MILLENIALS

MILLENIALS

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Potential actualization of Millennials an ideal CSR Initiative

Millennials, although constitute 50% of the workforce, are perceived negatively by the baby boomers(born worldwide between 1946 and 1964) in positions of employers, which in turn adversely affects their employ-ability as well as the potential actualisation and GDP growth. This story discusses problems associated with millennials, possible causes and the solutions which should be addressed by Corporate India, the potential and present employers through application of their leadership and organisational strength as well as the CSR Budget.

Millennials, although constitute 50% of the workforce, are perceived negatively by the baby boomers(born worldwide between 1946 and 1964) in positions of employers, which in turn adversely affects their employ-ability as well as the potential actualisation and GDP growth. This story discusses problems associated with millennials, possible causes and the solutions which should be addressed by Corporate India, the potential and present employers through application of their leadership and organisational strength as well as the CSR Budget.

MILLENIALS

India, the second most populated country in the world, is home to over 400 million millennialsthose born after the year 1982. Today, these millennials form nearly half of Indias workforce. The Gen Y those born after 1998 are increasingly emerging as the chief wage earners, and are also under the spotlight for their spending and investment patterns. Indian millennials are the result of constant modernisation and westernisation after the globalisation of Indian Market. Millennials has been the part of emerging India since its starting and has played a major role in the development.

Millennials are the first generation who got their hands on the changing technology and experienced the New India and they were the generation that made their previous generation familiar with the dynamic aspects that are changing everyday. But, these millennials are not always appreciated by their previous generation- the baby boomers, and are despised for some of their characteristics like carefree attitude, lack of responsibility, addiction to social media, sense of entitlement on everything that they want in their life, narcissistic personality and many other things.

USUAL CHARACTERISTICS OF MILLENNIALS

1. Tough from the outside, soft from the inside

This generation is like a coconut, hard from the outside and soft from the inside and this is because of premature maturity that took place. We have a tendency to look only at the tangibles and completely ignore the intangibles. For example, we get concerned when a premature baby is born, as it affects his / her physical development, but we completely ignore, ill effects on a child when the child develops matured exterior / personality traits,influenced by exposure to technology , social media,goes ahead of the previous generation, considers himself / herself smarter than the previous generation, exhibiting disrespect to the previous generation, even when these personality traits are is going to harm him intangibly in the long run.

2. Deadly Social Media Addiction

Millennials are greatly addicted to Social media and are glued to their smartphones all the time. There is a study that shows when a person receives a text his mind releases a hormone called Dopamine which is the same hormone which gets released when drinking or smoking which means that it is highly addicted. Social media makes them isolated from the outside world.

3. Peer Pressure

Millennials have been a victim of Peer Pressure which is doing something only because to get acceptance in a social group. Teenagers start drinking and smoking only because of peer pressure or to look cool. Peer pressure is the reason most of the teenagers get stressed and depressed because they cannot get the required acceptance from their friends and opposite sex.

4. Effective Stress Coping Mechanism

And to deal with this stress and depression these millennial have not developed a effective stress coping mechanism to counter it. That is when they turn to liquor to deal with their stress which gives them temporary satisfaction and is highly addictive and damaging in the long run.

This tendency to turn to alcohol instead of a person when in distress gets hardwired in their brains and they keep doing it for the rest of their lives.

5. Parenting

There is a belief that Millennials think they are entitled for everything, that they can get anything they want, they just have to wish for it and it will happen. This is not their problem but it is a problem of bad parenting(by the both working parents without time for kinds, but money to splurge to kill the guilt of not spending time with kids) that happened over a long time and economic growth and affluence that came the way of the Indian Middle Class. Millennials were made to believe, that they will get everything in their life. This generation just had to cry in front of their parents to get the things, they wanted.

Since they were in school they believed that they can do anything in life, because of the constant motivation from their parents but they were not told about the hardships that they had to do to achieve all that. Even when they stood in competitions and even if they lost, they would get consolation prizes, even degrading the value of the actual winner? Millennials should have been educated and prepared to face the all the challenges those are to be faced in life, not limited to the good things in life.

6. Technology

Technology was invented to make lives easier and help human beings in their day to day work, but it became a vital part of every human life. Technology and Millennials evolved together and in some way or the other they were siblings. Millennials are greatly dependent on technology even for their smallest works. Millennials cant keep their hands off their mobile phones even in bathroom or in a important meeting or seminar, or in a funeral or in a get together.

Technology has made this generation insensitive towards life, for instance, in a situation of distress people do not come forward to help instead they start recording it on their mobile phones to upload it on their social media in exchange of some petty views and likes.
Technology was invented to enhance productivity but in the long run it has started to adversely affect the productivity and especially of the millennials. There are instances, during office hours when they were supposed to work they were found glued to their smartphones surfing social media.

Technology made millennials believe that they can achieve everything in their life with little or no effort and it created an impression in their minds that they just have to sit in their comfort zone and just think about what they want to do in their life.

7. Impatience

Millennials, from the starting they have got everything they wanted in an instance and when they were a little older and with the help of some technology their belief got even stronger. They did not even have to wait for food, they want to eat something they can order it online and what not.

This generation wants to make an impact on the world but they do not want to wait for it to happen. When we asked a millennial who was working in a MNC and asked him, how is it going? To our surprise he answered, I think Im gonna quit, and when we inquired why the answer came that he is not making an impact and he was working there for just 8 months.

