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StrategyDriven Entrepreneurship Article | Selling Suburbia to Millennials

Selling Suburbia to Millennials

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StrategyDriven Entrepreneurship Article | Selling Suburbia to MillennialsMillennial homebuyers aren’t the traditional real estate clients. The latest information from the National Association of Realtors has millennials looking to get away from high urban rent rates and more toward the suburbs to find the perfect single-family home. While these individuals are wanting to move away for hip urban neighborhoods, they don’t want to give up their active lifestyles.

Moving into Hipsturbia

According to a recent trends report, “hipsturbia” is fast becoming the desired location for real estate hunters. Not only that, but developers like Aubrey Ferrao will find new income potential when they make investments into the cool suburbs that millennials are looking for. These new developments are looking for affordable homes that offer a vibrant downtown location within walking distance, but also have a variety of retail shopping locations, restaurants, recreation, and public transit options. The professional Aubrey Ferrao designs are looking to create this experience in the newest developments in Florida, but this trend is sweeping the nation. In spite of the fast-paced diversity of city life, millennials are migrating to outside the city limits and looking for a life that is much quieter but still has a slight city feel.

The Expanding Trend

The first reports on “hipsturbia” came back in 2013 when the New York Times reported that more people were moving to the vibrant communities that were just outside city limits. This trend has moved into major metro areas across the country, with communities like Santa Clara, CA being just one of the few bustling suburbs moving to add passive recreational space alongside new developments. Near Chicago, communities like Evanston still allow for a quick transit time into the heart of the Windy City but have invested in retail opportunities and rooftop bars to keep the local residents engaged in the community. Deep in Atlanta, suburban communities are using mixed-use developments that are within walking distance of housing to attract young workers to the location. Even smaller markets like Charlestown and Tempe, AZ are expanding their “hipsturbia” options.

The Commute Crisis

In addition to the assumption that suburban life was more dull and static than thriving city life, people originally put off moving outside of the city because of the distance and commute. Just like people have found out that small communities have the same charm and attraction as what they find in a big city, they are also finding that the commute isn’t really a sticking point. People start looking at an area because of the easy commute into the city, but once they settle in, the commute isn’t such a big deal. There are so many people with telecommuting positions or only needing to go to the city once a week for work that distance doesn’t discourage people from looking outside the city for work. They find that their businesses can grow just as well outside the city as it can within.

More Than Millennials

While millennials are the largest population fueling the growth in these popular suburban areas, there is a surprising amount of interest by the empty-nesters. Rather than moving toward the city once the children have grown and moved on, empty-nesters prefer to stay in their communities where everything is still within easy access. These couples also feel that it is a great location to have their grandchildren come and visit, in addition to being able to take part in age-related activities through the well-grounded and bustling community.

For a real estate investment that will offer much of the attraction of city life, moving into “hipsturbia” could be a great opportunity. You can find just about everything you need close to your home, and you won’t have to give up the lifestyle you are used to.

Marc Robertson

The Costs of Not Bridging the Gap Between Generations

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It is now commonplace to hear stories of Boomer and GenX managers having difficulty managing Millennials in the workplace. Most managers look at it as having to deal with differences in attitudes and experience that can lead to frustration and resentment at its worst. The truth is that the actual monetary costs of not bridging this gap between generations can be tremendous. The inability for generations to relate well with one another leads to the following issues:[wcm_restrict]

Communication
When millennial age workers don’t trust their managers they are not likely to openly communicate with them, especially if they feel threatened. Instead of letting their managers know there is a problem with completing a task, or they see a problem ahead that the manager doesn’t see they will tend to keep it to themselves for fear of retribution, or even worse, because they don’t really want to support that manager. The costs are substantial. You find out about mistakes too late to fix them and spend money redoing or correcting problems that could have been avoided in the first place.

Second, you could have avoided a problem altogether had you known it was coming. Now you will spend your time, part of your staff’s time, and additional cost if it delays delivery of a product or service causing a hit to your cash flow.If you add up the cost of your time based on your salary, the cost of your staff’s time, and the delay in customer delivery; it is a substantial amount of money per hour. If this lack of communication becomes accepted as part of your culture you are wasting a significant amount of money and time on a yearly basis.

Performance Issues
When an employee is afraid or resentful they are prone to hiding any lack of ability they may have. Their performance erodes, and unless it’s blatantly obvious you have to figure out what they don’t know, and how to fill in for them or train them to do it. Now you’re paying for their mistakes as well as your time in trying to figure out what’s wrong. There is an additional cost in the poor performance of one employee affecting the entire output of a team or department. Add up all of those hours, it’s a scary number.

