Labor Gains: Millennial Women on the Rise
As the unemployment rate continues to fall around the nation, the number of millennial women entering the workforce has increased. Women who are between the between the ages of 25 to 54 years old accounted for a significant growth in the workforce over the past few years. These numbers are expected to provide a much-needed boost to the US economy by expanding production across various industries, and it even suggests higher wages for newly employed women as their careers progress.
Why is the Gender Gap Narrowing?
Even though there’s no definitive answer to why millennial women are getting jobs and looking for work at their highest levels in almost two decades, there are some logical explanations to consider. From a cultural trend standpoint, a growing number of women from that generation are waiting longer to get married and potentially start families. It’s also been suggested that they are more likely to have college degrees than millennial males. Then, there are also a some economic trends to consider such as more women-dominated roles along with better wages enabling working mothers to better afford childcare.
More Women Entrepreneurs
In addition to the near record number of millennial women getting jobs and looking for work, the number of women-owned businesses has grown exponentially over the last two decades. This can be attributed to women wanting an escape from the often unmeetable demands of corporate life and more freedom in creating their ideal work schedules and environments.
More Job Hopping
The habit of job hopping is becoming more common due to a strong job market. It doesn’t have the negative stigma that it once had, so a growing number of men and women in the workforce are voluntarily quitting their jobs because they are so confident in their abilities to find better opportunities elsewhere. One reason for this might be that workers are finding it easier to earn higher salaries when they change employers, rather than requesting a raise with their current organizations. Since companies are struggling to recruit candidates with industry-specific qualifications, they are making job requirements more flexible to attract candidates from unrelated fields.
Effective Millennial Management
Companies that are attracting and retaining more millennial women are focused on making their workplaces more friendly to their generation. It’s important to establish a good company culture that showcases your workplace. Millennials desire a positive environment where employees feel a sense of camaraderie. Then, provide ample training opportunities to keep them engaged in your organization.
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