They’ve been called overconfident, entitled, self-absorbed.
They generally distrust the government, are largely indifferent about religion,
and lean liberal with their social views. They are less trusting of others and
less patriotic than their elders. And they have a much different view of the
American Dream than others.
They are the Millennials, 84 million strong, and they are
your future employees, customers, and Building Team partners.
The newest generation to enter the workforce is like no
other that has come before it. This cohort is the first to grow up with the
Internet, mobile technologies, and an “always connected” lifestyle.
They are relatively unattached to organized political or
religious groups and are in no rush to get married or start a family. Their
sense of community and belonging are linked principally to social media, mobile
communications, and other forms of online networking, like social gaming. They
are the “digital natives.”
This group is entering adulthood with historically high debt
levels and a still bleak jobs market—37% of 18-29 year olds are unemployed or
out of the workforce. Yet the Millennials remain quite optimistic about their
future, more so than the Gen Xers, Baby Boomers, and Silent Generation,
according to a new Pew Research Center study of 1,821 adults, including 617
Millennials. When asked about America’s future, about half (49%) of Millennials
said the country’s best years are ahead, compared to 42% for Gen Xers, 44% for
Boomers, and 39% for Silents.
“If you want to motivate the digital natives more
effectively in the workplace, you need to understand what they want out of
life, what makes them tick,” says generational expert Preston Swincher
(PrestonSwincher.com), who consults with businesses on how to better connect
with Millennials. He pinpoints some distinguishing traits of the digital
natives:
Time is more valuable than money. Millennials, compared with
those of previous generations, are waiting longer (five to six years longer, on
average) to get married and start a family. That leaves more time to focus on
wants and desires (travel, career growth, social impact), rather than needs
(buy a house, make more money, etc.). With fewer pressing needs and
responsibilities, money plays a lesser role in their lives compared to previous
generations at the same age.
“I encourage employers to use time incentives instead of
financial incentives,” says Swincher. Flexible schedules, telecommuting, and
extended vacation time will likely be more attractive to Millennials than,
let’s say, a bonus program.
They’re entrepreneurs at heart. They’ve grown up in the age
of start-ups. They’ve watched teenagers launch and grow companies into
billion-dollar enterprises. They’ve seen young entrepreneurs—think PayPal,
Square, Groupon, Bitcoin—successfully redefine long-established business
models. The American entrepreneurial spirit is burning strong in this group.
They crave innovation, and they are much more open to change than their elders.
They covet information and new stimuli. Given their
tech-driven upbringing and “share everything” mindset, Millennials have a much
quicker response time when it comes to communication and feedback.
Source: BDCNetwork.com
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