Marketing to millennials statistics and trendsRepublic_Media
The document provides statistics and trends about marketing to millennials, including:
- Millennials, aged 18-29, now represent 1/3 of the US population and have $200 billion in annual buying power.
- In the Phoenix market specifically, 20% of the population is millennials, with a median household income of $41,334.
- Millennials are digital natives who are highly likely to use social media, online shopping sites, and streaming services to communicate, gather news and entertainment.
When Marian Salzman, president of Euro RSCG Worldwide PR, North America, and industry-renowned trendspotter, released her annual list of trends this year, she noted that social media would be a key driver in all of them in 2010. “Companies have begun paying attention to, and actively engaging in, social media,” she said. “As this continues, what began as a campaign strategy for Barack Obama might prove to define next year’s version of total convergence, and a further blending of business roles and responsibilities.” Click on the button below to read her in-depth forecast of these trends and others.
Download the full Gen Z 2025 report here: http://bit.ly/1Vcecow
The future will be defined by a generation that promises to learn from the lessons of the past to create a world unlike anything we’ve ever seen.
Growing up in the shadow of global meltdowns and watching their Millennial siblings flail, Generation Z have resolved to do things differently. In an instant everything world, these kids are present in today, but curate their experiences for tomorrow. But, what will Gen Z be in 2025?
In Gen Z 2025, we unpack the present to unveil a future defined by the next greatest generation’s evolving worlds of work, education and digital, and the dissolving boundaries between social and cultural norms. Exposed to the breakneck speed of culture, Gen Z will transform our very understanding of generations to come.
Heroes are known to be bold problem solvers who fight for good. Why then are Millennials known as the “hero” generation? And why does that answer matter to companies?
Millennials are the largest generation yet and are poised to change the world. Increasingly acting as agents of change, they not only expect to succeed at having an impact on the world, but also seek out brands with the same goals in mind.
Millennial expert Todd Metrokin, Vice President and Creative Strategist, Ogilvy & Mather Washington D.C., shares a deeper look at Millennial behaviors and how to market to this “hero” generation.
This document summarizes research from the Pew Research Center on characteristics and behaviors of Millennials (ages 18-34) compared to older generations regarding technology use, social media use, political views, and group participation. Some key findings include that Millennials are more likely to use smartphones and social media daily and to get news from digital sources. They are also more likely to hold liberal political views and vote Democratic. Millennials are most active in gaming communities and fan groups online but less active in traditional community and political groups.
Generation X refers to those born between the early 1960s and early 1980s. They are typically more independent and skeptical of marketing than previous generations. When making purchases, Generation X consumers conduct extensive research online and value authentic brands that respect their independence. Effective marketing strategies for this generation involve providing ample product information on multiple platforms, personalized communication through email and direct mail, and avoiding stereotypes. Examples of successes include Miller Lite appealing to Gen X nostalgia and masculinity through packaging updates and sports star endorsements, as well as Dove's Campaign for Real Beauty empowering Gen X women. In contrast, Lifelock's dramatic marketing stunts were an epic failure that damaged the brand's credibility.
This document provides an overview of Generation X, those born between 1966-1981. It discusses how Gen X grew up during a time of societal upheaval and lacked clear role models. As they came of age, Gen X developed an anti-authoritarian identity and ethos. Though often overlooked between the larger Baby Boomer and Millennial generations, Gen X has come to wield influence through leadership positions and pioneering new industries. The document examines Gen X's financial situation, career paths, cultural impact, and relationship to technology as they approach age 50.
Marketing to millennials statistics and trendsRepublic_Media
The document provides statistics and trends about marketing to millennials, including:
- Millennials, aged 18-29, now represent 1/3 of the US population and have $200 billion in annual buying power.
- In the Phoenix market specifically, 20% of the population is millennials, with a median household income of $41,334.
- Millennials are digital natives who are highly likely to use social media, online shopping sites, and streaming services to communicate, gather news and entertainment.
When Marian Salzman, president of Euro RSCG Worldwide PR, North America, and industry-renowned trendspotter, released her annual list of trends this year, she noted that social media would be a key driver in all of them in 2010. “Companies have begun paying attention to, and actively engaging in, social media,” she said. “As this continues, what began as a campaign strategy for Barack Obama might prove to define next year’s version of total convergence, and a further blending of business roles and responsibilities.” Click on the button below to read her in-depth forecast of these trends and others.
Download the full Gen Z 2025 report here: http://bit.ly/1Vcecow
The future will be defined by a generation that promises to learn from the lessons of the past to create a world unlike anything we’ve ever seen.
Growing up in the shadow of global meltdowns and watching their Millennial siblings flail, Generation Z have resolved to do things differently. In an instant everything world, these kids are present in today, but curate their experiences for tomorrow. But, what will Gen Z be in 2025?
In Gen Z 2025, we unpack the present to unveil a future defined by the next greatest generation’s evolving worlds of work, education and digital, and the dissolving boundaries between social and cultural norms. Exposed to the breakneck speed of culture, Gen Z will transform our very understanding of generations to come.
Heroes are known to be bold problem solvers who fight for good. Why then are Millennials known as the “hero” generation? And why does that answer matter to companies?
Millennials are the largest generation yet and are poised to change the world. Increasingly acting as agents of change, they not only expect to succeed at having an impact on the world, but also seek out brands with the same goals in mind.
Millennial expert Todd Metrokin, Vice President and Creative Strategist, Ogilvy & Mather Washington D.C., shares a deeper look at Millennial behaviors and how to market to this “hero” generation.
This document summarizes research from the Pew Research Center on characteristics and behaviors of Millennials (ages 18-34) compared to older generations regarding technology use, social media use, political views, and group participation. Some key findings include that Millennials are more likely to use smartphones and social media daily and to get news from digital sources. They are also more likely to hold liberal political views and vote Democratic. Millennials are most active in gaming communities and fan groups online but less active in traditional community and political groups.
Generation X refers to those born between the early 1960s and early 1980s. They are typically more independent and skeptical of marketing than previous generations. When making purchases, Generation X consumers conduct extensive research online and value authentic brands that respect their independence. Effective marketing strategies for this generation involve providing ample product information on multiple platforms, personalized communication through email and direct mail, and avoiding stereotypes. Examples of successes include Miller Lite appealing to Gen X nostalgia and masculinity through packaging updates and sports star endorsements, as well as Dove's Campaign for Real Beauty empowering Gen X women. In contrast, Lifelock's dramatic marketing stunts were an epic failure that damaged the brand's credibility.
This document provides an overview of Generation X, those born between 1966-1981. It discusses how Gen X grew up during a time of societal upheaval and lacked clear role models. As they came of age, Gen X developed an anti-authoritarian identity and ethos. Though often overlooked between the larger Baby Boomer and Millennial generations, Gen X has come to wield influence through leadership positions and pioneering new industries. The document examines Gen X's financial situation, career paths, cultural impact, and relationship to technology as they approach age 50.
SMO and SMM implementations of Obama's election Campaign on the Internet. This PPT shows the powerful usage of search media optimization and social media marketing to reach millions of people accross the globe.
Gen Edge is a rebellious generation that intends to speak out and shake things up. However, their rebellion is defined by a desire for reform rather than destruction. They have witnessed economic struggles, disconnected politics, and stressed Millennials pursuing unrealistic careers. As a result, Gen Edge is hardworking, entrepreneurial, and believes in challenging institutions to create positive change. Their Gen X parents, access to information, and social media platforms empower Gen Edge to voice issues and spark debates on a global scale, representing a new age of rebellion focused on reform over conformism.
Millennials born between 1980-1995 are the largest generation globally and will make up 75% of the workforce by 2025. They have come of age during difficult economic times and are more entrepreneurial as a result. While their aspirations are traditionally focused on careers, families and home ownership, the global recession has delayed these goals and created a new breed of entrepreneurs among Millennials. For brands to be successful with Millennials, they need to demonstrate authentic purpose and engagement beyond just selling products, as Millennials are more discerning consumers influenced by their peers.
