Posts Tagged ‘millennials’
With $1.5 billion in annual spending power, and being a generation 85 million strong, it’s easy to see why companies ranging from small businesses to Fortune 500 corporations care about attracting Millennials (aka: Gen Y) as customers. The eldest Millennials are now around 30 years-old…so they’re not just “clueless kids” anymore.
So for businesses to more successfully engage, attract, and develop new customer relationships, it’s important to be aware of this interesting fact shared by J. Walker Smith, Ph.D. and Ann Clurman, Co-Authors of the book, Rocking the Ages: “Generationally determined lifestyles & social values exercise as much influence on buying and purchasing as more commonly understood demographic factors like income, education, and gender do – maybe even more.”
How Millennials (aka: Gen Y), Generation X, and Baby Boomers each prefer to be engaged with is different. And it’s critical that Sellers educate themselves on these preferences as it can greatly improve the results of their sales and marketing efforts.
However, for this post, my focus is on Millennials. Not only are they the newest generation of young, adult consumers, they are the most unique. Thus, they’re worth learning about. Why? For starters, they are the largest generation the U.S. history. Plus, by 2025, 75% of the U.S. workforce is going to be comprised of Millennials.
As a result, not only will Sellers and Employers be working with them more as colleagues, but they’re going to be heavily competing for them as customers.
There are many ways to attract, engage and build brand-loyalty with this unique generation. Here’s an example of three to be aware of:
Smart companies are investing a lot of time, effort, and money into learning everything they can about the Millennial mindset; both as employees AND consumers. Furthermore, Sales Teams all over the globe are learning how to better engage with them as our next generation of key decision-makers in the workforce.
There are a variety of reasons I chose this topic to write about today, but one recent conversation with a good friend was the thing that got me motivated to actually do it.
She was telling me how she and her 23-year old Millennial (aka: Gen Y) son, who recently graduated from college, went mattress shopping for his new apartment. During their outing together, she was chatting up a storm with everyone; the salespeople, other customers, etc.
After a while, her son finally said, “Mom, what is it with your generation? You guys talk to everyone, all the time!”
He then continued to say that he wasn’t comfortable doing that and that most people he knew, in his generation, felt the same way. However, during their 3-hour mattress-shopping afternoon together, she told me that he hardly ever stopped texting back and forth with his friends. So, “communication” isn’t the issue; “how” they are comfortable doing it is.
Anyway, after his comment, at the very next store she made an effort to hardly say a word and decided to let him handle the interaction with the 40-something sales associate. It only took about 4 minutes for her son to ask her to talk to the salesperson because he didn’t want to anymore. Rather, he was more comfortable watching his Baby Boomer mom do all the talking.
I’ve seen this “not talking much” dynamic occur in many of the workshops I conduct for Millennial employees in corporations. That is also one reason I dedicate a chapter to “communicating like a leader” in my popular book for Millennial employees, “Millennials into Leadership”. My Millennial audiences are always totally engaged, but just aren’t comfortable making comments or asking questions, even when I ask them to. However, they come up to me one-on-one afterwards, or send me emails afterwards, with questions or comments. THAT is totally different from when I conduct workshops or seminars with “older” generations in the audience (i.e. Gen X and Boomers). I typically have to monitor how much time they take up talking!
Plus, I get tons of Millennials at my leadership training workshops that openly admit they just aren’t comfortable speaking with strangers, or even work colleagues, face-to-face. AND, I hear this complaint from many of their Managers. They get very frustrated with the fact their Millennial employees don’t participate much in meetings. However, they find it odd that those same Millennials are totally okay telling them about what they did over the weekend, in lengthy detail, EVERY Monday morning.
And I have to explain that most Millennials like, and need, close ties to their bosses, and sharing their personal life is one way they try to build that “bond”. Unfortunately, that’s something that most supervisors in the workforce, 35+ years old, find very irritating.
Hence just ONE of the reasons the multi-generational workforce challenges continue…and that’s what keeps getting me booked for speaking engagements at well-known companies across the country!
