As the millennial generation continues to grow and make an impact, the business world is starting to see increased changes brought on by this generation. The result is a major shift in the landscape of today’s workplace, and while some are still getting used to the idea of this new millennial-friendly work environment, many major corporations are making some big changes to accommodate the lifestyle and the needs of this revolutionary generation.
Millennials have already surpassed Generation X and the Baby Boomers to become the biggest presence in the workforce today. So what impact have they exactly had? Here are a few key ways millennials are shaping today’s business world.
They’ve Made Social Media Bigger Than it Ever Was Before
Millennials were the first generation to rely on social media -- you will almost never see a millennial without their phone in their hand, or sitting on the table in front of them. As a result, social media is now bigger than ever before not only for social purposes, but in for business as well.
Social media marketing has in and of itself become one of the most influential ways to promote virtually any business, product or service. Social media is not dying anytime soon, as the generation to come relies on social media even impossibly even more so than millennials.
They Demand Flexibility and Work Life Balance
Millennials are starting to demand more of a work-life balance and the result is a major change in the former 9-5 model that most corporations abided by for decades. Many millennials are demanding to have it all both at work and at home, more companies are getting used to the idea of flexible hours, work-from-home jobs and telecommuting.
The result is allowing many young workers to balance their growing families with their growing careers. There are also many millennials who are moving towards more freelance work, as creating their own schedule is extremely appealing.
They Are Consuming Products Differently
Millennials aren’t just shaping the way that businesses operate, they are shaping the landscape of consumers as well. As millennials become some of the major spenders in our market today, companies are starting to look for ways to change and ultimately meet the needs of these tech-savvy consumers. This means focusing not only on online commerce, but on making sure that reviews are plentiful as well.
In fact, over half of millennials say they would trust an online review over the opinion of a friend or family member. Now that’s saying something. This generation is strongly dependent on the reviews and opinions of others, which is why more and more companies are focusing on curating positive reviews and comments to meet the needs of today’s consumers.
They Are Demanding a Sense of Purpose in the Workplace
Perhaps one of the most interesting changes that has been brought on by the millennial generation is that they are looking for a sense of purpose with their jobs. This has become very important for companies who are looking to recruit future talent, and keep them happy.
Millennials want a job where they have a sound, meaningful purpose and they want to work for a company that is actually advancing the wellbeing of our society in new and innovative ways. This is challenging companies to stand by their mission, and ensure that their employees are connected to the purpose and passion that the organization must promote in order to keep millennials happy.
If you are looking to stay ahead of the curve in today’s fast-paced marketing world, then it is time to pay attention to the way that millennials are shaping the market. Changing to fit the needs and lifestyle of this generation has been the key for many businesses who are looking to stay relevant in this ever-changing market.