Millennials may be more diverse, social, and optimistic than expected. While struggling in the difficult economy, they are entrepreneurial and care about social issues and authentic brands. They value self-expression through music, art, and social media. Millennials are the most racially diverse generation and care about their families and communities despite financial challenges. They are optimistic about their future success and potential.
The document discusses competition between old and new media. It notes that while evidence of old media decline may seem contradictory, most dimensions of media competition now favor new media, including time spent on media, subscriptions, content, advertising investments, gratification opportunities, and gratifications sought. These competitive advantages will likely lead not to coexistence of old and new media, but the displacement of old media over time.
This document provides an overview of Generation Z, those born between 1996-2009. It discusses that Gen Z has been shaped by events like school shootings, climate change, terrorism and economic crises. They are more cautious and pragmatic than previous generations but also inspired to change the world. Gen Z thinks and works differently than other generations. While this may seem frightening, if businesses properly engage Gen Z and utilize their skills, they can prove exceptionally powerful. The document then discusses various characteristics of Gen Z, such as being financially conscious, global-minded, lacking work experience but being very tech savvy. It emphasizes that businesses must understand Gen Z to attract them as both potential employees and influencers.
The 'Hunger Games' Generation: 7 insights into 'Gen Z'Brand Genetics
Whether or not they’re your target audience today, Gen Z are already starting to influence how the world works. Their traits are only just starting to emerge but they show a marked difference to Gen Y / Millennials. Brand Genetics distilled existing studies and its own experience to uncover key Gen Z needs, identifying 7 relevant innovation opportunities that can help your business stay ahead of the game.
Ever wondered why the two hottest words in marketing today are “Millennial” and “Multicultural”?
Well the short answer is that the Millennial Generation (18-34) rules category after category and Multiculturals are their heart and source of vitality and growth.
Andy Halley-Wright, VP Planning and Research at Y&R/Bravo Miami, looks at how despite millennials coming of age in dire economic times, they are optimistic, open minded and brave. And in the home of the brave, the American Dream burns brightest in multicultural millennial hearts. Naturally various life stages and different mindsets fall between the ages of 18 and 34. In fear of over simplification, the younger cohort (18-24) are “Explorers” (4Cs) driven by the mega need of discovery while the older segment (25-34) are “Aspirers” (4Cs) motivated to make a mark and to show the world that they are making it.
"Born in a digital world, eight in 10 Millennials in America own a smartphone. They are always on, always connected – like 1 in 2 are tweeting, liking, emailing, you-tubing or whatever; while on the toilet! No generation has ever spread the word about themselves and help build or break brands like this generation. And again, Hispanics are at the bleeding edge, especially when it comes to mobile," he writes.
If “Millennial” and “Multicultural” are the two hottest words in marketing today, the two most important commandments they impart are that the marketer should “Embrace Diversity” and “Be Participatory.” Of course, that’s easier said than done.
Right now, Gen-Xers are doing something utterly revolutionary that is going unnoticed: They aren’t getting “old” and they’ve flipped the entire aging paradigm on its head.
Newton’s Third Law of Physics states “For every action, there is an equal and opposite reaction” – and Y&R’s Global Planning Director Sandy Thompson has found this to be true for consumer trends, as well. She and her global planners put together "Trends with Tension," a new report that examines how emerging trends tend to have two, oppositional sides.
Millennials, born between 1980-2000, have been influenced by helicopter parenting, immersed in technology from a young age, and came of age during the Great Recession. They value speed, trust peer recommendations over corporations, are highly social both online and offline, and want to make a positive impact. To reach them, brands must speak their language, engage them where they are digitally, understand their complex preferences, and continually adapt tactics for different life stages. Big brands are already courting millennials through innovative digital strategies, while others leverage millennials' creativity through engagement campaigns. Effective marketing to millennials focuses on speed, cleverness, transparency, and enhancing their experiences.
For over 170 years, The Economist has been in the media business. However, the rise of social media has profoundly changed the media landscape. Social media is a fundamental shift in user behavior rather than just a new distribution channel, as people now discover news themselves through social media rather than waiting to be told. This represents an opportunity for The Economist to directly connect its journalists to readers and build trust in its brand. The Economist harnesses the power of social media platforms to share content, reach new audiences through word-of-mouth, and reward loyal fans.
The document summarizes a panel discussion on crisis communications. The panelists discussed the importance of speed in crisis response and monitoring social media to identify developing crises. They also addressed challenges in maintaining transparency and reputation when defending organizations. One key point was that crisis managers need to know how to end conversations quickly in difficult situations. The panelists concluded that auto companies handled their crisis worst by being out of touch with reality for many years.
By 2030, Millennials (ages 18-35) will make up 50% of the US workforce – a fact particularly important for employers and human resource leaders that know future success depends on their ability to attract and retain the best young talent. They are digitally connected, technologically savvy and excited to share their opinions, beliefs and dreams–but what does all that mean for their careers? And for the people who will hire them?
Streelike is Standout - Forbes Magazine - 3 Things You Need To Know Today To ...spencer_shaw
This article summarizes three key insights from the Millennial 2020 conference about how to better serve millennial customers:
1) Millennials prioritize work and health goals on weekdays and eat quick, convenient meals, but make mealtimes a social occasion on weekends.
2) Marketers are afraid of millennials because they don't hear directly from them, instead relying on stereotypes, and millennials want to share their own experiences.
3) Retailers can train millennials to engage more with email marketing by making emails more interactive and personalized.
The document provides a review of the 1995 film "Hackers" about a group of teenage hackers in New York. It summarizes that the film centers around the protagonist Dade and his group of misfit friends who consider themselves elite hackers. While the portrayal of hacking culture seems dated, the film touches on still relevant issues around information freedom, government overreach, and finding acceptance online apart from real-world identities. It also highlights how the internet then provided anonymity and a place for taboo ideas, much like it does today.
This document discusses how to build a brand to reach Generation Z. Generation Z, born between 1995-2009, makes up a quarter of the American population. They are always connected through mobile devices and digital platforms. The document provides 5 ways for brands to connect with Generation Z: 1) use bold visual and digital content across social media platforms, 2) interact across multiple screens and platforms, 3) create short attention-grabbing content, 4) engage their entrepreneurial spirit through social media, and 5) embrace constant change. Brands must adapt their strategies to reach the always-connected Generation Z.
Millennials are not a monolithic group, but rather consist of diverse subgroups divided by factors like age and socioeconomic status. While some experts generalize about Millennials' interests, the realities of their experiences vary greatly from prosperous to impoverished. Though often characterized as uninterested in politics, Millennials have effectively used social media and online activism to enact political change on issues like internet regulation and LGBTQ rights.
This document discusses the Millennial generation and their perspective as new asset owners. It notes that Millennials have experienced significant global events and technological changes that have shaped their worldview. As Millennials inherit $30 trillion in wealth from Baby Boomers over the next few decades, their priorities around social responsibility and impact investing will influence how this capital is invested. Financial advisors who understand and can accommodate the Millennial perspective, such as by discussing impact investing options, will be better positioned to attract and retain clients as wealth is transferred to the next generation.
SMO and SMM implementations of Obama's election Campaign on the Internet. This PPT shows the powerful usage of search media optimization and social media marketing to reach millions of people accross the globe.
Gen Edge is a rebellious generation that intends to speak out and shake things up. However, their rebellion is defined by a desire for reform rather than destruction. They have witnessed economic struggles, disconnected politics, and stressed Millennials pursuing unrealistic careers. As a result, Gen Edge is hardworking, entrepreneurial, and believes in challenging institutions to create positive change. Their Gen X parents, access to information, and social media platforms empower Gen Edge to voice issues and spark debates on a global scale, representing a new age of rebellion focused on reform over conformism.
Millennials born between 1980-1995 are the largest generation globally and will make up 75% of the workforce by 2025. They have come of age during difficult economic times and are more entrepreneurial as a result. While their aspirations are traditionally focused on careers, families and home ownership, the global recession has delayed these goals and created a new breed of entrepreneurs among Millennials. For brands to be successful with Millennials, they need to demonstrate authentic purpose and engagement beyond just selling products, as Millennials are more discerning consumers influenced by their peers.
