Generation Y also known as Millennials are those who are born between 1979 and 1993, however there are no precise dates when the generation starts and ends, but most researchers agree that it's people born in the 1980s and early 1990s. This young and digitally savvy generation is very different from previous generations when it comes to values, lifestyle and behaviour - and as a result they will have a significant impact on the future business landscape.
Generation Y is now entering the workplace and they will soon represent the biggest demographic cohort of the american workforce. According to Capgemini, by 2025, Gen Y is expected to account for roughly 46% of the total personal income generated in the U.S. This is ofcourse impacting businesses on a massive scale both in terms of talent manangement and attracting and retaining them as customers.
In the visualisation above you can see the top 5 reasons why generation Y matter and as you can probably tell from the data above these insights are relevant for businesses in many different industries, but it's specifically relevant for organisations within finance and banking. Finance and banking are two industries that are most likely to be disrupted according to the American survey Millennial Disruption Index.
So how should businesses tackle this change? In order to meet these disruptive challenges we at Thinque believe that you as a business leader or marketer need to create an in-depth understanding of this generation. You need to understand their true motivations, attitudes and essentially what makes them tick.
For further reading about generation Y check out these blog posts:
- You're lucky that Generation Y isn't weirder... Just wait for Generation Z
- 7 Qualities that define great leadership according to Gen Y
- 3 Digital trends to disrupt your marketing strategy (Pt. 1/3)
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