They are no longer coming, they are here! The Millennials (ages 17 – 29) have arrived in the workforce and have money to spend. They are like no other generation before, coming from a period of significant prosperity with little adversity. And they know how to flex their collective muscle. As an organisation, if you want to attract Millennials to your business, as employees or consumers, then you need to know who they are and what they want.
A just released US study into Millennials has created a profile that is very revealing. A summary of it follows. Remembering that this is based on US Millennials, who felt the GFC much stronger that those in Australia/New Zealand. However, there is much in common that is worth noting.
- Spenders – Millennials plan to live debt free and so are more frugal then their parents. They want to be self-employed and have access to multiple incomes.
- Students – They want to continue their education, and the factors most important to them in choosing education providers is cost, quality and reputation – in that order.
- Employees – Millennials will not hesitate to change jobs. The most important thing for them is work/life balance, but professional development opportunities are very important also.
- Consumers – They want to buy local, and of those brands, they will typically choose brands that support causes important to them. They will also engage with social media in assessing brands.
- Lifestyles – Millennials travel, value experience over things, and their top three social media platforms in order are Facebook, Instagram and LinkedIn.
There is a snapshot of the Millennials. Ignore them at your peril. The challenge is how best to accommodate them in your business.
The Avondale Business School can advise your organisation on being effective in these areas – find out how by contacting Warrick Long at the Avondale Business School.
P: 02 4980 2168