22
1 | BDC VIEWPOINTS SURVEY INTERGENERATIONAL SURVEY Research and Market Intelligence – February 2016
1 | BDC VIEWPOINTS SURVEY
INTERGENERATIONAL SURVEY
Research and Market Intelligence – February 2016
2 | BDC VIEWPOINTS SURVEY
executive summary
01 detailed results
02
respondent profile
03 context, objectives and methodology
04
table of contents
3 | BDC VIEWPOINTS SURVEY
Executive summary
section 01
4 | BDC VIEWPOINTS SURVEY
section 01
Current client base
BDC ViewPoints panel members indicated that Generation X (35%) and baby boomers (34%) accounted for the majority of the
clientele they serve. Millennials represent 18% of their clients and veterans complete the demographic picture with 5% of the
clientele.
Retailers had some of the highest proportions of Millennials in their client base (27%+). This is also the case for B2C companies (24%)
and those with more than half of their revenue generated through online sales (23%+).
Overall, more than three quarters of respondents (78%) said that they have noticed some significant differences between
members of their clientele in different age groups. In fact, three out five respondents (59%) indicated that these differences have
forced them to either adapt a lot (18%) or moderately (41%).
Professionals (i.e. accountants, bankers and lawyers) (67%) are much more likely than business leaders (i.e. entrepreneurs and main
decision makers) (56%) to say that they have had to adapt a lot or moderately to Millennials in their client base.
Respondents provided a few worthy examples of how they have adapted to Millennials in their client base. For example, many
spoke of leveraging technology to better serve this clientele (e.g. be present online and in social media, create a mobile-friendly
website, and enable online shopping). Several participants mentioned assigning younger employees to serve younger clients.
Current employee base
Compared to their client base, respondents have a younger employee population. Overall, more than two-thirds of their
employee base is comprised of millennial (34%) and Generation X (34%) employees.
Furthermore, Millennials tend to be much more present in companies with 5 to 19 employees (42%) and in those with 20 to 49 employees
(40%) than in companies with fewer than 5 employees (28%). We also noticed that baby boomers are much more present in firms with
fewer than 5 employees than Millennials.
It is interesting to note that a greater percentage of business leaders said that they haven’t had to adapt at all to Millennials as
employees (17% vs. 9% for professionals). This is also the case for a larger proportion of product-oriented companies (30%
said that they haven’t had to adapt to millennial employees at all).
Respondents highlighted a few things they have done to adapt to Millennials as employees: provide a good work-life balance,
further integrate technology in the work environment, and be clear and explicit about expectations and responsibilities.
executive summary
5 | BDC VIEWPOINTS SURVEY
Detailed results
section 02
6 | BDC VIEWPOINTS SURVEY
Generational differences among clients
According to Statistics Canada, in 2011, almost two-thirds of the population was composed of two generations, baby boomers
and Millennials.
Baby boomers accounted for 34% of the total population, followed by Millennials (27%), and Generation X (20%). People born before
1945 accounted for 16% of the total Canadian population in 2011.1
As such, it is assumed that companies based in Canada serve customers coming mainly from three generations, baby
boomers, Generation X and Millennials.2
‒ Literature on the topic shows that each generation presents differences with respect to consumption habits and preferences. As
such, companies are faced with the challenge of rethinking their selling strategies so these can be adapted to each group’s
needs, preferences and expectations.3
Baby boomers are one of the wealthiest generations in history.4 As consumers, they tend to be demanding, inquisitive and
straightforward, and they like to be treated with courtesy.5
Generation X can be described as “very self-reliant, independent, but extremely skeptical, hence, it is important to be transparent with
respect to the goods offered to them.” 6 They tend to inform themselves in advance to purchasing a product or a service. 7
Millennials have grown up in a technologically advanced world in which elements such as the Internet, smartphones and social media are
part of their everyday lives. The great availability of information with respect to products and services has resulted in Millennials being a
group of consumers that interact more actively with the brands they love.8
detailed results
section 02
1 Statistics Canada, “Census of Population,” 2011.
2 Julia Lewis, “How to deliver Exceptional Service to Four Generations of Customers,” 2015, http://www.providesupport.com/blog/four-generations-of-customers/.
3 Robin Amster, “Clients: Different Generations, Different Needs,” 2015, http://www.travelmarketreport.com/articles/Clients-Different-Generations-Different-Needs.
4 Emily Zulz, “How to Connect with 4 Generations of Clients,” 2015, http://www.thinkadvisor.com/2015/06/07/how-to-connect-with-4-generations-of-clients.
5 Chuck Underwood, “How Different Generations Prefer Different Customer Service,” 2012, http://www.cincom.com/blog/customer-communications/how-different-generations-prefer-
different-customer-service/.
6 Emily Zulz, “How to Connect with 4 Generations of Clients,” 2015, http://www.thinkadvisor.com/2015/06/07/how-to-connect-with-4-generations-of-clients.
