Published on March 13, 2014
How Millennials and Generation X are changing the way we do business Milena Regos Out&About Marketing
Millennials Born: 1982 - 2007
Milennials Also known as: Gen Y Gen Next Echo Boomers Baby-on-Board Generation Screenagers Facebookers Gen 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
Empowered Engaged Want to make a difference Sassy enough to think they can
The Gen X Born: 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
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 Diversity Pragmatic / practical Self-reliant / individualistic Reject rules Killer life Mistrust institutions PC Multitask Latch-key kids Friends-not family Celebrate diversity Optimistic / realistic Self-inventive / individualistic Rewrite the rules Killer lifestyle Irrelevance of institutions Internet Multitask fast Nurtured Friends=Family Source: http://apps.americanbar.org/lpm/lpt/articles/mgt08044.html
Generation Work Style Career Goals Values Millennials Energy, 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 Regos Out&About Marketing www.outandaboutmarketing.com email@example.com Twitter: @milenaregos slideshare.net/milenaregos All images credit CreativeCommons unless otherwise indicated Research by: Kendall Kaminski, A Millennial
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