There has been a lot of talk about how millennials are changing the workplace. They demand more work-life balance, are more uncertain about their future, and are also changing the philanthropic landscape.
The number of millennials in the workforce has increased significantly over the past few years. By 2020, they will make up over half of all workers. Gen X is another third, and baby boomers are declining. This rapid and monumental shift is happening right now.
As millennials earn more and pay off their student loans, they are starting to acquire more predictable and regular behaviors and patterns. This is a huge change from the previous generation, which was always unpredictable.
Understanding the various factors that influence how millennials behave is very important for organizations to succeed in the future. They are becoming more engaged in multiple-cause pursuits and are demanding more work-life balance. This is why marketers must be able to adapt their messages to meet these new conditions.
Millennials Give Enthusiastically
In 2014, over 80 percent of millennials gave to charity, and over 70 percent donated over an hour to a cause, according to a study conducted by the Case Foundation. Although Gen Xers and boomers are giving more, millennials are becoming more influential in the philanthropic space.
The numbers are significant because, unlike their predecessors, they are still young and have student debt, which precludes them from owning a home or car. If people become more generous throughout their lives, and if their parents also give, millennials will become the most giving generation in history.
The increasing number of millennials in the workforce is expected to translate into a significant increase in their charitable donations. It is, therefore, important that organizations reach out to them and develop effective strategies to connect with them.
The increasing number of millennials in the workforce is expected to translate into a significant increase in their charitable donations. Millennials are passionate about their goals and believe that they have the necessary skills to make a difference in the world. They also have the necessary ease of giving to make donations. They are finding community through their causes.
The Impending Wealth Transfer
The massive wealth transfer that is expected to happen between millennials is a result of the entrepreneurship of their parents. Due to the success of their parents, they are on the verge of having a wealth transfer worth around $30 trillion, which is more than the previous generation has ever experienced.
Experts believe that wealth transfer will have a positive impact on the charitable sector, and it could lead to a golden era for organizations. This is because millennials are individuals who are passionate about their goals and believe that they can make a difference in the world.
Connecting With Millennials
One of the most important factors that organizations should consider when it comes to attracting and retaining millennials is the use of technology. One of the most effective ways to connect with them is by telling a story. Instead of saying that everyone is affected by X, tell a story about how someone has benefited from your work.
Your cause should be simple and consistent. Instead of over-complicating your message, avoid getting carried away by the complexity of your work.
One of the first questions that potential donors ask is why this matter to me now. Getting the urgency across is very important, as it may take years or even decades to complete your mission. However, by showing how your money and time will be used, your audience can see where their donations will go.
There has been a lot of talk about how millennials are lazy, indifferent toward brands, and entitled to their opinions. However, they are actually the most passionate and committed members of the philanthropic community. They are the individuals who believe that life can be better and that change can be made in the world.