Missed Opportunity
When people don’t trust whom they’re reporting too or feel like they want to support them they are not going to be giving you their best ideas for solving problems or developing new products or services. That can easily become a missed opportunity. They might have come up with a solution to problem that could have been solved months ago, saving both frustration, time and money.

Turnover
In a job seekers market unfulfilled employees will leave the company. The cost of replacement is real dollars in terms of down time, recruiting, and then training time.

Being proactive in addressing the differences in generations in a positive way, and creating a clear path for communication, career development and building trust. will increase efficiency productivity and profitability. Companies like IBM have even developed groups made up of Millennial age IBM employees called Millennial Corps utilizing their unique point of view to test new products and make stronger connections across the company’s thousands of employees. Companies like IBM understand the importance of proactively bridging the gap between generations.[/wcm_restrict][wcm_nonmember]

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About the Author

Marc RobertsonMarc Robertson, MBA, is the founder and president of NewSkills USA and has more than 25 years of experience in the media, entertainment, and technology industries. He is the author of Working with Millennials: Using Emotional Intelligence and Strategic Compassion to Motivate the Next Generation of Leaders (Praeger, February 29, 2016).

StrategyDriven Diversity and Inclusion Article

6 Things I’m Learning from Millennials

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StrategyDriven Diversity and Inclusion ArticleMost of us have first-hand experience with just how ridiculous stereotypes can be.

I, for example, proudly break the stereotype of the reserved British person by being blunt and speaking my mind; seldom will you find me acquiescing about things I’m passionate about for the sake of English decorum.

While politeness is a stereotype that doesn’t personally cause me much grief, it’s important to remember that many stereotypes are actually quite dangerous—even the ones that seem harmless.

Take millennials, for instance. There’s no doubt that millennial talent represents a valuable asset for the continued success of many companies. However, much of the furor around unlocking the mysteries of millennials in order to win their talent does a unique disservice to an entire generation (and, for that matter, the generations of Boomers and Gen Xers as well) by forcing individuals into predefined silos of what broad groups of professionals are supposed to say and do:

  • Millennials are entitled.
  • Millennials can’t thrive in a traditional corporate structure.
  • Millennials can’t make decisions without everyone’s input.
  • Add your favorite millennial stereotype here.

I’m guilty of falling into this trap myself, but daily interactions with colleagues, friends, customers, and job candidates are constantly shaking loose many of the preconceived notions I have about working with millennials. Here are six things I’m learning.

1. Authenticity Beats Formality
I recently interviewed someone for a key role based in Dublin, one critical to the success of a new product. Eventually, the role will grow to cover the whole of Europe. In contrast to many candidates before her, this woman chose to forego a formal conference call or in-office meeting. Instead, the interview was held on Zoom (which the candidate had just downloaded onto her phone) from a cafe in Dublin. I was impressed with her drive, openness, expertise, and energy—the fact that she was in a cafe on her phone was irrelevant to her obvious competence. Her authentic self and desire to win beat any formality that other candidates may have felt were relevant. She got the job.

2. Matrix Beats Hierarchy
Driven millennials are great at getting the right things done through the matrix—no matter what. A colleague in our Atlanta business center recently took the initiative to enable a product feature that will drive more sales. Pulling this off required matrix management across IS, marketing, customer service, product management, and product development. Despite what might otherwise be a complicated juggling act, there was no hesitation or time wasted in waiting for senior personnel to weigh in or offer approval. Instead, the feature’s execution was handled quickly and efficiently, and when it appeared, everyone loved it.

3. Humility and Raw Ambition Go Hand in Hand
I am lucky enough to know a couple of hyper-successful millennials, one in sport and one in media. Both are internationally renowned; both have had almost overnight success; and yet both show extreme humility despite their stardom. Supportive messages from these people on WhatsApp or Twitter are a frequent sight (How can I help you? Is there anything you need? Really appreciate your feedback!). That’s not to say that these guys aren’t ambitious—they want more, they want to win, and they definitely want to earn big and be well known. They just do so in a way that takes people with them, and shows humility and appreciation every day.

4. Winning at Digital is Not a Millennial Thing
I have learned not to assume that all millennials are social media gurus. In fact, working with small businesses (a major facet of my day job) has shown me that plenty of millennial business owners don’t understand how to use social to market their businesses. Additionally, they often ignore digital business tools (like online accounting) that might help them to accomplish more. The truth is that anyone can adopt a “millennial mindset,” and doing so is essential for success in an increasingly digital world. For example, Richard Branson (who is decidedly NOT a millennial) has always been a fantastic example of someone who knows what it takes to build a brand—which today means taking full advantage to technology to transform your business and connect with customers; ignoring this instantly ages people, regardless of how old they actually are.

