There is a group of people that is talked about by corporate executives more than any other: Millennials. This rising generation of young professionals makes up both the incoming workforce and the main target audience of marketers. And they aren’t going away anytime soon. Companies have been researching the way this group ticks ever since they started elbowing their way past the baby boomers and Generation X in recent years. Since then, they have been the source of discussion and study among companies striving to understand their audience.
The term “millennial” has been attached to anyone born between 1980-2000, representing nearly 80 million Americans. They are known for their digital media savvy, social media dependence, open-mindedness, and creative individualism. Millennials often get the bad reputation for being neurotic and financially dependent upon their parents. This may represent some, but the group is also known as the generation that intimately understands the new digitalized world we are diving deeper into.
Millennials learn unlike any generation that has learned before them. They have grown up in a world immersed in e-learning and the Google instant-info age. They can seldom be found without an iPhone or tablet in hand. So how can your organization effectively reach this multi-tasking, twitter-reading generation? The answer is simple, yet requires a significant investment. Millennials can be reached through their own communication styles. This involves a significant presence on social media platforms and an ability to adapt to meet their learning needs. Twitter has quickly made the 140 character news release a new standard. Millennial attention spans are waning. Companies are revamping the way they train their largely millennial-aged employees.
Here are 10 eye-opening statistics that reflect the changes occurring in the business world to adapt to the millennial generation:
- Over 3 million businesses actively networked on Linkedin this past year. (linkedin)
- 80% of millennials said they want regular feedback from their managers, and 75% yearn for mentors. (MTV’s “No Collar Worker” study)
- By 2025, 3 out of every 4 workers globally will be Millennials. (Time)
- 65% of Millennials say losing their phone or computer would have a greater negative impact on their daily routine than losing their car. (Zipcar)
- 29% of Millennial workers think work meetings to decide on a course of action are very efficient. Compared to 45% of Boomers. (Iconoculture 2011)
- It costs an average of $24,000 to replace each Millenial employee. (Millennial Branding)
- 71% don’t always obey social media policies at work. (Cisco)
- Companies projected a 73% increase in social networking investment from 2012-2013. (Jobvite)
- 76% of Millennials believe “my boss could learn a lot from me.” (MTV)
- 27% approximate decline in email usage among those ages 12-34 over the past year. (ComScore Study 2010)
How is your company addressing Millennials in the workforce in regards to training and development?