THE MILLENNIALS ARE COMING: IS YOUR BUSINESS PREPARED?

The Millennials are descending! But don’t be scared, they’re not as alien as they first seem. Also known as ‘Generation Y’ millennials make up 1.8 billion of the world’s population. It has been predicted that this growing demographic is estimated to form 75% of the workforce by 2030.

Like any younger generation before them, millennials are an idealistic bunch, always looking to the future with a keen emphasis on ethics. The only difference is that millennials were born with access to the Internet at their fingertips.  The ability to share ideas and opinions online is a liberty taken for granted by so many belonging to this generation. But how do you go about attracting these digital natives to your business?

Social Media

Millenials are eager to connect, according to Open Page CRM, “social activity leads to buying activity”. The same applies to the millennials’ attitude towards business. Millennials are attracted to businesses that maintain a bright and vibrant social media presence. Sites such as Instagram and Twitter provide community-based platforms through which millennials can share their thoughts about your brand with other like-minded individuals. An active and effective social media presence will take you on your first step towards engaging with these mysterious millennials.

Always eager to share, millennials are the ‘alpha-influencers’ of their time. Holding more power in social circles than ever before, they rely on the opinions of their friends when making purchases and even applying for jobs. In fact, a recent Clikz article showed that 55% of millennials click on content shared by their peers. For a generation relying so heavily on the opinions of others, it is important as a company that you encourage external reviews from bloggers and anonymous forums in order to infiltrate the mindset of a millennial.

Charitable Giving

If charity work and ethical business values weren’t high up on your agenda before, they should be now. Don’t worry, not all millennials are vegan eco-warriors, but you should be prepared for many ethically minded individuals, looking to translate these values into their work. Studies have shown that 84% of Generation Y made a charitable donation in the last year, whilst many millennials often compare the values of a business with their own.

Working Environment

Preferring a more relaxed environment, millennials are less tied to traditional ways of doing business. The ability to work in an open and flexible environment is essential. With this in mind, relaxed office spaces are something to consider, opting for a communal desk space as opposed to cubicles, as we do here at Weston Partnership. The option for flexible working hours and the opportunity to work from home are both big factors which can help attract this younger generation to your business.

To conclude, it is safe to say that the millennials are well and truly coming. Their influence over the way we live, shop, eat and travel is gargantuan. Their arrival is definitely not something that should be feared. On the contrary, they have the potential to help your company grow expontentially, and if you are prepared for them you will reap the benefits. As I have demonstrated here, the move towards a millennial-friendly way of working isn’t complicated and is one that should be undertaken by all.

 

Rosie Robinson

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