5. Diversity-mindedness Connects Us All
No-one knows it all. Human hunger for knowledge keeps us sharing, reading, learning, and connecting. Do millennials want to learn from older people more than those in the generations before them? Hard to say. However, an acceptance of people of all kinds—of diversity—is definitely a key component to the millennial mindset. And this open and inclusive perspective is one that can effectively bridge the generation gap between millennials and their older colleagues—provided that a respect for authenticity over formality, the matrix, and engagement versus top-down communication are shared priorities.

6. Transformation Matters, Logistics are Trivia
Job interviews often end with questions to the candidate and closing statements from the candidate to the interviewer. Here are some real examples of things I’ve heard. Guess who said what:

  • The commute is long—how flexible are you to working from home?
  • What is your take on corporate philanthropy?
  • What is your view on the USP that would enable this product line to leapfrog the competition?
  • What books are you reading at the moment and why?

That’s right – millennials!

For all business leaders looking to discover the secret to the millennial mind, here’s my advice: Millennials are just people—there is no special key to winning their talent or unleashing their abilities. The most important thing I’ve learned is that every person—millennial or otherwise—is nuanced, complex, and undeniably individual. Drive, pluck, and determination are ageless qualities, and those that have them are the ones that naturally rise to the top. That is no secret. If you want to learn what makes millennials tick, talk to them; ask questions; be genuinely curious without prejudice. Who knows what great potential you might discover once stereotypes are out of the picture?

About the Author

Nick Goode is the Vice President Product Management — Cloud & Sage One, Sage’s cloud accounting and payroll solution for start-ups and small businesses. Goode is accountable for the commercial, channel, product and marketing strategy for Sage One worldwide. Goode is previously Head of Sage One for Sage UK, and prior to that, Head of Marketing for the Accountants Division at Sage. His LinkedIn can be viewed at https://www.linkedin.com/in/nickgoodeuk and his Twitter handle is @nickgoode.

Three Millennial Mindsets to Embrace and Encourage

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What drives leadership performance? Is it having the right principles or the right mindset? Some may say neither do.

Principles and mindset are not discussed often as being performance indicators. Communicating a vision, hiring the right people, and designing the right systems are more often highlighted as ways leaders can ensure performance. Although each are important, mindset and principles are the starting point, and Millennials are getting this right.

Principles and mindsets, however, may get bantered about with little distinction. Both are essential yet there is a difference.

[wcm_restrict]Mindset and Principle Differences

Mindset is a disposition while principles are rules of conduct. Good principles and a bad mindset will produce poor results. A good mindset and flimsy principles will generate skepticism and inconsistencies. Which comes first?

In many ways, mindset comes first. Defining our attitude will determine what principles will keep us on the right mindset track. Mindset is our disposition goal, and principles serve as the guideposts and enforcers.

In many ways, this is what Millennials are doing naturally.

Millennials are embracing three key mindsets: Collaborative, Problem-Solving, and Purpose-Driven. Millennials are the largest generation and currently make up a majority of the American workforce. With this new presence, understanding and encouraging these mindsets is vital.

Let’s each explore each Millennial Mindset.

Problem-Solving Mindset

Millennials are impatient, and this is essential when it comes to solving problems. It is not an impatience in skipping over necessary steps; it is an impatience with unsolved problems.

Take the gridlock in the U.S. Congress or the unaddressed deficits. Millennial-led groups have formed to highlight and solve these issues. Common Sense Action and The Can Kicks Back are two prime examples of Millennials leading with a clear problem-solving mindset.

Principles to guide a proactive problem-solving mindset may include:

  • Empowering a team with the responsibility, authority, and accountability to tackle big issues
  • Being open to innovative solutions
  • Facilitating conversations to find the common ground and build from there

Other leadership principles will be defined based on experience and core beliefs. These conversations are an engaging place for generations to share lessons learned and insights gained.

Collaborative Mindset

Millennials get tagged as being very socially connected. Although this is true, these connections are being leveraged and used in collaborative ways. Millennials want to do more than just connect; they want to collaborate on initiatives or new ventures.

Within this collaborative mindset is a new diversity of perspectives and ideas. Collaboration extends beyond the normal four walls and reaches individuals in different states and countries. Technology and platforms are used to collaborate in expanded ways, requiring good virtual skills for facilitation, listening, and engagement.