The bottom line to all of this is: Most Millennials grew-up communicating electronically with their peers and that is their comfort zone. However, as I explain to them, they need to work on getting out of that online comfort zone and work at being more comfortable with in-person social settings. It is critical to their career success and relationship building professionally.
My advice to all you Millennials is to take it slow and “practice”. Go to professional networking events, at work and outside of work, or if you’re job searching, and force yourself to meet as many people as you can each time. Trust me! It gets much easier the more you do it!
Also, to get you started, follow these great tips for networking successfully at events offered by David Spinks, who wrote this article for BrazenCareerist.com, an info-packed blog site for young professionals, entitled, “13 Tips for Your First Networking Event”.
Now get out there, turn off your mobile devices, and build some new relationships by communicating the old fashioned way…in-person! Your “career” will thank you!
Bye for now,
Okay…so for over 5 years companies have been hiring me to conduct presentations about how to manage, recruit and retain Millennials (aka: Generation Y). And, as an expert, they also hire me to conduct training workshops for Millennial employees that cover leadership, business etiquette, generations at work, communication and personal branding for career success. BUT, according to an article I came across yesterday, it looks like I might see an uptick of even more Fortune 500 companies contacting me.
Why? Well, according to the article entitled, “Gen Y Traits in the Workplace Unveiled” by Kristin Burnham, she shares:
Millennial Branding together with Identified.com, studied 4 million Gen Y Facebook profiles to obtain better insight into how members of this generation operate professionally-a topic of increasing importance as they are projected to make up 75 percent of the workforce by 2025.
According to the study, only 7 percent of Gen Y reports working for a Fortune 500 company-a statistic in line with another report that predicts that 40 percent of the Fortune 500 will no longer exist 10 years from now.
So, where are they going to work? The article states:
Instead, Gen Y workers are turning to startups in which the hiring process tends to be much quicker than that of the Fortune 500, and where Dan Schawbel says Gen Yers feel they can make more of an immediate impact.
While Gen Yers are turning more to startups for employment, they’re also branching out on their own in what Schawbel calls an “unprecedented entrepreneurial spirit.” “Owner” is the fifth most-popular job title, trumped by “server” (No. 1), “manager” (No. 2), “intern” (No. 3) and “sales associate (No. 4).
Retention is also a challenge with Gen Y because according to the report, they only average 2 years at their first job.
These are serious statistics and facts that large companies need to be aware of. If 75% of our workforce is going to made up of Millennials by 2025 (that’s only about 10 years away!!) companies need to start preparing NOW for a solid recruitment and retention plan of talent. I’ve been preaching this for a long time and the smart companies are already doing everything they can to retain their younger talent because they know their companies’ future well being NEEDS younger talent now, and they need to groom them for future leadership positions.
On average, 1 Boomer is retiring every 8 seconds, so companies are also scrambling to retain their employees who are 55+, too. NOT every Boomer was affected by the economic downturn so we have millions of them who CAN retire comfortably at 60-65 years old but companies need their expertise and knowledge to help the younger employees grow.
I’ve written TONS of articles, and have been interviewed by countless media, about these topics because it’s ALL true. But I also find many companies still have their head in the sand and suffer from denial. I have endless research material on the labor shortage the US is facing, and it’s based on the perfect storm of birth rates, Boomers retiring, etc. The numbers don’t lie, people!
Sure, because of the current economy it’s still an “employers” market…however I’ve been warning executives in my seminars that it will change soon, and the competition for talent is going to re-ignite and then it will turn into an “employee” market again and employers will be begging for top talent…and employees will be in control of the whole enchilada.
EMPLOYERS: Start planning NOW and get ahead of the curve…and if you’re a Fortune 500 company, as many of my clients are, YOU really need to take all of this seriously!
Bye for now,
Read these scary statistics carrefully. They are fightening:
According to this 2010 report, The EBRI Retirement Readiness RatingTM: Retirement Income Preparation and Future Prospects, by Jack VanDerhei and Craig Copeland of EBRI.org: 47.2% of older Boomers (56-62) are at risk of outliving their retirement savings. And 43.7% of younger Boomers (46-55) are at risk of not having enough money for basic monthly expenses when they retire.