Millennials may be more diverse, social, and optimistic than expected. While struggling in the difficult economy, they are entrepreneurial and care about social issues and authentic brands. They value self-expression through music, art, and social media. Millennials are the most racially diverse generation and care about their families and communities despite financial challenges. They are optimistic about their future success and potential.
The document discusses competition between old and new media. It notes that while evidence of old media decline may seem contradictory, most dimensions of media competition now favor new media, including time spent on media, subscriptions, content, advertising investments, gratification opportunities, and gratifications sought. These competitive advantages will likely lead not to coexistence of old and new media, but the displacement of old media over time.
This document provides an overview of Generation Z, those born between 1996-2009. It discusses that Gen Z has been shaped by events like school shootings, climate change, terrorism and economic crises. They are more cautious and pragmatic than previous generations but also inspired to change the world. Gen Z thinks and works differently than other generations. While this may seem frightening, if businesses properly engage Gen Z and utilize their skills, they can prove exceptionally powerful. The document then discusses various characteristics of Gen Z, such as being financially conscious, global-minded, lacking work experience but being very tech savvy. It emphasizes that businesses must understand Gen Z to attract them as both potential employees and influencers.
The 'Hunger Games' Generation: 7 insights into 'Gen Z'Brand Genetics
Whether or not they’re your target audience today, Gen Z are already starting to influence how the world works. Their traits are only just starting to emerge but they show a marked difference to Gen Y / Millennials. Brand Genetics distilled existing studies and its own experience to uncover key Gen Z needs, identifying 7 relevant innovation opportunities that can help your business stay ahead of the game.
Ever wondered why the two hottest words in marketing today are “Millennial” and “Multicultural”?
Well the short answer is that the Millennial Generation (18-34) rules category after category and Multiculturals are their heart and source of vitality and growth.
Andy Halley-Wright, VP Planning and Research at Y&R/Bravo Miami, looks at how despite millennials coming of age in dire economic times, they are optimistic, open minded and brave. And in the home of the brave, the American Dream burns brightest in multicultural millennial hearts. Naturally various life stages and different mindsets fall between the ages of 18 and 34. In fear of over simplification, the younger cohort (18-24) are “Explorers” (4Cs) driven by the mega need of discovery while the older segment (25-34) are “Aspirers” (4Cs) motivated to make a mark and to show the world that they are making it.
"Born in a digital world, eight in 10 Millennials in America own a smartphone. They are always on, always connected – like 1 in 2 are tweeting, liking, emailing, you-tubing or whatever; while on the toilet! No generation has ever spread the word about themselves and help build or break brands like this generation. And again, Hispanics are at the bleeding edge, especially when it comes to mobile," he writes.
If “Millennial” and “Multicultural” are the two hottest words in marketing today, the two most important commandments they impart are that the marketer should “Embrace Diversity” and “Be Participatory.” Of course, that’s easier said than done.
Right now, Gen-Xers are doing something utterly revolutionary that is going unnoticed: They aren’t getting “old” and they’ve flipped the entire aging paradigm on its head.
Newton’s Third Law of Physics states “For every action, there is an equal and opposite reaction” – and Y&R’s Global Planning Director Sandy Thompson has found this to be true for consumer trends, as well. She and her global planners put together "Trends with Tension," a new report that examines how emerging trends tend to have two, oppositional sides.
Millennials, born between 1980-2000, have been influenced by helicopter parenting, immersed in technology from a young age, and came of age during the Great Recession. They value speed, trust peer recommendations over corporations, are highly social both online and offline, and want to make a positive impact. To reach them, brands must speak their language, engage them where they are digitally, understand their complex preferences, and continually adapt tactics for different life stages. Big brands are already courting millennials through innovative digital strategies, while others leverage millennials' creativity through engagement campaigns. Effective marketing to millennials focuses on speed, cleverness, transparency, and enhancing their experiences.
For over 170 years, The Economist has been in the media business. However, the rise of social media has profoundly changed the media landscape. Social media is a fundamental shift in user behavior rather than just a new distribution channel, as people now discover news themselves through social media rather than waiting to be told. This represents an opportunity for The Economist to directly connect its journalists to readers and build trust in its brand. The Economist harnesses the power of social media platforms to share content, reach new audiences through word-of-mouth, and reward loyal fans.
The document summarizes a panel discussion on crisis communications. The panelists discussed the importance of speed in crisis response and monitoring social media to identify developing crises. They also addressed challenges in maintaining transparency and reputation when defending organizations. One key point was that crisis managers need to know how to end conversations quickly in difficult situations. The panelists concluded that auto companies handled their crisis worst by being out of touch with reality for many years.
By 2030, Millennials (ages 18-35) will make up 50% of the US workforce – a fact particularly important for employers and human resource leaders that know future success depends on their ability to attract and retain the best young talent. They are digitally connected, technologically savvy and excited to share their opinions, beliefs and dreams–but what does all that mean for their careers? And for the people who will hire them?
Streelike is Standout - Forbes Magazine - 3 Things You Need To Know Today To ...spencer_shaw
This article summarizes three key insights from the Millennial 2020 conference about how to better serve millennial customers:
1) Millennials prioritize work and health goals on weekdays and eat quick, convenient meals, but make mealtimes a social occasion on weekends.
2) Marketers are afraid of millennials because they don't hear directly from them, instead relying on stereotypes, and millennials want to share their own experiences.
3) Retailers can train millennials to engage more with email marketing by making emails more interactive and personalized.
The document provides a review of the 1995 film "Hackers" about a group of teenage hackers in New York. It summarizes that the film centers around the protagonist Dade and his group of misfit friends who consider themselves elite hackers. While the portrayal of hacking culture seems dated, the film touches on still relevant issues around information freedom, government overreach, and finding acceptance online apart from real-world identities. It also highlights how the internet then provided anonymity and a place for taboo ideas, much like it does today.
This document discusses how to build a brand to reach Generation Z. Generation Z, born between 1995-2009, makes up a quarter of the American population. They are always connected through mobile devices and digital platforms. The document provides 5 ways for brands to connect with Generation Z: 1) use bold visual and digital content across social media platforms, 2) interact across multiple screens and platforms, 3) create short attention-grabbing content, 4) engage their entrepreneurial spirit through social media, and 5) embrace constant change. Brands must adapt their strategies to reach the always-connected Generation Z.
Millennials are not a monolithic group, but rather consist of diverse subgroups divided by factors like age and socioeconomic status. While some experts generalize about Millennials' interests, the realities of their experiences vary greatly from prosperous to impoverished. Though often characterized as uninterested in politics, Millennials have effectively used social media and online activism to enact political change on issues like internet regulation and LGBTQ rights.
This document discusses the Millennial generation and their perspective as new asset owners. It notes that Millennials have experienced significant global events and technological changes that have shaped their worldview. As Millennials inherit $30 trillion in wealth from Baby Boomers over the next few decades, their priorities around social responsibility and impact investing will influence how this capital is invested. Financial advisors who understand and can accommodate the Millennial perspective, such as by discussing impact investing options, will be better positioned to attract and retain clients as wealth is transferred to the next generation.
Here are the key points about the theories of Steller's sea cow extinction discussed in the reading passage and by the professor:
- The reading passage presents three theories for the sea cow's extinction: overhunting by native Siberian people, disease, or loss of kelp forest habitat.
- However, the professor disagreed with aspects of each theory. Specifically:
- Regarding overhunting, the professor argued that as very large animals weighing up to 10 tons, it would have been difficult for indigenous groups to have hunted sea cows to extinction in only 27 years.
- For disease, the professor noted there is no evidence disease caused the extinction.
- As for habitat loss, the professor questioned whether
The groundswell of peer-to-peer exchanges across mobile and social platforms empowers people everywhere and anywhere to produce and share with as much authority as they are able to consume and buy. This presentation was developed to explain our SxSW panel entitled: Digital Anarchy: the "bitcoin" effect.
Bitcoin is not only giving banks a run for their money, it threatens to disrupt the centralized power of all sorts of business, political and social infrastructures. Most importantly, bitcoin enables a true "peer economy." This interactive panel discussion will explain how bitcoin is fast becoming a catalyst for change and how the blockchain has the power to uproot a number of our most recognizable dot coms. “The peer economy is inevitable, because humans cannot survive unless we significantly increase what we share as equals.”
