Millennials are taking over, and it is not just the junior-level positions in companies. With studies predicting that millennials will have taken over 75% of the positions by 2025, the big question is, “how will the business environment be in 10 years?” This post provides an expert prediction on what to anticipate from millennial managers.
Important Facts to Appreciate about Millennials
Before highlighting the main expectations about the business environment under millennials, let’s start by understanding them. Here are some important facts about millennials that you should appreciate:
- Millennials are highly educated. 39% of millennials have a bachelors degree or higher.
- Most millennials consider saving as a form of investing.
- 33% of millennials would want to work in a collaborative environment.
- They prefer using the latest technology to get things done. Research done by Gartner shows that 38% of millennials use the latest tech devices compared to 25% of baby boomers.
- Companies that demonstrate a genuine interest in millennials report 8X and 7X in agility and innovation, respectively.
The Most Notable Things to Expect from Millennials at the Workplace
Over the next ten years, you can expect the millennials to be not only the largest part of the workforce but also the management. So, here are the main things to anticipate:
- Greater Adoption of Modern Communication Strategies: Most millennials prefer to use modern methods of communication. For them, communication should be a full-time thing, which means that channels like social media and instant messaging will become more common in most companies.
- Improved Focus on Sustainability: Millennials have a strong connection to communities both offline and online. Therefore, they tend to note and appreciate the challenges facing the planet, communities, and businesses. Because these factors are crucial considerations for sustainability, you can expect companies to be more focused on responsible and ethical operations in the next ten years.
- Stronger Organisation Culture: Notably, millennials want to be in companies that appreciate their work and offer good channels for rapid growth. When these attributes are replicated at the management level, you can expect companies to have stronger and better organisational cultures. Other aspects of organisational culture you might notice more include strong cooperation, improved communication, and transparency.
Millennials are the largest part of the workforce, and as this post has demonstrated, they will also be more in top management levels. Therefore, you should anticipate a more vibrant, transparent, and progressive workplace. According to Adrian Cheng, the CEO of New World Development, millennials love the use of technology, and this could end up becoming the biggest baseline for the next generation workplace.