We have seen a lot of articles lately talking about the “millennial” generation. Millennials (or generation Y) were coming into young adulthood during the turn of the century, which makes most of them in their twenties and early thirties. They have been the center of much debate because of the new roles they are taking on in the workforce. Many articles have detailed their self-centered attitudes, their non-traditional work habits, and their differing priorities from the previous generation. Should we be worried?
Some businesses certainly are. There are now consultants that solely help businesses to integrate the millennial generation into their company. These companies are concerned with the longevity and loyalty of their employees. Their biggest fear is that this generation will change the traditional workforce. Some statistics suggest that these twenty and thirty year-olds want more of a work-life balance than the generation before them. They don’t always want to work a 9 to 5 job and change jobs frequently because of job insecurity. Millennials grew up with technology and many have not experienced jobs that require them to sit in cubicles. As you can imagine these changes in lifestyle and work habits will greatly affect the culture of American employment.
Despite the negative changes that millennials are accused of bringing into the workforce, they are bound to become invaluable assets. Who will be better at connecting with other millenials than millennials themselves? Their generation currently has about $200 million per year in buying power, and the importance of marketing to them will only increase. With their technology literacy, motivation and innovative ideas, this generation will certainly bring about change, and it could be for the better.
The millennial generation is projected to make up 50% of the workforce by 2020. We here at Silver Spur are excited to see what they have to offer. Is your company ready?
P.S. Take this quiz to find out how “millennial” you are!