The widely-held belief that for-profit investments can only maximize financial returns and social purpose can only be pursued through charity—is obsolete. For the next generation, value has to be created and shared across both sectors and by everyone. Creating shared value however, can not happen through silos of social responsibility or philanthropy, it has to be a values-based investment which is why crowdfunding, pay-for-success, venture philanthropy, impact investing and other social finance vehicles are becoming so powerful.
Digital Anarchy: The Bitcoin Effect examines the potential to democratize financial exchanges by providing digital access to capital. Though one-third of humanity remains unbanked, remarkably more than one billion of these people has access to a mobile phone and thus could use bitcoin (or a derivative thereof) to participate financially. Considering the framework of “humanitarian” capitalism, the fact that bitcoin does not require a central authority to qualify or limit the participation of another human being is an important differentiator to fiat and bank-controlled instruments. This presentation argues that the innovation of bitcoin and the blockchain not only has the capacity to build registries of multi-entity contracting, it also offers the potential to create self-enforcing “smart contracts” between free individuals. Ultimately, the transparency of the blockchain has the potential to end corruption and empower a free society.
For most people living and working in developed parts of the world, it is difficult to remember life Before Digital—the time before computers, Internet, and mobile phones. For those under age 25, it is not just difficult but virtually impossible to remember such a predigital existence.
These people are known as Millenials, and Social Media is embedded in their DNA.
The document provides instructions for how to request and obtain writing assistance from the website HelpWriting.net. It outlines a 5-step process: 1) Create an account with a password and email; 2) Complete a 10-minute order form with instructions, sources, and deadline; 3) Review bids from writers and select one; 4) Review the completed paper and authorize payment; 5) Request revisions to ensure satisfaction, with the option of a full refund for plagiarized work.
Mae Khoory International DevelopmentReflection Paper 3 Dr. IPazSilviapm
Mae Khoory
International Development
Reflection Paper 3
Dr. Indrakshi Tandon
Critique the relationship between international financial institutions (i.e. the World Bank and the IMF) and developing nations, and their promotion of neoliberal economic policies.
The World Bank and the International Monetary Fund has expanded their global reach and exert a great amount of influence when dealing with foreign countries and their internal affairs. These financial institutions hold a lot of power when it comes to determining the future of a developing country (or any country whether rich or poor, that took a loan from them). A great example of how these financial institutions utilize their power is the in documentary watched in class, which exhibited the IMF and the Suharto Regime, their relations, what went wrong and the consequences suffered.
Just a brief summary of both financial institutions, the World Bank was founded at the United Nations Monetary and Financial Conference (also known as the Bretton Woods Conference) in 1944. The International Monetary Fund was also founded alongside the World Bank in 1945, which was in the end of World War II. These financial institutions followed the Bretton Woods system; this system was used to control the value of money between countries. They were established in an era where the political climate was completely different than the current political climate. At the beginning, their aim was to help developing countries emerge from poverty and instability, but that slowly changed into an aggressive implementation of neoliberal economic policies that did more harm than good to the underdeveloped countries.
After gathering information and building up a fundamental idea of both these financial institutions and their forceful implementation of neoliberal policies on developing countries; I have concluded that developing countries are the puppets of these financial institutions, and these financial institutions are the puppets of the neoliberal “regime”. Firstly, why do I say neoliberal “regime”? Let us begin by defining a regime. In politics, a regime is a form of government (or a set of rules) that shapes the procedures of a government and its relationship with the society. In this case, the regime consists of private and powerful individuals who own large and powerful corporations that permit control for their own interests in order to gain profit; they shape the procedures of the (underdeveloped) society. I am pointing out the fact that these financial institutions use neoliberal policies as a form of governing on a country.
Why do I say puppet? In regards to the developing country’s relationship with these institutions, they fell into the hands of these powerful entities in (most likely) the desperation of their need for money. After being loaned the money, the IMF and the World Bank are able to control these countries’ internal affairs because now, they have a say in how they should use that money. Wher ...
- Millennials have grown up with social media being an integral part of their lives and spend more time on social networks than email. They use social media to connect with others, be entertained, get news and information, and network.
- The Great Recession has negatively impacted Millennials' job and economic prospects more than other generations. Median incomes and pensions have decreased while poverty and unemployment have increased among young people.
- While the recession may increase Millennials' self-sufficiency and job security priorities, experts believe this generation remains optimistic and civic-minded, focusing on how to make the world a better place through their work. The recession is a challenge but not one that will embitter them
Trends 2016 | Juan Isaza | The Insight PointDDB Latina
T5. Legally Illegal
- In 2016, views on legality will continue to change as individuals and societies question what should and should not be considered legal. Marijuana legalization will spread for medical and recreational use.
- Other currently illegal drugs may gain acceptance in limited contexts like microdosing LSD in technology companies.
- People will feel empowered to determine what is "legal" for themselves based on ethics rather than laws, using services like ride-sharing even if prohibited. Cryptocurrencies will further distance from any association with illegality.
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1. I
n his Oscar-winning original screenplay for the movie “Her,” Spike Jonze creates
a world set in the not-too-distant future which is completely dominated by the
Millennial generation (born 1982-2003). The movie’s hero, Theodore Twombly,
falls in love with an intuitive operating system, Samantha, symbolizing the technologi-
cal obsessions of the generation. But the film’s real stroke of genius lies in the way it
portrays a world where Millennials’ values are infused into every aspect of society.
Theodore works at a company called “BeautifulHandwrittenLetters.com” where he
spends his day with fellow co-workers dictating missives for people who request them
to be sent to their loved ones as a special way to celebrate an important moment in
their relationships. The movie shows him working at this task with no supervision,
prompted by a computer when it is time to produce the next piece of product, which
is printed out in cursive writing on unique pieces of stationery. His work day ends
when he dutifully scans the envelopes into a mail deposit device as he exchanges
pleasantries with the male receptionist who seems to provide the only supervisory
support for the work.
As portrayed in the movie, all of Theodore’s personal relationships—especially his
painful divorce and his enduring friendship with a real girl, but even lesser ones such
as a touching moment at his goddaughter’s birthday party or a double date with
the receptionist—are constrained by Theodore’s desire to avoid confrontation and
do what is best for everyone involved. Surrounded by technologies that are at least
a generation or two more advanced than the ones we know, Theodore returns to
nature—from beaches to cabins in the snow—when he needs to get in touch with his
emotions at a deeper level.
Morley Winograd
is a Senior Fellow at the
University of Southern
California’s Annenberg
School Center on
Communication and
Leadership Policy.
INTRODUCTION
How Millennials Could Upend Wall Street and
Corporate America
Morley Winograd and Dr. Michael Hais
Dr. Michael Hais
has served as Vice
President for Entertainment
Research at Frank N. Magid
Associates. He earned his
PhD in Political Science
from the University
of Maryland.
Together, Dr. Michael Hais
and Morley Winograd are
co-authors of three books,
Millennial Majority: How a
New Coalition is Remaking
American Politics (2013),
Millennial Momentum: How a
New Generation is Remaking
America (2011), and Millennial
Makeover: Myspace, YouTube,
and the Future of American
Politics (2008).
May 2014
2. Millennials and the Future of Corporate America 2
THE EFFECT OF MILLENNIALS ON THE AMERICAN ECONOMY
The movie “Her” portrays an array of values that are already evident within the Millennial
generation (born 1982-2003), a cohort whose dominating presence will make its behaviors
the major motif of American life in the next decade. The generation’s distinctive culture and
approach to life present such a sharp break from the recent past that it is often perceived
by older generations to be an alien, even dangerously different, change in American society.
Nevertheless, those beliefs, by dint of demography if nothing else, represent the attitudinal
and behavioral future of America.
