According to research by the Pew Research Center, by 2030 “all members of the Baby Boom generation” will have reached the retirement age of 65–with an average of 10,000 Baby Boomers reaching retirement age every day between now and then. By contrast, in 2014 millennials already represented a majority of the workforce, with more than half in management roles. With estimates that by 2025 nearly 75% of the western world’s workforce and predominate consumers will be Millennials, what should business leaders and those influencing strategy be paying attention too? I found this recent study Global Millennial Survey 2019 by Deloitte to provide good insights to consider.
Among this year’s key findings:
- Economic and social/political optimism is at record lows. Respondents express a strong lack of faith in traditional societal institutions, including mass media, and are pessimistic about social progress.
- Millennials and Gen Zs are disillusioned. They’re not particularly satisfied with their lives, their financial situations, their jobs, government and business leaders, social media, or the way their data is used.
- Millennials value experiences. They aspire to travel and help their communities more than starting families or their own businesses.
- Millennials are skeptical of business’s motives. Respondents do not think highly of leaders’ impact on society, their commitment to improving the world, or their trustworthiness.
- They let their wallets do the talking (and walking). Millennials and Gen Zs, in general, will patronize and support companies that align with their values; many say they will not hesitate to lessen or end relationships when they disagree with companies’ business practices, values, or political leanings.