These sobering statistics have millions of Boomers currently wondering, “What can I do to generate income, full-time or part-time, that is flexible, interesting, fun, possible to start on a tight budget, and do way into my golden years?”
I wrote my newest book, “Boomers into Business: How Anyone Over 50 Can Turn What They Know into Dough Before and After Retirement”, to answer those questions. I explain how to take what you know, from your career experience or hobbies, to develop a “topic expert” platform that can lead to consulting others, conducting training seminars online and offline, developing many strategies for on-going passive income, and much more.
And it doesn’t matter whether you’ve been an employee your whole career or whether you are currently self-employed. Nor do a person’s education level, career background, or business experience matter. The book was written to take a lot of guesswork out of the process.
Basically, most everyone knows something, from their career background, life experiences or from a hobby that other people will pay to learn about. Whether you’ve been an HR professional your whole career, or a construction worker, homemaker, lawyer, Life Coach, housepainter, or a lover of growing roses, my book teaches Boomers how to monetize what they know to create a good income, in a wide variety of ways, as a topic expert.
And the book not only teaches how to determine a topic focus and how to create a unique brand platform, but it also outlines the tools needed to launch. Plus, I asked 15 other business experts to provide chapters on PR, marketing, and social media strategies, plus many more business-building and revenue generating ideas.
The reviews on Amazon have been great so far, and here are 2 examples of how my new book is helping those who read it:
“I’m now 50, a single mom with a teenage son, and I’ve worked at Title Insurance companies for over 20 years. I currently don’t have enough money to retire comfortably in my 60’s and have been trying to figure out what I can do make money on-the-side of my day job,” says Kathy F. in San Jose, CA. “ ‘Boomers into Business’ was a godsend! It opened my mind to possibilities I had never thought of before and I’m now developing ideas for an expert platform and consulting business that will provide me with the additional income I need to be more comfortable now and later in my life.”
“This book was so helpful, easy to follow and really fun to read! It’s loaded with
So, if you can relate to anything you’ve read in the blog post, check out my book on Amazon. It’s available in both Print and Kindle versions, and for a small investment it could bring you a serious return that can help your retirement picture.
And, for any of you Millennials (aka: Gen Y) wondering what to get your Boomer parents for Christmas, my book is a great gift idea! You’ll be responsible for helping your aging parents and this book might help improve their future income situation.
Bye for now!
I recently read an interesting article written by Jessica Stillman for BNET.com about PricewaterhouseCoopers’ 2011 Global CEO Survey. And I wanted to share one of the key findings from it that I believe you’ll find interesting and helpful regarding what Millennials (aka: Gen Y) value most from their employers. This info may surprise you!
Plus, the results of PcW’s survey support why prestigious organizations, such as Johnson & Johnson, eBay, Intuit, Wells Fargo and various colleges, have hired me to conduct my Personal Leadership Branding Workshops and my Millennial Leadership Business Boot Camps for their Millennials.
Key Survey Result You Need to Know:
PwC’s new report states: “For Millennials, training and development is the most highly valued employee benefit. The number choosing training and development as their first choice of benefit is THREE times higher than those who chose cash bonuses. And 98 percent surveyed believe working with strong coaches and mentors is an important part of their development”.
PcW spoke to 1,200 company leaders and government officials from 69 countries for this report, and according to Stillman’s article, the results for attracting and retaining the best Millennial talent boils down to: Play down hierarchies, play up achieving mutual support of larger goals versus just moving up the ladder, and provide Millennials with mentorship and career development training.
And with the massive talent shortage company’s are facing, now and especially in the future, a majority of the CEO’s surveyed stated that recruiting and retaining the best talent of young workers is a major concern of theirs. So they are very focused on what younger employees require to work for their companies…and stay working for them.
As I mentioned earlier, many well-known organizations have hired me to conduct my popular leadership and business etiquette seminars, and personal branding workshops, for their Millennial talent. And this new PcW study shows why!
You can visit my website for more info and see all the presentations that I can conduct for your Millennial employees or college students.
Bye for now!