So far, this generationally-driven shift has had the most impact in endeavors such as
entertainment and politics which are particularly susceptible to the influence of younger
participants. But now, as the generation enters young adulthood, the force of the changes
they are capable of creating is beginning to be felt in all sectors of America’s economy. The
initial tremors are already changing consumer markets and forcing corporations to change
their workplace practices. But soon, as Millennials become an increasingly large share of the
adult population and gather more and more wealth, the generation’s size and unity of belief
will cause seismic shifts in the nation’s financial sector, shaking it to its very foundations
and leading to major changes in the nation’s board rooms. As Millennials become CEOs, or
determine the fate of those who are, they will change the purpose and priorities of companies
in order to bring their strategies into alignment with the generation’s values and beliefs.
MILLENNIAL VALUES
By 2020, Millennials will comprise more than one of three adult Americans. It is estimated that
by 2025 they will make up as much as 75 percent of the workforce. Given their numbers, they
will dominate the nation’s workplaces and permeate its corporate culture. Thus, understanding
the generation’s values offers a window into the future of corporate America.
In the future, most Americans, taking their cue from Millennials, will demonstrate a greater
desire to advance the welfare of the group and be less concerned with individual success. They
will be less worried about being guided in their daily decisions by software and more intrigued
by the opportunities it offers. Even without any major environmental disaster, they will display
a greater reverence for the environment and less interest in the acquisition of things as
opposed to experiences.
It will be a world that is radically different than the one those who wield power today have
grown accustomed to leading. The Baby Boom generation, born between 1946 and 1964, has
made confrontation the touchstone of its existence. In their youth, Boomers protested the
3. Millennials and the Future of Corporate America 3
Vietnam War, or fought against those who did. As they aged, both conservative and liberal
Boomers polarized America’s politics, making compromise morally unacceptable. Throughout
their lives, Boomers have honed conflict and competition to a fine art.
As Boomers begin to leave the corridors of power in Congress and the executive suites of
corporate America, they are being replaced by members of Generation X (born 1965-1981),
who are largely devoted to the pursuit of the bottom line—preferring speed over reflection
and autonomy over collective decision-making. For example, the Gen-X self-styled “Young
Guns” in the U.S. House of Representatives Republican leadership consider it perfectly proper
to publicly exhort Boomer Speaker John Boehner not to compromise and, when he does, to
vote against him. Similarly, Silicon Valley CEOs, many of whom are drawn from the ranks of
Generation X, look with disdain on the good old boys network of their Wall Street counterparts
and are eager to leverage the technologies they have developed to gain advantage in the
marketplace over the older, more established titans of the media and telecommunication
sectors.
4. Millennials and the Future of Corporate America 4
This is not to suggest that Millennial CEOs are, or will be, any less interested than Boomers or
Gen-X’ers in assuring the success of the enterprises they now, or eventually will, lead. Rather,
it is to emphasize the importance of recognizing the differences in how Millennials define
success and the way they make decisions in order to envision the future of corporate America.
For example, the most famous, and wealthiest,
Millennial CEO today, Mark Zuckerberg, was criticized
by many for the eye-popping $19 billion his company,
Facebook, paid to buy WhatsApp, a mobile messaging
service with 465 million users worldwide. Critics said
the price was too high and the cultural incompatibility
too great for the deal to work.
Jan Koum, the Ukrainian immigrant who co-founded
WhatsApp, had publicly and pointedly distanced his
company, which is gaining one million subscribers
per day, from any intention of ever selling ads. His
statements were at the very least an implicit criticism
of Facebook’s ever greater focus on doing just that
since going public, especially on mobile devices,
None of that deterred Zuckerberg from pursuing his successful courtship of Koum. “Jan and I
have known each other for a couple of years,” Zuckerberg told investors as he described how
he made his proposal. “Eleven days ago, last Sunday evening, I proposed if we joined together
it would really connect the rest of the world. He thought about it and over the course of the
week he said he was interested ... then we got the price later in the week and came to terms.”1
As part of those terms, Zuckerberg agreed to have WhatsApp continue to operate as an
independent company and to put the independent-minded Koum on Facebook’s board.
As Koum explained on the same investors call, “Monetization is not going to be a priority for
us. Zuckerberg focuses on things 5 or 10 years from now. So in 2020, or 2025, 5 billion people
will have a smartphone and we will have a potential for 5 billion users to give us money.”
Of course, one obvious difference between Zuckerberg and most CEOs is that he has all the
voting rights among Facebook shareholders and can afford to focus on the long term with
no consideration of his investors’ possibly more short term needs. But, more than his unique
status, it is Zuckerberg’s classic Millennial beliefs and behaviors that provide an unvarnished
insight into what a corporate world dominated by Millennial values might look like.
1 Jim Edwards, “Zuckerberg: It’s the Only App We’ve Ever Seen with Higher Engagement than Facebook Itself,”
Yahoo Finance, February 19, 2014. http://finance.yahoo.com/news/live-facebooks-investor-call-whatsapp-225719757.
html
This is not to suggest that
Millennial CEOs are, or will be,
any less interested than Boomers
or Gen-X’ers in assuring the
success of the enterprises they
now, or eventually will, lead.
5. Millennials and the Future of Corporate America 5
In that world, just as Millennials create communities
built around shared interests not geographical
proximity, causes will create compatibility between
otherwise disparate groups. The desire of Millennials
for pragmatic action that brings results will overtake
today’s emphasis on ideology and polarization as
Boomers finally fade from the scene. This cultural shift
will be felt in all aspects of the American economy from
its marketplaces to its workforce and from its board
rooms to the daily decisions of its CEOs.
The distinctive and widely shared attitudes and beliefs
of this generation will slowly, but surely, reshape
corporations in its image and end the confrontational
and bottom-line oriented world that Boomers and
Gen-X’ers have created.
MILLENNIALS AS CONSUMER-WORKERS
Almost two decades ago, Peter Drucker wrote in his book, Managing in a Time of Great
Change, that “economic performance is not the only responsibility of a business…Furthermore,
without responsibility, power always degenerates into nonperformance and organizations
must perform. So the demand for socially responsible organizations will not go away; rather,
it will widen.”2
Since those words were written, an entire generation of socially responsible
consumers, Millennials, has been born and is coming of age demanding that companies wishing
to earn their generation’s loyalty in the marketplace and in the workplace demonstrate support
for causes Millennials believe in and prove it with deeds as well as words.
Ever since Drucker penned his prediction, Cone Communications has been tracking the
attitudes of American consumers toward businesses’ involvement in social issues. Over that
span, as Millennials became a larger and larger share of the marketplace, the idea of “cause
marketing” has evolved from a nascent promotional strategy to the key differentiator, not only
in deciding what to buy, but who to trust and reward with brand loyalty. Furthermore, Cone’s
most recent study found that cause marketing was no longer a competitive differentiator
unless it was also accompanied by a genuine effort on the part of companies to demonstrate
how their efforts were making a real impact on achieving results.
2 Peter F. Drucker, Managing in a Time of Great Change, (Dutton: 1995), 84.
In that world, just as Millennials
create communities built
around shared interests not
geographical proximity, causes
will create compatibility between
otherwise disparate groups.
6. Millennials and the Future of Corporate America 6
Cone’s 2013 survey of over 1,200 U.S. adults found
Millennials to be the generation most focused on
corporate social responsibility when making purchasing
decisions.3
Almost all Millennials responded with
increased trust (91%) and loyalty (89%), as well as a
stronger likelihood to buy from those companies that
supported solutions to specific social issues (89%). A
majority of Millennials reported buying a product that
had a social benefit and 84% of a generation that
accounts for more than $1 trillion in U.S. consumer
spending considered a company’s involvement in social
causes in deciding what to buy or where to shop. In
2013, 89% of all American consumers said they would
consider switching brands to one associated with
a good cause if price and quality were equal. That
percentage was 23 points higher than when Cone first
did its survey in 1993, at a time when no Millennials were part of the adult population.
Not only are Millennials creating the need for companies to pay attention to their corporate
social responsibilities, but they are also leading a shift in buying behavior away from the
glorification of consumerism to a more measured view of what’s important in life. Young &
Rubicam’s brand attribute survey in 2009 of 2,300 adults found that a majority of Millennials
belonged to a segment labeled “Spend Shifters.” Not only did three-fourths of the “Spend
Shifters” say they “made it a point to buy brands from companies whose values are similar
to my own,” almost all of them (87.5%) disagreed with the statement that “money is the best
measure of success.”4
The authors of Spend Shift, John Gerzema and Michael D’Antonio, pointed to a major
shift between 2005 and 2009, just as the first wave of Millennials became adults, in what
consumers were looking for in the companies with which they wanted to do business.
