According to the US Bureau of Labor Statistics, today Millennials represent a 25% of the American workers and by 2020, their number will increase and reach more than 40%. With different and most often unique management styles, attitudes and skill sets, this generation of Millennials has everything to make their mark in global market.
One of the unique perspectives of Millennials is the adoption of technology for making small businesses fast-paced, mobile and more efficient. Millennials are more optimistic about national economic growth and are more concerned about deeper issues than their elders.
The American national fiscal report has yet to be revealed to compare reality with expectations but here we have a quick look on what exactly do millennials want from small businesses – the factors that are making them change the infrastructure and overall outlook of small businesses.
Why Millennials Should Matter to You?
Recent studies indicate that Millennials favor small businesses where 47% of them are employed by small companies of 100 or even fewer employees and 30% are hired by companies of 100-500 employees. According to Payscale’s study “Gen Y on the Job”, only 23% are hired by larger businesses.
The millennials have reshaped economy in terms of convenience and mobility and therefore, many small businesses are now considering catering to this important and powerful consumer sector as well. More than 66% of small business entrepreneurs believe that millennials will make up the future of small business economy.
Millennials as Consumers
Often perceived as the lazy generation, Millennials actually make up the real dollar generation. For dealing with millennials as consumer market, you need to escape the advertisement tactics of Madison Avenue time and pick modern solutions to put right message at right place and in the right time.
According to a study conducted by NewsCred, around 47% of millennials are connected to communication devices almost all time. The secret to expand millennial consumer market is to connect with them at any time and in any place but with the right tool.
For example, social networking sites like Facebook and personalized blogs and emails have become a common tool to cater to emotional needs. For selling commercial products, you need to consider social networks like Twitter and Play Store marketing.
According to CMO.com, 83% of millennials from the age of 18 to 24 claimed that they use at least one social media platform for reviews and references before purchasing something online. 28% of these millennials name themselves as social shoppers. In fashion-industry, Instagram and Pinterest are becoming the eye candies of millennials. Many companies are already marketing their products on Instagram by hiring non-commercial regular users of Instagram who work as models for these companies.
Millennials as Workforce
Simply put, millennials don’t want a casual 9 to 5 job with 2 days leave to party on Saturday nights. They want money and lifestyle both. Employers need to establish great work environments for millennials as well as offer them strong packages so that they can not only afford basic expenses but can also dream of buying their favorite sports car.
Futuristic companies have millennial workforce majority. If you also want to become a part of these companies then use the given techniques to attract more millennials and converting regular small business employees into loyal ones.
Mobile and Social Media Connectivity
The use of mobile phones is increasing not only on roads but also in offices. With swelling smart phone market, it has become quite difficult to prevent mobile phone usage in the offices. Millennials spend most of their time on smart phones as compared to their elders.
Mobile and social media connectivity can be prevented from affecting your office environment in a number of ways.
- Allow employees to use social media on their laptops and computers in the office.
- Devise productivity based salary packages. Create an automatic system which provides graphical representation of productivity so that the employers can evaluate their productivity and work harder to get full salaries and bonuses.
- Create a company based social network page or group where the employers can connect with each other. Monitoring the page will help you evaluate the use of social media during office timings.
Flexible Working Options
Making your employees to work on-site comes with a number of benefits but again, it is a matter of the priorities of millennials. Establish an environment that attracts employers to work from the office. Flexible face-to-face communication and attractive company culture will make the office attractive for employees.
Along with that, flexible working option is also necessary to make the employees believe that the company cares for them. As millennials range from 18-32 years of age, many of them will still be in struggling period of their lives. Some may be enrolled in universities while others may be setting up their personal side businesses. The options of flexible working hours and work from home option will make it easier for millennials to manage their routine schedules along with maintaining your company’s productivity.
Value and Appreciation
Due to increased number of companies as well as increasing number of different types of professions, switching jobs has become quite easier for employees. Make the millennials realize that the company gives value to their worth by appreciating their work and occasionally assigning them to lead projects.
Clarity in Growth Opportunities
Millennials are more interested in improved lifestyle and salary increments than old age benefits. Clarity in growth opportunities when hiring millennials can help them determine their future with your business.
The millennial generation is a market full of opportunities for small businesses. Entrepreneurs can take benefit from millennials as consumers and employees simply by adapting to modern business trends and open up the executive doors of professional growth if they really want to make it big in the coming years.