Millennials, Generation Y, the Millennial Generation, call them what you will. These people are forcing businesses to change and they are here to stay. Pretty much anyone beginning their professional career after the year 2000 is in this category. From a business perspective, they are living in a different world than those before them. The early millennials grew up with broadband at home, Napster, MSN Messenger, MySpace. They were part of the early tech disruption to established verticals. The change that the MP3 codec brought to the music industry. The way Messenger apps brought mega change to established communication methods. Additionally, the way social networks gave an outlet that allowed their talents to be viewed around the world. So how does this affect your business?
The Second Wave of Millennials
The second wave of Millennials grew up with an even deeper relationship with technology. They grew up in the so-called Web 2.0 world. Everything works in a browser. Everything is connected. I can take my photo on my smartphone. I can simultaneously upload it to social networks with geo-location tagging. It will automatically backup securely to the cloud. The Smartphone does everything. The modern interconnected world means everything is available to them when they want it. It is what they expect. News and information are real-time. It is immediately crowd-sourced from massive and diverse audiences. Decisions are made quickly. Time is a precious commodity to a millennial. They live in a 100mph, always connected world. Therefore, efficiency is everything.
Millennials are not just your content creators. They are also a consumer of your content. I saw a remarkable tweet the other day which sums this up brilliantly:
“The average age of a company on the S&P 500 is 12 years old. We are closer to 2030 than 2000. Based on this the biggest companies in 2030 don’t currently exist.”
Look at the unicorns of the past decade. Above all, the companies who will be succeeding in 2030 will be born digital. In fact, they will likely be founded by millennials. Businesses that want to lead and be a success in the modern world will need to appeal to this new audience. As a result, one which is an increasingly fickle demographic.
Millennials Are Your New Employees
Look at your current and future employees. Of course, they live in an always-on world. They expect to be able to collaborate whenever they want. No doubt, from wherever they want. Of course, using whatever device they wish. Additionally, they expect connected and integrated systems. They expect modern processes and practices. Consequently, the 9-5 is an increasingly alien concept. Millennials are increasingly likely to want to perform a job they LOVE for a company they BELIEVE in. Ultimately, whose PRINCIPLES they agree with and has a MISSION they buy into. It’s not all about the money. Work is a passion to a Millennial.
Ensure your processes and procedures facilitate this. Give this generation the tools and environment to flourish in. In my opinion, you will create a strong, happy and healthy workforce. Therefore the increased likelihood of your business success.
Is your business ready to attract the next generation of your customers and your workforce? At Momentum, we can help you to meet the threats of disruptive technologies and digital trends. Contact us for a confidential conversation.