Who are Millennials and 5 Monumental Reasons Why They Matter (Part 1)

Who are Millennials and 5 Monumental Reasons Why They Matter (Part 1)
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VIDEO TRANSCRIPT
In this video, you’ll discover a fresh perspective of who are Millennials and learn critical reasons why they matter to you.
The most highly scrutinized generation of all time is the Millennial generation. These are individuals born approximately between 1981-1997. They were once referred to as Generation Y but are now collectively know as Millennials simply referring to the generation who came of age during the 2000 millennium.
They have been called tech-savvy, lazy, optimistic, entitled, over-achieving, innovative, impatient, selfish, world-changers, social media addicts, coddled, and influential just to name a few. But the one word I think best describes Millennials is…unprecedented.
It’s not so much about Millennials themselves as it is about the innovations and other external factors that are converging to make this time in history and this generation truly unprecedented. It’s an unprecedented time with unprecedented opportunity for companies and leaders who are positioned to capitalize on the culture and work shifts being ushered in by Millennials.
A Millennial Overview
• Millennials are on the verge of entering their prime working and spending years.
• Millennials have grown up in a time of rapid change, giving them a set of priorities and expectations sharply different from previous generations.
• Technology, a turbulent economic climate, and globalization have given the Millennials a new set of perspectives, experiences, and behaviors as it relates to work and life.
• Millennials are waiting to get married, move out on their own, and they have a new approach to ownership which has birthed the “sharing economy.”
• Being raised in a digital age, Millennials’ affinity for technology has influenced how they shop. They value instant access to product information, peer reviews, and price comparisons.
Millennials by the Numbers
• Millennials are the largest U.S.and global generation.
• Millennials are the largest generationin the U.S. labor force.
• Sixty-three percent of Millennials have a bachelors degreemaking them the most educated generation ever.
• Seventy percent of Millennialsacross the globe might ‘reject’ traditional business to work independently.
• Sixty-six percent of Millennialsexpect to leave their organization by the end of 2020.
• $15,000 - $25,000 is the average costto replace a Millennial employee.
• Seventy-five percent of the 2025 global workforcewill be Millennials and Generation Z.
• $1.4 trillion annually is the estimated spending power of U.S. Millennials by 2020.
Why Millennials Matter
Beyond being the largest generation on the planet and being on the verge of entering their prime working and spending years, there are other reasons Millennials matter that warrant your consideration.
1. Connectivity Convergence
Technology and the Internet are arguable the biggest disruptors in history. It’s changed how we live, work, and play. No individual and industry is immune to its disruptive power.
To make matters more disruptive…the Internet, mobile technology, and social media all converged on the largest generation on the planet during their influential years and during a phase of life where they could experiment with new innovations.
Being connected to an Internet enabled super computer throughout childhood and early adulthood has changed everything for Millennials and anyone who leads, communicates, or markets to this generation...