Millennials Are Now Our Competitors
Millennials ARE changing the game, and there's STILL so much discussion on how to attract and retain them, despite the present consensus that businesses need to provide millennials with work-purpose, as well as LIVE the same generational values. However, we're also at a point where millennials have already outgrown these hiring and "marketing" practices. Did you know that as of 2022, 13% of US businesses are owned by Millennials (those between the ages of 23 and 38)? This point, as well as the following insights in the bullets below were explained in the "Current Small Business Trends & Forecasts for 2022/2023" from FinancesOnline. • Millennials are going into business because they feel that they are ready to be their own boss and they want to pursue their own passions. Contrary to the remarks of others that Millennials are frail and lack the grit to succeed, 80% of Millennial small business owners report that their current business is PROFITABLE. • This generation has changed how we do business from pressuring companies to improve their business practices or just respond quickly to customers on digital channels. They are more attuned to the current social climate as they are the COLLECTIVE MOVERS AND SHAKERS of it. In short, old business practices and beliefs about stakeholder responsibilities needs to evolve if we are going to be successful not just in attracting and retaining millennials, but also in doing business with them, and COMPETING with them. We cannot continue efforts to change them to fit into our world (of work and aspirations). We need to begin to understand how fast WE NEED TO CHANGE to fit in theirs.