In the next decade the economy will experience one of the largest demographic workplace changes in modern history. By the year 2025 Millennials will make up approximately 75% of the U.S. workforce, and worldwide this generation will account for 50% of those employed.
This week contributor, Rebecca Harris, Director of the Center for Women’s Entrepreneurship at Chatham University, looks at the The Business of Millennials.
There are 80 million Millennials, or those of “Generation Y” in the United States today, making up an entire quarter of the population. Pittsburgh makes yet another list, coming in 15th in the Niche, Best Cities for Millennials list. The best places for them to live in the city include Shadyside and Friendship.
In addition to aligning themselves with brands and products with a good mission, Harris outlines just who the Millennials are.
“They are interested in participating in the workforce. They want to participate in marketing, participate in decision making. They’re known as content creators, and content for them is really king on the internet… they do do a lot of social media, but they’re not as much hooked on email the way the generation before them was.”
Harris also describes the consumer habits and traits of Millennials and what makes them different from generations before them when it comes to looking for jobs.
“Millennials don’t rank salary as the highest factor when they’re looking for a job. Many of them are willing to forgo a higher salary for more security, better benefits. Another survey indicates Millennials are paying closer attention to things like health benefits and retirement plans.”
Harris says nearly half of Millennials want to start their own businesses, which she encourages. To target these Millennials as an established business, however, she says it is absolutely necessary to have your company on at least one or more forms of social media. Harris also recommends new and unique content to keep these constantly creating Millennials happy, and to give them something to believe in.