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Millennials—those individuals born between 1980 and the early
2000s—rank as the largest generation ever, and they’re now taking
center stage in both the workforce and the marketplace.
And they are having a significant impact on the world around
them—not the least of which is how they will drastically change the
composition of the workforce. By 2020, the U.S. workforce will flip
from 50 percent baby boomers and 25 percent millennials to 25 per-
cent baby boomers and 50 percent millennials.
Already the majority population at many companies, they stand
poised to become a tremendous influence on the future of work and
the most important consumer generation in history with an estimated
$170 billion in spending power.
But research has shown that millennials don’t trust brands or
advertising, and this is creating major problems for marketers. When
it comes to discovering new products, researching product information
and considering purchase decisions, millennials go to their friends
first. Their view of the world is different from any previous genera-
tion, and we need to understand how to build millennials’ trust,
increase their engagement, market to and win their business, as they
will soon comprise the majority of our employees, our business cus-
tomers and consumers.
To help navigate this new world order, this article explores some
of the foundational attitudes, beliefs and values that define this unique
generation as detailed in the March 2014 research study,
“Understanding Millennials: What Businesses Must Know about
America’s Most Unique Generation,” by Dr. Frank Mulhern of the
FORUM for People Performance at Northwestern University.
Who Are The Millennials?
Millennials are plugged in.
Perhaps the most significant char-
acteristic of the millennial generation is their role as the first genera-
tion raised on technology. They grew up immersed in the digital era
and feel comfortable working with the intricacies of the internet,
mobile technology and social media. Outpacing all older generations
in social networking and cell phone use, they consider technology as
an extension of their bodies. They keep smartphones, iPads and lap-
tops close by and multitasking is second nature to these digital
natives.
Millennials value authenticity and ethics.
Considered by
many as the most socially conscious generation since the 1960s, mil-
lennials tend to be much more tolerant and altruistic. Having wit-
nessed a variety of corporate scandals firsthand, they actively seek
authentic leaders and ethical corporate policies as they enter and
progress through their careers. They look for inspiration and value
accountability. If today’s business leaders want to connect with mil-
lennials, they should embrace clear missions, ethical corporate values
and accountability. Millennials want to believe in the organizations
they work for and the brands they support, so transparency, authen-
ticity and involvement in altruistic causes rank as important business
strategies.
Understanding
Millennials
MILLENNIALS ARE DESTINED TO PLAY a pro-
found role in business, and to be successful, marketers
need to thoroughly understand their preferences. The
FORUM research reveals that millennials:
• Value authenticity and ethics
• Are technological multi-taskers
• Prefer flexible work environments
• Prioritize relationships on all fronts
• Expect to succeed using clear guidance
• Are more socially tolerant and altruistic
• Insist on closer relationships with their managers
• Respond to frequent, positive feedback and recog-
nition
• Don’t trust traditional media, advertising or anyone
outside of their personal network
• Believe businesses should help resolve social
issues and not measure success strictly in financial
terms
MEET THE MILLENNIALS
68 •
PPB
• DECEMBER 2014
THINK
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