“Millennial” or Generation Y is a term used to describe people born between the years of 1981 and 1996, meaning that they are currently aged between 18 and 35 years old. The generation prior to the millennial is the Generation X, consisting of people born between 1960 and 1980, now between the ages of 34 and 54 years old. Baby Boomers is the term attributed to the generation born between 1946 and 1965, currently between the ages of 50 to 68 years old.
A new report by Millennial Branding and consulting firm is suggesting that millennial women earn about 2.2 percent less than millennial men, but the percentage rises with 1.4% when talking about Generation Xers and with 0.5% for baby boomers, resulting in a 3.6% for Gen X and 2.7% for Baby Boomers.
However, the gender pay gap wideness along with the responsibility level. On an executive level, the percentage becomes 4.9% for millenials, 7.4% for Gen X and 6.2% for boomers.
It appears like the most important thing that the millennials are concentrating on is equality.
According to Dan Scwabel, founder of Millennial Branding:
“They’re also all about transparency and honesty and are more openly sharing what they’re making than older workers.”
Despite the Equal Pay Act in 1963, women get paid 77 cents for every dollar a man earns, as estimated by the White House. The sum is even smaller when you talk about race, as African-American women get paid 64 cents on the dollar and Latina women only 56 cents. However, all these figures do not adjust for job choice and duration, which are all great influences when it involves payment. One of the fields that women dominate is education, which isn’t always a high-paying field. Men however are more likely to dominate the IT field, which is one of the fields with the highest salaries.
One of the most important topics that separate the millennials from the other two generations is the fact that they don’t consider staying with a company for security. A millennial is more likely to start searching for a new job in the first year with a company than a boomer or a Gen X-ers.
There are almost 89 millennials currently working in the US, being a growing force in the job market. They are followed by the boomers, consisting of almost 75 million people and then by the Generation X ers, with 49 million workers.