80 Million Millennials – Is your Business Ready?

80 Million Millennials – Is your Business Ready?

 

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Do you feel it yet, the Millennials influencing everything around you? A new generation is changing the way of business from coast to coast. If you don’t feel it yet, you must be living in a bubble.

2015 is the year the millennial generation (defined as ages 18 to 34 in 2015)  surpasses the boomers (ages 51 to 69 in 2015)  as the largest living segment of the U.S. population (that’s 80 million Millennials in the US alone – 2.5 Billion worldwide.)

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The millennials approach to technology has ended the 9-to-5 workday, crushed global communication barriers and create transparent offices. They have forced companies to rethink flexibility, and killed-off the cubicle. They also believe that business should focus on a dual level: a societal purpose along with business to make a profit.

Thanks to millennials: Texting has become a standard business protocol, every tech platform now emphasizes pictures, Twitter had to adjust to this reality to remain relevant, Instagram and Snapchat put pictures front and center rather than any text. Even texts contain Emoticons and Emojis. (If you don’t know the difference between the Emoticons and Emojis you better start studying up!)

Think you might be more of a millennial than your years express? Take this quick test to see just how many millennial traits we have already assimilated.

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Millennials have built new businesses out of the ruins of the 2009 recession, and in doing so, they’ve changed the career expectations for a whole generation.

Companies have also felt the pressure from millennials to evolve, change, become more social and socially available. 1 in every 3 employees in the U.S. will be a millennial by next year, and by 2025 they will become 75 percent of the global workforce. At many tech companies millennials already make up 60% of the workforce.

If you have time to read an amazing report – try this from Price-Waterhouse-Cooper (PWC.) A downloadable pdf: The global generational study. 

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70% of millennials say they’d reject traditional business to work independently, and 1 in 5 say they want to quit their current jobs and start their own projects.

FORBES Magazine’s Micah Solomon has a great short read here outlining the traits of millennials that EVERY business should understand.

Forbes Millennials

“Millennials are demonstrating they’re a new driving force,” says John Swanciger, CEO of Manta. “It’s no longer assumed that recent graduates will enter the traditional workforce. Companies will have to adjust as millennials become a bigger force in the small-business space.”

So, when a recent national showed that 78% of millennials are motivated by the concept of “charting their own course,” remember that this is a generation that has grown up having no other plan.

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2019-01-26T10:56:45-07:00
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