Who Are Millennials And Why Do They Matter?
At nearly 80 million strong, Millennials, also known as Gen Y, outnumber any other generation in terms of size and impact. They already account for $200 billion in spending, and by 2015 their purchasing power will hit $2.45 trillion. They make up 36% of the U.S. labor force, and by 2025, they will account for 75% of the global workforce.
Born between 1980 and 2000, Millennials are your employees, consumers, colleagues, and children. They have been labeled as lazy, entitled, narcissistic, dependent on technology, immature, disloyal, and only after instant gratification. As employees they are judged as having a poor work ethic and in need of constant coddling. As consumers they are labeled as fickle, easily distracted, and hard to reach.
But there is so much more to Millennials, and if you relate to them based on these stereotypes, you are going to miss out on profits and productivity. This is a generation that is redefining the workplace and the marketplace at a rapid pace. To keep up in an increasing competitive world, you must see Millennials for who they truly are: connected, innovative, aspirational, motivated, trusting, creative, open to learning and committed to making a difference.
I love Millennials and I am here to help you understand, reach, and engage with them in ways that are effective and fulfilling. After spending the last ten years coaching and advising them, I know firsthand what makes them tick and what they have to offer.
And it is much more than being able to help you change the text size on your cell phone or explain to you what a selfie is.
Here are three of the ten MYTHS about Millennial employees and consumers that I bust more extensively in the Millennial Mindset Report:
- They are not loyal. This generation has a reputation of job jumping due to unrealistic expectations, but they won’t if you engage them through experiential learning, leveraging their entrepreneurial instincts, and rewarding them with validation and asychronistic options. As consumers, they will stick with a product or service (AND tell all their friends about it) if there is authenticity, customization, and engagement with a brand.
- They have a terrible work ethic and are overly distracted. Do not try to impose your work ethic and style on them. They work differently because they think differently. They will work extremely hard and long hours if they feel like what they are doing matters. And they are not so lazy that they do everything on their phone, they still go into stores especially if there is a cool experience to be had – think interactive digital displays, customized treatments, and gamification.
- They are bad communicators. This generation is more vocal and communicative then any other – they just do it through multiple channels. Do not send a Millennial an email and definitely do not leave them a voicemail message (they won’t listen). Adjust to reach them on the digital platforms they are constantly hooked into and you will get immediate responses and feedback. #millennial
Download your FREE MILLENNIAL MINDSET REPORT to get access to tips and strategies that will immediately improve your reach and experience with this most influential generation. Email firstname.lastname@example.org to set up a consultation to learn more about how we can serve and support your organization or event.
Do not miss out on this HUGE window of opportunity to connect with the dynamic, impactful generation that is quickly taking over the world.