MONEY Workplace

Even Millennials Want Face Time at Work

Collaborating coworkers in an office
Image Source—Getty Images

The stereotypes about how millennials and their younger siblings in Gen Z prefer texting, email, or social networking over old-fashioned in-person communication are just plain false.

Most people automatically assume that younger generations are tech-savvy. Back when I was working for a Fortune 200 company, I was moved from a product marketing position to an Internet marketing job solely on the basis that I was young—and therefore I must be highly proficient with technology.

The next assumption people make is a related one: The thinking goes that not only are millennials “good” with technology and social media, but that they prefer these forms of communication above all others, including old-fashioned in-person meetings. However, over the past few years, I’ve conducted two research studies comparing the workplace expectations and behaviors of all generations, and the results completely contradict the stereotypes about how members of Gen Y and Gen Z want to communicate at work.

In 2013, I partnered with American Express on a study that compared the workplace expectations of Gen Y and their Gen X and Baby Boomer managers. We found that despite the popularity of technologies such as Skype, instant messaging, texting, and social networking, traditional forms of communication were still the most common ways these generations interacted. Two-thirds of managers said that in-person meetings were their preferred mode of communicating with millennial employees, and nearly as high a percentage of millennials (62%) felt the same way about how they prefer to communicate with their managers.

This year, I partnered with Randstad US, the third-largest staffing organization in the United States, on a study we’re releasing today. This one compares Gen Y and Gen Z workplace expectations in ten different countries. Gen Z—those born between 1994 and 2010—is widely regarded as the most wired generation ever, yet we found yet again that they too like in-person communication best of all. Around the globe, more than half of Gen Z (51%) and Gen Y (52%) chose the face-to-face meeting as their preferred form of communication, while fewer than 20% of both generations said they prefer email.

What this tells us is that in another year and two, when members of Gen Z enter the workplace, they will expect to have in-person meetings and be in an environment where they can make friends and be social face to face. This is good for companies that want to maintain their cultures and for managers who are accustomed to communicating in-person and rely less on technology.

What these studies show is that face time is still very important in the workplace, despite the fact that one in every five (or 30 million) Americans work remotely at least once per week. Managers expect and reward face time, and feel that regular in-person communication adds to the company culture. This is one of the reasons why working at the office is mandatory at companies like Yahoo! and Best Buy.

What both studies also demonstrate is that while technology may be wonderful, efficient, and convenient, the benefits are limited. We innately need to be around other people. As good as technology gets, we still value in-person meetings highly. No matter what generation we’re talking about, the vast majority of employees don’t want to be alone, isolated from coworkers and managers. I worked from home for four years, and it was a huge challenge as a business owner. So now I have an office, and the expense has been worth every penny.

When you’re at an office, or a networking event, you can really get to know the person through their emotions, facial expressions, and gestures—all of which you wouldn’t be able to grasp if you were communicating virtually. That is why in-person relationships are stronger and can lead to better opportunities from a career development perspective. While you might have hundreds of Facebook friends and thousands of Twitter followers, the people you meet and get to know in the real world are more likely to go out of their way to support you. Every generation seems to understand this.

Dan Schawbel is the New York Times bestselling author of Promote Yourself: The New Rules For Career Success, now in an expanded paperback edition.

MONEY Financial Planning

Get Free Help Getting Your Retirement Off the Ground

Lipsticks in the shape of a dollar sign
Anthony Lee—Getty Images

As a millennial or Gen Xer, you face unique challenges when it comes to retirement. If you need some help getting going, share your story for a chance at a free financial makeover.

The two youngest generations of workers could use a hand with retirement planning.

Gen Xers have had a run of bad luck: a recession that slowed down their careers, a brutal bear market that hit in their early years as investors, and a housing crash that set in just as many had bought a first home.

No wonder they are feeling gloomy about retirement, according to a new survey from the Transamerica Center for Retirement Studies. Only 12% of Gen X workers say they have fully recovered from the recession.

Millennials, on the other hand, are off to a strong start, outpacing Baby Boomers and Gen Xers when it comes to saving for retirement. According to the Transamerica survey, 70% of millennials with jobs are putting money aside. They began saving at a median age of 22. Still, this group faces steep student loan debts, high unemployment, and uncertain entitlement programs in the future.

