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9 Ways Millennials Are Better At Business | Jake Croman

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9 Ways Millennials Are Better At Business | Jake Croman

  1. 1.  9 Ways Millennials Are Better at Business than Previous Generations Jake Croman
  2. 2. Many economic sectors and businesses are evolving to the changing needs of generations who grew up with more access to information and cultural diversity than their predecessors. As the most educated generation in history, Millennials are redefining--and will continue to improve-- business models for future generations. 
  3. 3. There are three strategic ways millennials can improve upon business models for future generations: Now coming into our prime, Millennials are entering the job market in larger numbers. By 2025, it’s estimated 75% of working adults will be Millennials. As a generation, we have distinct values that are reshaping business strategies and initiatives to become more inclusive, sustainable, and dynamic.
  4. 4. SUSTAINABLE + ALTERNATIVE BUSINESS DESIGNS A sustainable business design maximizes inclusiveness and equality, but also improves long-term value with efficient and, if applicable, eco- friendly products and services. Detailed below are some of these alternative business models that are creating new ways of business strategy:
  5. 5. 1.SHARED VALUE INITIATIVE Developed in a 2011 Harvard Business Review article, the principle of this management strategy is to connect businesses with society. The model redefines purpose as “shared value”; business that generates economic value by approaching societal problems or injustices. 
  6. 6. 2. B-Corporations These for-profit corporations focus on interconnected, global-based networks of ethics and wellness. Their ideal is to compete with other businesses to be the best in their field, but also to provide more sustainable benefits for society. In addition, they must abide by performance criterias like environmental impact, accountability and transparency.
  7. 7. 3.Ethical Investing Millennials are focusing on ethical investing which seeks a return on financial investment while creating a fairer world. Investment funds still offer a monetary return, but the model incorporates strategies for giving back. Big data shows that impact investing is on the rise globally. 
  8. 8. SOCIAL STRATEGY Big and small businesses are already implementing regulations, enforcements, and activists to combat anti-social activities. However, social value models need to quantify social return on investment (SROI) through shared value principles in future business models. In the future, innovative business models will be social, delivering both financial and extra-financial value through positive impacts for people. Tech-savvy Millennials can redefine system level changes that redevelop services and products with distinct social practices:
  9. 9. 1.Consumer Advocacy Protecting the interests of consumers builds reliable networks. A consumer advocacy approach determines problems in the future and examines how to eliminate them by communicating core values and mission to its consumers. Consumer advocacy can help reconstruct the bridge to more trustworthy and direct business-to- person relations.
  10. 10. 2.Intellectual and Emotional Intelligence A lean innovation and intellectual capital strategy, IQ and EQ is a business technique that can optimize value creation. New business models blend traditional and emotional intelligences so that more initiative and understanding go into transactions. Research from Carnegie Institute of Technology reports that 85% of financial success is determined by “human engineering” skills like personality and soft skills like communication, negotiation, and leadership.
  11. 11. 3.Connectivity Millennials are shaping social media trends in broader cultural conversations. Integrated reporting on how the company delivers on its social impacts along with outreach to changing, potential demographics can go beyond basic social media interfacing.
  12. 12. ENGAGEMENT AND WORKPLACE STRATEGIES Creating a thriving business model also means maintaining worker’s health and wellbeing. Sustainable models create new outlines for productivity and offer supportive work environments. Engagement and workplace strategies are now starting to become more progressive for workers thanks to Millennials’ work/life desires. First, a good workplace strategy means hiring Millennials who can understand the integration between old and new technologies to make products more efficient and intuitive. The next step is sustaining a holistic workplace culture:
  13. 13. 1.Multiple Engagement Strategies Positive reinforcements, mentorship, and community-based workspaces can build a productive work environment for Millennials. Research identifies differences between generations and meaningful engagement impact.  Millennials will soon comprise much of the working demographic, so design strategies for different major employee groups--Gen X, etc--are needed to peak engagement, loyalty, and community experience while still attracting future employees.
  14. 14. 2.Engagement Progress Monitoring 65% of Millennials said they think rigid hierarchies and outdated management styles failed to get the most out of younger recruits. However, many Millennials appreciate mentorship, feedback, encouragement, and support in their roles. It’s crucial that businesses train management in producing healthy bonds, supportive bonds with their employees.
  15. 15. 3.Rewards strategy  Improved benefits, workplace reward systems, or a better work/life balance are not only desirable to current Millennial workers, but will impact a generation of more industrious and incentivized productivity for future workers. As Millennials strive for better career development in various industries, work and lifestyle perks will be culturally promoted as a right, not just a privilege.
  16. 16. A NEW MODEL FOR THE FUTURE This is the time where effective and diverse business policies become realities, but business strategy for social impact will only grow through universal demand. Political events will needed to effect policy changes that are both necessary and urgent. If successful, multi-sector progress in economics, geopolitics, and culture may rush in a new era of business. As our world demands change, we may be on the brink of more trustworthy, responsible, and aware ways of connecting business with communities all over the world.
  17. 17. Thanks for reading! For more please visit my site: JAKECROMAN.CO