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Understanding Millennials – Who is Generation Y?

Understanding Millennials – Who is Generation Y?

Introducing Generation Y

Every generation has its own traits. For example, the Baby Boomers (born between 1946 – 1964) were said to be work-centric, independent, goal-oriented and competitive. This was driven by their environment, following the second world war when numbers of marriages dropped yet the birth rate increased meaning that the school classrooms were fuller and there was considerable competition for college places.

The same is true with the latest generation, the Millennials, the generation born between 1985 and 2000. A generation forged by the environment they have grown up in, one of greater environmental awareness, new technology and changing workplaces.

Millennials are a now major part of society, making up 27% of the US population, just over 83 million people in total,[1] therefore they have a massive influence on products and major purchasing power averaging around $600 Billion last year (an amount expected to grow to $1.4 Trillion by 2020).

It is for this reason that many organisations have developed specific marketing strategies for millennial’s. However, who are they? How can they be defined and most importantly how can you categorize a generation?

Who are the millennial’s and how do they behave?

Millennials have a complex set of traits very different from ‘Generation X’ they have lived through a time of considerable change in terms of the environment, culture and technology.

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One of the often used phrases to describe millennial’s is the ‘Peter Pan generation’, this is the phenomenon of not wanting, or not being able, to leave their teenage years behind. A combination of the media glamorizing teenage life making it seem more attractive and real financial struggles, , more young people than ever are living with their parents for longer. Pew Research found that over 32% of millennial’s are still living with mum and dad and over 35% are not settling down in relationships until much later, not finding partners and considering children until at least 35 years old.[2]

Millennials Family

    They are aware of marketing efforts, when it comes to purchasing decisions they would rather read independent blogs than believe advertising.  33% read online content to support a purchasing decision, whereas only 3% consider TV as an influencer.[3]

    Millennials Built For Technology

    Growing up during a technological revolution, with the birth of the world wide web in the early 90’s and the introduction of computers with graphical user interfaces like Windows they are certainly engaged with technology.

    A Nielsen survey[4] reveals 85% of millennial’s have a smartphone which they are likely to check more than 45 times per day.[5]  87% are regular users of Facebook and engage with social media regularly.[6] However, being more social online often has an impact on their offline friendships, they may have many hundreds of Facebook friends but struggle to engage with individuals face to face. The exception is in the workplace where friendships are being developed more easily, with more time spent at work millennial’s use the opportunity to make real friendships which have even been found to increase productivity, 57% of respondents in a recent survey found that having friends at work made them more happy and productive.[7]

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    The growth of online video has also made an impact, 80% of millennial’s use video when making decisions about product purchases and 76% follow their favourite brands on YouTube.[8]

    Millennials Favourite Video Site - You Tube

      Politics and Authority

      The two phrases which come about when you speak about millennial’s are entitled and narcissistic, many people class the millennial’s as ‘the me generation’ and, as a recent study shows, ‘entitled’ is a label  which even millennial’s themselves use.

      Dr. Jean Twenge, author of books including ‘Generation Me’ and ‘The Narcissism Epidemic’ says; “Instead of viewing entitlement as a sense that the universe owes you something you may not have earned, many view entitlement as the right to go after big goals and aim high — without asking for permission from gatekeepers and authority figures.”

      Therefore, we are seeing a generation who is self-absorbed, but that this is for a positive reason, they no longer feel they have to be governed by external authority or that any goal is out of their reach.  Young people feel less affiliated with politics or religion, research shows more than 50% do not feel involved with politics and 29% take no part in organised religion.

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      Donald Trump

        Young people now expect that working hard should yield rewards, however not purely fiscal rewards. A recent survey showed that 75% of respondents would rather work for a company who was socially responsible even if the salary offered was less and 64% would not work for an organisation which did not have strong social or environmental commitments.[9]

        Millennials Facts

          In the workplace 55% of millennial’s state they are not engaged with their work, it’s a ‘means to an end’ and they are not motivated to deliver therefore productivity is lower.[10] This is a higher percentage than any previous generation. They require regular engagement and feedback, with 44% being more likely to be engaged when their manager holds regular meetings with them and offers regular feedback. They need a coaching environment more than supervision.[11]

          It paints a picture of a self-driven generation who know their mind and needs to feel that they are taking a personal responsibility not only for themselves as the accusation of narcissism states, but also the wider community. They do not necessarily feel involved or controlled by government and are instead striving to forge their own path.  Overall millennial’s have a greater concern for others than many previous generations with concerns for environmental issues and social causes being high on their agendas, many seek to buy products from organisations which support social causes they care about and work for organisations who demonstrate a corporate responsibility.

