This is probably a busy week for many people with the Easter holiday in less than a week. Here are a few quick reads we gathered up to make your week just a little less stressful. Enjoy!
It's become a cliché, but is true nonetheless. Millennials are making agencies more tech-savvy, helping them meet complex client needs in a fast-changing digital economy. It is just one of the more obvious ways millennials are reshaping the advertising business—not that their contributions are always welcomed. "They are the reality of the industry—whether we like it or not," says PJ Pereira, CCO at Pereira & O'Dell. Looking at the numbers, it is clear that millennials—people ages 18 to 34—are a huge cultural factor not just in the advertising business but the country overall. The U.S. has roughly 75 million of them, and this year they are projected to become the single largest segment of the American workforce. In the advertising industry, millennials now make up 44 percent of the workforce, up 8 percent since 2010.
After moving to Washington from Akron, Ohio, six years ago, Katie Reed and her husband, Brian, happily ditched their two cars to live in Chinatown, where they enjoy walking to restaurants and shops. So when she searched for a new job two years ago, Katie Reed, 32, considered it “critical” to find one on a Metro line. She also wanted to walk to lunch and after-work errands. She landed at Choice Hotels International, which had just moved its headquarters to Rockville Town Square from Silver Spring. Its old offices, just outside the Capital Beltway, were reachable only by car and bus and had one restaurant within walking distance. The new digs are across the street from the Rockville Metro station. A gym, a CVS pharmacy and loads of restaurants are steps away.
Life is often referred to as a “highway”, to borrow from Tom Cochrane, and for my generation that hasn’t changed. “Adulthood today lacks a well-defined roadmap”, writes Steven Mintz, in his forthcoming book The Prime of Life. “Today, individuals must define or negotiate their roles and relationships without clear rules or precedents to follow”. This is especially true for us millennials, who are the product of a terrible economy that has required us to hit the emergency button in our lives. But it’s becoming evident that we have been given a roadmap to a road that we are not even on and then are blamed for going in the wrong direction.
Millennials take a lot of heat. Depending on who you ask, they're lazy, they're narcissistic, they're selfish, and they stubbornly refuse to move out and stay out of their parents' homes. On that last score, however, a new study shows that living with mom and dad may be about more than refusing to grow up. According to a report by RealtyTrac, a real estate information company, home prices have outpaced wage growth in 76% of U.S. housing markets during the last two years of housing market recovery. Grimmer still, over the same period, nationwide home price growth has surpassed wage increases by a ratio of 13 to 1. Sometimes, data can be complicated, but this is not one of those times.
A few short years ago, after I found a job and settled into the vagaries of corporate life, I started looking at retirement plans. It was a mess. Much like the ridiculous tax code, it was a Pandora’s box of plans — 401k? Traditional IRA? Roth IRA? Roth 401k? — replete with a quagmire of rules and eligibility — income limits? Rollover loopholes? Age withdrawal limits? — and so on and so on. I started out small, learning as I went, made mistakes and painfully navigated my way through eventually. For fellow millennials, or Gen Y’ers, who are just starting this journey, there’s not been much improvement. Defined as those born between 1980 and 2000, this year marks the generational midway point and many are reaching the point I was a few years ago. With an average age of 25, millennials have entered the so-called real world and should start thinking about retirement.