How Millennials and Generation X are changing the way we do business
Milena Regos Out&About Marketing
MillennialsBorn: 1982 - 2007
MilennialsAlso known as:
Gen YGen Next
Echo BoomersBaby-on-Board Generation
ScreenagersFacebookersGen Why Not
Source: Maximizing Millennials in the Workspace
Events defining the Millennials formative years - 9-11, Hurricane Katrina, Obama, Financial Crisis
Millennials Characteristics‣ Optimistic and
enthusiastic
‣ Pessimistic about their country’s direction
‣ Respectful of authority
‣ Focused on their education
‣ Close with their parents
‣ Compassionate
‣ We Generation
Source: Chuck Underwood. The Generational Imperative
80 mil
Source: Maximizing Millennials in the Workspace. Photo credit: http://b-i.forbesimg.com/danschawbel/files/2013/09/
millennials.jpg
34%
66%
Millennials Older
Millennials in the workforce in 2014
Source: Lynch 2008
46%54%
Millennials Older
Millennials in the workforce in 2020
Source: Lynch 2008
Source: http://www.insites-consulting.com/infographic-millennials-social-media/
More than 8 out of 10 are members of at least 1 social network.
On average, they join 2.5 social networks.
“Social media permeate the personal, academic, political and professional lives of millennials, helping to foster the type of environment where innovation flourishes. So when compared with older generations, millennials learn quickly — and that’s the most important driver of innovation.”
Source: Embracing the Millennials Mind Set at Work, NYtimes.com
“Millennials work more closely together, leverage right- and left-brain skills, ask the right questions, learn faster and take risks previous generations resisted. They truly want to change the world and will use technology to do so.”
Source: Mike Marasco
Source: http://www.insites-consulting.com/infographic-millennials-social-media/
Vast Transparency
66% of Millennials believe that older generations don’t
understand them.
No generation will grow up more misunderstood by older
generation than Gen X.Source: Bridging the preparedness gap
‣ Show them the end result‣ Give them a due date‣ Let them figure out the in between‣ Flexibility in work schedule
How to deal with Millennials at work?
Source: Embracing the Millennials Mind Set at Work, NYtimes.com
“If corporate cultures don’t align with the transparency, free flow of information, and inclusiveness that millennials highly value — and that are also essential for learning and successful innovation — the competitiveness of many established businesses will suffer.”
Source: Embracing the Millennials Mind Set at Work, NYtimes.com
Recruiting Millennials‣ Take a look at the US Army - 79% Millennials‣ Involve parent’s approval‣ Do good in the world‣ Fun work space‣ Technologically advanced‣ Flexible schedules
Managing Millennials
‣ Coach them don’t manage them
‣ Treat them like they are special. They are.
‣ Need for structure - US ARMY!!
‣ Immediate feedback
‣ 360 formal mentorships & reverse mentoring
‣ Benefits: Relocation assistance; Tax assistance; Advise and counseling
EmpoweredEngaged
Want to make a differenceSassy enough to think
they can
WILL THEY???
The Gen XBorn: 1965
to 1981
Source: Chuck Underwood. The Generational Imperative
‣ Birth control pill is gaining widespread use
‣ Abortion is legalized in 1973
‣ Feminist movement is opening career doors to women
‣ The rich will get richer
Gen X Formative years
59 mil
Gen X Characteristics‣ Independence‣ Self-reliance ‣ Distance from Older
Generations‣ Marriage is
disposable‣ Us Against Them
‣ Me Generation
Source: Chuck Underwood. The Generational Imperative
The first generation to grow up with a computer
(no Internet)
Gen X Values
‣ No ideology‣ Pragmatic‣ Make marriage
work
‣ Be there for children
‣ Work hard, make money
‣ Not “joiners”
Leadership
‣ Gen X are sharing leadership positions with Boomers
‣ By 2020, we’ll become a Gen X nation for the next 10 to 15 years
Xers in the Workplace‣ They will replace the
Boomers at the top‣ They are creative,
entrepreneurial‣ Self-reliant and
independent‣ Technologically savyy‣ Willing to work hard‣ Seek work/play balance
‣ Comfortable with change‣ Prefer start-ups, small firms‣ Work to live, not live to
work‣ Seek skill-building
opportunities‣ Seek respect and input
Recruiting Xers
‣ Identify peaks and valleys in the hours required upfront
‣ Explain time demand up front
‣ Can you explain career path?
‣ Enhance their skill set
‣ Be technologically forward
‣ Reward individualism, creativity
Managing Xers
‣ Career success = Work-life balance
‣ Offer mentoring ‣ Don’t micromanage‣ Establish retention
program‣ Train them constantly.
‣ Maintain contact after they leave.
‣ Quantify performance‣ Give them plenty of
resources‣ Permit them input
and feedback
A Z
Tools, Technology, Respect, Credit
Gen X Millennials
Accept DiversityPragmatic / practical
Self-reliant / individualisticReject rules
Killer lifeMistrust institutions
PCMultitask
Latch-key kidsFriends-not family
Celebrate diversityOptimistic / realistic
Self-inventive / individualisticRewrite the rules
Killer lifestyleIrrelevance of institutions
InternetMultitask fast
NurturedFriends=Family
Source: http://apps.americanbar.org/lpm/lpt/articles/mgt08044.html
Generation Work Style Career Goals Values
MillennialsEnergy, ideas, productivity, What’s next?
Money, work-life balance,
Change, Impact Now
Flexibility, Control,
Productivity Independence,
Fun
Gen X
Independent, resilient, critical
thinking, Get the job done
Career first, aiming toward
Work-Life balance, Money
Flexibility, Freedom,
Responsiveness, Fairness, Fun
Source: http://www.good.co/blog/2013/05/01/gen-x-vs-gen-y-in-the-workplace-making-generational-differences-work/
Commonalities
‣ Social responsibility‣ Desire for work-life
balance‣ Want to have fun‣ Keep things moving
‣ Productivity versus process
‣ Forward thinking
Source: http://www.good.co/blog/2013/05/01/gen-x-vs-gen-y-in-the-workplace-making-generational-differences-work/
Building on strengths
‣ If you have a project that requires multi-tasking and technology and you have time to actively supervise and provide feedback – assign it to Millennials. They want engagement.
Source: http://www.good.co/blog/2013/05/01/gen-x-vs-gen-y-in-the-workplace-making-generational-differences-work/
Building on strengths
‣ If you have a project that needs to get done and you have little time for supervision – trust Gen X to take care of it. They want freedom.
Source: http://www.good.co/blog/2013/05/01/gen-x-vs-gen-y-in-the-workplace-making-generational-differences-work/
Takeaways
‣ Understand Generational Differences‣ Identify strengths and shortcomings‣ Play it to your advantage = Harness
the specialness‣ Embrace it. Don’t fight it.
Milena RegosOut&About Marketing
Twitter: @milenaregosslideshare.net/milenaregos
All images credit CreativeCommons unless otherwise indicated
Research by: Kendall Kaminski, A Millennial