ED is created by millennials, run by them, read by them. So we thought why not help the world understand us a little better. And so the series: ED Decodes The Indian Millennial. This is our humble effort to present the Indian millennial to our readers: their day, lifestyle, aspirations, likes, dislikes, what do they spend their money on, their customs, mindset and the entire game involved.
Hope you enjoy the series.
Evolving from the ‘Me Me Me Generation’ as stated by TIME magazine, the millennial today are the most closely observed crowd in India, and around the world. Forming almost half the population in India, businesses are changing ways in trying to serve and use this workforce which readily functions almost 52 hours a week.
Who are the Millennial?
By definition, millennial form the crowd that is said to attain young adulthood around the early 2000s. With time, this definition has expanded to cover a generation that is born between the 1980s and the early 2000s. The millennial is the most misunderstood crowd, as they fall somewhere in between, and even overlap with Generation X (1961-1981) and Generation Z (1995-2015).
Understanding the Millennial – Their Priorities and Goals
Often assumed to be glued to their digital screens, are narcissistic in nature and more so have unrealistic goals; an internal IBM survey found the contrary. With clear goals and the drive to innovate, this generation has the power to lead and works at every step to do so.
A recent Goldman Sachs survey revealed that the millennial value money, but ironically they still land up in debts. No longer brand conscious, the ‘marwadi’, ‘ Gujarati’ or even the ‘sindhi’ hidden in every Indian seems to seep through while inspecting for quality and price. To help ends meet, they seem to put off marriage but are not ready to stay single forever. Contradiction and irony prevail in their world.
A millennial can never be satisfied. He/she always craves for more, and craves for change that makes things more personalised – be it education, work or even fitness. This crave of every millennial has become so strong that it has lead companies to change their ways of producing and marketing goods.
The Working Millennial
As a recent report by Manpower Group states, the Indian millennial is preparing to run a career ultramarathon. The report states that over 39% expect to work past the age of 65 years, in India.
The Indian millennial not only desires a higher paid and reputed job, but the entire concept of 3 Idiots of being well trained and not just well educated seems to have an impact on them . It is found that nearly 79% of the millennials are willing to spend their own time and money on further training.
In running a good business, there needs to be a good relation between the employer and the employee; thus, the requirements of the employee are of utmost importance to the. Companies like Deloitte, Infosys, IBM India, Microsoft India, InMobi etc, where millennial talent forms a huge part of the workforce, are taking initiatives to attract, engage and retain this talent.
With over 52% of the millennials wanting to leave their current employers, companies are trying everything from casual dress code to technologically driven workplaces, in order to create an innovative, tolerant and flexible work environment to retain the strong talent.
The Indian millennial is a significant part of the society, with an estimated 0.8 billion falling in this category. It is a crowd that continues to grow in all respects – rebelling, questioning and innovating at every step. Their personality traits demand attention, even without them trying.
Part 2 :
‘Beta Tumse Na HO Paega’: How Indian Millennials Have Created Their Own Social Media Lingo