The Scouting Report” provides an inside look at how current business students are being trained for the workplace, their strengths and weaknesses, and their aspirations in the business industry. Make sure to subscribe to the MFG Insider to keep up with this series of articles.
Millennials and technology are uniquely intertwined. This is the first generation to have grown up with iPhones, tablets, and the cloud. For Millennials, technology is a part of their daily lives, a tool at their disposal as they go out into the secular world. In a 2014 Nielsen’s report, when asked what is unique to their generation , 24% of Millennials answered “use of technology.” Growing up with social media giants like Facebook and Twitter has caused Millennials to become dependent on these platforms for both their personal lives and for their news.
These social media platforms have caused Millennials to become dependent on these platforms in both their personal lives and for their news. In the past election, we saw the tremendous influence and power these social media platforms had. Millennials do not see the traditional media outlets as the “go-to’s” anymore. Instead they seek out what is easily accessible and convenient. Though it is very easy to “google” a question or find information online, the ability to dig deeper and research sources is necessary for accuracy and to avoid unwanted troubles. Making sure that your next young hire has strong research skills is extremely important. They need to be able to find the right solution, not just the first result. Millennials are typically quite strong in their computer skills, are aware of trending topics and can sometimes give you the answer to a question you haven’t asked.
In the same Nielsens report cited earlier, Millennials associated being “smarter” as unique to their generation, but didn’t associate work ethic, which happens to be the highest characteristic that was important to Baby Boomers. For a manager or business owner, this discrepancy will dictate diligence to keep your new young hire grounded in their work. Despite the innovative approach to their work, key details and basic fundamentals can be lost while trying to take the “smart” route, which can easily result in their outsmarting themselves. Of course, in time comes wisdom and these young business professionals will learn that just having the tools isn’t enough.
“Digital Branding and Marketing” are buzz words in every business school in America and they are thrown around in almost every classroom. However, there is quite a difference between setting up Twitter, LinkedIn, and Facebook accounts for a company and being able to utilize these platforms, and others, in an effective way that will specifically benefit your firm. While there are many success stories when it comes to digital branding and marketing campaigns, there are even more “dead” Twitter accounts and social media horror stories for companies that tried to ride the trend and didn’t plan ahead. Though most industries use some form of social media, it can be argued that not using these tools is better than using them in an incorrect manner. The number of Twitter accounts for major companies with just a few Tweets is staggering. It leaves a poor impression on prospective customers and reflects badly on the company as a whole. Millennials have many of the tools to build a strong branding and marketing campaign, but first make sure they have a real plan and goal – not just a fun Twitter handle.
Technology plays such a crucial role in the future of business, and today’s technology will be outdated by tomorrow. Finding young business professionals who understand not just the complexities of technology, but the value behind it, are going to be disruptors in the business world.
Rising Student Debt Among Seniors Threatens to Wreck Their Retirement
By: Bernice Napach – ThinkAdvisor
The CFPB reports that 60 and older is the fastest growing age segment with student debt, and nearly 40% of borrowers 65 and older are in default
How Much Cash Would It Take You to Delay Retirement?
By: Suzanne Woolley – Bloomberg
One reason Olivia Mitchell wants to save Social Security is to avoid the reduction in benefits she expects from the ailing program just when she wants to retire.
Why Being Unpredictable is a Bad Strategy
By: Mark Chussil – Harvard Business Review
My clients and students assume that competitors should surprise one another with their strategies. Your competitors, they think, should have no idea what you’re going to do.
What you need to do to Stand Out in a Noisy World
By: Dorie Clark – Harvard Business Review
For years, I’ve been grappling with the question of how professionals in an increasingly noisy and frenetic world can ensure their expertise is recognized.