Many different surveys and infographics highlight expectations and challenges ahead for Millennials, the largest generation standing at 14% of the population. A special thanks to Ryan at USC for sending me a link to the Nonprofit Colleges Online infographic. Here are some key findings in it:
- Millennials are more tolerant than any other generation by 2 to 1
- Millennials are optimistic, even with rising college costs and college debt, which quadrupled to $1 trillion
- 59% of Millennials want to or have already started a business
- Millennials are tech savvy but it is more than this: They use technology to create and innovate
Yes, an interesting infographic. What may add to the interest is the Deloitte Millennial Innovation Survey. It picks up in more detail the last point – Millennials embrace innovation.
Sixty-two percent of Millennials describe themselves as an innovative person, and two-thirds say innovation is key ingredient in making an organization an employer of choice. This impacts how Millennials view the purpose of business:
- 36% – Improve society (number 1 for South East Asia, Brazil, Netherlands, United States, India, Canada, France, and Germany)
- 35% – Generate a profit (number 1 for South Korea and South Africa)
- 33% – Drive innovation (number 1 for China and Spain)
And, it goes beyond just purpose. In looking at how performance should be gauged, 87% believe business success “should be measured in terms of more than just financial performance.” Other performance metrics are centered on employees, customers, and community:
- 70% – Employee satisfaction and retention
- 68% – Customer satisfaction and retention
- 61% – Contribution to local communities
Mixed in is innovation, with 78% feeling innovation is essential for business growth. In the view of Millennials, the sectors most responsible for innovation include:
- 52% – Technology, media & telecommunications
- 47% – Consumer business
- 37% – Manufacturing
- 23% – Health & Life Sciences
Millennials view the following sectors in the most need of innovation:
- 64% – Public sector
- 48% – Energy & Resources
- 38% – Consumer business
Personally, I wish health care was in this mix, too.
Impact of Millennials – Big, Bold, and Innovative
A few months ago, I wrote a post entitled Millennial Leaders: Welcome to the Arena. It is an arena filled with change, and it continues to pour in. It is exciting! In many ways, for other generations, it will be Welcome to the Arena of a New Generation. We need to ignite our innovative drive again.
From the Can Kicks Back, we see Millennials taking the initiative in driving change within the public sector. From David Karp, we see how innovation from within an organization can reach new customers in a centered way. Having just finished reading the book by Alexis Ohanian, Without Their Permission: How the 21st Century Will Be Made, Not Managed, we see how innovation unfolds straight from college to a very successful company and solution, Reddit. More than this, it is his call to innovate and create more! It is a call to act for all! It is an exciting world of change and innovation ahead and, most importantly, it is needed.
This is a big, bold, and innovative generation, and we need to foster their leadership. It is about leading from the middle. It is about creating a culture to encourage the innovative spirit of Millennials. For older generations, we need to answer the call by ensuring our organizational cultures encourage innovation and provide an opportunity to try, fail, learn, succeed, and repeat. For Millennials, your innovative spirit is more than welcomed; it is needed.
As a Millennial, how are you embracing your creative and innovative mindset? For other generations, how are you tapping into the Millennial innovative inclination?
Join the Conversation
The Impact of Millennials: Big and Bold
Great stats about the Millennials, Jon. Their “can do” optimism is quite contagious. Seems like when we get to a certain stage in life, we inadvertently start to play it safer than when we were younger and less concerned about failures. To be an innovator, we must be willing to take risks. Being around Milllennials would inspire us to be willing to take them, to be willing to fail and learn from the failures. Thanks for providing this great snapshot along with stats about what the Millennials believe in and how they see themselves making a difference in the world.
Appreciate it, Alice. When we are 20-something, we can take more risks. However, as we age, we cannot lose our creative and innovative spirit. Thanks! Jon
Jon would love for you to connect and get the perspective from the side of someone who is a recent college graduate and how we are trying to offer resources and motivation. Billboard did an article on us after our first event last April “RECESS The EDM Festival That Can Help You Find A Job” http://www.billboard.com/biz/articles/news/digital-and-mobile/1558813/recess-the-edm-festival-that-can-help-you-find-a-job
Deuce, Thanks so much for sharing this article and your website. You have a very innovative approach and a great way to engage entrepreneurs. It would be great to connect and highlight your approach, results, and how you are inspiring college students. You can reach me at editor at thindifference dot com or the contact form. Thanks again! Jon
My company is inspiring college entrepreneurs to become the next generation of world-changing entrepreneurs. We host RECESS: Music & Ideas Festivals on campuses across the nation and are about to host our first tour of 10 major Universities in Spring 2014. http://www.WeAreRecess.com
Such inspiring statistics. Thanks for sharing!
Yes, they are inspiring statistics. Looking forward to seeing the impacts, too. Thanks, Karin!
Love that as a success measurement employee satisfaction is higher than customer satisfaction. Happy employees serve customers with passion and gusto and it’s not picking one or the other – the best orgs serve both.
Blown away by some of the statistics in here and truly inspired to join, hip to hip, with Millennials to make a difference.
Me, too! We are ready for a healthy dose of innovation and refreshed mindsets on the role of business, innovation, and how we can do things in a better, new way. Thanks, Alli!
Fantastic Jon. I really appreciated reading this article. I have two Millenials in their 20’s who amaze me with their innovative thoughts and actions. I find the best thing I can do for them is to encourage staying away from negativity about our government, old patterns, authority etc. They are very intolerant of those who are unwilling to change and expand their thinking…very understandable when you realize their part in the future. Helping them keep their vision clear is one way to encourage their drive for innovation.
What an amazing generation…they hold the keys to some huge changes. I for one am looking forward to all that we can do together to create that change.
Thank you Jon!
Excellent points, Karen. It is their future and, when you look at it, there are so many challenges ahead. We need their innovative mindset to solve these challenges, and I have great confidence in their ability to do this. As parents and leaders, we definitely need to encourage their creativity and innovation and give them space to unleash it! Thanks! Jon