By: Bea Fields
I really don't like coming from the negative side of things, but sometimes, we all need a thunk on the head about what is really going on out there in marketing to our up and coming generation of adults...Generation Y. Since Eric has been blogging about this generation, I am going to join the conversation.
Over the last three years, I have been studying Generation Y, and I actually wrote a book on the subject with three colleagues following my initial research. Since that time, I have been staying in the loop with my Gen Y colleagues, and it is really staggering to hear some of the things I hear from them about how Baby Boomers and even Generation X treat them from both the employer and the marketing perspective.
Just to give you a bit of perspective, here are the four main generations still living and participating in our work force:
Now then, I want to say upfront that each generation brings strengths, skills and assets to the table. Each generation also has shortcomings.
As an example, Traditionalists are great with due process, but they really don't use technology (many will say they have never sent an e-mail)
Baby Boomers are hard, hard workers, but they are not connected to the digital, social networking, blogging world.
Generation X is fiercely independent, but they can be cynical and skeptical about corporations and business owners (especially banks...so be careful!)
Generation Y is the most tech savvy, innovative generation in our workforce, yet many say they are very uncomfortable and awkward in face to face networking situations. They are more comfortable behind a computer screen.
So, having said that, I have to say this loud and clear...If you look at the above graphic, you will see that Generation Y is one of our larger generations, and they will soon outnumber Baby Boomers in the workforce. Even though Traditionalists and Boomers population numbers are higher, they are phasing out of the workforce, and Gen Y is coming in in droves. And...while the economy stinks right now, they are still spending money, and many are looking at buying a first condo or home (many will co-op...they will combine their funds with friends and family to get a piece of real estate in their back pocket...they are not to be ignored, and they are a force to be reckoned with.)
So, here are the 5 beliefs that they say will drive them away from a bank (and really any business!)
1) Nope...we don't believe in using Facebook. It causes too many problems with security AND we don't want our employees on Facebook all day long, so we have blocked it from our business.
There are ways to use Facebook which protect your security AND which will lay down the law inside your company about usage. By blocking Facebook, you are telling your Generation Y employees and customers that you have no respect for their friends, network or for their communication preference.
2) We have no interest in blogging. It is a waste of time, and we don't have the manpower to run a blog.
Generation Y is now saying that static websites are old school...they believe they are dead, over and done. They believe that a blog is the website of the present and future and without a blogging presence, you will position yourself as someone who just is not with the current times. If you have a website, this has to be maintained anyway, so why not use a blogging platform as a portion of your web presence? It can be done as long as you are in compliance and you are using a secure site. Many banks will open a brand new domain on a different hosting company just for their blog so that the website materials don't stand a chance of being attacked or compromised.
3) In order to do business with us, you need to come into our bank for a meeting.
Huh? Duh? Generation Y is not into meetings. They do their business online. Without the ability to sign up with your bank online, once again, you are saying that you are going to do business the way you always have done it and you are not going to take the time to offer your Gen Ys the ability to use their communication tools to begin a business relationship with you. (BTW...I also hear this in the real estate community...that brokers require their clients to "come in and sit down with them"...while you are requiring this, your competitors are laughing all the way to the bank by texting and Tweeting information on Twitter to the clients you wish you had!)
4) We don't have time for ongoing education for our employees and the public, and you know...times are tight, so training has been cut from our budget.
Just expect your Gen Y's to pack up their bags and head out the door. This is the information generation. They crave information, development and training. If you are not providing them training that allows them to grow and move and shake in the world, they will move on. The same is true for your Gen Y customers...they will be looking at your bank to see if you are sending out information that will make their financial decisions easier and stronger.
5) We don't need to "pander" to this entitled, narcissistic, lazy generation.
Hmmm....interesting. First of all, guess who created Generation Y? BABY BOOMERS! Boomers are their parents. Steve Jobs and Bill Gates are Baby Boomers who placed the plug and play technology in their hands. Companies all over the world have taken Generation Y, placed them behind a computer at age 9 and said...okay...go live your life. And now, we have the gall to call Generation Y names...shame on us! And...to Generation Y...I want to apologize to you for my generation (Boomers) handing you trillions of dollars in debt and for making the world what it is today. We truly wanted the best for you as children, praised you, gave you an affluent life, and now we are calling you names...slap our hands...I don't blame you.
The truth is that this generation is one of the smartest, fastest, hard working, philanthropic generations in our workforce. If you would just take the time to get to know them, you might see a different side.
I encourage you today to look at this list and to start getting to know Generation Y...they are amazing, and it's time for us all to get with the current times and start embracing this great generation of people.
