Monthly Archives: January 2012

Millennials Prefer Digital to TV Ads

Millennials Prefer Digital Ads ImageA new study by comScore shows that Millennials are more responsive to ads they view when watching “digital” content than they are to ads they see on TV. The study measured the “lift,” or influence on brand preference, that each ad medium produces. It shows that while Millennials are less likely to influenced by advertising than any other generation, that difference disappears in the case of digital advertising.

In general, the study shows, younger generations are less impressed with ads than older ones. In fact the average “lift” for Boomers and Matures is almost 50% higher than for Millennials for TV ads. Millennials are also less likely (67%) to recall messages from ads than older generations (74%). But those differences disappear with digital ads. Millennials’ responses to digital ads are on a par with other generations, and by some measures even better.

The study also shows that Millennials respond best to ads with strong creative content. Engaging content, whether in the placement of the ad or within the ad itself, proved to be key to “breakthrough” with Millennials. Other key findings showed Millennials to be “accustomed to on-demand access to entertainment, continual stimulation and extreme multitasking,” to have a high “comfort-level with new technologies and cultural diversity,” and to be “more price-sensitive, perhaps due to lower disposable incomes.”

http://www.techjournalsouth.com/2012/01/digital-marketing-works-better-for-millennials-than-tv/

http://www.comscore.com/Press_Events/Presentations_Whitepapers/2012/Next_Generation_Strategies_for_Advertising_to_Millennials

Who Employes Millennials?

Who Employes Millennials ImageThe United States military is the top employer of Millennials in the US, according to an innovative survey by Millennial Branding. The survey extracted employment data from 4 million Millennial Facebook profiles. It also found that Wal-Mart employs more Millennials than any other private sector employers.

Rounding out the top 5 are Starbucks, Target, and Best Buy. Not surprisingly, food and retail chains that offer entry-level employment opportunities, suited to Millennials’ life stage, dominate the list.

Apple is the top tech employer, likely due to their large number of retail outlets. Millennials are actually more likely to work for a startup than a Fortune 500 company, according to the study.

The “Travel and Hospitality” industry employs more Millennials than any other and the top Millennial job title is “Server” (2.9%). However, the fifth-most popular title is “Owner.” Their average job tenure is about 2 years.

The results should come with some caveats because they are based on Facebook users only and because only 36% of those include a job title in their profile. Nonetheless, it provides an interesting look at Millennial’s early employment.

http://www.forbes.com/sites/jennagoudreau/2012/01/09/the-future-of-work-top-10-employers-of-gen-y-workers/

http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2012/01/10/businessinsidercan-you-guess-the-to.DTL

 

Chevy Rolls Out Cars for Millennials

Chevy Cars for MillennialsFollowing extensive market research, Chevrolet has designed two new models just for Millennials. As we’ve noted before, Millennials have proven to be less enthusiastic about automobiles than previous generations. They put off getting drivers licenses and say they prefer other forms of transportation. To make a car that Millennials could love, GM surveyed about 9,000 of them and then factored their input into two new designs, which were unveiled last week.

GM enlisted MTV’s Scratch division to identify features that would appeal to the next generation of buyers. Among other preferences, they found that they love social media and connectivity. So, both models include in-car Wi-Fi, Millennials’ favorite feature of any space they might occupy.

The survey also showed that Millennials move around in packs (sound familiar?) so GM expanded the rear seating to accommodate more of their peers.

Also no surprise, the data showed that Millennials like to feel unique. In response, the interior décor is customizable, with a selection of graphic door panels to choose from.

Chevy plans an extensive social media campaign to get Millennials attention as well as feedback to improve the products. “This is a long-term strategy,” said one GM exec, to establish a relationship with the next, and largest, generation of potential car buyers.

http://www.washingtonpost.com/business/chevrolet-aims-pair-of-concept-cars-at-millennials-asks-them-for-help-designing-the-interiors/2012/01/09/gIQAGOCilP_story.html

http://www.freep.com/article/20120110/BUSINESS03/201100403/Chevy-aims-for-millennial-market-with-two-concepts?odyssey=nav|head

Boomers Going Back to School

Boomers back to school imageWhether to retrain for a new career or to make the most of retirement, Baby Boomers are headed back to school, specifically local and community colleges, in large numbers.

According to the American Association of Community Colleges, nearly 400,000 Boomers are enrolled in their member institutions nationwide. Those figures are up 6% from 2007 and 12% from 2005.