7 Chuck Underwood, “How Different Generations Prefer Different Customer Service,” 2012, http://www.cincom.com/blog/customer-communications/how-different-generations-prefer-
different-customer-service/.
8 Jeff Fromm and Christie Garton, Marketing to Millennials: Reach the Largest and Most Influential Generation of Consumers Ever (AMACOM Div American Mgmt Assn, 2013)
7 | BDC VIEWPOINTS SURVEY
detailed results
Proportion of clients in each age group
Base: All respondents. (n=721)
Question: To your knowledge, what proportion of your clients belong to the following age groups?
MILLENNIALS (BORN BETWEEN 1980 AND 2000)
18%
GENERATION X (BORN BETWEEN 1965 AND 1979)
35%
VETERANS (BORN BEFORE 1945)
5%
BABY BOOMERS (BORN BETWEEN 1945 AND 1964)
34%
8% DON’T KNOW
section 02
A few statistical differences worth mentioning:
Retailers with both more than or fewer than 20 employees have some of the highest proportions of millennial clients (27%+) of any
industry sector.
Business-to-consumer (B2C) companies (24%) and those with online sales which account for more than half of their revenue also have a
larger proportion of Millennials (23%+) as a clientele compared to business-to-business (B2B) respondents (15%) and those with no
online sales (18%).
8 | BDC VIEWPOINTS SURVEY
78%
have noticed significant differences
between clients’ age groups
Significant differences between clients
detailed results
Base: Respondents who have clients in more than one age group. Those who answered “I don’t know” were excluded from the calculation base (n=627).
Question: Have you noticed any significant differences between clients in these age groups (for example: behaviour, shopping habits, preferences)?
22%
didn’t notice any significant differences
between clients’ age groups
section 02
9 | BDC VIEWPOINTS SURVEY
detailed results
Adapting to millennial clients
Base: Respondents who have clients in more than one age group including Millennials. Those who answered “I don’t know” were excluded from the calculation base. (n=561)
Question: How much has your company had to adapt to millennial clients (born between 1980 and 2000)?
A LOT
18%
MODERATELY
41%
NOT AT ALL
8%
VERY LITTLE
33%
section 02
A few statistical differences worth mentioning:
Professionals such as accountants, bankers and lawyers are significantly more likely than business leaders (i.e. entrepreneurs and main
decision makers) to say that they have had to adapt either a lot or moderately to Millennials in their client base (67% vs. 56%).
10 | BDC VIEWPOINTS SURVEY
detailed results
Adapting to millennial clients
Here are some examples of how companies adapt to their millennial clients.
They:
> Are present online (website, social media, etc.)
> Have a mobile-friendly web presence
> Do more electronic and online interactions (email, text message, live chat, etc.)
> Allow online shopping
> Do electronic marketing (personalized offers, social media advertisement, etc.)
> Are available, give quick responses, and offer a faster speed of service
> Adapt products and services to this clientele
> Reduce prices
> Assign younger employees to serve younger clients
section 02
11 | BDC VIEWPOINTS SURVEY
Differences between Millennials and other generations in the workplace
Millennials have different values to those traditionally established within organizations. As such, their presence in the workplace
has resulted in a values clash between them and members of other generations.
According to sociologist Dr. Karl Mannheim, a generation’s “practical importance becomes clear as soon as one tries to obtain a
more exact understanding of the accelerated pace of social change [in a given period]” 9
The profound transformation and evolution of technology (the emergence of social media, the importance and omnipresence of
smartphones for Millennials, online collaboration, etc.) seems to exacerbate the values clash with Millennials.
The clash in values can vary according to Millennials’ cultural origin.
Millennials seek greater work-life balance (which may not necessarily mean work-family life balance) and independence.
They do not want to be overly monitored, dislike 9-to-5 workdays, and like to do things their own way. Similarly, they do not want to
“overwork” (e.g. they avoid overtime, or prefer to work fewer hours and have more vacation time, even if that means a lower salary).
The fact that Millennials tend to be more self-centered might be discouraging from a societal point of view, as “working for the
betterment of society was not a priority for a majority of Millennials anywhere.” 10
Millennials can be perceived by managers and coworkers from other generations as lazy, self-centered or disloyal.
Organizations must address the values clash between Millennials and other generations for a simple reason: The former are the
successors of the latter, and they are also the future leaders.
In terms of HR management, organizations must train current leaders to be more aware of Millennials’ expectations.
Organizations must accept the fact that Millennials seek challenges and as such, they might not remain in the same position for long.
Regarding talent acquisition, employers must adjust their message to meet Millennials’ expectations.
Organizations must also adapt the language, tone and communication mechanisms employed to connect with Millennials. Social
media and other technological tools can be maximised to this effect.
detailed results
section 02
9 Darrin J. DeChane, “How to Explain the Millennial Generation? Understand the Context,” Student Pulse, 2014, http://www.studentpulse.com/articles/878/how-to-explain-the-
millennial-generation-understand-the-context.
