Continuing with our generation series, this month we analyse Generation Y, better known as 'the millennials’. They’re an age group that is ambitious, self-aware, digitally savvy with a social conscience and concern for the wider world and the planet.
Generation Y: What do we know?
Born between 1980 and 1994, millennials, aka Generation Y are often seen as dissatisfied with the world around them. They confidently question the status quo and are vocal where they see the need for change.
Use technology for productivity
They’ve grown up with tech and were the first to adopt and rely on social media as a source of communication. Millennials are the world’s first digital-native generation, which is a major distinction with preceding generations.
They are also an entrepreneurial demographic. Millennials are launching businesses, at an average age of 27, compared to 35 for baby boomers.
Adopt work-life balance
Despite the majority of Gen Y graduating with large sums of student debt, they don’t live to work. They are very keen to achieve a more balanced life than perhaps the preceding generation.
A survey by Deloitte shows that 67% of millennials believe that work-life flexibility improves their productivity at work. Additionally, 66% of the millennials surveyed think flexibility improves their health and happiness.
Social Responsibility
According to Forbes, Gen Y are deeply committed to social impact. A 2015 Corporate Sustainability report from Nielsen Global found that 73% of global millennials would pay more for sustainable offerings.
Another study by Horizon Media's Finger on the Pulse found that
more than 8 in 10 expect companies to make a public commitment to good corporate citizenship.
What can we learn from Gen Y?
It’s clear that millennials are shaping the business world. Studies suggest that by 2025, they will form 75% of the workplace. They are vocal about change and are not afraid to make themselves heard. They have embraced technology and their attitude to work life balance is an important learning point about balance.
