If you want to understand the buying habits of millennials, who else should you ask for help but the millennials themselves? Aged between 18 and 34, gen Y individuals (employed or not) are both the target and innovators of consumerism.
According to the U.N. and the Department of Economic and Social Affairs, millennials will outnumber non-millennials by 22 million come 2030. Give it a few more years before most businesses depend completely on gen Y – or should I say “Generation BuY”?
You’ll need someone ductile, dauntless and daring if you want to close more deals.
Your Work Environment is Energetic
Team building is already a given when it comes to personnel development, but what sets millennial employees apart is their choice of activities. They are way past the days of setting up traditional function rooms, conducting team building games, and strategic planning – round table style.
Take your bonding to the mountains, for example. Nothing says trust fall activities more than hiking. Studies show that millennials who take part in outdoor and wellness activities outside work perform better upon returning. Time spent in green spaces naturally lowers frustration levels and promotes meditation.
They’re Enthusiastic About learning
“When it comes to education, this generation aims high. Millennials currently enrolled in high school, college or graduate school are particularly ambitious — about half want to go on to earn a graduate or professional school degree.”
– “Millennials: Confident. Connected. Open to Change”, PewResearch, February 24, 2010
A bachelor’s degree can only take you so far. We’re not saying older and previous generations are less competent. Further studies prove that graduate school has become a normal goal for millennials. More often than not, employers will be more drawn to someone who has acquired post-graduate studies. If it includes enhancing their skills and knowledge, you can immediately count them in. Internships, study abroad, exchange programs and fellowships? Sign us up!
Believe in the potential of rookies. Before you know it, they’ll be the ones calling the shots in your company. Moving up from amateur to CEO in less than a decade is definitely not a straightforward journey, but it is a potential destination.
They Present Fresher Ideas
About a third of Millennials cited product quality and reliability as reasons that led them to trust and respect a brand; 25 percent admitted that they would lose respect for a company because of concerns about its operating practices or services.
Leave your company’s product promotions (and a portion of your reputation) to the millennials; they’ll know what should be sold because they too will likely purchase them as customers. Minimalist style goods, food and clothes are a popular concept. Colorful “life hack” tools and widgets will be a hit among millennial homeowners and parents too. Hiring young employees is a sure fire way to discover what your target market really wants.
They are Flexible
Health aspect aside, they adapt well to advances in technology, can manage time well and have various methods of completing tasks.
Need to boost your social media presence? They’ll be more than glad to take over the task of interacting with netizens’ feedbacks. Generation BuY will easily see eye to eye with your clients.
Employees aren’t the only ones who are supposed to be flexible though. Supervisors need to learn when and how to loosen up their grip on their millennials workforce as well. No one appreciates being weighed down by work mentally and emotionally, no matter how much you value them.
Keeping them is Cost-effective
An experienced worker who has high demands but who can make your plans a reality, or a newbie who still needs to be trained but is easier to be in charge of? The choice you make will depend on your resources. A newbie realistically starts off with a lower salary than an expert businessman, so you save more.
You may be able to cut down on their salary costs, but don’t forget about the trainings you’ll have to conduct. Don’t limit the audience of the training to just the ones that need it most. Join them; just because you’ve been in the business longer it doesn’t mean you have nothing else to learn.
To find out how generation Y will interact with your business, value them as both a consumer and an entrepreneur. A millennial’s yearning for instant and convenient might be just what a business or organization needs to keep up with the changing times.