Millennials are those born between 1980-2000, today between the ages of 15-35.
This blog is about millennials – why they are changing the game, how to hire them, and how to keep them motivated.
The data presented below comes from Mary Meeker’s “Internet Trends Report” – one of the reports I look forward to each year. Kudos to Mary and Kleiner Perkins for this awesome data.
This is my analysis of what it all means.
No matter what Internet-related business you’re in, millennials are your most important demographic. Understanding how they think is critical.
It’s an understatement to say that the world they’ve grown up in is dramatically different than Gen X (born 1965 – 1980) and Baby Boomers (born 1946 – 1964).
This year, they became the largest generation in the workforce.
And I would posit that their workforce is still largely misunderstood – and immensely undervalued.
I personally have a team of 5 millennials that is doing amazing things – they are more flexible, motivated, creative, and hard-working than most.
If you want to tap into the millennial talent pool and keep them on your team, you have to adapt to their new modes of thinking.
A cohort of 4,000 graduates under the age of 31, from around the world, were asked the question: which three benefits would you most value from an employer?
The top three responses, by healthy margins, might not be what you’d expect:
Empowered by a world connected by technology, millennials have new tools and capabilities at their disposal.
Many of the tasks we had to do at work have been digitized, dematerialized, demonetized, and democratized – and the people in this generation know how to leverage these exponential tools to do things faster, better, and more effectively than their predecessors.
As such, they crave flexibility. They expect to be mobile and work from home/office/cafes/etc at their will.
As the Meeker report outlines:
As I’ve mentioned in a previous blog, this year, the “on-demand” economy (think companies like Uber, AirBnb, Instacart, etc.) has exploded.
According to venture capital research firm CB Insights, funding for on-demand companies jumped 514 percent last year to $4.12 billion.
New investments in early 2015 have totaled at least $3.78 billion.
And, as it also turns out, millennials make up the largest cohort of “on-demand” workers.
This isn’t a coincidence – it is largely reflective of their different mindsets.
Getting things “on-demand” – what they want, when they want, where they want, how they want – is indicative of their priorities.
Look at the chart below: Hiring managers ranked qualities each generation is more likely to possess.
The results: Millennials are significantly more narcissistic (more on this later), open to change, creative, money driven, adaptable, and entrepreneurial than other generations.
…and there is a huge disconnect
There is a perception disconnect between managers and millennials – and it is making it difficult for companies with “older” cultures to attract and retain the best talent out there.
The Career Advisory board did another study to compare the difference between managers’ and millennials’ views of the most important factors that indicate career success to millennials.
Most managers (48%) thought that MONEY was the most important thing to millennials.
What did the millennials want most? MEANINGFUL WORK.
This is consistent with my experience with the many millennial entrepreneurs and colleagues I work with, advise, invest in and support.
Here are a few tips I’ve found useful in how to hire and retain great millennials.
… and much, much more.
The proof is in the pudding. This most excellent blog was drafted byCody on my team (a superstar at age 24) at 10 p.m. on a Saturday night, passed to me to edit, then to my other rockstars Marissa and Kelley at 11 p.m. for a final edit and to get out to you. I love my millennial team for their brilliance and dedication.
This is the sort of content and conversations we discuss at my 250-person executive mastermind group called Abundance 360. The program is highly selective and has ~95% of the spots filled. You can apply here.
Share this email with your friends, especially if they are interested in any of the areas outlined above.
We are living toward incredible times where the only constant is change, and the rate of change is increasing.
P.S. Every weekend I send out a “Tech Blog” like this one. If you want to sign up, go to PeterDiamandis.com and sign up for this and my Abundance blogs.
P.P.S. Please forward this to your best clients, colleagues and friends — especially those who could use some encouragement as they pursue big, bold dreams.