If you’re like a lot of people your age, you could use some help getting started, whether it’s tips on how to tame your debts and find money to save or advice on what investments to choose and how to best allocate the funds you’ve built up.

For an upcoming issue of Money magazine and Money.com, we’ll pair several novice retirement savers with financial planners to get a full financial makeover. To participate, you should be comfortable sharing details of your financial life, and keep in mind that story subjects will be photographed for the story.

If you’d like to participate, please fill in the form below. Briefly tell us how you’re doing and what your biggest challenges are. And include a little about your family’s finances, including your income, assets, and debts. All of this information will be kept confidential unless we follow up with you for an interview, and you agree to appear in the story.

We look forward to hearing from you.

MONEY Saving

This App May Let You Retire on Your Spare Change

Acorn App
Acorn

The new Acorns app rounds up card purchases and invests the difference for growth, with no minimums and low fees.

Americans spend $11 trillion a year while saving very little. So it makes sense to link the two, as a number of financial companies have tried to do over the past decade. The latest is the startup Acorns, which hopes to hook millennials on the merits of mobile micro investing over many decades.

Through the Acorns app, released for iPhone this week, you sock away “spare change” every time you use your linked credit or debit card. The app rounds up purchases to the nearest dollar, takes the difference from your checking account, and plunks it in a solid, no-frills investment portfolio. So when you spend, say, $1.29 for a song on iTunes, the app reads that as $2 and pushes 71¢ into your Acorns account. With a swipe, you can also contribute small or large sums separate from any spending.

The Acorns portfolio is purposely simple: Your money gets spread among six basic index funds. The weighting in each fund depends on your risk profile, which you can dial up or down on your iPhone. More aggressive settings put more money in stocks. But you always have some money in each fund, remaining diversified among large and small company stocks, emerging markets, real estate, government and corporate bonds. The app will be available for Android in a few weeks and through a website in a few months.

Why Millennials Are the Target

Micro investing via a mobile device clearly targets millennials, who show great interest in saving but have been largely ignored by financial advisers and large banks. Young people may not have enough assets to meet the minimum requirements of big financial houses like Fidelity, Vanguard, and Schwab. With Acorns, there are no minimums. There are also none of the commissions that can render investing in small doses prohibitively expensive. “We want small investors who can grow with us over time,” says Acorns co-founder Jeff Cruttenden.

This approach places Acorns in the middle a rash of low-fee, online financial firms geared at young adults—including Square, Betterment, Robinhood, and Wealthfront. Such firms hope to capitalize on young adults’ penchant for tech solutions and lingering mistrust of large financial institutions. Cruttenden says a third of Acorns users are under age 22. They like to save in dribs and drabs—and manage everything from a mobile device.

Acorns charges a flat $1 monthly fee and between 0.25% and 0.5% of assets each year. The typical mutual fund has fees of 1% or more. Yet many index fund fees run lower. The Vanguard S&P 500 ETF, which invests in large company stocks, charges just 0.05%. If you have a few thousand dollars to open an account, and the discipline to invest a set amount each month, you might do better there. But remember that is just one fund. With Acorns you get diversification across six asset classes—along with the rounding up feature, which seems to have appeal.

Acorns has been testing the app all summer and says the average account holder contributes $7 a day through lump sums and a total of 500,000 round ups. Cruttenden says he is a typical user and through rounding up his card purchases has added $521.63 to his account over three months.

A New Twist on an Old Concept

Mortgage experts tout rounding up as a way to pay off your mortgage quicker. On a $200,000 loan at 4.5% for 30 years your payment would be $1,013.38. Rounding up to the nearest $100, or to $1,100, would cut your payoff time by 52 months and save you $26,821.20 in interest. Rounding up your card purchases works much the same way—only you are accumulating savings, not cutting your interest expense.

Bank of America offers a Keep the Change program, which rounds up debit-card purchases to the nearest buck and then pushes the difference into a savings account. Upromise offers credit card holders rewards that help pay for college. But Acorns’ approach is different: the money goes into an actual investment account with solid long-term growth potential.

One possible drawback is that this is a taxable account, which means you fund the Acorns account with after-tax money. Young adults starting a career with a company that offers a tax-deferred 401(k) plan with a match would be better served putting money in that account, if they must choose. But if you are like millions of people who throw spare change in a drawer anyway, Acorns is a way to do it electronically and let those nickels, dimes, and pennies go to work for you in a more meaningful way.

