How businesses will benefit from the Millennial workforce

August 12, 2019

Despite what you've heard about Millennials, it would be foolish to dismiss their unique abilities, especially when it comes to today's business world.

Millennials will make up over 50 per cent of the workforce by 2020 and 75 per cent by 2025.While some might worry about their impact on workplaces, their qualities could see businesses benefit in big ways

According to Workplace Trends, over 90 per cent of Millennials have their sights set on being workplace leaders in their chosen fields. But being a ‘leader’ means something different to the newest kids on the block.

An Oxford Economics survey revealed that the younger working generation believe leadership lies in empowering others to succeed – an approach that’s worlds away from the stereotypical leadership tropes of money, prestige and power.

This isn’t the only Millennial quality businesses will benefit from, though. Read on to learn more.

Digital natives

This is the generation that was born into technology. They grew up knowing how to swipe a digital device before they could speak in full sentences.

Their years of experience in picking up technology quickly makes them agile in business environments – able to handle new additions to technology, and new team structures and environments with ease.

Innovative

Millennials believe in problem-solving through innovation. Rather than sitting back and waiting for things to happen, this is a generation that has an eye on the future and is willing to learn.

Seekers of inspiration

Along with empowering others, Millennials value being inspired. As leaders, they endeavour to inspire others too. This can result in highly motivated and enthusiastic teams.

Impatient for change

More so than any other generation, Millennials are willing to challenge the hierarchy. Not content with keeping the status quo, they’ll question and challenge directives given. This can result in new initiatives being formed and the creation of better processes. If encouraged, it can also lead to more open communication between levels of management. That’s a win for all involved.

Collaborators

Millennials understand the merits of collaboration, making members of this generation particularly team-orientated. This makes them ideal collective decision-makers. What’s more, millennial leaders build a synergistic culture which maintains high productivity and morale,

Diversity advocates

This generation, more than others, believe that a company that creates a diverse workforce is an ideal one. Not only is diversity needed to create fair and just workplaces, investing in diversity strengthens the depth of talent within an organisation, which in turn helps businesses succeed.

Driven by flexibility

Millennials thrive on the opportunity to create flexibility in their work schedules. Skyping, working from home and having flexible hours are all highly valued.

Given this, it’s no surprise that the same Workplace Trends survey found that some Millennials are concerned about leadership roles impacting on work-life balance. As such, Millennials need workplace environments that support their wellness.

While this may require some businesses to adapt, it can only be a good thing. According to the People Matter Employee Survey released in 2018, employees with flexible working arrangements are more engaged.

Impact seekers

Most employees, no matter their generation, want the work they do to be meaningful. However, Millennials in particular want to work for companies that ‘give back’ to the wider community and have a sense of purpose.

This desire to do good gives businesses a chance to reflect on where they can do the same.

While the thought of Millennials running tomorrow’s organisations is scary for some, this generation brings game-changing qualities that will revolutionise the way we work.

Businesses looking to retain, and engage Millennials need to embrace the change they bring.