Whether they are part of your customer base or employed staff,Â Millennials are likely a big part of your business. And if they aren’t, well then they probably should be.
Millennials, (people born in the 1980s and mid 1990s) are now in their 20s and 30s, which makes them a quickly rising cohort in the business world. They are gaining more purchasing power and they are also well into employment age, so the time has come to acknowledge their potential impact and leverage it to best suite your company.
Millennials as Consumers
As noted above, Millennials, for the most part, are firmly entrenched in the workforce, which means they are earning money. And just like other generations, Millennials spend money. However, they are doing so differently. They are thinking a lot more about who they do business with and what they spend money on.
Businesses who areÂ respectful of the environment and keep a low impact footprint on the world is important to them. Acquiring things and achieving status does not weigh as heavily. Let’s look at Millennials and their housing choices to learn more.
Recent trends have also shown more young adults are leaving their family homes or share apartments to purchase homes of their own. Rather than looking for large homes, there is a growing trend towards either smaller homes they can fix up, or brand new, energy efficient homes under 2,000 square feet.
Why? Two reasons. In many markets around the U.S. the cost of owning a home is either less expensive than renting, or in certain markets it is actually cheaper to purchase a home and secure a steady mortgage payment than to rent.
Pair this with the fact that the job market has been steadily improving, and you can see why Millennials are becoming hugely important to the real estate sector among others.
Donâ€™t forget that these Millennials are finding real estate and rentals now in more tech friendly ways. For example, Google, Zillow and social media will remain hugely important in connecting buyers, sellers, agents, and properties.
But the way Millennials shop and search for solutions goes beyond just the real estate market. It reaches to all types of business. Are you missing out on Millennials and the money they are spending? How is your business positioning itself to capitalize on the Millennial market?
Millennials as Employees
Contrary to the stereotypes that get put out in those funny cartoons, not all young people are lazy and self-absorbed. They are willing and able to work hard and accomplish things. But they will do it differently than you might. Different is not bad, but it does take getting used to. The more able you are as a manager or business owner to tune into what this new generation of workers is looking for, the better the chancesÂ you have of attracting the type of people you will need to grow your business.
Some members of the Millennial generation are not even looking to corporations for employment. Rather, they band together with other like-minded people, pool their talents and resources and start their own businesses.
Whether you are looking to bring more Millennials onto your team or work with companies led by Millennials, you will be gaining a fresh perspective. This can even be a way for your business to better tap into the Millennial market.
Itâ€™s also important to understand Millennials and Gen Z are not your only options for a work force. There are plenty of well trained, talented Baby Boomers still out there and age does not necessarily define all of them. Donâ€™t forget they were the forward thinkers and dreamers that brought you many of the products and services you take for granted today.
In the end, it’s important to build a team of diverse backgrounds, gender, age group, ethnicity, etc. Any ways you can think of to make your company more well-rounded and talented is going to be a positive. The more perspectives you haveÂ leads toÂ more insight and the ability to better serve more customers.