Read more on getting a jump on saving and investing:

 

MONEY retirement planning

Why Gen X Feels Lousiest About the Recession and Retirement

THE BREAKFAST CLUB, from left: Molly Ringwald, Anthony Michael Hall, Emilio Estevez, Ally Sheedy, Judd Nelson, 1985.
Three decades after "The Breakfast Club" hit theaters, Gen X is still struggling. Universal—Courtesy Everett Collection

Sandwiched between much larger generations and stuck with modest 401(k)s, Gen Xers get no love from financial planners, marketers or media. No wonder they're feeling low.

The Great Recession took a heavy toll on all generations. Yet the downturn and slow recovery seem to have left Generation X feeling most glum.

Defined as those aged 36 to 49, Gen X members are least likely to say they have recovered from the crisis, according to the latest Transamerica Retirement Survey. They are most likely to say they will have a harder time reaching financial security than their parents. Gen X also is far more likely to strongly believe that Social Security will not be there for them and that personal savings will be their primary source of income in retirement.

“Generation X is clearly behind the eight ball,” says Catherine Collinson, president of the Transamerica Center for Retirement Studies. “They need a vote of confidence. But they still have time to fix their problems.”

Arguably, Gen X was feeling most beat up even before the recession. This group is in the toughest phase of life: kids at home, a mortgage, not yet in peak earning years. Mid-life crises typically hit at this age. Studies show that the busy child-rearing years tend to be the unhappiest of our life. The happiest years are 23 and 69 with a big dip in between.

And let’s not forget that Gen X is only two-thirds the size of Millennial (ages 18 to 35) and Baby Boomer (ages 50 to 68) populations. Marketing companies and the media have largely ignored this generation, which early on acquired the downbeat label: slackers. Collinson believes the financial industry is equally focused on older and younger generations, leaving Gen X all alone.

“They have to stake out a plan and pursue it on their own,” she says. “The harsh reality is people have to take on increasing responsibility for their own financial security.”

Maybe that’s why Gen X believes it must build a bigger nest egg. Asked for their retirement number, the median Gen X respondent said they need $1 million. Nearly a third said $2 million or more. The median figure for both Millennials and boomers was $800,000 with only 29% and 23%, respectively, saying they would need $2 million or more.

Perhaps Gen X is being realistic. Even $1 million won’t provide a cushy lifestyle. A 64-year-old retiring next year with that amount would receive an annual payout of only $49,000 a year, according to Blackrock’s CoRI index, which tracks the income your savings will provide in retirement. Looked at another way: purchasing an immediate annuity for $1 million today would buy $5,000 of monthly income, according to ImmediateAnnuities.com. Not bad. But less than most might expect.

Gen X has boosted savings since the recession, the survey found. The typical Gen X nest egg is now $70,000, more than double savings of just $32,000 in 2007. This suggests that Gen X did a good job of sticking to their 401(k) contribution rate during the downturn, buying stocks while they were low and enjoying the rebound. Millennials did a little better, going from $9,000 to $32,000. Baby Boomers were less likely to hang in through the tough times, partly because older boomers were already retired and taking distributions. The median boomer next egg has risen to $127,000 from $75,000 in 2007.

Overall, Baby Boomers felt the brunt of the downturn. They suffered more layoffs and wage cuts, took a bigger hit to their assets, and by a wide margin more Boomers believe their standard of living will fall in retirement. But at least many Boomers are still blessed with traditional pensions and have a better shot at collecting full Social Security benefits.

Millennials are old enough to have learned from the downturn but not so old that they had many assets at risk. This generation began saving at age 22, vs. age 27 for Gen X and age 35 for boomers. Millennials also benefit from modern 401(k) plan structures with easy and smart investment options like target-date funds and managed accounts.

Meanwhile, Gen X is largely pensionless and was something of a 401(k) guinea pig when members entered the labor force. Plans then were untested and lacked many of today’s investment options or any educational material. The plans may have been mismanaged, subject to higher fees or even ignored. Even today, the Gen X contribution rate of 7% lags that of Millennials (8%) and Boomers (10%). Gen X is also most likely to borrow or take an early withdrawal from their plan (27%, vs. 20% for Millennials and 23% for boomers). Some of this relates to their period in life. But they have other reasons to feel glum too.

