Jake Croman discusses 9 Ways Millennials Are Better At Business Than Previous Generations. For more from Jake Croman, visit his website: http://jakecroman.co

1. 9 Ways Millennials Are
Better at Business than
Previous Generations
Jake Croman

2. Many economic sectors and
businesses are evolving to the
changing needs of generations
who grew up with more access
to information and cultural
diversity than their
predecessors. As the most
educated generation in history,
Millennials are redefining--and
will continue to improve--
business models for future
generations.

3. There are three
strategic ways
millennials can
improve upon
business models
for future
generations:
Now coming into our prime, Millennials are entering the
job market in larger numbers. By 2025, it’s estimated 75% of
working adults will be Millennials. As a generation, we have
distinct values that are reshaping business strategies and
initiatives to become more inclusive, sustainable, and
dynamic.

4. SUSTAINABLE + ALTERNATIVE
BUSINESS DESIGNS
A sustainable business design maximizes inclusiveness and equality, but
also improves long-term value with efficient and, if applicable, eco-
friendly products and services.
Detailed below are some of these alternative business models that are
creating new ways of business strategy:

5. 1.SHARED
VALUE
INITIATIVE
Developed in a 2011 Harvard
Business Review article, the
principle of this management
strategy is to connect
businesses with society. The
model redefines purpose as
“shared value”; business that
generates economic value by
approaching societal problems
or injustices.

6. 2. B-Corporations
These for-profit corporations focus on interconnected,
global-based networks of ethics and wellness. Their
ideal is to compete with other businesses to be the best
in their field, but also to provide more sustainable
benefits for society. In addition, they must abide by
performance criterias like environmental impact,
accountability and transparency.

7. 3.Ethical Investing
Millennials are focusing on ethical investing which seeks a return
on financial investment while creating a fairer world. Investment
funds still offer a monetary return, but the model incorporates
strategies for giving back. Big data shows that impact investing is
on the rise globally.

8. SOCIAL STRATEGY
Big and small businesses are already implementing regulations,
enforcements, and activists to combat anti-social activities. However,
social value models need to quantify social return on investment (SROI)
through shared value principles in future business models.
In the future, innovative business models will be social, delivering both
financial and extra-financial value through positive impacts for people.
Tech-savvy Millennials can redefine system level changes that redevelop
services and products with distinct social practices:

9. 1.Consumer
Advocacy
Protecting the interests of
consumers builds reliable
networks. A consumer
advocacy approach
determines problems in the
future and examines how to
eliminate them by
communicating core values
and mission to its consumers.
Consumer advocacy can help
reconstruct the bridge to
more trustworthy and direct
business-to- person relations.

10. 2.Intellectual and Emotional
Intelligence
A lean innovation and intellectual capital strategy, IQ and EQ is a business
technique that can optimize value creation. New business models blend
traditional and emotional intelligences so that more initiative and understanding
go into transactions. Research from Carnegie Institute of Technology reports that
85% of financial success is determined by “human engineering” skills like
personality and soft skills like communication, negotiation, and leadership.

11. 3.Connectivity
Millennials are
shaping social media
trends in broader
cultural conversations.
Integrated reporting
on how the company
delivers on its social
impacts along with
outreach to changing,
potential
demographics can go
beyond basic social
media interfacing.

12. ENGAGEMENT AND
WORKPLACE STRATEGIES
Creating a thriving business model also means maintaining worker’s health and
wellbeing. Sustainable models create new outlines for productivity and offer
supportive work environments. Engagement and workplace strategies are now
starting to become more progressive for workers thanks to Millennials’
work/life desires.
First, a good workplace strategy means hiring Millennials who can understand
the integration between old and new technologies to make products more
efficient and intuitive. The next step is sustaining a holistic workplace culture:

13. 1.Multiple
Engagement
Strategies
Positive reinforcements,
mentorship, and community-based
workspaces can build a productive
work environment for Millennials.
Research identifies differences
between generations and
meaningful engagement impact.
Millennials will soon comprise
much of the working demographic,
so design strategies for different
major employee groups--Gen X,
etc--are needed to peak
engagement, loyalty, and
community experience while still
attracting future employees.

14. 2.Engagement
Progress
Monitoring
65% of Millennials said they
think rigid hierarchies and
outdated management styles
failed to get the most out of
younger recruits. However,
many Millennials appreciate
mentorship, feedback,
encouragement, and support in
their roles. It’s crucial that
businesses train management
in producing healthy bonds,
supportive bonds with their
employees.

15. 3.Rewards
strategy
Improved benefits, workplace reward
systems, or a better work/life balance
are not only desirable to current
Millennial workers, but will impact a
generation of more industrious and
incentivized productivity for future
workers. As Millennials strive for
better career development in various
industries, work and lifestyle perks
will be culturally promoted as a right,
not just a privilege.

16. A NEW MODEL FOR THE FUTURE
This is the time where effective and diverse business policies become realities, but
business strategy for social impact will only grow through universal demand.
Political events will needed to effect policy changes that are both necessary and
urgent.
If successful, multi-sector progress in economics, geopolitics, and culture may
rush in a new era of business. As our world demands change, we may be on the
brink of more trustworthy, responsible, and aware ways of connecting business
with communities all over the world.

17. Thanks for reading! For
more please visit my site:
JAKECROMAN.CO