Millennials impacting workforce, consumerism
February 2, 2017
VAIL — Exploration, interaction and connection are among the emotional experiences craved by millennials in selecting not only their job and their behavior in the workforce, but also how they spend their money.
This blending of characteristics in both professional development and leisure makes one impressive point when it comes to successfully working with millennials or engaging them in hospitality: understanding what they want and embracing how they operate is more important than treading on their tendencies.
To help explain and train those interested, the Vail Centre will host Cornell University's School of Hotel Administration for a three-day certification program in May that will cover topics related to training an engaged hospitality workforce and how understanding emerging trends in destination hospitality will be crucial to future successful business practice.
"Cornell's Hotel Administration school has been around for 80 years and they continue to pioneer valuable learning curriculum for those in the hospitality industry," Ross Iverson, Vail Centre CEO, said. "Vail's economy revolves around hospitality so bringing Cornell here to lead this certification program brings a valuable education option to the Valley."
Shifts in the workforce
According to a Pew Research Center study, one in three American workers today are millennials, or someone born between 1982 and 2002. It is estimated that by 2020, millennials will account for nearly 46 percent of the active workforce.
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Research indicates that this shift presents a special and contemporary bundle of issues for employers.
Gallup polls conducted in 2016 show that 29 percent of millennials are "engaged" at work — emotionally and behaviorally connected to their job and company.
But 16 percent of millennials are "actively disengaged" with their work — out to damage their company. The majority falls in the middle as being "unengaged," meaning they are predominantly checked out and indifferent about their professional role.
The impact of this indifference leads to high turnover.
"People often ask Gallup, 'Are millennials really that different?'" Jim Clifton, chairman and CEO of Gallup, writes in the report. "The answer is yes — profoundly so. Millennials will change the world decisively more than any other generation."
Shifts in consumerism
As millennials grow in the workforce and corner more of the capital to be spent on leisure activities such as travel, understanding where and how they spend their money is becoming crucial.
Millennial travelers make up one-third of the world's hotel guests. That number is expected to climb to 50 percent by 2020. A Phocuswright study revealed that millennials took at least one leisure trip in 2014, and that they tend to travel more spontaneously and spend less than previous generations.
Headlining the taste of millennial travelers (as studied and configured by Hospitalitynet.org) is meaningful interaction within their travel experience.
For instance, millennials want to experience local culture, are open to exploration, value the stories they can tell about their trip more than a physical souvenir they can bring home, want a personalized experience, are likely to extend business travel to become a leisure vacation and prefer easy access to technology.
Perhaps the most important influence of millennials on hospitality, though, is how they communicate. Millennials often base their travel decisions on posts by their peers on social media, and are more likely to interact with review websites such as Trip Advisor.
Given their proclivity to make digital statements about their experience, and how much they allow digital communication on review sites and social media sites to influence their travel decisions, providing a positive experience to millennials bends a favorable curve for your business into what is seemingly a perpetuating cycle.
To learn specifically how Vail Centre's collaboration with Cornell University School of Hotel Administration can help you or your employees tackle these major and impending changes in hospitality, visit the Vail Centre's website.
"We pick these courses on how they relate to Eagle County and the state of Colorado," Iverson said. "We try to add a level of professional development relatable to the industries of our community. This course will lead to a more knowledgeable workforce and further community development."
For more information, visit http://www.vail centre.org.
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