Attributes such as exclusive (-60%), arrogant (-41%), and sensuous (-30%) fell from favor
while values more associated with those of the Millennial generation rose dramatically.
Kindness and empathy rose 391 percent in these five years, the biggest shift in attitudes ever
seen in the seventeen year history of the survey. Other values associated with the generation,
such as friendly (+148%) and socially responsible (+63%), also rose dramatically. These shifts
in consumer attitudes driven by Millennial values will give every American corporation that
3 “2013 Cone Communications Social Impact Study: The Next Cause Evolution,” Cone Communications, 2013. http://
www.conecomm.com/stuff/contentmgr/files/0/e3d2eec1e15e858867a5c2b1a22c4cfb/files/2013_cone_comm_so-
cial_impact_study.pdf
4 John Gerzema and Michael D’Antonio, Spend Shift: How the Post-Crisis Values Revolution Is Changing the Way We
Buy, Sell, and Live, (San Francisco: Jossey-Bass, 2011), XX-XXV.
The idea of “cause marketing”
has evolved from a nascent
promotional strategy to the
key differentiator, not only in
deciding what to buy, but who to
trust and reward with
brand loyalty.
7. Millennials and the Future of Corporate America 7
wants to attract customers, not to mention workers and
investors, no choice but to deliver on a commitment
to make the world a better place one cause at a time.
Companies will also have to behave a lot more nicely
than they are accustomed to in order to deliver those
results, more like the characters in “Her” than those in
“The Graduate.”
Just as Peter Drucker predicted more than two
decades ago, the surest way to ensure the failure of a
firm’s economic performance in the Millennial era that
is now emerging is to focus solely on profits, because
a company’s future ultimately rests on the loyalty of
its customers to the values the company and its brand
represent. Furthermore, the strategy that must be
employed to win Millennial consumers’ loyalty, is the
same one that must be used to win the loyalty of the
company’s Millennial employees.
In 2013, the National Society of High School Scholars
(NSHSS), surveyed the best and the brightest of America’s 15-27 year olds and asked them
where they would most like to work.5
St. Jude’s Children’s Hospital ranked number one, joining
three other health care providers in the top ten among all employers mentioned. Although the
listing of high tech and entertainment firms with a strong Millennial brand reputation such as
Disney (#2), Google (#4) Apple (#5) and Microsoft (#10) in this top ten list might have been
predictable, most analysts were surprised that the FBI was ranked seventh, and the CIA eighth.
An examination of the top 25 companies or organizations on NSHSS’s list provides further
insight in how Millennials think about where they want to work. Eight of the potential
employers listed were health care related companies. Government agencies, including the
State Department (#12) and the NSA (#17) along with branches of the armed services were
the second most popular type of employer with six slots in the top 25. Outside of the high tech
sector, the type of employers that were most appealing to Millennials as a place to work were
those whose mission is to change the world for the better.
These are not just the opinions of young, possibly naïve Millennials who have yet to experience
the world of work. A survey of ten thousand Millennials with one to eight years of experience
in the workplace, conducted by the consulting company Universum in 2011 produced similar
5 Susan Adams, “The 25 Companies Where Top Millennials Most Want to Work,” Forbes, May 9, 2013. http://www.
forbes.com/sites/susanadams/2013/05/09/the-25-companies-where-top-millennials-most-want-to-work/
These shifts in consumer
attitudes driven by Millennial
values will give every American
corporation that wants to attract
customers, not to mention
workers and investors, no choice
but to deliver on a commitment
to make the world a better place
one cause at a time.
8. Millennials and the Future of Corporate America 8
results to the NSHSS study. It asked respondents to rank order ideal employers from a list of
national firms (which meant hospitals like St. Jude weren’t on the list). In the Universum survey
of currently employed Millennials, the FBI was ranked seventh and the CIA tenth. Outside of
high tech firms, government agencies occupied the most number of slots in the top 15 with the
State Department ranked fourth, right between Facebook and Disney.
9. Millennials and the Future of Corporate America 9
Evidence that these attitudes represent a generational shift, not one based simply on age,
can be found in a benchmark survey of 1,250 insurance company employees conducted for
LifeCourse Associates in 2012.6
Almost two-thirds of Millennial employees said they wanted
their employer to contribute to social or ethical causes they felt were important. Only half of
the Boomers and older Gen Xers surveyed felt the same way.
This desire on the part of Millennials for their daily work to reflect and be a part of their
societal concerns will make it impossible for corporate chieftains to motivate Millennial
employees simply by extolling profits, or return on investment for their shareholders, or even
employee salaries. For example, a recent Intelligence Group study found that almost two-thirds
6 “Why Generations Matter: Ten Findings from LifeCourse Research on the Workforce,” LifeCourse Associates,
February 28, 2012. https://www.lifecourse.com/assets/files/Why%20Generations%20Matter%20LifeCourse%20As-
sociates%20Feb%202012.pdf
10. Millennials and the Future of Corporate America 10
(64%) of Millennials said they would rather make $40,000 a year at a job they love than
$100,000 a year at a job they think is boring.7
Corporate leaders wishing to build employee
loyalty will need to emphasize the company’s participation in the same world of causes and
commitments that are the keys to successfully attracting Millennial customers.
This attitude presents a particular challenge to leaders of firms with more mundane or
practical purposes, such as manufacturers or distributors, who will need to find ways to
inject more meaning into their enterprise’s activities if they wish to retain the loyalty of their
Millennial employees. One way to accomplish this is to expand their goals beyond simply
growing profits to include additional ones focused on the full range of their stakeholders, such
as serving communities and satisfying customers.
However, the changes that Millennials’ presence in
the workplace will drive are much deeper and more
profound than simply a shift in a company’s goals. In
its study comparing 13,000 Millennials and Gen Xers
working at the consulting firm PricewaterhouseCooper
throughout the world, USC’s Center for Effective
Organizations (CEO), found that the key to retaining
and engaging younger workers was “good task
leadership AND [sic] good talent leadership.”8
By that
they meant it was important to “make good use of
worker’s time, be transparent with them, and provide
a supportive work community.” In response to the
findings, PwC abolished annual performance reviews
in favor of more instant feedback. Directly in line
with Millennial values, PwC refocused their vision and
recognition programs on their employee’s efforts “to change the world.”9
These are the types
of changes all companies will need to make to retain the loyalty of their Millennial workforce.
Steven Pearlstein identified trust, or “social capital” as the “necessary grease” without which
today’s complex system of “democratic capitalism cannot survive.”10
For Millennials, trust
comes from shared values and commitments to common causes. All successful corporations
7 Jessica White, “Millennial generation eager to work, but ‘on their terms,’” The Columbus Dispatch, March 30, 2014
http://www.dispatch.com/content/stories/business/2014/03/30/eager-to-work-but-on-their-terms.html
8 Alec Levenson, George Benson, and Jennifer Deal, “What works for leading the new multi-generation workforce,”
Center for Effective Organizations, August 2013.
9 “The connected employee experience,” PriceWaterhouseCooper, February 2014. http://www.pwc.com/en_US/us/
technology/publications/assets/pwc-technology-connected-employee-experience.pdf
10 Steven Pearlstein, Social Capital, Corporate Purpose, and the Revival of American Capitalism, (Washington, DC:
The Brookings Institution, January 2014), 4. http://www.brookings.edu/research/papers/2014/01/10-corporate-pur-
pose-american-capitalism-pearlstein
For example, a recent
Intelligence Group study found
that almost two-thirds (64%)
of Millennials said they would
rather make $40,000 a year at
a job they love than $100,000 a
year at a job they think is boring.
11. Millennials and the Future of Corporate America 11
in the future will need to rebuild their stock of social capital by aligning their management
practices and priorities to reflect the values of the increasingly dominant Millennial Generation
in order to increase the level of trust they currently receive not only from their workers and
their customers, but from their investors as well.
