Millennials have been the target of more scrutiny than any other generation. Why? Because as a generation, they are larger than the Baby Boomer generation that clocked in at 77 million. Baby Boomers were a significant force in terms of purchasing power, political direction and now retirement as they have moved through their lives. Millennials, sometimes called Echo Boomers, are expected to have an equal or greater influence on society.
Representing 25% of the population, and 80 million strong, Millennials are generally agreed to have been born between 1980 – 2000. You will also hear them referred to as Generation Y. The youngest Millennials are 17 years of age while the oldest will be 37 in 2017. What has this intense scrutiny revealed about these consumers?
Posted in Lydia Mehit, Op-ED
Tagged 80 million strong, authentic goods, Echo Boomers, Gen Y, generation y, handmade goods, locally produced goods, Lydia Mehit, marketing, Millennials as a Target Customer, small business
The open plan office has become a fixture of the modern workplace. Private offices and cube farms have been replaced by flexible workspaces with little or no partitions. 60% of companies have now adopted open plan layouts, with more than a third having changed from closed to open layout within the past five years.
The trend is particularly prevalent in London, where a rise in flexible serviced offices has contributed to the layout’s increasing popularity. A Deloitte report on office occupation in central London found that floor space dedicated to serviced offices has increased by 67% since 2004.
Generation X has a gripe with pulse takers, zeitgeist keepers and population counters. We keep squeezing them out of the frame.
This overlooked generation currently ranges in age from 34 to 49, which may be one reason they’re so often missing from stories about demographic, social and political change. They’re smack in the middle innings of life, which tend to be short on drama and scant of theme.
But there are other explanations that have nothing to do with their stage of the life cycle.
Gen Xers are bookended by two much larger generations – the Baby Boomers ahead and the Millennials behind – that are strikingly different from one another. And in most of the ways we take stock of generations – their racial and ethnic makeup; their political, social and religious values; their economic and educational circumstances; their technology usage – Gen Xers are a low-slung, straight-line bridge between two noisy behemoths.
As it has been pointed out countless times in the media and through anecdotes, millennials in the workplace feel entitled to undeserved promotions and raises, are addicted to their smartphones and job hop every few years. The litany of complaints goes on, but of course no generation is as bad — or as good — as reported: Generation X was more than just a bunch of slackers and Baby Boomers’ strengths shook off their juvenile delinquent label.
In the case of Generation Y, twenty-somethings bring new perspectives and habits to the workplace that add value to their employers, even though those strengths also carry inherent weaknesses.
Whether you’re managing millennials or are a twenty-something yourself, here are the unique and creative talents Gen Y brings to the table, the lessons they still need to learn and the opportunities they have to establish themselves as the next generation of leaders.
Ronco Johnson knows financial planning. But when it comes to planning how to reach a critical set of potential customers, he mostly knows that he needs a new plan. That group is the Millennial Generation. Also known as Generation Y, this 80-million-strong legion of Americans born between 1982 and 2000 already exceeds the baby boomers in size and influence — and someday will rival them in affluence. Its a market no small business can afford to ignore.
Johnson, president and chief executive officer of L.R. Johnson & Associates, an insurance and financial services provider in Marietta, Ga., realized awhile back that his marketing tools and strategies would need an overhaul if he was going to have any hope of successfully reaching this huge market. “There is a big difference marketing financial services to Millennials,” he said.
For one thing, the pace of interactions is sped up until it resembles a cartoon chase. “They want their information now,” Johnson said. A series of 2-hour meetings in his office to discuss financial planning needs — de rigueur with older clients — is a nonstarter with Millennials.