Millennials and Gen Z are taking over the boardroom. Their purchasing power and influence is growing and in order for corporations to succeed they must get familiar with the demographic.
There is growing intergenerational convergence around the environmental, social, and governance (ESG) issues affecting organizations. Millennials, born 1980 to 1995, recently became the largest segment of the U.S. labor market at 34%, and greatest share of the U.S. population (24%). Gen Z, born after 1996, is growing both in numbers (21% of U.S. population) and consumer market importance. By contrast, key senior management decision-makers and corporate board members tend to be from those groups born before 1980 – Baby Boomers, born 1946 to 1964 (22% of U.S.), and Gen Z, born 1965 to 1980 (21%).