10 Henrik Bresman, “What Millennials Want from Work, Charted Across the World,” Harvard Business Review, 2015, https://hbr.org/2015/02/what-millennials-want-from-work-charted-
across-the-world.
12 | BDC VIEWPOINTS SURVEY
detailed results
Proportion of employees in each age group
Base: All respondents. (n=721).
Question: To your knowledge, what proportion of your employees belong to the following age groups?
MILLENNIALS (BORN BETWEEN 1980 AND 2000)
34%
GENERATION X (BORN BETWEEN 1965 AND 1979)
34%
VETERANS (BORN BEFORE 1945)
2%
BABY BOOMERS (BORN BETWEEN 1945 AND 1964)
25%
5% DON’T KNOW
section 02
A few statistical differences worth mentioning:
Business leaders have, on average, a larger proportion of Millennials in their ranks than professionals (36% vs. 29%).
Millennials tend to be much more present in firms with 5 to 19 employees (42%) and in those with 20 to 49 employees (40%) than in firms
with fewer than 5 employees (28%). Furthermore, there is a significantly greater proportion of baby boomers in firms with fewer than 5
employees (30%) than in firms with 5 to 19 employees (22%) and in companies with 20 to 49 employees (18%).
13 | BDC VIEWPOINTS SURVEY
detailed results
Adapting to millennial employees
Base: Respondents who have employees in more than one age group including Millennials. Those who answered “I don’t know” were excluded from the calculation base. (n=504).
Question: How much has your company had to adapt to its millennial employees (born between 1980 and 2000)?
A LOT
17%
MODERATELY
43%
NOT AT ALL
15%
VERY LITTLE
26%
section 02
A few statistical differences worth mentioning:
Business leaders (17%) are significantly more likely than professionals (9%) to say that they haven’t had to adapt at all to millennial
employees in their ranks.
Product-oriented companies are also much more likely to say that they haven’t had to adapt at all to millennial employees (30%).
14 | BDC VIEWPOINTS SURVEY
detailed results
Adapting to millennial employees
section 02
Here are some examples of how companies adapt to their millennial employees.
They:
> Offer a flexible schedule and hours
> Provide a good work-life balance
> Include more technology in the company (involving changes in old habits and processes)
> Increase vacations and time off and reduce extra hours
> Are clear and explicit about expectations and responsibilities
15 | BDC VIEWPOINTS SURVEY
Respondent profile
section 03
16 | BDC VIEWPOINTS SURVEY
respondent profile
B.C. and North
16%
Prairies
21%
Ontario
36%
Quebec
21%
Atlantic
7%
Region
Base: All respondents (n=721).
section 03
17 | BDC VIEWPOINTS SURVEY
respondent profile
Segment and number of employees
73%
27%
37%
38%
15%
11%
Entrepreneur
Professional
Less than 5 employees
5 to 19 employees
20 to 49 employees
50 or more employees
SE
GM
EN
T
Base: All respondents (n=721)
*Business leaders only (n=527)
NU
MB
ER
OF
EM
PL
OY
EE
S*
section 03
18 | BDC VIEWPOINTS SURVEY
respondent profile
Sector of activity
18%
18%
11%
7%
6%
4%
3%
3%
3%
3%
2%
2%
2%
2%
18%
Professional, Scientific and Technical Services
Manufacturing
Retail – less than 20 employees
Construction
Wholesale Trade
Transportation and Warehousing
Other services (except Public Administration)
Accommodation and Food Services
Information and Cultural Industries
Retail – 20 or more employees
Finance and Insurance
Arts, Entertainment and Recreation
Management of Companies and Enterprises
Health Care and Social Assistance
Other
SE
CT
OR
Base: Business leaders only (n=527)
section 03
19 | BDC VIEWPOINTS SURVEY
respondent profile
Profession
36%
18%
15%
10%
4%
2%
1%
1%
1%
1%
12%
Accountant
Business adviser/consultant
Banker
Lawyer
Other type of adviser/consultant (HR, IT, engineer, etc.)
Financial planner
Real estate broker
Mortgage broker
Marketing professional
Real estate professional (appraiser, building/propertymanager, etc.)
Other
PR
OF
ES
SIO
N
Base: Professionals only (n=194)
section 03
20 | BDC VIEWPOINTS SURVEY
Context, objectives and methodology
section 04
21 | BDC VIEWPOINTS SURVEY
context, objectives and methodology
Context and objectives > The objective of this survey was to provide some insights to both business leaders and professionals into how their peers are
impacted by and are dealing with generational differences.
Methodology > An online invitation was sent to panel members. A total of 721 members completed the survey (527 business leaders and 194
professionals). The survey was available online from February 16 to 26, 2016.
section 04
22 | BDC VIEWPOINTS SURVEY
For more info, please
contact the Research and
Market Intelligence team at
thank you
