Business to Business
Why B2B businesses should care about the Millennial Mindset
A lot has been written recently about the purchasing habits and changing attitudes of the millennial generation. Statistics like the fact that 93% of millennials want to buy brands that have a ‘purpose beyond a product’ are making businesses sit up and think. But, what if your business is not a consumer products business? What if your business is B2B, for example? You’d be forgiven for asking yourself the question, why should I care about what millennials think, given I don’t really sell them anything?
By Ben Walters | Corporate Communications
By 2025, 75% of the working population will be millennials and the likelihood is that a large proportion of your workforce probably already is. Numerous studies suggest that millennials want to work at a company that has a purpose that goes beyond simply just making profits. They need to feel like they're having an impact on the world around them through their work and feeling a sense of purpose is now a key criterion, alongside financial compensation, when considering job opportunities. If you want to hire and keep the best employees, you need to engage with the millennial mindset.
There is an increasing onus on companies, regardless of their type, to create impact and value around ESG, as well as on CEOs and other leaders to be activists on these issues. Indeed, the majority of millennials believe it is important for companies and CEOs to express their views on these topics, even if they don’t agree with the company’s position on a given issue. Understanding the millennial agenda and having the ability to ask yourself, and your company, the right questions before choosing to take a stand on an issue is crucial to navigating what can often be a minefield.
Expectations from your employees and wider society mean that changing millennial attitudes are relevant for all businesses, not just consumer facing ones. Through FHF’s recently published Millennial Manifesto for Business, you will find a guide to the millennial mindset with practical tips and advice on what companies can do to engage with this generation through Purpose.