1. Engaging the Next
Generation
Understanding what
motivates Millennials
Jane M. Lump
Strategic Innovation

2. Source: Pew Internet & American Life Project
and Next America, 2014
Younger teens (12-14)
Older teens (15-17)
Generation Y (18-28)
Generation X (29-40)
Trailing Boomers (41-50)
Leading Boomers (51-59)
Matures (60-69)
Were known as
Generation Next
(aged 16-25)
Who are the Millennials?
Are currently
18 to 34
(Born after 1981)

3. What do they want from us?
Not just about
communication styles
Or simply media
preferences
But about values and
general “world view”
Our ability to connect
with them

4. Millennials are. . .
Digital Natives
They don’t remember a time before computers
Achievement Oriented cheered on by helicopter
parents
Value-driven
They grew up in an era of renewed faith in the family unit
and have led highly scheduled, prioritized lives
They value social responsibility, diversity, and the
environment,
Eager for feedback and impatient to make an
impact
On their new organizations and on society at large, half
declare themselves to be political independents.
-Neal Howe, Generations

5. Millennials. . .
Live by the motto “have it your way”—in food,
music, education
See relationships as social networking
Challenge the boundaries of institutions and
corporate behavior
Value social consciousness

6. Don’t blame them; blame their
Helicopter Parents
The rise of cell phones makes it easy to stay connected
 More connected via text and phone than ever before
 Chronicle of Higher Education survey found that current students
in 2012 called their parents 12 times a week, whereas baby
boomers tended to call home just once a week.
Hiring consultants to fine-tune college applications
Calling professors to complain about grades
 Some officials are calling the more-aggressive ones "lawn-
mower parents," in reference to their attempt to run over
administrators by challenging their authority
Calling employers to negotiate salary and benefits, and
some are even showing up at job fairs
Calling bosses to complain about treatment at work

7. Shaped by technology
Facebook (average 250 “friends”)
Emerging tools like Instagram, SnapChat,
redefine “social”
Have it their way with YouTube, iTunes,
Pandora
Text Message rather than phone
Multitasking is the norm

8. Texting in 2013. . .how has it
changed?

9. What the heck is SnapChat?

10. Boomerang kids. . .
By age 30, a smaller percentage have
 Finished school
 Left home
 Gotten married
 Had a child
 Reached financial independence

11. Married later, or not at all. . .

12. Living at home longer. . .

13. Why is that?
Student debt levels
Postponed Marriage
Unemployment levels
Not a bad option?

14. Millennial Unemployment Rates High

15. Millennial buying habits are different.
For example, when it comes to cars. . .
Why is that?
Cost of cars
Cost of gas
Affinity with healthy lifestyle
Preference for urban living
Concern for the environment

16. Millennials “shun” cars

17. They embrace crowd-sourced
transportation
Shared ride “smart cars”
Bike shares/subscribers
Über car service

18. Crowd-sourced transportation and
physical fitness converge
Motivate, American firm
focused on designing,
owning and operating
large scale bike sharing
 Capital Bikeshare in Washington DC and
Arlington VA
 Divvy in Chicago
 Hubway in Boston
 Pronto! Cycle Share in Seattle WA
 CoGo in Columbus OH
 Bay Area Bike Share in Bay Area CA
 Bike Chattanooga in Chattanooga, TN.

19. Bottom Line: they love you, don’t
want to be you. . .
Have observed what their parents have
done and don’t want that
Don’t trust the establishment—or almost
anyone or anything
Think they are the first generation to “get it”
Feel entitled to “have it your way”

20. How do they view banking?
Quick 10 questions
Distributed via friends
and family via Facebook
Using Survey Monkey

21. 1. Where is your primary residence?
CA
DC
GA
IL (3)
IN (23)
KY
MN
NC
UT
NY (3)
OH
OR
TN
39 Total
13 States

22. 2. How old are you?

23. 3. Are you male or female?

24. 4. How would you describe your
current living situation?

25. 5. Do you rent or own the place
where you currently live?

26. 6. How many banks do you currently
have accounts with?

27. 7. What is your longest banking
relationship?

28. 8. How did the factors below
influence the bank you chose?

29. 9. Do you look to your primary bank
for any of the following? Check all

30. 10. Have you changed where you do
your primary banking in the last
12 months?
32 No
2 Yes
 Moved
 Merged bank account with fiancé, new bank
had more atm locations in the city.

31. Enter, Apple Pay
 Self service
 Convenient
 Tech enabled
 Higher trust
 Aligned with
their affiliations

32. As of January 2015
Aeropostale
American Eagle Outfitters
Apple
Babies ‘R’ Us
Bi-Lo
BJ’s Wholesale Club
Bloomingdale’s
Champs Sports
Chevron and Texaco
The Disney Store
Duane Reade
ExtraMile
Foot Locker
Foot action
Harveys Supermarket
McDonald’s
Meijer
Nike
Office Depot
Panera Bread
Petco and Unleashed
by Petco
RadioShack
Sephora
Shaws
Six:02
Sports Authority
Staples
Star Market
Subway
Toys ‘R’ Us
United Supermarkets
Unleashed
Walgreens
Wegmans
Whole Foods Market
Winn-Dixie
Coming soon: Acme,
Albertsons,
Anthropologie, Free
People, Urban
Outfitters, and Walt
Disney World.

33. What services does your financial
institution offer for these life events?
 Red: Going off to college
 Green: Moving out / getting your first place
 Yellow: Getting Married
 Blue: Buying your first home

34. A shift in career priorities
Of the 37,000-plus undergraduates surveyed
by Universum in 2012
 No. 1 career goal was to "balance personal and
professional life“
 "Security and stability" came in second

35. What matters to them in
employment?
Universum 2014 U.S. Student Survey

36. May be a slow change in employers they
admire as the economy recovers. . .

37. What new hires in banking want. . .

38. YouTube is an extremely team-oriented, creative work
place. Every single employee has a voice in the choices we
make and the features we implement. Besides all the
traditional benefits (competitive salary, full medical/dental,
stock options) you'll have the opportunity to directly
influence a revolutionary service used by millions of people
every day. Oh, and you'll get free snacks and your very own
YouTube t-shirt.
From the employment section of their website:

39. Giving Back
Driven by a desire to get into a good
college or by pure altruism
63% of Millennials feel personally
responsible for making a difference in the
world

41. Can we all just get along in the
workplace?
Intergenerational tension
For the first time in U.S. history, four
generations co-exist in the workforce
Older workers staying longer
Healthy and vibrant
Not ready to retire financially
Millennials impatient and don’t
differentiate between technical skill and
problem solving wisdom

42. What can you can do tomorrow
based on what we have covered?
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