Still, there is some hope for Gen X. Recent research by EBRI found that if this generation manages to keep investing in their 401(k)s, most could end up with a decent retirement—no worse than Baby Boomers. And they still have time. If Gen Xers raise their savings rate a bit more, they can retire even more comfortably.

Do you want help getting your retirement planning off the ground? Email makeover@moneymail.com for a chance at a makeover from a financial pro and to appear in the pages of Money magazine.

MONEY Insurance

Why Millennials Resist Any Kind of Insurance

Young adults are the most underinsured generation of our time, which makes sense—up to a point.

Millennials are the most underinsured generation alive today—which makes a certain amount of sense. They have relatively few assets or dependents to protect. Still, the gaps in coverage are striking and offer further evidence that this generation has been unusually slow to launch.

Roughly one in four adults aged 18 to 29 do not have health insurance, twice the rate of all other adults, according to a survey from InsuranceQuotes.com, a financial website. (Other surveys have found lower uninsured rates, but this age group is still the most likely to go without.) Millennials are also far less likely to have auto, life, homeowners, renters, and disability coverage.

Young adults have always been slow to buy insurance. They often feel invincible when it comes to potential health or financial setbacks. But something additional appears to be at work here. This generation has famously overprotective parents who awarded them trophies just for showing up. Millennials may view moving back home or calling Mom and Dad for a bailout as their personal no-cost, all-purpose insurance plan.

Millions of young adults routinely boomerang home after college or get other family financial support. The trend is so broad that psychologists have given this new life phase a name: emerging adulthood, a period that lasts to age 28 or 30. MONEY explores this trend, and its costs, in the September issue reaching homes this week. Remarkably, the parents of boomerang kids don’t seem to mind providing the extended support.

A quarter of parents supporting an adult child say they have taken on additional debt; 13% have delayed a life event, such as taking a dream vacation; and 7% have delayed retirement, the National Endowment for Financial Education found. Yet 80% of such parents in a Bank of America Merrill Lynch survey say helping is “the right thing to do,” and 60% are willing to work longer, 40% to go back to work, and 36% to live with less if that’s what it takes to help their adult kids.

“Millennials have had very supportive parents throughout their life,” says Laura Adams, senior insurance analyst at InsuranceQuotes.com. “When you don’t have a fear of the unknown, a fear of life’s what-ifs, you are not likely to think about insurance.”

Yet young people overlook certain types of insurance at their peril—even though these policies may be relatively inexpensive. Most striking is how many skip health insurance, even though the Affordable Care Act mandates coverage and allows children up to age 26 to remain on a parent’s plan. Millions more young people now have health coverage as a result, recent studies have found, and their uninsured rate has dropped. But, still, as many as one in four still go without.

This may be classic pushback against a law young adults see as unfair. They understand that their insurance premiums subsidize the health benefits of older Americans who are far more likely to need care. Yet if Mom and Dad won’t pick up the bill, a visit to the ER can cost $1,000 or more for even a simple ailment. Things get much more expensive for broken bones and other treatments that even the young may need. Among other findings:

  • 64% of millennials have auto insurance, compared to 84% of older generations. Many millennials may have decided to skip car ownership. But if you rent a car or borrow one from your roommate, you have liability. It probably pays to have your own policy, which might cost $30 a month.
  • 10% of millennials have homeowners insurance, compared to more than half of those aged 30 to 49 and 75% of those 65 and older. Fewer millennials own a house, for sure. But this generation isn’t buying renters insurance either: only 12% have it. Renters insurance is cheap: $10 to $15 a month, and it comes in handy not only when someone steals your bike from the storage area but also if Fido bites a neighbor.
  • 13% of millennials have disability insurance, compared with 37% of those 30 to 49. This kind of coverage costs around $30 a month and may seem unnecessary. Yet one in three working adults will miss at least three months of work at least once in their life due to illness, Adams says, adding, “Anyone can throw out their back.”
  • 36% of millennials have life insurance, compared with 60% of those 30 to 49. Again, this coverage is relatively cheap: around $20 a month for $500,000 of term life. If you have no dependents you might skip it. But if you have debt that Mom and Dad co-signed, you should have enough coverage to retire the debt. It’s only fair, given your parents’ years of extended financial support.

