Why Generational Management is the Next Big Thing in Leadership
“One of the most important developments of the global leadership scene is the rise of Millennials, who will now obtain more leadership positions with high level responsibilities.” Aon Hewitt
Estimates predict infamously independent millennials will comprise 75% of the workforce by 2030. Compare that to 2014’s percentage of only 36% and you’ll see a major shift happening in the labor force and culture. The technology loving youngsters are taking the place of our Generation X and Baby Boomer generations, bringing a whole new perspective on the world and the workplace. That generation has quite a reputation of being difficult to control, and members are often seen as individualistic and self-absorbed. So how will our leadership styles need to change to help millennials thrive within our companies?
Millennials are the generation of the socially connected. Because they have spent their entire lives constantly connected to their friends and family, they like to associate themselves with groups rather than brands. Use their love of social connection to your advantage. Most millennials do not believe they are obliged to stay at a company for more than a year. By focusing their value through their particular team, the retention rates are likely to be higher among the generation.
In a study conducted by the University of North Carolina, researchers found that when deciding which job factors were most important, millennials valued “meaningful work” and a “sense of accomplishment” over pay and responsibility. Unlike their elders, the younger generation is more focused on their social impact than on climbing the corporate ladder. Allow your millennial employees to fully experience customer satisfaction and the corporate social responsibility of your company. Highlighting the ways your company makes a difference, engages and motivates millennials. In addition to believing in the goodness of their employer, millennials like to be recognized for their personal values. Among their most popular principles are social justice, tolerance, teamwork, and sincerity. Words of affirmation regarding these values are a great way to show you care about their morals.
Millennials move at the speed of light, and traditional education has struggled to keep up. In a Forbes article, Karl Moore, an Associate Professor at McGill University, encountered this exact problem while teaching a class on sales pitching. As he was explaining the pitch, a student raised his hand and blatantly told him “we don’t do it like that anymore.” Moore knew the student was right — the lesson was outdated. So as education has failed to keep up with changing technology and business trends, millennials have sought out mentors in their field. The goal of your mentoring is show them what college couldn’t teach: the way things are done today. If you focus on being not only a leader, but also a mentor to your millennial employees, they will find much more value in their position.
Generational management has always been a necessity for effective leadership. It is during these major generational shifts that understanding these differences becomes vital to sustainability. Corporate culture will have to transition along with workplace population. Embrace it – focus on your team, highlight your company’s values and purpose, and be a mentor to your millennial employees. The sooner you do that, the faster your new employees will love, and find purpose, with your company.
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About Deborah Sweeney
Deborah Sweeney is the CEO of MyCorporation.com. MyCorporation is a leader in online legal filing services for entrepreneurs and businesses, providing start-up bundles that include corporation and LLC formation, registered agent, DBA, and trademark & copyright filing services. MyCorporation does all the work, making the business formation and maintenance quick and painless, so business owners can focus on what they do best.