Principles to conduct a collaborative mindset may include:

  • Using a strong sense of empathy to listen before acting
  • Seeking diversity in ideas and perspectives to find the best paths forward
  • Giving people space to think about concepts and solutions, setting the right pace

Millennials have much to offer in how to collaborate with greater diversity, providing a perfect opportunity for generations to come together and learn from each other.

Purpose-Driven Mindset

Strongly rooted in Millennials is a desire to make a positive impact in and outside of work. In the 2015 Millennial Report, 37% volunteered up to 10 hours and 31% volunteered more than 11 hours a year. Millennials are a generation designed and ready to make a difference.

Equal to this, Millennials want to work for companies that combine purpose and profit together. A new era of Conscious Capitalism is emerging, and Millennials will increasingly lead companies in this direction as they move more into leadership positions.

Principles to sustain a purpose-driven mindset may include:

  • Dedicating a certain number of hours each month to volunteer for a community organization
  • Building organizational culture to support volunteer efforts or certain causes to make an impact
  • Giving time and assistance to others when needed, practicing acts of kindness daily

Influence to give grows by what others do. Organizations provide the place to shine, and leaders can empower the mindset. When generations work together around purpose, everyone becomes stronger in many positive ways.

Millennials: Leading Across Generations

Millennials should not be feared or classified into some negative box. Instead, Millennials should be encouraged to develop their leadership mindsets and principles. Older generations can learn from the Millennial mindset and share experiences on leadership principles that worked. Millennials can learn from the leadership principles of older generations and leverage them to keep their mindsets on track.

When generations come together, a leadership gap is prevented. By sharing experiences and adopting ideas that work, leaders gain strength with refreshed mindsets and renewed principles – an essential obligation of each generation.

Equally important, the right mindset and principles will set the stage for effective leadership performance. Taking the time to embrace an engaging mindset in how to approach situations and problems is an essential first step. Next, defining the principles to keep your preferred mindsets on track is necessary to deliver performance that activates a team and organization.[/wcm_restrict][wcm_nonmember]

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About the Author

Jon MertzJon Mertz is one of the Top 100 Thought Leaders in Trustworthy Business and highlighted as one of the Leaders to Watch in 2015 by the American Management Association. He also is the author of Activate Leadership: Aspen Truths to Empower Millennial Leaders. Jon serves as vice president of marketing at Corepoint Health. Outside of his professional life, Jon brings together a community to inspire Millennial leaders and close the gap between two generations of leaders. Follow him on Twitter @ThinDifference or Facebook /ThinDifference

Rocking the Workplace: How the Millennial Generation is Shaking Up the Way You Do Business

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Recruiters at Fortune 500 C.H. Robinson recently found themselves scratching their heads. They’d weathered stormy recruiting seas when sought-after Generation Xers showed up demanding everything from work/life balance to “bring your pet to work day” to casual dress. How hard could it be to adapt to a new generation of recruits – the Millennials? After all, in a soft economy employers should have the hiring advantage. Right?

Sure. Except for a few hiccups. Millennials (born 1982-2000) aren’t behaving the same ways Generation Xers did. They have a whole new set of attitudes and expectations when it comes to the workplace, and managers and recruiters are once again being called upon to see the world through a new set of eyes to get the most out of this challenging and influential generation. Take parental involvement. Instead of bringing their pets to work, Millennials seemed to be bringing Mom and Dad. Carmen Baas, a Recruiter at C. H. Robinson, commented: “We recently had the father of a candidate call one of our sales reps to talk about his son’s job offer so he could make a decision on whether or not his son should come work for us. I’ve also had parents attend career fairs in lieu of their children who had prior engagements.”

[wcm_restrict]New generations bring with them new challenges, but also new skill sets and opportunities. In our new book, The M-Factor, we identify seven trends that have shaped this influential generation and that we believe will reshape the ways in which all of us work. Here are just three…

