Generation Y, also known as Millennial Generation or simply, “The Millennials” refer to those born between early 1980s and 2000s. It is estimated that there were approximately 80 million Millennials in the USA as of 2012.
Unlike the preceding generations, Millennials are more liberal and tolerant in their political ideology and cultural beliefs. They are more likely for example to support same-sex marriage, abortions and welfare benefits; are less adherent to organised religion; are very adoptive of new technology and are more open-minded towards those from different racial and cultural backgrounds.
As Generation Y continues to grow in the workforce, they bring with them several benefits. These include greater productivity occasioned by their usage and appreciation of technology; wide knowledge-base given the fact they are exposed to internet, technology and television; the ability to perform tasks outside their areas of training since the internet and increased automation have made it possible for workers to bridge gaps that had hitherto existed between various professions. This leads to greater productivity and finally, greater synergy which leads to increased productivity because of their nature to tolerate, appreciate and blend well with people outside their social, racial and religious niche.
The benefits an economy accrues as Generation Y continues to grow in the workforce can thus not be underestimated.