Teh Millennials Part II
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Teh Millennials Part II

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No, it's not a typo. It's Part II of the most comprehensive look at the Millennial generation.

No, it's not a typo. It's Part II of the most comprehensive look at the Millennial generation.

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Teh Millennials Part II Teh Millennials Part II Presentation Transcript

  • Social Media and Millennials
  • For Millennials, Social Media is integral to their lives Social networks are more popular than email Time spent on these sites are growing 3X faster than overall time on the Internet More than 2/3 of the world’s online population now visits social networking and blogging sites. - The Nielsen Company
  • Top Social Networking Sites Data March 2009 from wikipedia.org
  • Don’t forget Twitter Twitter is the third largest social network with roughly 6 million monthly visitors and the number of monthly visits at 55 million.* (Growing at + 1000%) * Estimate, Compete.com February, 2009
  • Number of Hours of Television watched a week Millennials watch less television on the actual television compared to other age groups. They are watching television shows on the internet and social media sites such as YouTube and Hulu Data from Deloitte .com
  • Prime Time is not a “thing” any more.
    • DVRs, Tivo, Hulu, iTunes, etc.
    • (someone gave me a copy of the film “The International” a week before it was released)
  • Top 5 YouTube Videos of all time Avril Lavigne - “Girlfriend” (Music Video) From YouTube.com VIDEO VIEWS Avril Lavigne - “Girlfriend“ (Music Video) 117,109,652 Evolution of Dance 115,676,810 Lezberado: Revenge Fantasies 92,989,872 Chris Brown - “ With You” (Music Video) 90,034,707 Charlie bit my Finger- again! 86,268,897 Rihanna - “Don’t Stop the Music” (Music Video) 84,585,275
  • In short, Millennials use social networking sites to:
    • Connect to friends and family
    • Be entertained (including playing online video games)
    • Get news and information
    • Network
    • Get stuff done
    • Join causes and organizations.
  • The Navy, for example
  • Teens visit the site to both get the real story, and to find out what made the moms on the site say “yes” to their child joining the Navy
  • The power of the Social Network “ 1.5 million. That’s how many people have now donated to Obama. No one has ever come close to this in history. And it was done by the Internet, destroying the power of major donors to control a candidate, empowering so many to make a difference and altering the face of campaign finance for ever. “ -Andrew Sullivan, The Atlantic , May 6, 2008
  • Civic Mindedness
  • They see themselves as part of the system
    • They are committed to political involvement and believe in using and strengthening political and government institutions
    • They believe government should provide more services, even if a tax increase is required to pay for it.
    Center for American Progress, National Election Survey, May 2008, Ypulse.com
  • Want to participate
    • Online applications are coming in three times faster than last year at Americorps
    • 88% of 18-29 year olds support the initiative to build a U.S. Public Service Academy, a civilian counterpart to the military service academies.
    • 80% of Millennials volunteered in high school.
    Mimi Hall, Economy Inspires Public Service , USA Today, March 9, 2009.
  • Want to lead a “good” life.
    • “ As younger people are demonstrating, work and commitment are necessary, but leave greed at the gate. Live productively , make a living, but also invest time in family and friends , and lend a hand in the process.”
    • – USA Today, Nation Can Learn From Generation Y , October 8, 2008
          • 42% of all Millennials who volunteer describe their “ideal” work environment as a place that will help them make the world a better place , outranking all other factors, including high salary and flexible hours – Voluntourism.org, 2008, NY Times, 2007 report “America’s Civic Health Index By National Conference On Citizenship
          • Voluntourism.org, 2008, NY Times, 2007 report “America’s Civic Health Index By National Conference On Citizenship
          • Voluntourism.org, 2008, NY Times, 2007 report “America’s Civic Health Index By National Conference On Citizenship
  • Much like the GI generation
  • Want to keep contributing
    • Millennials think they are now stakeholders in government-backed initiatives.
    • Their grass-root level online networking helped them elect their candidate: Obama
  • So what happens when an optimistic, idealistic, civic-minded, connected, helicopter-parent supported, high-esteem generation meets the Great Recession?
  • Source: BusinessWeek 2007 article “Invasion of the Helicopter Parents”
    • Bad news continues
    • Jobs and Wages:
      • The number of unemployed Americans has soared, from 7 million when the recession began to 12.5 million last month.
      • City of Detroit unemployment rate is 22.2%
