Majority rule: is your organisation prepared for millennial ascendancy
PUBLISHED ON: 31/01/2019
AUTHOR: Peter Hay, Senior Content Strategist at Vuture
Revered, and occasionally reviled, British author George Orwell once wrote: ‘Each generation imagines itself to be more intelligent than the one that went before it, and wiser than the one that comes after it.’ And therein lies the rub: that superiority of knowledge, opinion, experience and self from all generations creates a natural sense of friction, as babies are born and pensions are drawn.
Of course, as Orwell rightly points out, this has always been the case but with the proliferation of digital and social media sentiment is amplified and opinions broadcast, ad infinitum – exacerbating the problem by driving division in Generations X, Y and Z. The millennial has often been derided as ‘entitled’, ‘narcissistic’, ‘self-interested’, ‘unfocussed’ and ‘lazy’ by the Boomer generation that preceded it but the lack of self-reflection from those who came before has, arguably, led to a serious issue for employers, in real time.
By 2020, millennials are set to make up over a third of the workforce, increasing to an attention-grabbing 75 per cent by 2025. Yes, within five years the millennial will be the majority workforce. This is further compounded by Generation Z, the successor to the millennials, taking a fast-start approach to work, often cutting out formal study, and becoming 20 per cent of the working population over the next two years.
If you and your organisation haven’t before, the time has come to better understand these groups to ensure your organisation is positioned to recruit and retain the top talent. Disruption is not just about technologies, it is also about culture and, like those businesses that fail to transform digitally, the future looks bleak for those that do not adapt how their organisation approaches its own working environment.
There are five key areas organisations need to consider to be competitive; technology enablement, individualism, flexibility, integrity and social conscience, and the recruitment process.
Read our report: Mind the gap: professional services and the need to embrace Generations Y and Z, or listen to our webinar, to learn more about who these individuals really are and why you need to adapt how you perceive them for business growth and survival.