If there’s one thing that’s different about the Millennial generation compared to others, it’s this: they are the most connected generation this world has ever seen.
That was the point of the Salt Lake Chamber’s Capitol Club presentation by Chris Redgrave in April. Redgrave is the senior vice president of communications for Zions Bank and the voice of Speaking On Business, Zions Bank’s radio spot with KSL NewsRadio.
In her presentation to the Capitol Club, Redgrave brought up both the pros and cons of this generation, but also discussed how they have the potential to make the most change. “The generational shift has never seen anything like this,” she said.
According to Redgrave, Millennials are natural innovators, optimistic and educated. They have different values than previous generations, such as speed over accuracy. They are more likely to be progressive on immigration stances and less likely to agree with protectionist policies. Millenials, in general, have a desire for a fairer world where diversity and equality is the norm. Redgrave said that Obama even touched on the fact that this group is very politically active and have a lot of voting power going into the future.
“The digital revolution is responsible for all of this,” Redgrave said of the generational shift between Millennials, Generation X and Baby Boomers. Most Millennials, for example, likely grew up with a computer in their home and thus, learned how to take advantage of the technology available to them. This is the generation with the most “know-how” of technology. And thanks to technology, we are able to talk and speak to people worldwide without much effort or money.
Economically, Redgrave pointed out that the Millennials will outspend the Baby Boomers by 2017, only a few short years away. They are entering, if they haven’t already, the age of acquisition where they start to purchase more, from houses and cars to goods and merchandise.
In the workplace, Millennials see things in a very flat structure where everyone is on the same level. The business hierarchy of employees isn’t entirely lost on them, but they see every employee as an equal. They also tend to make great team workers, wanting to work together to solve problems. And they recognize that these connections can be important, both now and in the future.
Another differentiating example Redgrave shared was that the one thing Millennials are most scared of is losing their parents. About 90 percent of Millenials have this fear, and often boomerang back to live with their parents if things don’t work out. This points out the fact that parents are very involved in their Millennial children’s lives.
Also known as the “sharing generation,” Millennials are extremely connected–to their parents, their network and to the world. For example, about 78 percent will believe peer reviews rather than advertisements and 70 percent go to their network before they make a decision. “They have a global understanding about relationships and the impact of the world,” Redgrave said. “Networking is huge!”
Building a network to get what and where you want is a considerable to building the life you want. Millennials know this and take advantage of it.
The Capitol Club is composed of business leaders with a keen interest of policy issues affecting Utah’s business community. The Capitol Club meets monthly to engage with policy and business leaders regarding the most pressing policy issues of the day.
“The Salt Lake Chamber Capitol Club gives business professionals unrivaled access to Utah’s leaders,” said Dan Harbeke, director public affairs of Union Pacific Railroad. “If you are interested in an inside look to how policy in Utah works, I’d encourage you to join.”