eProcurement & Procure-to-Pay Resources

Millennials are Changing Procurement. Are You Ready?

Published March 7, 2017 at 2:54 PM

According to census analysis by the Pew Research Center, Millennials now make up one third of the work force, making them the largest share of the American workforce. It is expected that by 2020, Millennials will be half of the workforce. This unique generation is on its way to becoming a dominant force both within and outside of their organizations.

According to a recent survey on B2B purchasing trends 73% of Millennials are involved in product and service purchase decision-making at their firms.

Studies have shown that Millennials are much different than their preceding generations. Based on a UNC study, Millennials, “view the world differently and have redefined the meaning of success, personally and professionally. In some cases, this has led to misunderstanding among the different generations coexisting in today’s workplace. Increasingly, however, business leaders are realizing this generation’s unique competencies and perspective, and employers are looking for ways to harness their strengths.”

With different life experiences, values, mindset and decision-making lenses, Millennials are changing traditional operational norms across all industries, and corporate procurement is no exception.

As Gen Y Millennials (27-35 year olds) become the decision-makers du jour in their organizations, procurement teams that understand and embrace the Millennial mindset will deliver superior results for their firms.

On March 29th, BuyerQuest will be moderating an online webinar with from Forrester Research and KinderCare Education who will discuss what makes Millennials tick as well as how to enlist, inspire and enfranchise this increasingly influential block of employees in the procurement process.

To register for the webinar, click here.

We look forward to seeing you there!

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