 

 

MONEY credit cards

The Spending Mistake that Millennials Are Making

millennial holding credit card
Dimitri Vervitsiotis—Getty Images

Millennials prefer to pay with plastic over cash, a new CreditCards.com study finds—but all that swiping may be unravelling their budgets.

Millennials don’t shop like their parents—and increasingly, they don’t pay like their parents either. Studies have already shown that many of them have chucked the checkbook (if they’ve ever had one); and they’re more likely to forego cash as well, a poll released today by CreditCards.com found.

Asked how they typically pay for purchases under $5, 77% of people over 50 surveyed preferred cash to debit or credit, while just 48% of people between 18 and 29 use paper money. The fact that millennials are using cards to pay for even such small expenses suggests they’re probably using plastic for most purchases.

And when they’re swiping, this group also uses debit (37%) vs. credit (14%) by a larger margin than any other cardholder group.

What millennials may not realize is that choosing plastic—even if it’s debit—over paper could be costing them.

Research has suggested that we’re inclined to spend more when we swipe. A 2008 study published in the Journal of Experimental Psychology found that physically handing over bills triggers an emotional pain that actually helps to deter spending, while swiping doesn’t create the same aversion. As a result, the study found, cash discourages spending whereas plastic encourages it.

In addition, a 2012 study from The Journal of Consumer Research found that shoppers who pay with plastic focus more on the benefits of the purchase than the price, while those who pay with cash focus on price first. In other words, we’re more likely to make the decision to purchase an item when we know we’ll be charging it.

Further fueling our natural tendencies to spend more with plastic—a.k.a. “the credit card premium”—is the fact that many shops and bars mandate that you spend a minimum amount to use your card. So if you were planning to use the card anyway, you might pad your purchase to get to the minimum required.

All this spending on plastic also can cause you to rack up debt or overdraft fees, if you’re not swiping mindfully. And many members of Gen Y are not, it would seem.

For example, millennials are more likely than any other age group to overdraw their checking accounts, the Consumer Financial Protection Bureau found. About 11% of millennials overdraft more than 10 times a year, and these overdrafts were typically for small purchases under $24 and were paid back within three days. With the median overdraft fee equaling $34, borrowing $24 for three days is like taking out a loan with a 17,000% annual percentage rate, the study found.

Of course, we can avoid paying the credit card premium by just using cash. But if you won’t remember to go to the ATM, at least take a second to close your eyes the next time you’re about to buy something using plastic: Think about the price of the item and how it will impact your bank account. You might even give yourself a 24-hour cooling off period to think over any nonessential purchases.

Avoid overdrawing or getting in over your head in debt by reviewing your bank and/or credit card account online once per day, or by using an app like Mint.com, which lets you track all your accounts in one place. Also, consider setting alerts at your bank or credit card website to let you know when you’re approaching a certain balance—this can keep your spending in check.

Related:

Money 101: How Do I Figure Out My Financial Priorities?

Money 101: How Do I Create a Budget I Can Stick To?

MONEY buying a home

Why Millennials Should Wait to Buy a Home

For all the benefits of home ownership, many drawbacks exist as well. Make sure the negatives won't outweigh the positives for you.

Buying your first home is an exciting time, given the dozens of financial and lifestyle benefits that come with owning the roof you sleep under. What’s more, interest rates are still low, hitting 4.3% for a 30-year fixed loan this month, making it a good time to borrow money. According to the latest Trulia survey, 68% of Millennials are in the market for a home priced at $200,000 or lower.

Purchasing a place isn’t necessarily the right move for everyone, though. Despite all of the positives of home ownership, there are some very compelling reasons not to rush into a mortgage right now. Here are seven.

You Lose Flexibility

Home ownership provides stability, but that may not always be a good thing when you are in your career-building years. If you are looking for a promotion, an advance, or job change, you may have to relocate to get to that next level. You need to have the ability to move on short notice, maybe even as fast as 30 to 60 days. Having to sell your home quickly could force you to offer it up at a bargain price, in addition to incurring thousands of dollars of closing costs. Sellers typically pay their realtors six percent of the selling price.