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          The Millennial Culture

          The millennial age also created a range of music and pop culture moments. It’s the generation which embraced digital music, no longer having to buy a whole album instead being able to pick and chose tracks. More and more people became musical explorers as the technology allowed you to discover new music from around the world in a way that the record shop of previous generations could never have done. There was the growth of a closer relationship with artists via social media, initially using MySpace but now with Facebook, Twitter and others allowing fans to be closer to their favourite performers than ever before. Even the video model changed with the introduction of Netflix, albeit as a service which mailed you physical DVD’s but it was to mark the end of video rental and soon was to become what it is today with instant streaming.

          The top 100 cultural highlights have been collated by Vulture.com, some of the most notable highlights include:[12]

          • The Fresh Prince of Bel-Air – with a catchy theme tune every millennial could sing even now (with thanks to Will Smith and Quincy Jones).
          • The Cha-Cha Slide – that packed dancefloors with synchronised sliding and criss-crossing.
          • Now That’s What I Call Music – a regular musical treat throughout the generation an LP, CD or download of the best music of the moment.
          • Toy Story – basically the birth of Pixar on the big screen and the development of CGI and computer animation generation
          • The Spice Girls – The baby boomer generation may have had the birth of feminism the millennial’s had the birth of Girl Power.
          • Harry Potter – it was the series of books which made reading essential again and then a series of pivotal films

          Millennials Impact on The World

          Although it’s early days for many of millennial’s, when you look at the inventions created already you can see that we may be in for exciting times ahead. This is the generation who created Google, when Sergey Brin and Larry Page sat down and rethought how the internet should be searched and Mark Zucherburg’s Facebook as well as the creation of Twitter and Snapchat. This is to be expected of the first generation of digital natives for whom their smartphones and mobile internet have become a necessity, on average sending 50 texts per day and permanent social media connectivity there’s more communication than any other generation before them. However, they are also a generation with less available income and higher student loan debts, averaging $20,926 before they start working impacting their major purchasing decisions, for example 30% not intending to purchase a car in the near future[13] and over 60% choosing to rent rather than purchase a house.[14] They are certainly Savvy with 57% using technology to compare prices when in stores.[15]

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            The Millennial Future

            The millennial generation is the largest in US history, as they start to reach working age their impact on the economy will be vast. They are a generation who will not be held back, they have the technology to develop amazing things, and if it’s not there they will create it. A massively driven generation who care about the world they live in and have clear ideas of what they want to achieve in their lives. They consider how they live with wellness and health being key. They are living through the effects of massive global financial downturns and rapid change but are succeeding and growing for the future.

            Image Sources: Family, You Tube Logo, Donald Trump, Millennial InfographicComputer

            Featured photo credit: Pixabay.com via pixabay.com

            Reference

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            Last Updated on October 15, 2019

            How To Be Successful In Life? 13 Tips From The Most Successful People

            How To Be Successful In Life? 13 Tips From The Most Successful People

            What is success to you? How to be successful in life?

            To some, when they think of success, they imagine wealth; others want power; some just want to make a positive impact on the world.

            All of these are perfectly valid, indeed success is a concept that means different things to different people. Though no matter what success is to you, it almost certainly isn’t something will come easily.

            There are countless guides and books to being successful, however, as success is personal and unique to each individual. The advice contained in these books can often not be relevant. Therefore following the advice of a single individual can often be unhelpful.

            With this in mind, considering the advice of a great many people, people whose ideas of success were different both to each other, and quite possibly, to you can be a good alternative.

            What follows is a list of thirteen of the best pieces of advice from some of the most successful people who have ever lived. If you want to learn how to be successful, these 13 tips are essential:

            1. Think Big

              From Michelangelo Buonarroti, Great Renaissance Artist:

              “The greater danger for most of us lies not in setting our aim too high and falling short; but in setting our aim too low, and achieving our mark.”

              There are few artists as influential as Michaelangelo. Today centuries after his death, his work still inspires and connects to people. His work is world famous, just think of his statue of David, or the Mural in the Sistine Chapel in the Vatican.

              Imagine then, if he decided not to work as an artist.

              Being a successful artist has always been extremely difficult, imagine if he decided to give up this ambition in favour of something easier?

              Oftentimes, people often decided to put their dreams aside for something more “realistic”. To give up their dream for something easier. This quote teaches us the danger of such a point of view.
              Instead be ambitious.

              2. Find What You Love to Do and Do It

                From Oprah Winfrey, Media Mogul:

                “You know you are on the road to success if you would do your job and not be paid for it.”

