My son, Dan, and his bride Katrina’s were married in Mexico last week. I enjoyed spending several days with folks considerably younger than myself, and over the course of the week I recognized that things have changed more than I’d realized. The values of young people are considerably different than my own and those of my generation.
Here are a few my observations and my speculation about the implications for business.
Young people value experiences over possessions. This generation could be called the Rent Me Generation – they are not interested as in owning things but rather having the opportunity to experience life fully. They rent their music on Spotify, their rides on Uber and their movies Netflix.
This generation is interested in flexibility in their work environment. They value time as much as they value money and are eager to find satisfactory balance between work and life. Most of them have changed jobs several times in their short careers.
They have a well-developed, outwardly focused worldview – they are curious and enjoy traveling abroad. Many of them have spent time living and working overseas.
They are deeply humanitarian. They want to solve important social problems. They care deeply about the environment and are willing to spend their time and energy on improving the world.
So what does this mean for you and your organization?
- At least part of your mission should be socially-focused in a way that resonates with young people.
- Think beyond monetary rewards. Flexible time may be a less expensive and more meaningful way to motivate young people. Young people are willing to work long hours, but want to be rewarded with extended time-off.
- Give young people a voice and value their input. The insight they provide will help you make sense of your younger customer base, i.e. your customers of the future!
I think these kids are on to something. When I look back on my life, the most meaningful and memorable moments have centered on experiences, not my possessions.