Millennials: Largest Group of Individuals
You may think Millennials are materialistic, stubborn, narrow-minded and ego-driven…But that isn’t necessarily true. Millennials want to work for companies they can be proud of, and buy products from companies that care.
The largest group of individuals, according to the U.S. Census Bureau is people in their 20’s (80 million +). This group now represents the largest customer and employee segment. They are also soon to be the largest business owner segment.
From 1947 to 2010, Baby Boomers represented the largest segment of the population.
Millennials don’t exactly work the same way as baby boomers. They work differently and many firms aren’t ready for them. Considering they are the generation born into the digital world, they’re constantly looking for ways to improve their processes in the workforce.
However, this leads to innovation and helps jump start change within larger organizations.
They will be the largest adult segment by the end of the current decade. That’s three years from now. And not just in the West: already nearly two thirds of Asians are millennials, according a report by Business Insider.
Millennials are entering their peak years for earnings, consumption and investing. They are coming not just in numbers but with documented differences in the way they think about money.
Think about this somewhat recent market shift. 10 years ago you would have never heard of a remote employee. Nowadays tech companies and startups alike are doing a lot of their hiring remotely—away from the office.
The reason companies must start embracing Millennials instead of rejecting them is simple; Boomers will be forced to retire soon.
This will leave a leadership gap like we’ve never seen before.
Also, the financial services industry doesn’t know how unready it is for the millennial wave to break.
Who do you think will be the dominant force competing for those positions?