FUTURE SPECIAL.................. DAN SCHAWBEL MILLENNIAL MILIEU

FUTURE SPECIAL DAN SCHAWBEL

MILLENNIAL MILIEU 

THE BIG IDEA: YOUNG PEOPLE WANT TO WORK WITH THEIR FRIENDS AND VIEW THEIR CO-WORKERS AS THEIR SECOND FAMILY AND THEIR BOSS AS THEIR WORK PARENT

The future of work will be driven almost entirely by my generation. Millennials, also known as Generation Y, are born between 1982 and 1993 and will comprise 75 per cent of the global workforce by 2025. A lot of companies can't understand the magnitude of change that will occur as more Millennials enter the workforce and take on leadership positions. In a study with PayScale.com, we found that about 12 per cent are already in management roles and that number is going to climb every year, as 18 per cent of the workforce (baby boomers mainly) will be retiring in the next five years. Despite economic setbacks, Millennials are optimistic about the future because they are the drivers of it. Their view of the workplace is much different than their older predecessors, namely Gen X’ers and especially boomers. For one, they won't stay at a single company, in a single job, for life. Instead, they seek to create their own careers and move from job to job. Based on a few studies, we've found that they leave their jobs after two years, compared to seven years for boomers. This poses a major concern to corporate leadership who will have to deal with concerns over retention and succession planning with a generation who can't sit still. Most major companies have legacy policies that aren't appealing to Millennials and actually deter them. One study by Cisco found that Millennials won't work for a company that blocks social networks or one where you are stuck using the corporate Blackberry phone. Millennials are the first generation to ask big questions, such as "why is there a nine-to-five workday?" and "why can't associates be involved in senior-level discussions?" While some companies fear all this change brought on by the Millennials, I believe that what they want is beneficial to all age groups. Here are some of the ways Millennials will shape the future of work for the better:
Work-life balance will change to work-life integration
Millennials blend their personal and professional lives together through the technology they are constantly using to connect and express themselves. They will force companies to let them take more personal breaks during the workday because over 60 per cent are answering business email outside of the office. In addition, Millennials are very family-oriented and their parents will become more involved in their professional lives. We are already seeing the beginning of it with 8 percent of Millennials bringing their parents to job interviews, as reported by the Wall Street Journal. They want to work with their friends and view their co-workers as their second family and their boss as their work parent. We will see more companies align to these types of relationships over strictly professional ones.
Corporate hierarchies will flatten, creating more equality and collaboration in the workplace
Millennials are impatient and don't want to wait ten years to become an executive at their company. They want be in the boardroom from day one and be involved in decisions that impact their companies. While the last generation was all about "paying dues" and "titles", this one focuses more on teams, projects and goals. They are also all about equality at work in terms of status, gender and freedoms.
Companies will be forced to stand for something and support communities
92% of Millennials believe that business should be measured by more than just profit and should focus on a societal purpose, reports Deloitte. Companies will need a "why", or a purpose for existence beyond pleasing shareholders if they want the best Millennial talent. Millennials want to know that their work is benefiting someone other than them. Over 70 per cent of Millennials have been donating to charities and they choose meaningful work over higher salaries.
Work will be much more technology-driven
Most companies will use gamified applications for employee development and marketing purposes. In fact, Gartner predicts that by 2014, over 70% of Global 2000 organizations will have at least gamified application. They will also take down the Internet firewall still used at many companies to protect sensitive information from getting out to the public and because they feel like it will be a productivity drain.
The annual performance review will fade away
Millennials need more attention, feedback and mentoring than older generations. They don't want to wait until the annual performance review to get recognition and criticism. Instead, they want real-time feedback so they can continually improve and become better employees, which benefits companies. Companies need to realize the changes that are coming, strengthen their cultures and support them as they become their future leaders. Today, Millennials feel unprepared to lead corporations and so it's up to older generations to mentor them and serve as a resource as they transition out of the workforce. Millennials are set to create a new future for corporations and it's a bright one.

CDET140103