The Millennial Concept (Day 6 of Blog My Book)
“43 percent of millennials envision leaving their jobs within two years”
Build an authentic, impact embedded brand story and you will attract and keep the best millennial talent. And avoid all the disruption and expense of continually recruiting and training.
If you have not yet made millennials a priority for your brand, here are three big reasons you need to!
1. Millennials are the new workforce.
- 20% of the workforce now
- 35% of the workforce by 2020
- 75% of the workforce by 2030
2. Millennials are the new leaders
- 91% of millennials aspire to leadership roles
3. Millennials are the new customer!
- By 2020 they will be 30% of discretionary spending
What makes millennials different to previous generations?
‘I’m never going to be able to afford a house so I might as well do a job that I believe in’ ~ Anonymous millennial.
Born in comparative times of ease, spoiled by parents and awarded trophies merely for showing up. Millennials are the most educated generation.
They have grown up with the internet and immediate access to information. Because of this connectedness they are well aware of social and environmental problems around the world.
All this leads to the prevailing stereotype – the millennial generation’s sense of entitlement.
With this entitlement them believe they can actually do something about world issues. And have the meaningful role they want. Quickly!
This millennial workforce refuse to suffer company cultures that don’t share their values. They will seek out and choose roles where they think they will find meaning.
In this era of connectivity, for these digital natives, brands cannot hide indiscretions. Green washing and cause washing will be discovered.
3 out of every 5 millennials surveyed would give up 20% or more of their initial financial benefit to work for a company that exhibits all aspects of CSR.
The millennial concept is not just for millennials. Many others from earlier generations share it too. Believing you can have a job or business with meaning and change the world. And that their brand choices make a difference.
Is There Business to Business Immunity?
Maybe you think because you are are Business to Business solution you are immune.
As more millennials take leadership roles, they are responsible for B2B purchases. They bring the same sensitivity to decision making on these deals.
They prefer brands who are acting in the interest of humanity and the planet. All things being equal in quality, price and service, the more impactful brand will win.
What Can You Do About It?
The solution is simple. Build a brand with positive social and environmental impact embedded. Tell it through your brand story. Authentically of course! Give millennials opportunities with meaning.
How does your brand and brand story answer the millennial challenge?
Our framework in Part II will help you develop your brand so you can be competitive in this new era of meaning.
NOTE: This post is a a journal entry from my Blog a Book in 21 days. See earlier posts here for details on my challenge. Follow along and hold me accountable.
Warmly, Luke
Resources:
luke I'm Luke Faccini, a brand storyteller and strategist in Brisbane Australia.
I help conscious business people articulate and tell their authentic brand story to connect with their tribe. I love branding, business, and people with purpose.
My purpose is Helping Good Businesses Become Better Brands.
