How Millennials are Changing the Way Business Works
They are our neighbors, our children, our friends, they are us!
And their influence is growing.
According to just published Pew Research Report on April 11th 2018, Millennials now hold title to the largest generation in the labor force. The report adds that “56 million Millennials (those ages 21 to 36 in 2017) were working or looking for work. That represents 1 in 3 workers.” Meanwhile the sway of Boomers, who have in large part been the creators of our current business models, is declining.
Millennials bring a different view to the business world. One that is more cooperative and cause-driven. Another recent Pew Report states that Millennials, especially Millennial women are more aligned with Democratic social platforms, with “nearly six-in-ten Millennials (59%) aligning with the Democrat party .
So what does this mean for business?
- It means more growth in the sharing economy, which Millennials helped create… think Uber, AirBNB. This generation is the force behind using technology and shared services to achieve strong quality of life. And the economy is set to grow $335 billion by 2025 driven by this generation.
- It also means more entrepreneurs. Many call Millennials the most innovative and entrepreneurial generation ever, with some estimates stating that nearly three-fourths of Millennials want to start their own business
- Millennials support and endorse Benefit Corporations (Benefit Companies in Oregon) which stand for the Triple Bottom Line of ‘People Planet Profit.’
- And Millennials put more focus on values. Deloitte found 64% of Millennials in senior positions cite their values and morals as the greatest influence on work decisions. The goal of these leaders is “to rebalance business priorities by putting people before profit.” A philosophy also inherent in Benefit Corporations.
Yes, there is a shift, a movement occurring in the business world. It reflects the spirit and attitudes of Millennials who are creating hope for small businesses and entrepreneurs with a focus on collaboration, sharing and contributing towards community and greater good.
We believe it is positive, reflecting values that rise above profit to create healthy communities and rewarding lives. It is “led by a scrappy and creative generation, using all the tools and technology available,” said Paul Delong in The Globe and Mail, on November 13, 2017.
To get our new book, "Putting Soul Into Business: How the Benefit Corporation is Transforming American Business for Good," simply click here.