Who are they?
The Millennials, born between 1980-1995, currently at the ages of 18-35. There are approximately 75.4 million of them, comprising 34% of the U.S. job market. The generation is still growing due to young immigrants joining the ranks. The Baby Boomer generation comprises approximately 29% of the workforce today, and is gradually shrinking.
Why is the millennial generation so significant?
As the Boomers decline and Millennials continue to boom, Millennials are the new front-runners of the workplace and have begun to create dynamic shifts since the baby boomer generation entered into the workforce circa 1960.
Bottom line: Millennials are the largest population in US history. As millennials approach their working and spending years, they will continue to make a huge impact on the US economy. Understanding this generation and what they want is vital to the survival of nearly any business.
Millennials as Employees
Most millennials are burdened with school debt by the time they hit the job market. Therefore, they are likely to work for less to secure a stable income, but conversely, they will also not hesitate to seek out a new position if they feel that their current position does not “holistically” suit their needs. Here are some tips to retain a millennial:
- Don’t micromanage, instead collaborate.
- As a manager, ask often “what do you think”
- Coach instead of boss.
- Being raised in a world of technological advancements, millennials are competent with their tech skills and welcome the utilization of “screens.”
- Millennials are not afraid of change, they expect it, and welcome it.
- Generally, millennials do not prioritize professional attire and punctuality. These expectations must be laid out for them.
- Millennials value health, daily activity, nutrition more than most generations, they are incentivized with gym memberships or physical activity incorporated into their daily work schedule.
Millennials as consumers, clients, customers.
The millennial generation is larger than the Boomer generation and is now entering into its prime spending years (Millennials: Coming of Age, Goldman Sachs, http://www.goldmansachs.com/our-thinking/pages/millennials/)
A Forbes study of 1,300 millennials indicated the following:
- They view advertisements and commercials as inauthentic, only 1% of millennials are influenced by them. (hence the rise of commercial-free Netflix and TiVo).
- Millennials rely mostly on blogs as advertisements for a product or service.
- Millennials trust social media as a medium for honest news, as opposed to traditional TV and newspaper media.
- They are less likely to read the content of an article, or website if they do not trust the company producing it.
- Millennials are more likely to be a loyal customer if the brand engages with them on social networks.
- 87% of millennials use at least 3 tech devices on a daily basis. Millennials are HIGHLY interested in new tech devices.
- Once trust is earned with a millennial, they will be brand loyal. But once that trust is broken or a product defect is disregarded, they are seeking a new option.
- Millennials have a strong aversion to corporate greed. They expect companies to give back to the community.
(10 New Findings about the Millennial Consumer, http://www.forbes.com/sites/danschawbel/2015/01/20/10-new-findings-about-the-millennial-consumer/2/#e65a36e42b82).
Please contact us if you have any questions on this topic. We are happy to explain what we can do to help your business be in the best position to retain employees.
Amanda Lantz is an Associate at Lardiere McNair, LLC. To read more about our firm, please visitwww.lmcounsel.com.
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