There’s No Room For Baby

Millennials are in the prime years for starting families. You may not have one now, but there’s a good chance that will change in the near future. While that cozy home or downtown condo may sound ideal now, you’ll likely feel different as a party of three. After all, pregnancies as well as the first few months of a newborn are stressful enough. Having to find a larger place to live, sell your house and pack your belongings with a due date looming- or a newborn- can be unbearably stressful and costly. It may even put you in the red.

Moving Within Five Years Will Cost You

If for any reason you think you may not be able to stay in your home for five to seven years, you should not buy. It will be cheaper to rent. The rule of thumb used to be seven years, but now that the housing market is stabilizing, that timeline has shifted slightly. With only moderate market appreciation, it will generally take five years for you to recoup the many thousands of buying, selling, and carrying costs. Keep in mind that in the first years of your mortgage, you won’t be building up too much equity. Banks charge a hefty portion of your interest upfront, with very little going to your principal in the first few years.

Small Down Payments Bring Added Risk

If you don’t have enough money saved for a traditional down payment, don’t buy a house right now. I am a big proponent of 20% down. That is not always feasible for most Millennials starting out, and it is lot of money to have saved up. But, unfortunately, it is the safest, most conservative approach to home ownership. If you can’t bank on Mom and Dad for a leg up on the down payment, then think about saving for a few more years.

You Carry Too Much Debt

You can’t overlook your student loans, car loans, and any other debt you have accumulated. Consider paying it down first, particularly credit card debt. Not only can a home purchase slow your debt reduction plan-likely costing you more in interest- banks will not be willing to approve you for a loan if your debt payments eat up a significant share of your income.

Your Job Security is Shaky

First, purchasing a home with today’s new qualified loan standards requires some consistent job history. When you’re in the early stages of your career, there may be jumps and gaps in your resume, which can make getting approved for a mortgage a challenge. What’s more, job situations can change overnight. Once you own a place, losing a job, suffering periods of unemployment, and living on a lower income are not as easily weathered. You may even need to accept a new job with a lower salary, but your housing costs will remain the same. You won’t be able to quickly downsize, and want to avoid needing to sell out of financial desperation.

You’ll End Up Cash Poor

Buying a home often leaves cash poor. After you come up with the down payment, the closing costs, and any renovation that you need to make prior to moving in, your bank account likely looks depleted. Having few dollars to your name is likely not the way you want to start living the ‘American Dream.’ Thus delay buying until you make sure you will have enough cash leftover to weather a job loss, an unexpected emergency, or even a health issue that could impact your earning power. You don’t want to end up house rich, cash poor and nothing to rely on in an emergency. Life happens.

 

More from Trulia:

Top 10 U.S. Metros with the Highest Private School Enrollment

8 Ways to Make Your Home Offer Stand Out

6 Signs a Home is “The One”

 

Michael Corbett is Trulia‘s real estate and lifestyle expert. He hosts NBC’s EXTRA’s Mansions and Millionaires and has authored three books on real estate, including Before You Buy!

TIME Careers & Workplace

5 Ways to Deal With a Millennial Boss Driving You Nuts

137539380
Cavan Images—Getty Images

Don't despair, here's how to deal

Think millennials are self-absorbed and entitled? Well, you have a lot of company, according to one recent survey which found that 71% of Americans think the younger generation is selfish, but here’s the thing: If you’re not working for one already, you probably will be soon.

Capital One’s new Spark Business Barometer survey finds that millennial small-business owners — those under the age of 34 — are doing better than their older counterparts. More than 60% reported higher sales in the past six months, compared with around 40% of businesses overall. They’re more optimistic, too; about three-quarters consider business conditions to be good or excellent, compared with roughly half of small-business owners overall.

This means millennials are the ones doing the hiring: 45% plan to hire in the next six months, compared with 30% of small-business owners overall. Since more than half the jobs in the country are at small businesses, this makes it likelier than not that today’s job seekers will end up working under someone in the Generation Y age bracket.

“We are seeing the same trend — that Gen Y are increasingly in management and ownership roles,” says Jason Dorsey, chief strategy officer at the Center for Generational Kinetics. “This is changing the dynamic within the workplace.”

We asked Dorsey, along with some executives who work with Generation Y (and, in some cases, are in that age bracket themselves) for tips on what workers should expect and how to succeed if they’re working for someone who might not even be old enough to remember life before the Internet.

