By Kate O’Neill, Graduate Business Lead.
Who are Millennials?
Millennials are people born between the 1980s and early 2000s. They face different challenges to previous generations – for example growing up in the information age and also feeling the effects of the global financial crisis. They are the first generation in recorded history to be worse off than those which came before. They are both the 20th century’s last generation and it’s first truly digital one. Millennials can have a bad reputation in the media, but the tone is now changing as businesses recognise the importance of investing in their future and the different values that they bring into a business.
What do we really mean by Millennials?
You may have heard them also referred to as Generation Y in the media. This is because they follow on from Baby Boomers and Generation X. Baby Boomers are those born following the Second World War during a spike in the birth rate and Generation X being those born in the early to mid-1960s through to the early 1980s.
Which leads us to the Y generation, the Millennials! The youngest Millennials are now heading off to college and university, and the oldest are approaching 40. They are largely characterised by the rapid growth and development of new-age technologies that made way for the digital and globalised world we live in today.
Why is this important to the Pharmaceutical and Healthcare industries?
Pharmaceutical and Healthcare understand the need to connect with this key demographic to benefit from their knowledge of digital and new world technologies, but also to tap into their unique set of values which are distinctly different to previous generations.
Why is it important to understand Millennials?
Millennials are an empowered generation; they are resourceful and media savvy. They tend to have a different relationship with traditional authority, meaning they work in a different way to former generations.
They are more diverse and likely to have grown up around different backgrounds, ethnicities and cultures. They are more likely to challenge the norm which all adds up to a change in the way we work, communicate and engage with others on an everyday basis.
What are their life experiences?
Therefore, Millennials have a unique set of characteristics that make them quite different from previous generations. They're young, energetic, and determined to make a difference. However, at the core, and like previous generations before them, they want to feel valued and see value in their work. Remember, they are also up against many misconceptions and doing their best to prove their worth in today's modern workplace – this eager energy is something the Pharmaceutical and Healthcare industries can only benefit from in the future.
For more information about how to engage with Millennials in your business, or how to get into medical sales, please contact Kate O’Neill, Graduate Business Lead, on 0131 553 6644 or email firstname.lastname@example.org.