How Millennials and Generation X are changing the way we do business

Milena Regos Out&About Marketing

MillennialsBorn: 1982 - 2007

MilennialsAlso known as:

Gen YGen Next

Echo BoomersBaby-on-Board Generation

ScreenagersFacebookersGen Why Not

Source: Maximizing Millennials in the Workspace

Events defining the Millennials formative years - 9-11, Hurricane Katrina, Obama, Financial Crisis

Millennials Characteristics‣ Optimistic and

enthusiastic

‣ Pessimistic about their country’s direction

‣ Respectful of authority

‣ Focused on their education

‣ Close with their parents

‣ Compassionate

‣ We Generation

Source: Chuck Underwood. The Generational Imperative

80 mil

Source: Maximizing Millennials in the Workspace. Photo credit: http://b-i.forbesimg.com/danschawbel/files/2013/09/

millennials.jpg

34%

66%

Millennials Older

Millennials in the workforce in 2014

Source: Lynch 2008

46%54%

Millennials Older

Millennials in the workforce in 2020

Source: Lynch 2008

Source: http://www.insites-consulting.com/infographic-millennials-social-media/

More than 8 out of 10 are members of at least 1 social network.

On average, they join 2.5 social networks.

“Social media permeate the personal, academic, political and professional lives of millennials, helping to foster the type of environment where innovation flourishes. So when compared with older generations, millennials learn quickly — and that’s the most important driver of innovation.”  

Source: Embracing the Millennials Mind Set at Work, NYtimes.com

“Millennials work more closely together, leverage right- and left-brain skills, ask the right questions, learn faster and take risks previous generations resisted. They truly want to change the world and will use technology to do so.”

Source: Mike Marasco

Source: http://www.insites-consulting.com/infographic-millennials-social-media/

Vast Transparency

66% of Millennials believe that older generations don’t

understand them.

No generation will grow up more misunderstood by older

generation than Gen X.Source: Bridging the preparedness gap

‣ Show them the end result‣ Give them a due date‣ Let them figure out the in between‣ Flexibility in work schedule

How to deal with Millennials at work?

Source: Embracing the Millennials Mind Set at Work, NYtimes.com

“If corporate cultures don’t align with the transparency, free flow of information, and inclusiveness that millennials highly value — and that are also essential for learning and successful innovation — the competitiveness of many established businesses will suffer.”

Source: Embracing the Millennials Mind Set at Work, NYtimes.com

Recruiting Millennials‣ Take a look at the US Army - 79% Millennials‣ Involve parent’s approval‣ Do good in the world‣ Fun work space‣ Technologically advanced‣ Flexible schedules

Managing Millennials

‣ Coach them don’t manage them

‣ Treat them like they are special. They are.

‣ Need for structure - US ARMY!!

‣ Immediate feedback

‣ 360 formal mentorships & reverse mentoring

‣ Benefits: Relocation assistance; Tax assistance; Advise and counseling

EmpoweredEngaged

Want to make a differenceSassy enough to think

they can

WILL THEY???

The Gen XBorn: 1965

to 1981

Source: Chuck Underwood. The Generational Imperative

‣ Birth control pill is gaining widespread use

‣ Abortion is legalized in 1973

‣ Feminist movement is opening career doors to women

‣ The rich will get richer

Gen X Formative years

59 mil

Gen X Characteristics‣ Independence‣ Self-reliance ‣ Distance from Older

Generations‣ Marriage is

disposable‣ Us Against Them

‣ Me Generation

Source: Chuck Underwood. The Generational Imperative

The first generation to grow up with a computer

(no Internet)

Gen X Values

‣ No ideology‣ Pragmatic‣ Make marriage

work

‣ Be there for children

‣ Work hard, make money

‣ Not “joiners”

Leadership

‣ Gen X are sharing leadership positions with Boomers

‣ By 2020, we’ll become a Gen X nation for the next 10 to 15 years

Xers in the Workplace‣ They will replace the

Boomers at the top‣ They are creative,

entrepreneurial‣ Self-reliant and

independent‣ Technologically savyy‣ Willing to work hard‣ Seek work/play balance

‣ Comfortable with change‣ Prefer start-ups, small firms‣ Work to live, not live to

work‣ Seek skill-building

opportunities‣ Seek respect and input

Recruiting Xers

‣ Identify peaks and valleys in the hours required upfront

‣ Explain time demand up front

‣ Can you explain career path?

‣ Enhance their skill set

‣ Be technologically forward

‣ Reward individualism, creativity

Managing Xers

‣ Career success = Work-life balance

‣ Offer mentoring ‣ Don’t micromanage‣ Establish retention

program‣ Train them constantly.

‣ Maintain contact after they leave.

‣ Quantify performance‣ Give them plenty of

resources‣ Permit them input

and feedback

A Z

Tools, Technology, Respect, Credit

Gen X Millennials

Accept DiversityPragmatic / practical

Self-reliant / individualisticReject rules

Killer lifeMistrust institutions

PCMultitask

Latch-key kidsFriends-not family

Celebrate diversityOptimistic / realistic

Self-inventive / individualisticRewrite the rules

Killer lifestyleIrrelevance of institutions

InternetMultitask fast

NurturedFriends=Family

Source: http://apps.americanbar.org/lpm/lpt/articles/mgt08044.html

Generation Work Style Career Goals Values

MillennialsEnergy, ideas, productivity, What’s next?

Money, work-life balance,

Change, Impact Now

Flexibility, Control,

Productivity Independence,

Fun

Gen X

Independent, resilient, critical

thinking, Get the job done

Career first, aiming toward

Work-Life balance, Money

Flexibility, Freedom,

Responsiveness, Fairness, Fun

Source: http://www.good.co/blog/2013/05/01/gen-x-vs-gen-y-in-the-workplace-making-generational-differences-work/

Commonalities

‣ Social responsibility‣ Desire for work-life

balance‣ Want to have fun‣ Keep things moving

‣ Productivity versus process

‣ Forward thinking

Source: http://www.good.co/blog/2013/05/01/gen-x-vs-gen-y-in-the-workplace-making-generational-differences-work/

Building on strengths

‣ If you have a project that requires multi-tasking and technology and you have time to actively supervise and provide feedback – assign it to Millennials. They want engagement.

Source: http://www.good.co/blog/2013/05/01/gen-x-vs-gen-y-in-the-workplace-making-generational-differences-work/

Building on strengths

‣ If you have a project that needs to get done and you have little time for supervision – trust Gen X to take care of it. They want freedom.

Source: http://www.good.co/blog/2013/05/01/gen-x-vs-gen-y-in-the-workplace-making-generational-differences-work/

Takeaways

‣ Understand Generational Differences‣ Identify strengths and shortcomings‣ Play it to your advantage = Harness

the specialness‣ Embrace it. Don’t fight it.

VIDEO

Milena RegosOut&About Marketing

www.outandaboutmarketing.commilena@outandaboutmarketing.com

Twitter: @milenaregosslideshare.net/milenaregos

All images credit CreativeCommons unless otherwise indicated

Research by: Kendall Kaminski, A Millennial