22 hours ago | By Erica Ng
Experience the leading provider of consumer foresight.
Behind the most innovative companies are the most innovative people.
Creative employees discover new market opportunities, shake industries up from the ground and innovate with new products. And when an organisation is built on the promise of creativity, losing this touch could mean losing its competitive edge.
In our new white paper, “Future-proofing your brand”, our Mindset consultants look into what are the shifting priorities to today’s talent and how that affects the longevity of companies.
By 2020, Millennials will make up more than 50% of the workforce, making this generation the largest share of the labour market. Dubbed as the “Me Generation”, Millennials have proven to be actually the opposite.
In 2016, Deloitte found that, globally, 56% of Millennials have “ruled out ever working for a particular organisation because of its values or standard of conduct”, while 49% rejected tasks that went against their ethics. For Millennials, mission-driven businesses that put people before its profits ensure long-term success, with employee satisfaction as a top priority. There is no longer a disconnect between purpose and work.
According to a PwC study, career progression is the top priority for Millennials, with 52% calling it the prime reason they are attracted to an employer – more so than financial benefits – with 35% claiming that outstanding training and development programmes were the top company benefits. Millennials are increasingly demanding professional development, learning opportunities and mentorship. Yet, we are also looking at a generation that calls for instant gratification and constant encouragement.
Growing up with the self-esteem education model, Millennials have been bolstered by positive reinforcement since childhood. As a result, they need to feel valued at work, and validation is key. Employers should remind them about the importance of their role, give a sense of belonging, recognise their efforts and explore individual needs.
Say goodbye to 9-to-5 weeks and office settings. Millennials want flexibility in terms of where and how they work, for a better performance and work-life balance. With the rise of co-working spaces, such as WeWork, and the gig economy, “solopreneurs” and freelancers have been gaining momentum for a while and the trend is for it to keep growing in the upcoming years.
Future-proofing your brand
Today, the very pace of change seems to be changing. Every day, new technologies promise to open new possibilities. And while some might look to change with uncertainty and fear, at WGSN we see the future as one of possibility. How will you evolve your brand? Who will you become? What will take your company from today to tomorrow? Get our team’s recommendations on everything from fostering innovation to planning for the rise of AI here.
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