This generation is like a mountain climber who is standing at the foot of the mountain and his goal is summit but what he does not want to see is the mountain that he has to climb. This generation needs to understand that sometimes the journey is more important than the destination. The generation lacks the patience and perseverance to make the required effort to climb to the top.

8. Environment

Millennials have always been in a comfortable environment whether it be their home or their school or their college, they were never made aware of the challenges that they have to face in the real life. These beliefs that were part of their mindset were shattered when they set their foot in the real world that is when they started working for a corporate. They came to know that they are not special and they are the part of the same old generation that worked before them.

Swords of deadlines and office politics were hanging on their necks and they were not accustomed to deal with these real problems and that is when they started to think that their job is not satisfying but they dont understand that there is no such job in the world and they have to work hard in their respective jobs to make it satisfying.

PROBLEMS FACED BY CORPORATES WHEN DEALING WITH MILLENNIALS

Millennials are like a coconut as said earlier and they need to be handled like that. Corporates have to deal with due patience with them and train them according to their company norms and work to enhance their personalities rather than expecting them to change on their own. There should be training, specifically designed for them respecting their special attributes as stated above to gently mould them.

Their addiction to social media needs to be tackled smartly because if you think you can stop them then you are wrong, you have to work out a way so that they do not feel that they are being forced and your productivity increases too, for instance every employee should be made part of the social media team and they should be asked to promote their company on the platform. This way the employee can use social media and your company will get its due promotional advantage.

Millennials have been affected by peer pressure since they were kids so the corporates there is no such possibilities in the work environment and rather there should be healthy competition within the employees to enhance team spirit and productivity.

3 MAJOR EMERGING TRENDS SEEN IN MILLENIALS

First, the buying trend is quickly shifting from ownership to access. A report by Goldman Sachs says we are fast moving towards a sharing economy. Buying a car or a property is being pushed lower on the priority list of the average millennial. 25 years from now, car sharing will be the norm, and car ownership an anomaly, opine Jeremy Rifkin, Author and Economist.

Car aggregators like Uber and Ola are offering almost the convenience of owning a car, without having to buy it. Millennials are willing to rent a property or share their parents home for a longer time, and instead save for travel and leisure.

Even workplaces are evolving into a shared ecosystem with co-working spaces becoming popular among youth-led startups. Another ground-breaking phenomenon has been digitization. This generation has the world at its fingertips. Millennials are natives to technology and are habituated to instant gratification. Having instant access to product reviews, price comparisons and extraordinary variety shapes their buying decisions.

A Morgan Stanley report estimates that it will not be long before smartphone ownership increases to cover 100 per cent of Indian millennials. Millennials will soon depend on mobile apps to eat, shop, book tickets and conduct banking activities.

To stay ahead of the curve, businesses must invest in interactive technology that increases convenience and at the same time, maintains trust. Mobile connectivity and e-commerce in India is expected to grow by leaps and bounds.

Thirdly, a noticeable trend has been the growing conscientiousness in two aspects, well-being and social good. As a result, millennials are becoming increasingly health-conscious and willing to pay a premium for good health. Research shows that 36 per cent of Indian millennials have a fitness app installed on their phones. About 45 per cent think leading a healthy life is a priority. About 60 per cent disapprove of smoking and 21 per cent drinking.

Businesses willing to put in greater effort and research into healthier alternatives will have an edge. Perhaps, this is one reason of the disruptive popularity and acceptance of Patanjalis herbal and Ayurveda products.

Millennials are also more environmentally and socially aware and conscious than earlier generations. Brands establishing a reputation for environmental stewardship and sustainability are bound to grow market share and build loyalty among the millennials.
The 2017 Deloitte millennials survey reveals an interesting finding regarding emotional well-being. Indian millennials seem to be convinced that they will be happier than their parents as opposed to their counterparts in Europe and Japan. This is a clear indication of the general optimism about the economic scenario in India.

POSSIBLE SOLUTIONS THROUGH CSR PROJECTS

Millennial problems is an issue that needs to be addressed by the corporates as they are the next generation workforce and they need to be managed well.

The problems associated with the milennials are the characteristics stated above, which blocks the process of their potential actualization, if they are not managed with due care, irrespective of their high caliber and talent. The limited understanding about the milennials is a problem which need be solved for actualizing their potential.

The suggestion of CSR VISON is that the part of CSR budget be channelized for solving this problem. The ideas for action as CSR PROJECT includes, the followings.

Awareness and Engagement Conclaves

Conclaves and meetings by corporates as a part of their CSR activities should be organized where baby boomers and millennial kids can get together and try to learn about each other so that the stereotypes can end and there can be better compatibility between the groups because in the end both of them have to work hand in hand.

Movies on Millennials

Movies are great influence for the millennials, CSR budget should be allocated in making movies to teach millennials about family values, country values. Baby boomers have become rigid over a period of time so their mentality should be gently molded through movies to understand millennial generation better.

Promoting Investment behavior through CSR Projects

Corporates using their expertise in financial market should organize investment seminars for millennials to teach them the importance of investment and also make them aware of the difference between saving and investing. These seminars should discourage their behavior of over-spending and encourage the nature of maintaining a budget.

About the author

CSR VISION
CSR VISION is India's (probably World's) first monthly magazine in print devoted to CSR and Sustainable Development for bringing together all stakeholders of SUSTAINABLE DEVELOPMENT at a global and local levels and act as a platform for promoting strategic CSR and sustainable development practices through dissemination of information and knowledge.