Who are millennials? And why do they matter so much?
According to the Pew Research Center, “millennials are defined as those aged 18 to 34 in 2015.”
➡️ They are the largest, most educated generation in Western history
➡️ By 2020, millennials will make up over 50 percent of America’s workforce
➡️ Millennial buying power is $200+ billion annually and they spend more on experiences than on material possessions
Millennials are the first large generation who have experienced all forms of digital communication as the ONLY form they ever knew.
The way things WERE done is completely alien to them – and they are not tethered to the past.
Millennials are also a generation who have not fully experienced a “Bear” market or large economic downturn – or a new “War” that affects the entire country.
It’s a good idea to spend a bit of time understanding where millennials find meaningful direction.
Technology and specifically hand held devices
Multi-Tasking (gig economy)
Diversity and new experiences
Collaboration and teamwork
Millennial preferences match mobile content marketing strategy.
To better communicate with millennials and integrate them into your content strategy remember these 4 tips:
1. Interruption has been replaced with listening
2. Distracted minds find comfort in visual media
3. Personal customization is of the utmost importance
4. They want social proof, as do all digital buyers
This new generation of workers is transforming the HR function. SHRM research found Five Trends That Changed HR Over the Past Decade.
1. Feedback becomes fluid. No more 1x year performance reviews. That’s crap.
Stat: “85% of Millennials would feel more confident in their current position if they had more-frequent performance conversations with their managers.”
TIP: To successfully integrate new workers and get their best productivity, training and performance coaching needs to be on-going
2. Socialmedia activity, strategy and policy
TIP: A content marketing strategy that makes sharing easy and engages your teams social networks boosts your brand
3. Remote Workers = flexibility and extra hours
4. A la carte benefits like tuition reimbursement
TIP: Calibrate perks to remain competitive in the war for talent.
5. Gig economy = more project based, contract work
TIP: “In the U.S., slightly more than 1 of 4 workers were gig workers in 2016, according to McKinsey & Company”
The gig economy is transforming things in ways we haven’t seen yet. Years ago if you left a job to do something on your own you were looked at as a failure. Now you are seen as an entrepreneur – new economy – guru.
And technology is also helping. As a simple example – I’ve sold things on EBAY for 15 years – and I now see entrepreneurial EBAY stores and businesses there and on many other sites like Shopify and Amazon. The millennial generation has enjoyed the fruits of the changes in technology.
We, as leaders, manager, and employers need to make a conscious effort to understand this new generation and what they find meaningful.
It makes all the difference to integrate them into corporate culture and increase collaboration and productivity across generations.
Millennials, does this sound about right? What would you add so we can better serve you?
If you are a manager or marketer, what tips do you have for connecting with the younger generations?
Coaching Performance Results applies brain-based learning methods and behavioral science to improve employee development training.
We help organizations design and implement human capital management programs that address the diverse needs of today’s multi-generational workforce to improve employee experience and retention.
We support business transformation by providing people development solutions from on-boarding through to senior leadership development. Delivering training interventions, coaching and mentoring. Specializing in personal development, leadership and sales performance. Designing talent management strategies that support, enable and align with organisational objectives.
We deliver L&D training programs that improve EMPLOYEE experience, CUSTOMER experience, and Brand LOYALTY.
Schedule a conversation to discuss your needs: calendly.com/michaelspence