  • The Role of the Parents. Boomers and Gen Xers have been intensely engaged in their kids’ lives from colic to college, and their consultative role doesn’t end when Millennials transition to work. In a Michigan State University survey of employers, 26% said parents had actively promoted their son or daughter for a position, 31% said parents submitted a résumé on behalf of their offspring, and 41% said parents obtained company materials for their kids. Millennials have figured out they have free access to some of the best and brightest consultants money can buy, and they aren’t afraid to use them. Managers can be caught unprepared, however, when Mom or Dad calls to get more information on the company’s sick leave policy or to ask about a poor performance review. Smart employers are addressing the issue of parental access with policies aimed at protecting employees’ privacy, but also at getting the folks on their side. For example, to cater to the Millennials’ preference to have their folks involved in the job-search process, C.H. Robinson created packets to be mailed to parents simultaneously with their child’s offer letter. The parental information packet includes marketing material on the company so parents can learn more about the organization, as well as information about the benefits package, so parents can review it for their child. By embracing this critical shift in parent/child relationships, C.H. Robinson has created a whole new generation of allies in the war for talent. You guessed it – Mom and Dad.
  • The Search for Meaning. Millennials have been told by their Boomer parents, “If you’re going to work as hard as we have, do something you care about.” They’ve also been imbued with the idea that they really can change the world, whether it was giving blood after 9-11, raising funds via the Web after Hurricane Katrina, or donating to Haitian relief on their mobile phones, Millennials believe they can make an impact. The same is true on the home front. Millennials have been involved in family decision making on everything from technology purchases to where to go on vacation. No wonder they get frustrated when they show up in the workplace and the biggest decision they get to make is egg salad or tuna for lunch. Of course, not every new hire is going to be deciding the direction of the company. But they do want to feel their voices are being heard. For The M-Factor we interviewed a number of Millennials about their greatest satisfactions and frustrations in their jobs. One of our “Millennials on Record,” Dale Till, said this about working at the Institute for International Urban Development at Northeastern University: “At staff meetings I am asked for my opinion, which is great…I see my opinions listened to, considered, and some turned into actions. That keeps me here.” Millennials tell us they understand not all their ideas will be actionable, but they want to know they are making a contribution to the larger goals of the organization. U.S. Bank recognized this need and in 2009 created a new employee engagement project aimed directly at Millennials. The “Dynamic Dozen” is a hand-picked group of twenty-something employees from across all business lines who serve as a sounding board for new initiatives. U.S. Bank’s chief strategy officer Mac McCullough commented, “We are learning about this age group’s expectations as employees and consumers by seeing how they react to the questions we’ve posed.” At the same time they are connecting high potential Millennials to the meaning of what they do for the bank, and building loyalty in the process.
  • The Need for Speed. The Millennials’ ability to master new technology faster than the other generations can master a new blender is legendary. But their need for speed goes far beyond the pace at which they text and tweet. Millennials want more frequent, faster feedback. And they want to progress in their careers at a rate that can make their managers’ heads spin. While the recent recession is buying employers a little time by making it tougher for employees to jump ship, that doesn’t mean Millennials are suddenly becoming the “patient generation.” According to an August 2009 Harvard Business article, a global poll by Catalyst of high-potential employees at corporations and professional firms found that 20% had switched companies of their own accord during the downturn and another 35% made lateral moves within their organizations. This is not a generation that likes to sit still and organizations will be challenged to keep them moving, or at least keep them learning. If you can’t offer a talented Millennial that next promotion right now, you might be able to offer them a new project, a connection to a special mentor, or cross-training in a new skill area. Another answer is to allow Millennials to have more control over the pace of their careers. Marie Artim, Assistant Vice President of Recruiting at the car rental company Enterprise, explained, “For the previous generations, we used to highlight that you would work hard and reap the rewards later… we found that with Millennials we had to talk more about career paths being about performance and not tenure. They seem to be interested in speed, and we tell them there is no set timeline and that it is up to them… .” Empowering Millennials to take a role in the pace and direction of their careers puts the focus more on what they achieve and less on arbitrary timelines, which seems a natural fit for this generation.

Millennials aren’t afraid to speak up and they are bound to challenge the way things have always been done. Or as Dale Till put it: “Our generation will leave its mark by being the generation that grew up with things like the Internet… We’ve gone from 28k to 56k to 128kbs dial-up modems, to DSL, LAN and fiber optics. We’re intertwined with the Web – it influences us, and we influence it – and we’re the next in line in terms of shaping the way the world communicates and does business.”

Whatever generation you’re a part of if you’re working with Millennials you’re in for an exhilarating ride.[/wcm_restrict][wcm_nonmember]

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About the Authors

Lynne C. Lancaster and David Stillman are nationally-known generational speakers, consultants, researchers, and the authors of the best-seller When Generations Collide (HarperCollins), and The M-Factor: How the Millennial Generation Is Rocking the Workplace (HarperBusiness/2010). Through their firm BridgeWorks, Lancaster and Stillman provide organizations with keynotes, training, corporate entertainment, and trainer certification. They have appeared on CNBC, CNN, and the Today Show. Learn more at www.generations.com.