Connect Summer 2017 - Page 20

WORD OF MOUTH DIGITAL 31% It’s time to stop avoiding millennials and start learning how to deliver what they want. WRITTEN REVIEWS 33% PRODUCT EXPERIENCES THAT INFLUENCE MILLENNIALS VIDEO REVIEWS 1,000 millennials 20% were surveyed about the product experiences that most resonated with them. PERSONAL EXPERIENCE 55%  Technology. Millennials are the first generation to be born into the digital age, and technology is part of their fabric. They are adept at accessing peer recom- mendations, product information, reviews, and price comparisons, and will interact with your brand long before you consider them a customer. Millennials will be the primary drivers of digital advancement in business for decades to come. Î Î Expand your IT platform to support multi- channel mobile experiences, including e-commerce. Î Î Use videos, blogs, and other digital content to create a rich and personalized online experience. Î Î Offer ways to digitally compare and customize goods and services to satisfy the unique needs of each customer. WORD OF MOUTH IN REAL LIFE 43% Align Your Workforce Millennials are the fastest growing workforce segment in the United States. By 2025, they will represent 75% of the global workforce, providing employers with built-in digital literacy and unique skill sets required for leadership in a millennial-centric economy. Companies that invest resources to attract and empower millennials will gain a significant competitive advantage. Î Î RECRUITMENT. Use an integrated social media approach to attract millennial candidates and create an online presence that communicates the attributes that are most attractive to them. Consider adjusting work policies to allow more flexibility, the ability to work from home, and use of freelancers. Ditch the old interview process and opt for new ways to get to know candi- dates. Take a candidate to volunteer with you one morning or meet for coffee. Î Î TECHNOLOGY. On average, you can expect the millennial employee to stick around for two or three years. Intuitive systems and user interface designs can reduce the complexity of onboarding and allow new employees to ramp up faster. Streamline how you process new hires with embedded training, dashboards, and mobile guidance. Î Î MOTIVATION. The most often cited reason for leaving a job is no hope for career development. Set up clear paths for advancement and revisit those plans often. Consider creating junior positions for smaller hops up the ladder. Î Î ENVIRONMENT. More than any previous generation, millennials tend to work better in teams. Evaluate your office environment and consider investing in an open floor plan where employees are encouraged to collaborate. If cubicles are necessary, make sure you provide alternate areas that are more casual and fun. Î Î Let customers drive conversations about your brand by investing in social media channels that make it easy for them to interact and share experiences.  Value Proposition. Rejecting the status quo offered by corporate America, millennials prefer meaning over ownership. The millennial believes in making the world a better place and has high expectations for corporate authen- ticity and social responsibility. More so than previous generations, their evaluation of your brand may hinge on its environmental and social impact. Î Î Build meaningful experiences around existing products and services by incorporating community into the story. Î Î Develop new goods and services that add value to the customer experience and evaluate how they can work together to further the story. Î Î Connect your brand to the direct support of a cause that aligns with your company values. Î Î Give customers a window into corporate philanthropic activities and engage them in these efforts. Preparing your organization for the "millennial factor" involves commitment and resources. Start the retooling process today in these areas of high impact, and position your company for future growth and long-term success. Ready to retool for success? Call your relationship manager at 855.274.2800 to explore how Sterling National Bank can help you fund this important investment. 20 | SNB.COM // CONNECT INNOVATION SUMMER 2017 // RANKED BY FORBES’ 2017 “AMERICA’S 100 BEST BANKS”