They sound like aliens . . . who are they and what do they want? And, to many employers and marketers, they may seem like aliens. Not that every new generation doesn’t seem foreign to the previous generation, but the millennials are moving so quickly and have more potential to change the world than perhaps any previous generation.
According to Nielsen, millennials evaluate and value corporate reputation and corporate social responsibility (CSR) efforts and take a different look at employment. Today, according to Goldman Sachs, millennials account for approximately 92 million millennials age 18 to 35, a generation even bigger than the Baby Boomers, in the US and “(t)hey comprise about one-third of ‘Opinion Elites,’ an influential subset of the public who are highly informed, engaged and active when it comes to social and business issues,” according to Nielsen.
Who Are Millennials:
- Are data driven
- Have a short attention span
- Share their values via social media
- Are influenced by friends’ opinions
- 50% are disappointed with CSR of employers
- 9 in 10 would switch brands to one associated with a cause
- Look for brands that don’t abuse natural resources
What Do Millennials Want?
- To purchase from companies with social and environmental initiatives
- To purchase products with a social impact
- To purchase sustainable products
- To have fun
- To provide feedback
- To interact with brands
- Work/life balance
- Salary and benefits, and advancement opportunities and good treatment of employees
- To make a difference
- To be more engaged in corporate social responsibility (CSR)
Millennials are changing the way businesses go to market and interact with their customers. And, they will be a driving force behind companies’ decisions to engage in social responsibility and environmental initiatives. The Millennial Impact takes a look at this generation and their desire to do good.
How are you engaging millennials? Is it working?