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Millennials are poised to become the most effective, efficient, and strategic generation yet.
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Millennials grew up with social media. They blend their work and personal lives. They check email constantly: on vacation, during a night out, or if they wake up in the middle of the night. In exchange for this "always on" dedication, millennials will expect to be able to take care of personal business during traditional business hours.
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TBR News:
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Millennials- Who Are They?
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February 2017
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The US labor pool is changing, millennials have now surpassed both boomers and Gen Xers to become the largest age demographic in the workforce. According to Pew Research, 1 in 3 workers is now a millennial, born between 1980-2000.
But who are the Millennials?
They are overeducated, under-employed, heavily in debt, and looking to make a difference in the world--either working for themselves, or in a company that doesn't just focus on profit.
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| Millennials- Values |
- 61% of millennials are worried about the state of the world and feel personally responsible to make a difference. [Huffington Post]
- 81% have donated money, goods or services. [Walden University and Harris Interactive]
- 70% make sure that the ethics and values of the company they buy from, are in line with theirs. Whenever they can, Millennials integrate ethical buying to their purchase process.
- Millennials between 24-35 year are more likely to be concerned about how environmentally-friendly the company is and not just the product they sell.
- 75% see themselves as authentic and are not willing to compromise their family and personal values. [Bentley University's Center For Women And Business]
- 44% say that marriage is becoming obsolete, compared to 35% of Boomers. [Pew Research]
- 39% of Millennials have a tattoo. [Pew Research]
- They are more tolerant of races and groups than older generations (47% vs. 19%). [US Chamber of Commerce]
- Millennials are the most racially diverse generation. Only 56% of Millennials are white, compared to 73% of Baby Boomers.
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| Millennials- Education & Debt |
Over 63% of Gen Y workers have a Bachelor's Degree. According to Pew Research they are on track to become the most educated generation in history. [Millennial Branding / PayScale]
This education has contributed significantly to their debt,
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| Millennials- Connected |
- 65% of Millennials say losing their phone or computer would have a greater negative impact on their daily routine than losing their car. [Zipcar]
- 41% of Millennials have no landline at home and rely on their cell phones for communication.70% have "Friended" their managers and/or co-workers on Facebook.
- Social media is the preferred tool to kill time, they spend 18 hours a day consuming media, Millennials nicknamed the "always on" Generation.
- 71% say they use the whole lineup of social networks (FB, Instagram, Linked In...) on a daily basis.
- 53% listen to the radio (broadcast/streaming) and
- 60% of them watch TV
- 49% use email, text, chat, texting and apps
- User-Generated Content (UGC) is where their eyeballs are, it appears more trustworthy than plain advertising. According to a study by Ipsos and Crowdtap, 30% of millennials daily media consumption goes to content produced by their peers.
- On average, they spend 5.4 hours on UGC each day!
- UGC is also more memorable (50%) than other content types (37%).
- UGC is more trusted (59%) than other content types (39%).
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| Communicating to Millennials |
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Mobile Strategies may be the most effective means to reach millennials. According to a survey by Bank of America, 39% of millennials report that they interact more with smart phones than anyone else in their lives.
An effective mobile strategy must provide differentiated value. The app should be fast & convenient. It needs to engage them.The content should:
- Offer video tutorials, FAQs and online guides to answer common questions
- Create informative content that will guide younger policyholders. (Millennials may become anxious when first buying a car, home or insurance, they do not have the familiarity that older generations have of navigating this process.
- Include videos and infographics; younger policyholders are more likely to engage in creative content to find explanations
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| What About the Z Generation |
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That's right the Z's are the newest generation, ages 16-20. The Z's:
- 51% prefer in-person communication
- 16% favor e-mail
- 11% opt for instant messaging
- 74% believe in equal rights for transgender people
- 73% believe that same-sex couples should have the right to marry
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| The Generations |
- Baby Boomers I age 63-70,
- Baby Boomers II age 53-63,
- Generation X age 38-52,
- Generation Y age 20-38 (also called Millennials)
- Generation Z age 16-20
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| To read previous newsletter topics, please visit our website at:
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This update is a publication of TBR Associates, designed to highlight employee benefit matters of interest to our readers. The information contained in this publication is meant for general educational purposes only.
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