To accommodate the onslaught of Boomers, a number of colleges have joined the Plus 50 Initiative. The initiative is a collection of programs designed to make campus life more user friendly for an aging population. The programs also aim to shorten the timetable for completion.

“What we’re trying to offer them is accelerated programs that will not take them long periods of time to complete,” said a program coordinator at one of the Plus 50 schools, “We know there’s a need out there. And it’s conducive in that age category.”

http://www.usnewsuniversitydirectory.com/articles/more-baby-boomers-head-to-community-colleges_12041.aspx

http://www.dailyrecord.com/article/20120102/NJNEWS10/301020029/Baby-boomers-community-colleges-trying-make-new-start?odyssey=nav|head

Millennial Employees Want Facebook and Flexibility

Millennial Employees Want Facebook ImageMillennials are reshaping the workplace with their numbers and their values. A recent Time analysis of recent studies of the Millennial workforce provides a glimpse of the ways that it will change the way we work.

For starters, the world’s workforce will be majority-Millennial in just a few years. As soon as next year, the majority of employees at companies such as Ernst and Young will be members of the Millennial generation. And according to one estimate, by 2025, three quarters of the world’s workforce will be Millennials.

Along with their numbers, Millennials are bringing their values with them to the workplace. Chief among those values is flexibility. Millennials eschew the typical 9-to-5 workday and want to have some say over where and when they work. In fact, 37% of them say they would accept lower pay in exchange for greater flexibility in work hours. On the flip side, Millennials are more likely to stay connected with work wherever they are through the communication technology that they embrace.

And speaking of staying connected, Millennials want to be able to stay plugged in to their social networks even when at work. According to one survey, the majority of Millennials rank the freedom to Facebook at work above higher salaries when evaluating a job offer!

http://moneyland.time.com/2011/12/21/the-beginning-of-the-end-of-the-9-to-5-workday/#disqus_thread

Millennials Still Want Socially Responsible Jobs

Despite the tough job market they face, Millennials are still determined to find employment that matches their values, according to a recent Deloitte survey. The survey found that 70% of young Millennials say a company’s commitment to the community would influence their decision to work there. Even 61% of Millennials who rarely or never volunteer say corporate social responsibility would factor into their decision to accept a job with a prospective employer.

The survey also found that appealing to Millennials’ volunteerism is good for retention and loyalty, in addition to recruitment. Millennials who participate in employer-sponsored volunteer activities are significantly more likely to rate their “corporate culture” as “very positive” (56% to 28%), to be proud of their company (55% to 36%), to feel satisfied with their employer (51% to 32%) and to feel loyal to their company (52% to 33%).

The survey strongly reinforces the idea that social responsibility and volunteer activities are a good way for employers to attract Millennials and goes further by demonstrating that it’s also one of the best ways to keep them.

http://www.washingtonpost.com/national/on-innovations/millennials-to-business-social-responsibility-isnt-optional/2011/12/16/gIQA178D7O_story.html

http://www.deloitte.com/view/en_US/us/About/Community-Involvement/volunteerism/impact-day/f98eec97e6650310VgnVCM2000001b56f00aRCRD.htm

Baby Boomers Employment Bust

Baby Boomer Employment Bust ImageMany of the oldest, or “Leading Edge” Baby Boomers are staying on the job longer because they like to work or they haven’t saved enough for retirement. But a good number of them simply wish they had that option. Older Boomers who have lost their jobs due to the recession are having a tough time getting back into the workforce, reports the Wall Street Journal.

The unemployment rate among those ages 55-64 is about 6.5%. That’s below the national average but twice the rate for Boomers of just five years ago. More significant is the “underemployment” rate that also counts those who have only found part time work and those who have given up looking. That number is now at 17.4%. That means that 1 in 6 older Boomers can’t find full-time work.

Even more telling is older Boomers’ duration of unemployment. On average, they are out of work for over 56 weeks, by far the longest of any generational cohort. For comparison, Millennials, who have the highest generational unemployment rate, are only out of work for about 35 weeks, on average.

In the past, workers in this demographic might have simply retired after losing employment. Older Boomers, however, seem more determined to stay in the workforce. 67% of them have jobs or want jobs, up from 59% of the 55-64 age bracket in 1994.

http://online.wsj.com/article/SB10001424052970204083204577080421127607002.html