Speak their language. “Determine how your millennial boss prefers to communicate,” Dorsey says. For instance, maybe they hardly ever check voicemail, but they might be quick to respond via online chat or text message.

Be prepared to hustle. “The day-to-day work at a Generation Y–led business is very intense and fast,” says Arvind Jay Dixit, CEO and founder of social-media platform Bubblews. Be flexible — you might be expected to jump into a variety of roles and do a wide variety of tasks, Dixit says. It might sound daunting, but it can pay real dividends for your career. “This keeps workers on their toes and motivated because they feel they have power to be able to influence decisions and strategy across the board,” he says.

Sharpen your social (media) skills. “Millennials expect to build a brand on various social platforms and be ‘liked’ in volume,” says Michelle Dennedy, vice president and chief privacy officer at McAfee Inc. Since before they were teenagers, millennials have been expressing themselves online and are used to a constant flow of information and communication, she says.

Don’t try to be their BFF. “What we see is that employees struggle more in a job as they become friends with a millennial boss outside of work,” Dorsey says. “Keeping it professional is the way to keep the job.”

Keep your tech skills up to snuff. “Millennial small-business owners tend to be very technologically savvy and open to digital tools and innovation that will help their business succeed,” says Keri Gohman, head of small-business banking at Capital One.

MONEY

Millennials Love This Old-Fashioned Company

The 2014 Ford Escape.
As millennials get older, they're more interested in SUVs and crossovers, like the 2014 Ford Escape. courtesy of Ford

You might think of Ford as the automaker your grandpa stubbornly stuck with for decades. Millennials think of Ford as something else—the auto brand they're most likely to buy right now.

It’s a common belief that millennials are indifferent to car ownership. They aren’t buying cars anywhere near the percentage rates of previous generations, and fewer young adults even bother to get drivers’ licenses. However, none of these factoids has stopped automakers from trying to win over the business of this huge demographic—which might not be flush with cash now but will surely represent a gigantic chunk of car buyers down the road.

A new study from Maritz Research shows that one automaker has been particularly successful over the past few years in appealing to millennials, and the name may come as a bit of a surprise: It’s Ford, the staid, century-old, all-American company from Michigan. According to Maritz surveys—which have been pumped up in a Ford press release—in 2008, Ford ranked fourth among millennials as the brand they’d most likely consider buying. (Honda and Toyota held the top two spots.) By 2012, however, Ford leapfrogged over the competition to grab the No. 1 ranking.

“The jump was really at the expense of the Asian-based manufacturers,” said Maritz Research vice president Chris Travell, who pointed out that General Motors has also improved in the eyes of would-be millennial car buyers. “The North American manufacturers are making better product than they ever have. You can’t say that they’re not reliable and aren’t good quality anymore.”

Millennials have taken notice. They also aren’t likely to have much memory of the auto world of decades ago, when the perception was that American cars were overpriced and would break down quicker and more often than many imports. “Millennials don’t remember the bad stuff,” said Travell. “They’re coming in as mostly clean slates. Ford is not considered the ‘old Ford’ to this generation.”

The automaker has been catching the eye of younger buyers with its focus on techie features (admittedly, not always successfully), and, most important, a lineup of vehicles and price points that appeal to their needs right now. From 2008 to 2013, more millennials became interested in crossovers and SUVs, and fewer wanted compacts and other small vehicles, which is the strength of Asian car manufacturers like Hyundai, Honda, and Toyota. “The trend of millennials starting families comes at the same time Ford is updating or replacing nearly its entire product lineup,” Amy Marentic, Ford global car and crossover marketing manager, said via press release. “These fastest-growing segments—like small utilities—coincide with Ford’s product strengths.”

Ford has also actively targeted millennials and strategically pursued them as customers now and, ideally, in the future. “One thing we recognized is that millennials don’t want to be just fed information and trust it, necessarily,” said Lisa Schoder, Ford’s global small-car marketing manager, according to Forbes. “So how can we be part of their lives and inform them about our brands and products without overtly advertising to them? That has been our critical differentiator. They need to participate in experiences versus just being spoon-fed something.”

