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Returns to live with parents after college.
Returns to live with parents after college.
Rents in order to facilitate a highly mobile
Rents in order to facilitate a highly mobile
Is a digital native whose smartphone
is the nerve center for all interaction with products— a conduit for selection, purchase, and fulfillment.
Expects the e-commerce revolution to continue, with all retail activity eventually taking place online.
Desires instant gratification, driving a preference for click-and-collect.
Is “entitled,” expecting knowledgeable and helpful in-store service.
Is debt-laden and lacks the means to buy anything other than discounted products and fast fashion.
Source: CBRE Global Overview, Millennials: Myths and Realities (2016)
they do not fully understand their supervisors’ expectations of them, what their customers want, or their organizations’ brands.
All three generations additionally agree that customer ex- perience in the global marketplace is generally poor. Whether you are a boomer, a Generation Xer, or a millennial, you are also likely to feel that this shortcoming is somewhat mitigat- ed by the innovative uses of social media.
LOOKING BEYOND STEREOTYPES
If there is any single lesson to be learned from studying mil- lennials, it is that they are, after all, people. The best and the brightest of millennials thrive in a collaborative organiza- tional culture—just like workers of other generations—and enjoy being encouraged to contribute new ideas at work. Far from waving the flag of individuality, most millennials sin- cerely want to adopt a collective approach to making deci- sions. These young people are not actually the “me, me, me” generation ... and that is a good thing, because they will soon be the generation that leads our world.
lifestyle, with no desire for the responsibility of
lifestyle, with no desire for the responsibility of
owning a home.
owning a home.
Is not saving for the long term.
Is not saving for the long term.
When buying a property, is dependent
on the “bank of Mom and Dad.”
When buying a property, is dependent
on the “bank of Mom and Dad.”
MILLENNIALS: MYTHS AND REALITIES
MILLENNIALS: MYTHS AND REALITIES
MEET OUR “MYTHICAL
MEET OUR “MYTHICAL
MILLENNIAL”
LIVE
Delays moving out of the family home for as long as possible.
Returns to lWive wOith pRarKents after college. WORK
WORK
Feels entitled to rapid career progression and frequent increases in salary.
Is a job-hopper who works to live, with no loyalty to an employer.
Expects to be always digitally connected, blurring work/life distinctions.
Is a collaborative worker both in terms of both of workplace and working style.
Is a city slicker who does not want to commute, preferring to live and work in the center of the city.
PLAY
MILLENNIAL”
PLAY PLAY
Expects the e-commerce revolution to continue, with all Expects the e-commerce revolution to continue, with all retail activity eventually taking place online.
retail activity eventually taking place online.
Desires instant gratification, driving a Desires instant gratification, driving a preference for click-and-collect. preference for click-and-collect.
Is “entitled,” expecting knowledgeable Is “entitled,” expecting knowledgeable and helpful in-store service.
and helpful in-store service.
Is debt-laden and lacks the means Is debt-laden and lacks the means
Is a digital native whose smartphone
Is a digital native whose smartphone
is the nerve center for all interaction with products— a is the nerve center for all interaction with products— a
conduit for selection, purchase, and fulfillment. conduit for selection, purchase, and fulfillment.
more money and work intao bmuyoraenyitnhingoovtahteirvtheaenndvisciroountemdent, 47 to buy anything other than discounted
products and fast fashion.
percent of Generation Xers and 42 percent of baby boomers
products and fast fashion.
give this same rationale for moving along. Millennials are more likely than Generation Xers to want to shoot for the top when looking for a new job (24 percent versus 19 percent), but baby boomers trump both these groups in ambition, with 28 percent reporting that they want to assume more respon- sibility in an organization that has a top-notch reputation.
MUCH IN COMMON
Particularly in the workplace, millennials are not as different from older generations as many may think. They actually share some of the most significant concerns with the two generations that directly precede them. Here, it is important that employers take note because these worries do not bode well for productive work environments.
Like Generation Xers and baby boomers, many millenni- als feel that they do not understand their employers’ busi- ness strategy. Related to this concern, approximately half of people hailing from all three of these generations say that
Rents in order to facilitate a highly mobile
Feels entitled to rapid career progression
Feels entitled to rapid career progression lifestyle, with no desire for the responsibility of
MILLENNIAL”
LIVE
with no loyalty to an employer. with no loyalty to an employer.
LIVE
Expects to bWehaelnwbauyysidnigiatapllryocpoenrtnye,cistede,pbelunrdreingt Expects to be always digitally connected, blurring
Delays moving out of the family
work/life distinctions. work/life distinctions.
Delays moving out of the family
home for as long as possible.
Is a collaborative worker both in terms of both Is a collaborative worker both in terms of both of workplace and working style.
of workplace and working style.
Is a city slicker who does not want to commute,
Is a city slicker who does not want to commute, preferring to live and work in the center of the city. preferring to live and work in the center of the city.
home for as long as possible.
and frequent increases in salary. and frequent increases in salary.
owning a home.
Is a job-hopper who works to live, Is a job-hopper who works to live,
Is not saving for the long term.
on the “bank of Mom and Dad.”
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