I’ve been speaking a lot lately on Millennials and have an increasing number of engagements lining up for this year which I’m looking forward to.
However, in every audience exists a batch of people who wonder why they should care what Millennials want, think or feel. It’s a fair question that deserves a straight answer.
Here’s the Twitter version of the answer: Millennials are the largest generation and, by 2014, will make up 50% of the workforce.
How’s that for a good reason?
Stop and think about that for a moment. In three short years, Millennials workers will outnumber both Baby Boomers and Gen X combined. I actually think it will happen sooner than 2014. Once they hit 50%, they will continue to swell their ranks. Eventually, they’ll end up being around 60-65% of the work force. Possibly even more (depending on Gen X mortality rates and retirement age).
Millennials already outnumber Gen X by about 2-to-1. Want to know who will comprise the majority of your management within 10 year (the older segment of Gen Y will be around 44)? Millennials. Want to know who will be your largest pool of potential buyers? Millennials. Want to know who will be heavily responsible for the future of your company? Millennials.
Seeing the trend? Much like the Baby Boomers did in their time, Millennials will be the next, big, trend-setting generation. How they think and feel and what they want is of vital importance to every person at every level of business.
As I see it, the question shouldn’t be “Why should I care?” It really ought to be “How am I going to respond?” If you haven’t yet, I encourage you to check out my free e-book The Millennial Revolution. It can help get the conversation going in your organization.
Share Your Thoughts
How do you think companies should prepare for millennials? Or should they?