There are a variety of compelling reasons why millennials, now between 20 to 40 years old (give or take), will inevitably take over current leadership roles. This cohort is coming into its own and entering the prime of their careers when a variety of brand new industries, life-altering technologies and completely different types of leadership positions are also being created. Not only are they ready for this challenge, but in many cases, they’re already taking charge.
For a group that is often seen as less-than-motivated, it might come as a surprise that millennials are making such waves in the world of business. Here’s what has led to the surge in stature for the group often named as the reason for major changes in beer, fabric softener, focus groups, gyms, casual restaurants and even retirements.
1. There’s more of them than ever before
Generally, the largest populations tend to define the zeitgeist and the direction of culture. Millennials now are the majority segment of the population within Canada, and that extends to the workforce as well.
With that comes employer shifts in things like office style and compensation, but also in terms of perks and rewards. This change in direction lends more support to the idea that employers are catering to millennials and ultimately want to bring in the best and brightest of them.
2. They have the mindset of CEOs
Operating on results more than any other generation before it, millennials bring much to the table in terms of finding and achieving measurable results. This is an important quality to have for any company — and especially any leader.
According to a report on executive and millennial leadership by The Conference Board, RW2 Enterprises and Development Dimensions International, millennials have a mindset similar to most current CEOs on things like floor plans and organizational structure. And although they rank the need for flexibility higher than other generations, they were more alike with CEOs in another way — viewing ideas, technology and rational problem solving as the main issues facing all businesses.
3. The old guard is retiring
It’s no secret that the baby boomers are retiring and exiting the workforce, though of course many continue to work in very productive and integral roles.
While Gen Xers do have a portion of leadership within the workforce, they are eclipsed by the sheer number of millennials out there. That forces a push upward for even more leadership positions to be filled across the workplace.
As disruption comes to all industries — especially with the advent of technology — millennials are best equipped to handle this period of change. The Bersin report from Deloitte confirms that things are only going to continue to change with industry disruptions yet to come.
4. Technology expertise before the digital storm
There’s no doubt that the business world has changed dramatically with the advent of technology. As things continue to develop at a faster and faster rate, many experts feel we’re on the verge of the fourth industrial revolution — this one based on a combination of physical and biological factors, and of course, the technology to bring them together.
Having an astute understanding of technology, software and the devices that take advantage of it, millennials are well equipped to maximize an organization’s potential during the impending shift.