The The Deloitte Millennial Survey states – “Millennials, who are already emerging as leaders in technology and other industries and will comprise 75 percent of the global workforce by 2025, want to work for organizations that foster innovative thinking, develop their skills, and make a positive contribution to society. The study also reveals that Millennials believe businesses are not currently doing as much as they could to develop their leadership skills and that they need to nurture their future leaders, especially as they cannot count on them biding their time until senior positions arise”.
The millennial generation are now getting into the job market in great numbers and are poised to shape the future workplace by their aspirations, attitudes and understanding of new technologies. According to the PwC report, Millennials At Work – Reshaping the workplace – “Millennials already form 25% of the workforce in the US and account for over half of the population in India. By 2020, millennials will form 50% of the global workforce. They will also be more valuable – this generation will work to support a significantly larger older generation as life expectancy increases. CEOs tell us that attracting and keeping younger workers is one of their biggest talent challenges.”
A dominant generation of workers
It’s predicted that millennials are going be a dominant generation of workers and ones with the right kind of skills will be in high demand. They are expected to decide and control the way they work and where and how they function professionally. The chief element that sets millennials’ apart is their use of technology. Their affinity with the digital world is deep and natural as they have grown up with broadband, smartphones, laptops and social media. They are the first generation to come into the world of profession with an enhanced grip of a key business instrument than many of their seniors.
The PwC report further states – “the millennials’ behaviour is coloured by their experience of the global economic crisis and this generation place much more emphasis on their personal needs than on those of the organisation. They tend to be uncomfortable with rigid corporate structures and turned off by information silos. They expect rapid progression, a varied and interesting career and constant feedback. The particular characteristics of millennials – such as – their ambition and desire to keep learning and move quickly upwards through an organisation, as well as their willingness to move on quickly if their expectations are not being met – require a focused response from employers.”
Millennials hold absolute majority in the talent pool
The millennials seek rationales, shared principles and combined teamwork – features which will steer business productivity and better performance. They also want flexible approach to work, but very regular feedback and encouragement as they want to believe their work to be meaningful and want their efforts to be recognised. With the complete majority of millennials in the work places, corporations and CEOs are seeking better methods to fully utilise the potential of this generation.
Millennials look for purpose
Reports and data state that millennials figure as the biggest and most varied generation in world population. They put immense value on community, family, principles and uniqueness in work.
It is believed that this generation will discard leaders, bosses and policy makers who fail to assess the consumer markets which they grew up admiring. They will oppose markets that undercut the welfare they once assured. They will go up against the managers who do not live and lead by the examples.
They seek authenticity
Millennials will be sceptic about the things they are served with and respect no established fact. They will support the leaders who recognize organizations’ challenges, limitations and failures – leaders who include them to work together in reaching out at solutions to complex problems while impacting the triple bottom line or 3BL.
Millennials do not respect authority
It is now kind of established that organisations can employ millennials but never own them. This generation will look for diversity and in doing so will refuse to remain at one space for long. They will travel beyond predictable borders and track problems and ideas that they can relate to or are passionate about. They will fast shift identities from employee to entrepreneur to leaders as they grow.
Companies like Google and Apple have been very successful in catching the attention of talented millennials by being naturally innovative who are never thwarted by the fact – ‘how things used to be done’. The culture, management style and approach to recruitment and retention of these companies normally attract the millennial generation. This is why we see the best young talent around the world working there.
They are ambassadors of a company
Millennials instinctively develop insights and build and support their choices through exchange of ideas and constant interactions with peers.
Organisations skilled in drawing, stimulating and influencing millennials will enjoy a strong competitive advantage in future. Such companies will witness the thresholds of their firms being challenged interactions on politics, business and diverse other dialogues on the prevailing social order. Prioritising cross-sector culture and skill-building amongst the millennials will lead to enormous success in business. Making this a reality is now the main concern amongst business leaders as they know that this will create powerful ambassadors across the society. Even if these ambassadors are with an organisation for a season or for decades, they will leave behind concrete impact.