Generation Y…the “Millennial”
- Born between about 1982 and 1998, this generation is 75 million strong:
- Those numbers compare to the Boomers
- Gen Y shows an inclination to marry and have children later to make sure they get it “right”.
- This is the first generation to be raised with technology at an early age:
- To them, if it’s not on the Internet it doesn’t exist. If they can’t reach you through Facebook, Twitter or text, you won’t reach them at all.
- It’s vital to understand what this means to marketing and communicating with this group:
- This will allow you to take advantage of the same kind of growth observed when the Boomers came of age.
Don’t fight change. Instead,
EMBRACE it. You will be better positioned to succeed if you don’t have to scramble to catch up.
When you create your five year plan (you have one, don’t you?), if it looks like your previous plan, ask yourself if your business will be better or worse off if you just maintain the status quo. Be honest with your answer.
Do what’s necessary to implement a technology-based approach to your specific situation. It may mean investing in people or creating new strategic partnerships. Invest with confidence that doing it right will give you a competitive advantage when opportunity knocks.
Prepare to pass the baton now. Every winner does it flawlessly.
– In a recent survey, millennials prioritized “meaningful work” over high pay.
– 1 in 3 millennials said “social media freedom” is a higher priority than salary.
– 70% of millennials are planning to change jobs once the economy improves.
Change can be daunting, but these factors are not difficult to embrace and can ultimately improve your company culture. Here are some things you can do to maximize your leadership of millennials:
Empower the entrepreneurial spirit
– 92% of surveyed 21-24 year-olds said entrepreneurship education was vital in the new economy
– 30% started a business in college
Provide quality feedback
– 80% of millennials said they would prefer feedback in real time rather than via traditional performance reviews
Let them grow
– 65% of millennials said personal development was the most influential factor in their current job