It seems harder and harder these days to ignore the impact of this powerful generation and their impact on both business and society as a whole. Discussions (published as well as those ‘off the record’) indicate that opinions about this group are about as polarizing as our political candidates.
Regardless of your opinion of them, they have already changed the world and will continue to do so over the next 2-5 decades!
1: Deloitte recently released results of a survey (link here) that reveal 67% of Millennials interviewed across 29 countries plan to leave their current employer within the next 4 years. 25% of them are looking to make their move by the end of THIS year.
When we consider the total cost to re-fill each position is estimated between 200%-800%; it is safe to assume that most businesses are not prepared for this.
The survey results suggest that there is not a lack in skills, training, education, or desire; but rather a Purpose Gap. Principles are not aligned between business entities, managers, processes, and the largest population group in nearly 100 years.
2: The majority of Millennial discussions seem to be focused on them being employees. But I find it very interesting to think about what happens after people get professional jobs – they purchase things.
Millennials have already made significant impact on the way cars and houses are bought (especially in NOT making these purchases). Even more impressive is this (link) research released by Google about how B2B purchases/sales have already changed dramatically.
The good news is that we need only look back a couple of years to spot the biggest pieces of the trend; making it relatively easy to connect with this powerful generation.
- Social Media is now a viable method of research and connection between brands (consumer and B2B). As mobile experiences continue to evolve, we will see these platforms become much more than avenues to communicate, but also ways to actually make purchases.
- This ties in to the need for sharable and engaging content – a LOT more of it! The good thing is that we don’t need to reinvent content; only repurpose and redistribute it.
- The makers of content are no longer the ones deciding what is good (as in the dominance of paid media). The consumers are the ones who hold this power (sharing nature of digital/social media).
2.5: While there are plenty of great examples; I think the way Sprint CEO is combining high-tech with low-tech to produce high-touch connections with audiences across the country. He is getting out of the office and having a series of casual meetings with customers to listen to the state of the industry from their perspective. He then shares these openly for digital discussion in a series of timely (within a day or two of event) releases on LinkedIn Pulse. Check it out for yourself (here).
What will YOU do to align your business with this powerful generation?