Millennials deserve(d) better from corporate America

Dear JAMMers,

This is my Roman Empire: Millennials deserve(d) better from corporate America …and those holding the c-suite power.

Millennials have been getting slammed in corporate America since we entered the workforce.  

First, we were too soft.  Then, we were too entitled, expecting more money than our perceived worth. 

Meanwhile, burnout and therapy are very common among millennials, who entered the workforce shortly after the 2008 financial crisis.  

We had debt, companies had debt. It was all a mess. 

The economic reality birthed one objective truth that’ll haunt us for decades. We launched our careers at a very low salary, relative to the investment we made in our education. The salary basement cannot be outpaced, regardless of our skills, connections, and hustle. 

The tone of the moment was, “Thank God you got a job in this market, Jaclyn. Take anything.” 

Over-invest in a future where you are underpaid, and be grateful for it?  Got it.  

No wonder I took so much nonsense from the scrubs I dated in my early 20s.  “There are so many women in NYC, be open to anything. Don’t be so picky.”  But I digress.

Oh also - did I mention how I interned for FREE - no school credit or anything for 6 months.  Because that is what we had to do.  There was no choice in the matter.  The only friends I knew who could get paid internships were in finance.

Back to the post-grad job. After earning a double major degree from an esteemed institution with strong grades, multiple relevant work experiences during my four years - I landed a wonderful job. Yet, this full-time advertising job, in New York City in 2011, offered me a $30,000 salary and no overtime pay.  

The minimum wage in NY state at the time was about $7.25. On average, I worked 45-50 hours.  My pay netted out to about $12/hour BEFORE taxes. Yes, I know there is medical packages, PTO, 401k matching, etc. added to the compensation.  My father and husband are both small business owners, so I absolutely understand the intangibles. 

More than one thing can be true.  Yes, it was a fantastic job opportunity that gave me a versatile toolkit to bring to future jobs.  And yes, $30,000 was highway robbery.

Me, the sensible, responsible daughter who saved every birthday dollar for the right moment could not afford to move out on my own until my salary was closer to $50,000/year at age 24 (2014). 

Fast forward to 2020 - there is a pandemic and a labor crisis. Companies I was previously employed at were offering six-figure salary packages to entry-level/junior positions.  No inflation calculator will show this to be expected or fair just 9 years after I entered the workforce.  

Now, we don’t think that Gen Z does not deserve to be paid market value.  Go for it! However, this trend made some millennials feel like - well, wait.  If someone with less than 5 years of experience is now earning amount X, then I should easily be earning 50-60% more than X, following my next performance review. And we sure weren’t/aren’t.

I was only able to right-size my compensation by getting a high-demand position at a giant tech company. This is a privilege and opportunity that is not widely available. My network helped me tremendously in landing this job.

Why can’t millennials afford houses?

Why aren’t millennials having more kids?

Because we have no other choice, based on our experiences.

Yet, we try to bring humanity and positivity to our jobs.

Millennials strive to be better.  Better leaders, better peers, and better employees.

I think we have taken the common tropes and turned them on their head.

We’re too soft → we lead with empathy

We’re too entitled → we speak up for our worth and build up those around us

Know your worth and grow your worth, queens.

No worries,

Jaclyn

PS - Beyond asking for what you're worth, talking about money is imperative too.  Leveraging mentors and trusted friends has served me well over the last few years. 

PPS - If you are going more than a couple of years (in a corporate setting) without more than a cost-of-living increase, you are actually losing pay.  Women, especially women of color, tend to be most impacted by pay inequality.  Pay transparency is one major way millennials can help combat pay inequality.

PPPS - Some social media accounts that are incredibly helpful about money talk are (this is not an ad) @herfirst100k - Tori Dunlap and @your.richbff - Vivian Tu