Just think: there are more than 70 million Millennials in America! Ninety percent of them are employed and their buying power equals more than 2 trillion dollars. This formidable group looks set to launch into the future and take it by storm! Yet behind these imposing statistics is another surprising truth: their eyes are on a prize that’s a lot easier to reach.
Glass? What glass?
For these young people, it’s all a matter of perspective: the future is “then”, but what about “now”? Even before the pandemic, Millennials faced a future of staggering student debt and economic struggle. Plus, they saw little or no prospect of available Social Security Benefits when they finally retired. And for this generation, anxieties about the impact of climate change were imminent, even immediate concerns.
Today, the repercussions of COVID-19 have delivered additional worries and woes like runaway-inflation, and unaffordable housing, along with alarming gasoline and food prices. And now that the oldest Millennials are 40, skyrocketing child care and health care costs are equally grave concerns. It’s easy to see why many Millennials focus on today instead of tomorrow. But rushing to the judgment that they’re just being pessimistic may not be wise. It’s probably just a realistic position from where they’re sitting. I mean, look at it this way: It’s a good thing to see the glass half full versus half-empty. But what if you can’t see the glass at all because it’s stuffed with stuff you can’t fix?
And what’s the point of saving for or planning for a future when today is staring you in the face? This question doesn’t necessarily reflect the mental health crisis some Millennials have had since the pandemic. Rather, it may be an indication that some have awakened to “the new normal” and have decided to live it to the fullest.
YOLO and Carpe Diem!
This reality check is one they’re cashing in, but it’s not like they’re frittering money away. In fact saving is a priority among most of them, according to the 2020 Better Money Habits Millennial Report.
What they’re not doing is saving life’s joys for some vague distant “later”. So in the spirit of YOLO, they Carpe Diem! Translation: since you only live once, seize the day! And that translates into disposable income on dinners out, music festivals, pandemic-inspired hobbies, lavishly spoiled pets, and exotic travel. They’re filling precious moments with milestones and memories.
Stronger still is the Millennials’ commitment to seizing the day to make a difference. Millennials place a higher premium on corporate social responsibility than almost anything else in their workplace. It’s their “why” and they welcome every opportunity to be good corporate citizens in their communities.
During the so-called “Great Resignation,” thousands of Millennials bailed because of pandemic burnout. As they return to the office or settle into hybrid work routines, keeping them may require a reboot of your employee engagement strategies. In addition to good corporate citizenship, Millennials value work-life balance, flexible scheduling, and more humane policies pertaining to healthcare and family matters.
Honing in on these Millennial convictions is an important way to develop and maintain the kind of connections that build strong teams, groom enterprising leaders, and boost the bottom line. Retrofitting your business model and retraining your leaders to embrace these core values may require guidance, but just know that you can get there from here—Magnovo can help.