      • Housing Crisis: Supply of homes at approximately 10 months of inventory, the highest level since 1981. Record number of mortgages are in foreclosure.
    • The Middle Class:
      • More than half of middle-class families have no net financial assets.Nearly four out of five middle-class families do not have sufficient assets to survive for three months should their income source fluctuate or disappear.
    The Great Recession Detroit Free Press, 3/20/2009 US Bureau of Labor Statistics, By A Thread. The New Experience of America’s Middle Class, Demos, 2007.
  • The Great Recession
    • It’s worse for Millennials
        • Median income (adjusted for inflation) for men in their 30s has dropped from $40,000 in 1974 to $35,000 today.
        • Poverty rate among young people age 18-24 (17.8%) is higher than the national average (12.3%).
        • Pension coverage among young workers has fallen from 36% (1979) to 18.8% (2004).
        • 30% of young adults have no health insurance.
        • Top five occupations adding jobs will be: registered nurses, retail sales persons, customer service representatives, food preparers and office clerks, while middle management jobs have been eviscerated.
    Demos, The Economic State Of Young America, Spring 2008.
  • So what happens?
    • Point of view number one: The MSM
      • “ While the ’30’s challenged the whole idea of the American Dream, the idea of open economic possibilties, the version you get today is the loss of confidence on the part of both parent and children that life in the next generation will inevitably better .”
      • Kate Zernike, Generation OMG, The New York Times, March 8, 2009
      • Point of view number two: Millennials
      • “ My generation didn’t have a ton of faith in the solvency and permanence of institutions as it was . I think the recession will make us improve our skill sets. We’ll have to be more self sufficient” - Lily, 22
      • “ The recession is going to be discouraging, but I think it just makes you realize that it’s going to be a little bit harder. - Kristin, 23
      • Gregory Rodriguez, Generation entitled? Economy will test Millennials, Courant.com, March 4, 2009
    • Point of view number three: The “Expert”
      • “ This is not an embittered and cynical generation . Although they did tend to be protected as children, they were also taught to compete and to perform.”
      • Morley Winograd, Millennial Makeover: MySpace, YouTube, And The Future of American Politics
  • Something to think about
    • Is a boomer’s definition of “a better life” the same as their Millennial children?
      • Boomers divorced.
      • Boomers aimed for McMansions.
      • Boomers bought giant SUVs
      • What defines status to Millennials?
  • Four Additional Thoughts
    • The Great Recession could make it harder for millennials to fall back on parental financial support. (No more boomerang kids?)
    • College students and their parents are revisiting how to pay for college tuition
    • State Colleges and Universities are growing in popularity
    • Millennials may begin to start looking at their jobs differently
      • A predictable salary will become even more appealing than the chance of scoring big with bonuses and stock options
      • Having a secure government job sounds even better
  • Implications: How to manage millennials
  • Be their leader, in a role model kind of way
    • This generation grew up with parents they trust, who provided guidance, and special treatment.
  • Be accessible and communicative
    • They’re used to instant communication and feedback. They’ll crave close contact with their supervisor(s).
  • Treat them like professionals rather than subordinates
    • Status & Hierarchy don’t impress them. (Remember, they’re all “special”.)
  • Provide clarity and give specific instructions
    • They’ve had structured lives led by helicopter parents. Be prepared to explain in detail what your expectations are.
  • Provide experiential and interactive learning.
    • That’s what they’ve become used to in school.
  • Make the most of team spirit
    • They’re gifted at building, maintaining, and tapping into social networks. Plus they’ve probably been on a soccer team since the second grade.
  • Clearly explain your organization’s evaluation process and expectations
    • They’re used to being rewarded for just showing up.
  • Offer new challenges and a path to growth
    • Half of all millennials said they expect to spend no more than one or two years “paying their dues”.
    2008 cpa2biz.com, article : “Understanding the millennial Workforce”
  • Help them achieve work-life balance
    • Their life patterns have been completely disrupted. Be honest with the challenges they’ll face, and encourage them with ideas and possibilities.
  • Remember their social network has been their lifeline
    • They’ll need something to replace it.
  • One More Suggestion:
    • Start Reverse Mentoring today.
    • Thank you
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