                This is a good quote to remember and think about when you’re at work.

                Imagine being as successful as possible in your current job. Ultimately you’ll probably find yourself working extremely hard and this it will take up much of your time.

                If it’s a job you hate, then being successful at it might only mean filling your life with something you hate to do. What’s the sense in this?

                Instead, why not focus on doing something you love? When you’ve found what you’re passionate about, you get the motivation to keep you moving. Success at this means the fulfilment of your dreams.

                Not sure what your passion is yet? You should learn about this Motivation Engine first.

                Even if you’re not successful, you still filled your time with something you love to do. Many successful musicians spent years of their lives doing unpaid performances, the only reason they kept playing was because they loved to perform.

                3. Learn How to Balance Life

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                  From Phil Knight, CEO of Nike Inc.:

                  “There is an immutable conflict at work in life and in business, a constant battle between peace and chaos. Neither can be mastered, but both can be influenced. How you go about that is the key to success.”

                  All too often, people think that to be successful, they need to make the object of their success their life.

                  If a person thinks their job will lead them to success, then they may spend countless hours per day, and well into the evening working hard.

                  However this comes at the cost of rest, your health and having an enjoyable life. Ultimately they may burn out and cease to be successful at their job anyway.

                  If success comes from having a strong social life and a good group of friends, their job may suffer; meaning that they may lose their job, and then be unable to afford going out with friends.

                  In these ways, success, as Phil Knight says above, is helped by balance. Think of it as a balance between rest and work, or work and play.

                  To achieve that balance, this Ultimate Guide to Prioritizing Your Work And Life can help you.

                  4. Do Not Be Afraid of Failure

                    From Henry Ford, Founder of Ford Motors:

                    “Failure is simply the opportunity to begin again, this time more intelligently.”

                    There is a story, it’s unconfirmed whether it actually happened, yet the message within is none the less true:

                    Thomas Edison inventing the lightbulb was the result of several hundred failed attempts. In an interview, he was asked “How do you feel after all of your failed attempts?”

                    His response was great, “I didn’t fail, I learned hundreds of ways not to invent the lightbulb”

                    He saw each “failure” as a lesson. From that lesson he learned what won’t work, and also might work instead.

                    Each failed attempt, each rejection, were key steps on his path to success. It is easy to feel like you should give up after a failure. But perhaps in that failure is a lesson.

                    Pay attention to your failures, study them. Perhaps then you’ll learn how to succeed.

                    If you find it difficult to fight your fear of failure, here’s a guide for you: Why You Have the Fear of Failure (And How to Conquer It Step-By-Step)

                    5. Have an Unwavering Resolution to Succeed

                      From Colonel Sanders, Founder of KFC:

                      “I made a resolve then that I was going to amount to something if I could. And no hours, nor amount of labor, nor amount of money would deter me from giving the best that there was in me. And I have done that ever since, and I win by it. I know.”

                      This, in many ways relates to the above quote about learning from your failures.

                      It’s the easiest thing in the world to give up from a failure. The only way to push on is if you have the true burning desire to succeed, to not be moved or dissuaded from your goals.

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                      If you are not truly dedicated towards success, then each failure will hurt more, each set back will slow you down.

                      Success is hard; without the unwavering desire to succeed, this difficulty may seem insurmountable. With the desire, it is merely an obstacle to go through.

                      6. Be a Person of Action

                        From Leonardo da Vinci, Renaissance Genius:

                        “It had long since come to my attention that people of accomplishment rarely sat back and let things happen to them. They went out and happened to things.”

                        Though it was said hundreds of years ago, it works just as much today as it ever had. It applies to literally any successful person.

                        Think about it, picture someone like William Shakespeare:

                        When we think of the time he lived in, we think of the time in a way shaped by him. When we think of Renaissance era Italy, we think of Michelangelo and Leonardo Da Vinci. Or think about the present day, Bill Gates or Steve Jobs. Our current way of life would simply be incomparably different if they didn’t accomplish what they did.

                        You’re probably reading this article on a device by a company that they either founded or companies influenced by them.

                        All these figures were proactive, they saw ways to do things differently and did them. If they let the world shape them, then they’d simply fit into the background. Instead they shaped the world.

                        Applying this to you?

                        Don’t be afraid of going outside the norm. If you can think of a better way to do something, do it that way. If you fail, try again.

                        7. Cultivate Positive Relationships

                          From Theodore Roosevelt, 26th President of America: “

                          The most important single ingredient in the formula of success is knowing how to get along with people.”

                          The best leaders and some of the most influential people (and Theodore Roosevelt is one of the best leaders and one of the most influential people to have lived) were not those who caused commotions, who fought with people or disregarded people; but were people who were friendly to those around them.

