Harnessing the Power of Millennials
Creating and managing brand value TM
Interbrand | Pg. 2
Harnessing the Power of Millennials
by Maryann Stump
They are the apple of their parents’ eyes and the mixed blessing of employers around the world. Mention the word Millennial to any manager these days and the responses range from heavy sighs, eyes rolled heaven-ward in a giveme-strength gesture, to a blunt “what’s the matter with these kids?” Common complaints are “they want to be CEO tomorrow,” “they expect their boss to act like their parent,” “they have a huge sense of entitlement,” or “they expect a trophy for every accomplishment.”
Research on this group seems to support this point of view. Millennials are twice as likely to cite “being successful in a high paying career” as one of the most important things in their lives. Six in ten see their current job not as a career but a “stepping-stone” or “something to get by.” However, if you dive a bit deeper, the evidence paints a different picture. In fact, the top career goal for this group is interesting work. When Millennials understand how their jobs are of value to the company and are engaged with the company’s goals they are hard-working, committed and loyal employees who regularly exert discretionary effort. Tapping into this passion for career success while elevating perceptions of their current jobs are the sort of goals that Internal Brand Engagement initiatives seek to achieve.
So how can companies turn the “Trophy Kids” into award-winning employees? A good place to start is the same place smart companies start when they want to sell to any segment: Find out what they want and then find a way to give it to them. One recent study asked Millennials to construct their own virtual companies. It turns out they believe that front line experience is more important than boardroom seasoning. In their world, customers rule and those companies with close links to customers are the ones destined to win.
Harnessing the Power of Millennials
1 The first step in engaging Millennials is to link their work to the customer. Internal Brand Engagement creates that link by showing how every job contributes to the customer experience. Use brand to show Millennials how their work impacts the customers. 2 Interbrand’s recent study of employee engagement indicates that nearly threequarters of the companies surveyed do not use social media as part of their employee engagement efforts. This generation uses social networking on daily basis to improve their lives and social interactions. That’s why it is important to start incorporating social networking technologies in Internal Brand Engagement efforts.
4 They like to learn. “Opportunities for learning” is the most commonly reason Millennials give for choosing a job. Tap into this by providing training opportunities but don’t get caught in the “assemble everyone in a conference room” paradigm. Instead of a brand module in onboarding training, create a series of modules that train them on relevant brand knowledge as they grow in their understanding of the business. Make it bite-sized, portable and above all, actionable. 5 Millennials thrive on achievement. Remember the brand training that was just made into a series of interactive minimodules? Don’t forget to include a test at the end. And don’t be afraid to send out a popquiz two months after the training to see what they’ve retained. Just include a prize. 6 There’s a misperception that Millennials’ fondness for structure and clear goals means they can’t improvise. Far from it. Use brand to provide a framework for improvisation. For example, a retail bank with convenience as a brand idea could present several customer scenarios and ask Millennials to come up with actions they could take that would deliver convenience.
3 Millennials expect to have a voice in what goes on in every aspect of their company. Encourage a dialogue but give it parameters. Instead of an annual survey to check on employee satisfaction, use social media to solicit ideas for infusing the brand into the organization or improving the customer experience.
Above all, remember that this is a generation accustomed to a fast-pace in everything they do and is more comfortable with change than any previous generation. In this ever-changing business environment, chances are they are exactly the type of employees your company needs. ■
Maryann Stump Maryann Stump is Senior Director of Strategy at Interbrand New York. She specializes in corporate and B2B brands. Maryann believes that a business’ goals and realities must be combined with an understanding of customers’ needs in order to create powerful, focused brands.
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