Good News: Millennials are about to Run the World

Most people joining companies nowadays belong to the so-called Millennial generation, born in the late 1980s and 1990s. Myriad millenials are also launching start-ups, transforming politics or devoting their efforts to social endeavors. Given the evolution of demographics across the World, it is very likely that millennials will be at the helm of leading organizations soon.

Surveys have tried to identify the defining characteristics of this group, but at the end of the day, the main preoccupation of Human Resources (HR) managers is to attract and retain talent, and what interests them is whether millennials respond to certain types of incentives and if they share the values of previous generations. Another important consideration for HR managers is how to integrate diverse generations so as to produce synergies from them.

One of the more apparent characteristics of the millennials is their familiarity with technology and their capacity to relate with each other through the social networks. A PwC survey (1) draws the conclusion that millennials are attracted by working environments that are flexible and that they are far from convinced that the demands of work should mean sacrifices in their personal lives, or at least most of the time. They value a strong, cohesive team-oriented culture in the workplace and require more frequent feedback than their older counterparts. The report warns against what it calls the stereotypes associated with millennials, for example that they are not as hard working as previous generations. In contrast to their forebears, who were, and are still, prepared to spend long hours at the office, millennials focus instead on productivity, on getting the job done, and this can often be achieved, for example, by working from home.

Another survey (2) notes that when choosing an employer, millennials look for companies that offer them opportunities for personal and professional development, and that they are attracted by businesses with a clear commitment to social responsibility policies. The survey adds that 91 percent of millennial respondents wanted fast-track promotion, that 52 percent would like to pursue their career abroad, and that 71 percent believe their employers should be up front and clear about bonuses and promotions.

Some senior managers feel inhibited while working with millennials or just fear them. This is not something strange or new: Baby boomers were criticized by their pre-World War Two predecessors for their idealism and self-absorption; The beat generation in the 1960’s looked backwards in anger; The young leaders of the 1968’s riots in Paris and at many university campuses worldwide called for a revolution to defeat bourgeois institutions; More recently, the “indignados” and Occupy Wall Street components opposed today’s establishment. Indeed, intergenerational conflict is recurrent and cyclical. In fact, we may consider that this conflict as such is not bad. As professor Dean Tjosvold wrote “conflict, not harmony, binds us together . . . There is no realistic alternative to managing conflict. Learning to manage conflict is potentially acommon goal that people everywhere can share.” (3)

 How can we turn this intergenerational conflict into real opportunities for innovation and productivity at companies? I suggest three different initiatives for HR managers:

-Nurture initiatives that promote cross-generational dialogue and understanding. The institutional adoption of younger generations’ language as well as the implementation of new ways of technology-supported communication may be particularly helpful. It is essential to engage the older generations into social networks, the use of communication apps and mobile platforms. Millennials are naturals in asynchronous communication whereas seniors are more comfortable in synchronous, traditional face-to-face settings, and a combination of the two may bring them together. (4)

-Promote cross-generational interaction, by building diverse teams, implementing traditional and reverse coaching, where junior managers advice their senior counterparts.

-Training and educational programs, particularly with blended format, which combine traditional face-to-face learning with new forms of technology assisted learning may contribute to expand deep personal and professional relations among members of different ages.

This week’s issue of The Economist dedicates an article to the millennials and formulates some recommendations for governments in order to foster their integration in society. First, cutting the red tape that keeps millennials out of jobs in many countries. In fact, current figures of young unemployment in many developed countries are just unacceptable. Second, facilitating the access of millennials to housing by easing the regulation of real state and property laws. Third, lowering the barriers to domestic and cross-border mobility, a sensitive issue in many places given uncontrolled migratory flows. And fourth, and most important, making education a priority: the future of societies depends on the education of the youth, said Aristotle.

At the latest Drucker Forum in November 2015 in Vienna, I recall Marten Mickos, the entrepreneur and CEO of MySQL, saying that “Millennials are not worried about the future, but about what the older generation is leaving behind”. I agree with him. Millennials' turn has come, and we should be confident and hopeful about their contribution.

 Notes

Photo: Networking Breakfast, International MBA at IE Business School, 2016.

 (1)PWC, University of Southern California and London Business School, PWC’s Next Gen: A Global generational study: Evolving talent strategy to match the new workforce study, London 2013

https://www.pwc.com/us/en/people-management/publications/assets/pwc-nextgen-summary-of-findings.pdf

 (2)Robert Walters Whitepaper, Attracting and retaining millennial professionals https://www.robertwalters.com.au/wwwmedialibrary/WWW2/country/australia/content/whitepapers/millennial_whitepaper.pdf

(3) Dean Tjosvold, “Conflict Management in a Diverse World: A Review Essay of Caplan’s Understanding Disputes: The Politics of Argument,” Human Relations 49 (1996), p. 1203.

 (4) In this same way, see Tammy Erickson, “The Four Biggest Reasons for Generational Conflict in Teams”, Harvard Business Review, February 16, 2009

 (5) https://www.economist.com/news/leaders/21688856-worlds-young-are-oppressed-minority-unleash-them-young-gifted-and-held-back