MILLENNIALS THINK ABOUT MONEY DIFFERENTLY
In its latest study of the Millennial Generation, Millennials in Adulthood, the Pew Research
Center found that America’s youngest adults were the least trusting of any generation.11
Only
19 percent of Millennials agreed with the statement that “most people can be trusted,” a
percentage that was about half of all other older generations.
11 Pew Research Center, “Millennials in Adulthood,” March 7, 2014. http://www.pewsocialtrends.org/2014/03/07/
millennials-in-adulthood/
12. Millennials and the Future of Corporate America 12
This result reconfirms Pew’s earlier findings about Millennials’ attitudes toward America’s
major institutions. Eighty-three percent of Millennials agreed with the statement that “there is
too much power concentrated in the hands of a few big companies,” a percentage statistically
greater than that of all other generations. About two-thirds of the Millennials surveyed in
2012 also agreed that “businesses make too much profit,” which was the highest level of
agreement among all generations. At the same time,
less than half of Millennials thought “unions had too
much power”; by contrast, a majority within all other
generations agreed with that statement. Even more
telling from a generation noted for its general lack of
trust in institutions, 72 percent of Millennials, compared
to only 61 percent of Xers and Boomers, agreed with the
statement that “labor unions were necessary to protect
the working person,” a level statistically significantly
higher than that of older generations. These findings
reflect the generation’s belief in fairness and equality,
and reflect its dissatisfaction with the current
institutional and economic status quo.
This unique Millennial sensibility will extend into the marketplace as the generation begins to
think about which, if any, financial institutions to trust with their money. A recent survey by
MFS Investment Management found that nearly half of Millennials “never feel comfortable
investing in the stock market.”12
The survey also showed Millennials keep more of their assets
in cash, less in stocks, and, in spite of their relative youth, have a shorter time horizon—less
than five years—for their investments than Boomers or Gen Xers. A report by UBS Wealth
Management in the Americas described Millennials as “the most conservative generation since
the Great Depression” with regard to its savings habits.13
According to UBS’s research, the
average investor aged 21 to 36 has 52 percent of their savings in cash, compared to 23 percent
for other age groups.14
Clearly, one reason for this avoidance of the stock market stems from the same experience
of extreme volatility and risk that the Millennials’ GI Generation great grandparents
experienced when they were coming of age during the Great Depression. A 2013 study by
Accenture confirmed these attitudes, with 43 percent of Millennials identifying themselves
12 Sean Lavery, “Millennials take a conservative investing approach,” The Boston Globe, March 9, 2014. http://www.
bostonglobe.com/business/2014/03/09/wary-millennials-take-conservative-investing-approach/V8BBU5WABEHX-
G9ucKkpq8J/story.html
13 “Accidentally Conservative: The Risk that Lies Ahead for Millennials,” Nasdaq.com, February 24, 2014. http://www.
nasdaq.com/article/accidentally-conservative-the-risk-that-lies-ahead-for-millennials-cm328928#ixzz2wSD0aYer
14 “Think you Know the Next Gen investor? Think again.” UBS, 2014. http://www.ubs.com/content/dam/WealthMan-
agementAmericas/documents/investor-watch-1Q2014-report.pdf
A recent survey by MFS
Investment Management found
that nearly half of Millennials
“never feel comfortable investing
in the stock market.”
13. Millennials and the Future of Corporate America 13
as conservative investors, compared with 27 percent for Generation X and 31 percent for
Boomers.15
But the survey also uncovered a deeper reason than just the Great Recession for
this cautious investing behavior by Millennials.
The Accenture survey found high levels of mistrust of financial institutions among Millennials
and a greater reliance on the Internet, social media, and personal networks for financial advice.
As Kelsey Raycroft, a Boston-based Millennial put it, “The personal connection is important to
me, especially with money stuff…. When I see these commercials with big companies, I’d rather
go to somebody I trust.”16
In fact, this deep level of distrust toward the banking industry led the authors of the Millennial
Disruption Index to identify the financial sector as the industry most likely to experience
15 Sean Lavery, Boston Globe, 2014.
16 Ibid.
14. Millennials and the Future of Corporate America 14
severe disruption in its business model.17
Their three-year research study of more than 10,000
Millennials also found that of the ten least-liked brands among members of this generation
four belonged to the nation’s most powerful banks—J.P. Morgan Chase & Co., Bank of America
Corp., Wells Fargo & Co., and Citigroup. Seventy-one percent told the researchers that they
would “rather go to the dentist than listen to what banks are saying.”18
Furthermore, this generation of careful consumers and selective savers is perfectly ready to
embrace a future without banks. Already, Millennials are three times more likely than Boomers
and twice as likely as members of Generation X to be “unbanked,” i.e. have neither a savings
nor a checking account.19
When asked, about 70 percent of Millennials thought that the way
we pay for things five years from now will be totally different and one-third of them told the
Millennial Disruption Index researchers they didn’t believe that they will need a bank at all in
the future.
The source of this disruption is perfectly clear to Millennials, even if it’s not a future that
bodes well for the banking system. Almost all (88%) of Millennials do their banking online and
half of those use their smart phone to do so.20
This experience leads about three-fourths of
Millennials (73%) to be “more excited about a new offering in financial services from Google,
Amazon, Apple, Paypal or Square” than from a nationwide bank.21
Since both the technology
and the financial wherewithal to offer such services exists within these firms, the study’s
prediction of “seismic” change in the near term future of banking appears to be at least as
realistic a vision of the future as that presented in “Her.”
It is possible that the generation’s lack of interest in using traditional banking services could
be cured if the industry offered new, high tech products and services or maybe changed
its advertising approach. Another possibility is that community banks will enjoy a rise in
popularity with Millennials since their name expresses an affinity with Millennials’ favorite
environment. This possibility might become even more likely if community bankers seized
the opportunity and ran their bank the way Jimmy Stewart’s character in the movie “It’s a
Wonderful Life” ran his.
But the odds are that banks, along with other parts of the financial sector, will continue to
lose ground with Millennials as investors because of the fundamental mismatch between the
17 “The Millennial Disruption Index,” Scratch/Viacom Media Networks, 2014 http://www.millennialdisruptionindex.
com/
18 Ibid.
19 Gary R. Mottola, “The Financial Capability of Young Adults—A Generational View,” FINRA Foundation Financial Ca-
pability Insights, March 2014. http://www.finrafoundation.org/web/groups/sai/@sai/documents/sai_original_content/
p457507.pdf
20 “Millennials Invest More Time in Digital Banking,” emarketer.com, March 25, 2014. http://www.emarketer.com/Ar-
ticle/Millennials-Invest-More-Time-Digital-Banking/1010704/1
21 “Millennial Disruption Index,” 2014.
15. Millennials and the Future of Corporate America 15
generation’s beliefs and the culture of Wall Street. As
Gene Smith, born on the cusp between Millennials and
Gen X, so eloquently wrote in 2012 upon his resignation
from Goldman Sachs after a very successful twelve-
year career, “I have worked here long enough to
understand the trajectory of its culture, its people
and its identity. And I can honestly say that the
environment now is as toxic and destructive as I have
ever seen it.”22
If Millennials continue to avoid investing their money
in the institutional titans of the financial world, those
firms that today are most intent on focusing CEOs’
attention to the bottom line, may well find themselves
with less financial clout to exert that kind of influence
in the future. The cultural clash between Millennials’
values and beliefs and the priorities of bankers and
financiers could signal the death knell for not just
Milton Friedman’s position that maximizing shareholder value should be management’s only
priority, but for an entire way of life inside the world of high finance.