                          People liked them. They wanted them to do well.

                          This is key to good leadership.

                          It’s logical. If someone likes you, they want to help you; if you give them a suggestion, they’ll gladly follow through with it.

                          But if someone doesn’t like you, they may either refuse to help or actively get in your way.

                          What’s more, it’s always a good idea to cultivate good relationships. You can never tell who will prove to become someone who’ll be able to help you in a big way, or even be a good and supportive friend.

                          As such, help people and they may help you; and be good to people, and they my be good to you.

                          8. Don’t Be Afraid of Introducing New Ideas

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                            From Mark Twain, Famed Author:

                            “A person with a new idea is a crank until the idea succeeds.”

                            It is an unfortunate truth that those with the boldest ideas are often disregarded.

                            Most of us are taught from an early age to think and do things similarly to everyone else. This can be great to fill an existing role. But to truly do things differently (and all successful people did things differently), you need to think differently.

                            If you have a new idea, don’t throw it away because it’s new and different; instead, celebrate it. Your strange new idea might one day be the one that leads you to success.

                            9. Believe in Your Capacity to Succeed

                              From Walter Disney, Founder of Walt Disney Company:

                              “If you can dream it, you can do it.”

                              Success has to be something you can imagine yourself achieving.

                              It is possible that you will come across those who doubt you and your ability to succeed. You must not become one of these people because the moment you cease believing and dreaming is the moment these dreams fall away.

                              Keep dreaming!

                              10. Always Maintain a Positive Mental Attitude

                                From Thomas Jefferson, 3rd President of America:

                                “Nothing can stop the man with the right mental attitude from achieving his goal; nothing on earth can help the man with the wrong mental attitude.”

                                Like the above quote says, you need to trust in your ability to succeed. This is the only way to cultivate the right mindset.

                                Replace negative thoughts with the positive ones. You need to approach problems, not as obstacles stopping you, but merely tasks that need to be completed for you to keep going.

                                If you stay positive and think like this, setbacks won’t affect you so much, people’s doubts won’t impact you and even the biggest obstacles will seem like minor problems.

                                However with the wrong mindset of doubt, you’ll be much easier to stop.

                                11. Don’t Let Discouragement Stop You from Pressing On

                                  From Abraham Lincoln, 16th President of America:

                                  “Let no feeling of discouragement prey upon you, and in the end you are sure to succeed.”

                                  It is an unfortunate fact of human nature — all of us in some way, doubt ourselves. This can be made far worse if others doubt us too.

                                  When surrounded by doubts, giving up can actually seem like a good idea.

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                                  Don’t pay attention to the doubts. If you are discouraged, ignore it.

                                  If this discouragement moves into your mind and you begin to doubt yourself. It is important to ignore this too.

                                  This is How Self Doubt Keeps You Stuck and How to Overcome It

                                  12. Be Willing to Work Hard

                                    From JC Penny, Founder of JC Penney Inc.:

                                    “Unless you are willing to drench yourself in your work beyond the capacity of the average man, you are just not cut out for positions at the top.”

                                    You might have heard the quote that “success is 1% inspiration, 99% perspiration” or you may have heard about the 10,000 hours idea.

                                    Whichever way you frame it, they say one thing:

                                    True success comes from work.

                                    You’ll never become successful if you don’t work towards your goal in life and keep working towards it.

                                    Check out this article and you’ll understand Why Hard Work Beats Talent.

                                    13. Be Brave Enough to Follow Your Intuition

                                      From Steve Jobs, Co-founder of Apple Inc.:

                                      “Have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.”

                                      In ancient Greece, there was a group of Oracles who lived in Delphi. Everyone who needed advice or to know their future visited them, from the poorest of society to kings. Above the doorway of the temple were the words “know thyself”.

                                      If you strongly believe and desire something, chances are that you already have an idea how to get there. If not, you may naturally know what things will help you and what things will slow you down.

                                      It’s like how your body can detect danger even when things seem safe.

                                      Ultimately then, you need to trust your own instincts.

                                      Final Thoughts

                                      What you might have noticed is that many of the above lessons are similar — most are about developing the right state of mind. This clearly suggests that the key to achieving success, in whatever you wish, comes down to the way you approach it mentally.

                                      Moreover, no matter what stage of life you’re at now, you can still make a difference and pursue success. You can make resetting your life possible when you do this: How to Start Over and Reboot Your Life When It Seems Too Late

                                      More to Help You Succeed in Life

                                      Featured photo credit: Ryan Wong via unsplash.com

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