Sherrie Suski outlines Millennial impact on business.

1. Millennials on
the Move
Why the concept of permanency is
changing

2. The Millennial Generation
Much has been written about the millennial generation, Generation Y, probably
more than on almost any generation before them. Although millennial
characteristics vary by region, depending on social and economic conditions, the
generation has been generally marked by an increased use and familiarity with
communications, media and digital technologies. This generation, however, is also
marked by their break from traditional norms as they relate to marriage, children,
family and home ownership. Making up over 21% of the consumer discretionary
purchases, adding up to over a trillion dollars, assures that their decisions,
surrounding the above, will be taken seriously for years to come.

3. 25% of millennials don’t plan on marrying
30% of millennials don’t plan on having children
Net home ownership among millennials is 54% lower than average
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Defining a generation
69% of millennials say they crave adventure

4. Assess your
benefit plan
designs assuring
that they meet
the needs of all
groups
Focus on an
equal number of
activities for
singles and
married couple
without children.
The traditional
company picnic
may not appeal
to everyone
While traditional
thought has it
that families
don’t relish the
thought of
moving, many
millennials would
look forward to
it. Open up your
searches outside
of a drivable
commute area.
Offering dorm
style corporate
housing may be a
great perk to
attract single
millennials,
especially in high
cost of living
areas.
National
Searches
Corporate
Housing
Activities
for singles
Benefit
Plan
design
Implications for Hiring

5. 80% of
millennials want
brands to
entertain them
and that includes
their own
companies. They
may not be going
home to an
entertaining 5
year old!
Meetings should
start on time and
reward those
that are there. If
people arrive
late, do not stop
the meeting to
acknowledge
them, do not
review what was
already covered.
79% of
millennials would
like to visit all 50
states. 75%
would like to
travel abroad.
This group grew
up in a world
where
customization
was the norm.
Ensure you are
not offering one
size fits all
programs.
Provide
opportunities
for travel
Individualize
offerings
Provide
opportunities
to explore
positions
Entertain
them
Implications for Retaining

6. Re-thinking the way we recruit and
retain
The millennial generation should cause us to re-think the way we recruit our
candidates and the way we retain our employees. This generation does not have
the same hopes and dreams around marriage, family and home ownership as the
generation before them. They expect to live their lives the way they want, not to
have to conform, and for both companies and brands to woo them as individuals.
They are a powerful force as their numbers,73 million, will eclipse the baby
boomers, 72 million, in this next decade as the largest demographic in the US.
Getting our recruitment and retention programs right today ensures that we can
continue to provide a steady supply of productive and engaged workers!