CLASH OF CULTURES UNDERMINES WALL STREET’S FUTURE
The actual experiences of eight Millennials who started their careers in the financial sectors
were documented in the book, Young Money, by Kevin Roose.23
He documents the disillusion
each of them experienced during their first two years of employment at companies whose
brands are among those least liked by Millennials—Goldman Sachs, Citigroup, Bank of America/
Merrill Lynch, Wells Fargo, and J.P. Morgan Chase—as well as the German (Deutsche Bank) and
Swiss (Credit Suisse) versions of those companies. During their initial year of employment
these entry level employees were expected to work twenty hours a day (a 9 to 5 workday
meant 9 a.m. until 5 a.m.), often every day of the week including weekends. At work, their lives
were at the mercy of irrational, bullying older bosses that saw hazing as a necessary ritual to
sort out the good from the mediocre. As a result, this diverse group of new employees rapidly
lost their health, relationships, and, in most cases, their pride. Talent in this particular world of
work was meant to be torn down and task leadership consisted of creating a fear of failure so
intense it drained the creativity out of the group. No attempt was made to build trust or teams,
22 Greg Smith, “Why I am Leaving Goldman Sachs,” The New York Times, March 14, 2012. http://www.nytimes.
com/2012/03/14/opinion/why-i-am-leaving-goldman-sachs.html?pagewanted=all&_r=2&
23 Kevin Roose, Young Money: Inside the Hidden World of Wall Street’s Post-Crash Recruits, (New York: Hachette
Book Group, 2014).
But the odds are that banks,
along with other parts of the
financial sector, will continue
to lose ground with Millennials
as investors because of the
fundamental mismatch between
the generation’s beliefs and the
culture of Wall Street.
16. Millennials and the Future of Corporate America 16
let alone to demonstrate how the work these young financial apprentices were asked to do
would contribute to the greater good.
Their stories took place against the backdrop of the Great Recession as jobs became extremely
scarce and graduates were more ready to trade their ideals and personal lives for a six figure
income in the first year after graduation. But as Roose documents, money soon became
less of an allure to Millennials who were more interested in finding meaning in their lives; by
2011 the percentage of seniors who went directly to work in the financial services industry
had fallen dramatically. The Occupy protests even generated efforts by Millennials to picket
recruiting events on campus with signs reading, “Take a chance, don’t go into finance,” or with
messages to the potential recruits from their peers suggesting “our talents will be wasted if
we send all our best and brightest to Wall Street.” Many Millennials seemed to agree with these
sentiments. In 2011, Teach for America recruited more seniors at Brown and Columbia than
Goldman Sachs; today, one out of every six Ivy League seniors applies for an opportunity to
teach in America’s most challenged school districts.
Of the eight Millennials whose stories Roose chronicles, only one continued working on Wall
Street. Two others joined the world of finance in Latin America but focused their careers
on economic development. Three of the other five joined high tech startups, one went to
work for a hospital and one went to work in community banking—outcomes very much in line
with Millennials’ rankings of ideal employers. Even though the eight people whose lives are
captured in the book hardly represent a statistically reliable sample of all Millennials, their
work experiences accurately describe an industry culture that is completely out of synch with
Millennial values.
William C. Dudley, president of the Federal Reserve Bank of New York—the arm of government
that interacts with Wall Street more than any other—called this outdated, in-bred, insular
culture just as much of a threat to the success of the industry as the changes in risk
management practices mandated by the Dodd-Frank financial reform legislation passed in
the wake of the financial system’s collapse in 2008. “I think they [the banks] really do have a
serious issue with the public,” Dudley said, “And I think that trust issue is of their own doing.”24
He told the Global Economic Policy Forum in November of 2013 that,
There is evidence of deep-seated cultural and ethical failures at many large financial
institutions. …Tough enforcement and high penalties will certainly help focus
management’s attention on this issue. But I am also hopeful that ending too big to
fail and shifting the emphasis to longer-term sustainability will encourage the needed
cultural shift necessary to restore public trust in the industry.25
24 Peter Eavis, “Regulators Size Up Wall Street, With Worry,” Dealbook/The New York Times, March 12, 2014.
http://dealbook.nytimes.com/2014/03/12/questions-are-asked-of-rot-in-banking-culture/?_php=true&_type=blogs&_
r=0
25 William C. Dudley, “Ending Too Big to Fail,” (Remarks at the Global Economic Policy Forum, New York City, No-
vember 7, 2013) http://www.newyorkfed.org/newsevents/speeches/2013/dud131107.html
17. Millennials and the Future of Corporate America 17
THE MILLENNIAL RECKONING
This matter of trust as it relates to the financial sector’s future might be of interest only to
those in the industry, or those with the responsibility to do something about it, if it weren’t for
the enormous power the industry wields in the management and investment decisions of all
corporate CEOs and Boards of Directors, to say nothing of the entire economy. As Pearlstein
points out in his paper, “The most extensive infrastructure supporting the shareholder value
ideology is to be found on Wall Street.”26
As the industry continues to lose ground with the
generation that is destined to dominate American life, its influence in corporate board rooms
will also inevitably wane.
All organizational cultures that lose touch with the
changes that are taking place in society pose a
clear danger to the future of those organizations.
The stronger those cultures are, the more likely the
organization will reject any attempt to change how
“we do things around here.” In the same way that
individuals react to cognitive dissonance by rejecting
information that contradicts deeply held beliefs,
data from the external environment that suggests
the need for an institution to change is summarily
dismissed by those within the institution. Instead,
the insiders discredit the new information from the
outside as coming from sources that don’t understand
the importance of the existing culture in assuring the
firm’s success. As happened to most of the Millennials
described in Young Money, hiring new people into an
organization which doesn’t share the cultural values of
the institution usually results in the incumbent culture spitting out the newcomers before they
can change the existing way of doing things.
This organizational truth doesn’t bode well for the survival of America’s current corporate
governance practices. Those Millennials who do go to work in the industry and get accepted
within the existing culture are likely to represent a minority among the generation, further
eroding the industry’s overall base of political support. Furthermore, as a matter of
self-selection, such Millennials are the least likely new employees to want to change the
existing culture and demand anything more than the kind of cosmetic cultural adaptations that
the industry is already grudgingly putting in place. Meanwhile, most Millennials are likely to
26 Pearlstein, Social Capital, 9.
Meanwhile, most Millennials
are likely to continue to find
an outlet for their desire to
change the world for the better
somewhere other than on Wall
Street, not just as investors or
workers but also as customers.
18. Millennials and the Future of Corporate America 18
continue to find an outlet for their desire to change the world for the better somewhere other
than on Wall Street, not just as investors or workers but also as customers.
The power of the Millennial Generation was first felt at the beginning of this century in
consumer markets, especially those such as entertainment and fashion that are focused on
younger customers. Then, in 2008 and 2012, the Millennial wave of disruption entered the
world of politics, with the generation playing a critical role in President Obama’s election
and re-election. More recently, it has begun to transform the world of work. Now, as the
oldest members of the generation enter their thirties, they will have the ability to meld their
considerable political clout with an increasing amount of economic power.
Millennials don’t intrinsically dislike American business and believe corporations, including
those on Wall Street, make an important contribution to the American economy. But they are
a generation more prepared than older generations to regulate economic entities which they
perceive as not contributing to the greater good. According to Pew’s research, a plurality of
Millennials, unlike older generations, mostly disagree with the statement that “government
regulation of business usually does more harm than good.”
As the culture of Wall Street becomes become more and more isolated from the beliefs and
values of America’s largest adult generation, it is likely to be disrupted by Millennials’ desire
to use government’s involvement in the economy to create a fairer and more equitable
society. Ultimately, the generation’s group orientation, its preference for win/win solutions,
its deep sense of fairness and its desire that everyone in the group share benefits as equally
as possible will lead Millennials to support the type of regulation and policy prescriptions that
Pearlstein suggests will impact not just Wall Street, but all of America’s corporate governance
practices.27
Furthermore, demographic trends make it clear that over the next decade increasingly greater
numbers of Millennials will be elected to office, giving them the power to enact laws that can
change how corporations are governed and what responsibilities those entities owe to all of
their stakeholders. When that happens the entire edifice of corporate governance constructed
on the idea of only maximizing shareholder value will come crashing down and a new
foundation for American corporations, built on trust and the values and beliefs of Millennials
will arise in its place. Those companies that dedicate their future to changing the world for
the better and find ways to make it happen, will be rewarded with the loyalty of Millennials
as customers, workers and investors for decades to come. Those that choose to hang on to
outdated cultures and misplaced priorities are likely to lose the loyalties of the Millennial
generation and with it their economic relevance.
27 Pearlstein, Social Capital.
19. Millennials and the Future of Corporate America 19
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