Accordingly, Ford introduced Focus Doug, a “spokespuppet” (a sock puppet, actually) in a series of online videos, and used social media in a variety of other unorthodox, irreverent ways to put vehicles like the Focus, Fiesta, and Escape on the radar of millennials. The Wall Street Journal just reported on Ford’s recent efforts to win over female customers via programs like Live.Drive.Love, which invites women to take Ford cars on 24-hour test drives.

What does reaching out to women have to do with millennials? Well, overall among car buyers, less than 4 in 10 of purchases were made by women in 2013. But among millennials, 53% of buyers are female.

Young women who are starting families or just want more space for mountain bikes and other gear are likely to be intrigued with Ford models like the Escape and Explorer. And those with less need for space, or those with simply smaller budgets will be more likely to go with the subcompact route, via the Fiesta. As Ford crowed last summer, the Fiesta has been a big success in the 18- to 34-year-old demographic, and the Ford brand overall increased retail share among millennials by 80% from 2009 to 2013.

MORE:
10 Things Millennials Won’t Spend Money On
Check Out This Revolutionary Car-Buying Advice—Then Disregard It

TIME Parenting

Millennials Are Selfish and Entitled, and Helicopter Parents Are to Blame

Parent Child Climbing
Peter Lourenco—Flickr RF/Getty Images

There are more overprotective moms and dads at a time when children are actually safer than ever

It’s natural to resent younger Americans — they’re younger! — but we’re on the verge of a new generation gap that may make the nasty old fights between baby boomers and their “Greatest Generation” parents look like something out of a Norman Rockwell painting.

Seventy-one percent of American adults think of 18-to-29-year-olds — millennials, basically — as “selfish,” and 65% of us think of them as “entitled.” That’s according to the latest Reason-Rupe Poll, a quarterly survey of 1,000 representative adult Americans.

If millennials are self-absorbed little monsters who expect the world to come to them and for their parents to clean up their rooms well into their 20s, we’ve got no one to blame but ourselves — especially the moms and dads among us.

Indeed, the same poll documents the ridiculous level of kid-coddling that has now become the new normal. More than two-thirds of us think there ought to be a law that kids as old as 9 should be supervised while playing at a public park, which helps explain (though not justify) the arrest of a South Carolina mother who let her phone-enabled daughter play in a busy park while she worked at a nearby McDonald’s. We think on average that kids should be 10 years old before they “are allowed to play in the front yard unsupervised.” Unless you live on a traffic island or a war zone, that’s just nuts.

It gets worse: We think that our precious bundles of joy should be 12 before they can wait alone in a car for five minutes on a cool day or walk to school without an adult, and that they should be 13 before they can be trusted to stay home alone. You’d think that kids raised on Baby Einstein DVDs should be a little more advanced than that.

Curiously, this sort of ridiculous hyperprotectiveness is playing out against a backdrop in which children are safer than ever. Students reporting bullying is one-third of what it was 20 years ago, and according to a study in JAMA Pediatrics, the past decade has seen massive declines in exposure to violence for kids. Out of 50 trends studied, summarize the authors, “there were 27 significant declines and no significant increases between 2003 and 2011. Declines were particularly large for assault victimization, bullying, and sexual victimization. There were also significant declines in the perpetration of violence and property crime.”

There are surely many causes for the mainstreaming of helicopter parenting. Kids cost a hell of a lot to raise. The U.S. Department of Agriculture figures a child born in 2013 will set back middle-income parents about $245,000 up to age 17 (and that’s before college bills kick in). We’re having fewer children, so we’re putting fewer eggs in a smaller basket, so to speak. According to the Reason-Rupe poll, only 27% of adults thought the media were overestimating threats to the day-to-day safety of children, suggesting that 73% of us are suckers for sensationalistic news coverage that distorts reality (62% of us erroneously think that today’s youth face greater dangers than previous generations). More kids are in institutional settings — whether preschool or school itself — at earlier ages, so maybe parents just assume someone will always be on call.

But whatever the reasons for our insistence that we childproof the world around us, this way madness lies. From King Lear to Mildred Pierce, classic literature (and basic common sense) suggests that coddling kids is no way to raise thriving, much less grateful, offspring. Indeed, quite the opposite. And with 58% of millennials calling themselves “entitled” and more than 70% saying they are “selfish,” older Americans may soon be learning that lesson the hard way.

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