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Why are our businesses still talking about Millennials?

47% of the full-time US workforce is under 34 years old. Almost half of our employees, and therefore customers, are Millennials. While many businesses thought Millennials would “grow up” and adapt the ways of Boomers and Xers, Millennials continue to revolutionize how we do business.

Take for example, the idea of owning or purchasing items. According to a 2016 Goldman Sachs Global Investment Research study, Millennials prefer Access to possessions, but have less need for Ownership. Author and economist, Jeremy Rifkin, agrees saying, “25 years from now, car sharing will be the norm, and car ownership an anomaly.” That’s certainly not a Boomer or Xer norm, but it is something Millennials view as completely possible and normal.

Other ways Millennials are revolutionizing our economy include where they gather information about purchasing decisions. The same Goldman Sachs study cited 34% of those 18-34 turn to social media to help them make purchasing decisions. They use social media to ask for other’s opinions and to do their research. Millennials are also much more likely to purchase online.

The business world is changing, from buying habits to employee work norms, thanks to the Millennials. So if you are still talking about Millennials in the workplace – that’s good! If you aren’t, then you need to be.

Join me at Wind River Financial’s Innovation Exchange and Client Event on Sept. 8, to learn more about the impact of Millennials on the workplace.

Entrepreneur, author, speaker, guest blogger and upcoming speaker Sarah J. Gibson, founder of Accent Learning and Consulting.

Author of Geezer. Punk. Whatever.

Mike Blang

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