Econometer: Are Millennials an asset?

A recent study from Cushman & Wakefield that looked at “tech cities” — regions with a lot of technology jobs — broke down assets of each market in terms of percentage of technology jobs compared to all jobs, tech growth over time, venture capital funding and the percentage of millennials. The San Diego metropolitan area stood out by having the third highest percentage of millennials of any of the 25 tech cities studied. Reader reaction to the Union-Tribune’s article about the study was mixed, with some saying millennials should not be considered an asset because of poor work ethic.

Question: When it comes to the tech industry, are millennials really an asset?

Phil Blair, Manpower

YES: Absolutely. Millennials are the first generation to grow up with technology and social media all around them. They therefore excel in using the newest software, are capable of coding, and developing new apps with great ease. They are essential to developing and growing every technology. And just as we want diversity in race, sex and nationality in our workforce we need diversity in age and thinking, which includes millennials.

Kelly Cunningham, San Diego Institute for Economic Research

YES: Millennials are “digital natives,” born into the world of technology enveloping their entire lives. They become comfortable with computers from an early age and consider technologies integral and necessary parts of their life. Many easily embrace and are clearly assets for technical pursuits. Stereotypes of slacker temperament and other negative traits are not necessarily warranted. Young people of every generation have consistently been underestimated by their elders and usually survive the challenges left to them.

David Ely, San Diego State University

YES: As the largest generational group in the workforce, companies that want to thrive will find ways to make millennials valuable employees. The major technology companies employ large numbers of millennials. Given their growth and record of creating innovative products, the evidence is strong that millennials are an asset to these companies. Millennials grew up with technology and are adept at digital communication. They are consumers of technology and bring that perspective into their workplaces.

Gina Champion-Cain, American National Investments

YES: Although I find it exceedingly ill-advised to generalize based on characteristic descriptions ascribed to entire populations, a millennial's early exposure to technology makes them apt to gravitate toward the tech industry. Their entrance to the job market also coincides with a plethora of tech job openings. None of which means the group is better than the others. Stereotyped hiring is misguided. Tech assets have and will continue to be cultivated across all demographic categories.

Alan Gin, University of San Diego

YES: While technology is used by people of all ages, millennials grew up with more technology than any generation before them. Many of them have skills and knowledge that are desired by tech companies. Their relative youth allows them to better connect with younger customers. Concerns about lack of work ethic stem from the desire of millennials to have a better work-life balance than their parents and grandparents, which is not necessarily a bad thing.

James Hamilton, UC San Diego

YES: A strong talent pool of engineers and technicians can be a big benefit for many companies. Those of us more seasoned in years can try to keep up but younger people have some advantages when it comes to new technology. Startups can do better in communities where there are more people willing to experiment with new products like dockless bikes (Lime, Spin) and parking services (Spothero). I admire the entrepreneurial spirit of many millennials.

Gary London, London Moeder Advisors

YES: Millennials form the demographic base of employment for most tech companies. As they age, they must be accommodated throughout the region. While the region has added 35 million square feet of employment space over this century, Downtown San Diego has barely added any. That is about to change, with several new projects which might add 4 million square feet there, eventually employing 23,000 workers. There is already a lot of millennial housing downtown. Less expensive South County is attractive to both young families and new employers, as well. The key to a high quality of life is to work near where you live.

Norm Miller, University of San Diego

YES: To say otherwise would be to disown my daughter and skip over her entire generation for one of the few bright outlook industries within our economy. My granddaughters may become more tech savvy, but they may also be more easily distracted and less loyal. One of my best friends is a millennial and he is a great worker when not surfing, playing beach volleyball, lobster fishing or on a ski trip.

Jamie Moraga, IntelliSolutions

YES: Millennials are highly educated, tech savvy, flexible, confident, eager, and innovative — all of which are vital to the tech industry. We need to continue to invest in our local colleges and universities who produce this talent. Challenges to employers are how to motivate, engage, and retain millennial employees as there’s a pattern of high turnover. That said, San Diego’s growing biotech and innovation cluster needs this workforce.

Austin Neudecker, Rev

YES: Millennials grew up in a period of rapid technological change (Internet, smartphones, social media). Their conviction that technology will change the world, as well as ability to adapt, make them well-suited to tech. Although cited for entitlement and disloyalty, this generation expects more than a paycheck out of work. They crave purpose, value alignment and a sense that their company cares. If properly engaged, millennials can be invaluable to companies that understand what they seek.

Bob Rauch, R.A. Rauch & Associates

YES: Millennials were brought up with technology and are the asset that employers need. We must continually work on identifying employers who will attract these millennials and get them interested in settling here. Cities like Phoenix, Austin and Denver are providing competition as their housing costs are lower and they also want those same employers. We may have the climate but we also need to have the total package by reducing taxes and regulations.

Lynn Reaser, Point Loma Nazarene University

YES: They have grown up on technology and are our first “always connected’ generation. They have never known a world without personal computers. With digital technology and social media central to their lives, the tech sector is a natural fit. They are valuable to an industry eager to reach a population of 73 million millennials. They are creative and see no limits to their imagination. They do not shy away from risk and change, a true asset to technology.

John Sarkisian, Motion Ventures

Not participating this week.

Chris Van Gorder, Scripps Health

YES: Millennials have grown up with technology unlike any previous generation and they expect to use technology at work, home and play. Millennials may be motivated by different incentives than other generations, but when fully engaged, they bring a wealth of tech savvy and creativity to the workforce. That’s evident in health care, where millennial employees are making a real contribution to the adoption of remote digital technology to help care for patients, wherever they may be.