They’ve been called many things – the me-me-me generation, generation now, the myPod generation, and generation why, to name a few – but regardless of how you feel about their sense of entitlement or their work ethic, millennials are here to stay.
In fact, by now, the vast majority of millennials have already started working, and by using their overwhelming numbers, they have surpassed Boomers and Gen-X-ers to assume the largest share of the U.S. workforce. One in 3 American workers is a millennial – and by 2030, they will comprise more than 75 percent of the workforce.
Even if excluding millennials didn’t mean a significantly more arduous talent search, employees are swiftly realizing how valuable millennial workers truly are. We’ve already told you how to attract millennial workers; here’s why having so many of them on staff is good for business.
1. Millennials Understand Other Millennials
Millennials have been growing as a commercial force for a while, but this year, experts predict millennial spending to exceed $200 billion. Over their lifetimes, millennials are projected to spend about $10 trillion. It is safe to say that appealing to a millennial audience is not just smart – it is necessary for a business’s survival.
However, millennials make up an exacting group of consumers: They prefer self-service, but want personalized experiences; they care about company values and culture, but brand popularity is also a significant driving force.
Attracting and maintaining millennials is a complex juggling act – and no one keeps those balls in the air better than millennials themselves. A millennial staff inherently understands what young consumers want and why, so they can effortlessly push the company in the right directions.
2. Millennials Are Fundamentally Tech-Savvy
These days, if your business has a printer, you are delightfully old fashioned. For nearly every business process, there is a paperless, tech-centric option that is faster and more efficient – if you are comfortable with tech. Fortunately, millennials are.
Most millennials grew up with a home computer (or two or three) and many had cellphones before the age of 16. They learned how to type in elementary school and immediately adopted smartphones while older generations dragged their feet.
Millennials are so tech-savvy that many head straight to the tech industry, for careers like software developer or web designer. However, at any business, a millennial can introduce technologies that will improve productivity and keep the business competitive.
3. Millennials Are Dramatically Better-Educated
Already, millennials are arguably the best educated generation in American history. Over 30 percent of millennials have bachelor degrees, and about 40 percent of the generation is still in school, striving toward higher education.
What’s more, millennials are more motivated to return to school for advanced degrees, and their tech smarts as well as improved education options are helping them do so. MBA online programs require less than two years, and millennials can complete them without leaving their current positions.
Already, millennials boast excellent education credentials, but because their likelihood of returning to school is great, hiring a millennial is like investing in the future of your company. As your young worker gains more education and skills, you benefit significantly.
4. Millennials Are Flexible — and Want Flexibility
Amid complaints of millennial flakiness, millennial entitlement, and millennial narcissism, many members of older generations miss one of the most valuable qualities of millennials: their flexibility. Some call it “job hopping,” but a more accurate term is “skill pivoting;” millennials can almost effortlessly devote their energies and abilities to new projects and goals, as necessary. They have an almost limitless gift for adaptation.
When you want to restructure your business, your millennial workers will adjust with minimal complaint. In times when organizational change is common and essential to survival, lower staff turnover is a noteworthy boon.
5. Millennials Get Things Done
Millennials grew up in a period of extreme instability. Throughout their young lives, traditional systems experienced upheaval thanks to emerging technologies, like the internet and mobile devices. They lived through several periods of economic confusion, from the booms in the late ‘90s to the busts of the late ‘00s. From this rampant change, most millennials gained a precious skill: Resourcefulness.
Every problem has a solution, and millennials will use their knowledge, skills, connections, and more to identify and achieve the best solution possible.
Millennials are capable at setting their own goals, and they are fiercely determined to accomplish them. It shouldn’t be surprising that many millennials are applying these abilities at their own startups. Still, if nothing else, when you hire a millennial, you are hiring a good worker.