As the millennial generation grows and makes an impact, the business world is beginning to see increased changes brought about by this generation. As a result, the landscape of today’s workplace has shifted dramatically, and while some are still getting used to the idea of this new millennial-friendly work environment, many major corporations are making significant changes to accommodate the lifestyle and needs of this revolutionary generation.
Millennials have already surpassed Generation X and Baby Boomers to become the largest workforce presence today. So, what effect did they have? Here are a few examples of how millennials are shaping today’s business world.
They Have Made Social Media More Popular Than It’s Ever Been
Millennials were the first generation to rely on social media, and you will almost never see one without their phone in their hand or on the table in front of them. As a result, social media is now more popular than ever before, not only for social purposes, but also for business.
Social media marketing has become one of the most powerful ways to promote almost any business, product, or service. Social media is not going away any time soon, as the next generation relies on it even more than millennials.
They Expect Adaptability And A Work-Life Balance
Millennials are beginning to demand more work-life balance, which is causing a significant shift in the former 9-5 model that most corporations have followed for decades. Many millennials expect to have it all at work and at home, and more businesses are adapting to the concept of flexible hours, work-from-home jobs, and telecommuting.
As a result, many young workers are able to balance their growing families with their growing careers. Many millennials are also shifting toward more freelance work, as the ability to create their own schedule is extremely appealing.
They Consume Products in Distinctive Ways
Millennials are not only changing the way businesses operate; they are also changing the consumer landscape. Companies are beginning to look for ways to change and eventually meet the needs of these tech-savvy consumers as millennials become some of our market’s major spenders today. This entails focusing not only on online commerce, but also on ensuring that reviews are plentiful.
In fact, more than half of millennials say they would trust an online review more than the advice of a friend or family member. That’s quite a compliment. This generation is heavily reliant on the reviews and opinions of others, which is why an increasing number of businesses 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.