switching jobs
- 71% of millennials are either not engaged or actively disengaged at work (least engaged of any generation)
- Millennials value the opportunity to learn and grow more than any other generation
According to the DailyPay, millenials leave jobs because they:
- Are disengaged or bored at work
- Don’t have a compelling reason to stay
- Feel their company offers too few perks
- Want a better work/life balance
Millenials By Industry
- 64% of millennials said they wouldn’t work in construction even if they earned $100,000 or more.
- According to the Pew Research Center, only 4% of millennials are interested in working in the insurance industry.
- Manufacturing jobs are taking a hit when it comes to millennial employees. According to a study conducted by Paycheck, manufacturing has one of the lowest percentages of millennial employees (31.8%) of all industries.
- Leisure and hospitality have a high percentage of millennial employees (49.9%), but also pay the lowest wages ($15.51/hour).
- 1 in 4 millennials is a part of the gig economy, which includes freelance, part-time and/or temporary work.
- Education, health services and construction have the largest gaps between male and female workers.