It’s hard to miss the influence of the younger Millennials on brands and businesses in the last decade. They occupy a significant role in the productive society, with the last set of Millennials entering the workforce this year.
As the generation takes on greater responsibilities for their respective communities, their influence will only grow bigger. Change is already happening, and fast. Are you willing to get left behind?
What do Millennials Value?
Increasingly anxious and pessimistic about career, life, and the world, Millennials and Gen Z have every reason to sustain their influence in changing the world. Results from Deloitte’s 2019 Global Millennial Survey showed that “organizations that can make the future brighter for Millennials and Gen Zs stand to have the brightest futures themselves.”
Millennial workers know not to settle for less than they deserve. This is why it’s crucial for companies to understand and meet the values of the new generation, lest they lose out on exceptional talent. Here are 3 key things that Millennials value in life and at work:
Experiences over Assets
Many Millennials have grown up with a lust for lifelong learning and traveling for leisure. Faced with wider options and near-instant access to goods and services, they are driven to save, plan, and spend more on “experiences.”
The clash of budget constraints and unlimited opportunities are forcing this generation to be better planners in order to achieve their goals. This led to an upsurge in the gig economy, where both freelancers and on-demand companies benefited from flexibility. This enabled Millennials to achieve some level of financial independence while also having the freedom to satisfy their wanderlust.
While more than half of Millennials want to have high paying jobs, their priorities have shifted from those of their predecessors. For instance, only 49% have said that they’d like to buy their own home, while 57% would prefer to invest in travel. Moreover, they are generally more inspired to make a positive global impact (46 %) than to start a family (39%).
However, while it’s arguably easier now to set aspirations, Deloitte has found that for many, their dreams have been delayed by financial constraints.
Health and Wellness
Because of the ever-expanding variety of options available to them, Millennials have become health-conscious over the years. Look no further than the boom in fitness centers, spin classes, and other health-related businesses in cities around the world. This may be the most health-conscious generation thus far.
However, Millennials are reportedly worse off in terms of mental health. Despite all the new conveniences that have come with the rise of tech, today’s fast-paced tempo can easily leave many overwhelmed.
Increasing concern for holistic well-being and work-life balance by Millennial workers has prompted many organizations to better address their employees’ needs. Companies nowadays try to combat burnout by investing in employees’ health, taking steps such as promoting flexible hours, providing gym membership benefits, and making healthier choices available in their canteens.
Money Management
Globally, Millennials earn less than previous generations did. Characteristically low income compels them to rent when they can, opting to use “sharing economy” services such as Grab to book a car instead of buying their own.
Millennials surveyed by The Hartford said that next to their health (42%) their job/paycheck (26%) is their greatest asset.
Having lived in a time of notable economic turbulence, Millennials are actually conservative about money and can be skeptical about financial products and services that are offered to them. Credit card companies will tell you that the new generation usually avoids them for fear of spiraling into debt.
On the other hand, the tech-savvy majority finds a lot of use in fintech products which can address their personal needs, such as funding educational and travel experiences.
The best financial tools on the market combine practicality and convenience. A service that working Millennials love is Advance, which allows employees of any company to advance a portion of their salary whenever they need: on-demand, 24/7. Funds are instantly disbursed into their payroll accounts, making the experience seamless and in line with many of the other on-demand services that we all know and love.
Advance is available to companies at no cost or liability and empowers employees to take control of their hard-earned finances. A financial benefit like Advance gives employers the ability to assist everyone in their organization – whether it’s to pay for a bill or handle a personal emergency – without having to use company resources.
Photo by Brooke Cagle on Unsplash
Beyond the health card: reinventing employee benefits in the digital age