The Millennial Power Shift

The Millennial generation has been gradually taking over the workforce over the past few years, and this "power shift" is having a significant impact on the way that businesses operate. The Millennial generation, those born between 1981 and 1996, is now the largest living generation in the United States. They are currently between 27 and 42 years old and grew up during a time of rapid technological change, and many of them have a very different set of values and priorities than previous generations. As they are starting to enter their prime working years, they are quickly becoming a major force to be reckoned with in the workforce and in society as a whole.

This demographic group is:

• Highly educated,
• Tech-savvy, and
• Socially conscious.

The Millennial Power Shift is the transition of power from the Baby Boomer generation to the Millennial generation, which is already underway. As Baby Boomers begin to retire, Millennials are taking on leadership roles in companies, politics, and other sectors. This shift is already having a significant impact on the economy, culture, and politics. Most importantly, it is having a major impact on the way "work" is perceived.

Work-Life Balance

Once talked about as something born of myth, Millennials are determined to maintain a work-life balance that allows them to achieve their professional goals without sacrificing their personal goals. They place a high value on flexibility and are not willing to sacrifice their personal lives for their careers or the ambitions of their employers.

Unlike their predecessors, Millennials define work and success differently. The tech conscious generation is more likely to stay connected to their work even when not on the clock, but they don't equate success with working 80 hour weeks. The 24/7 hustle life is not as appealing as balancing career accomplishments with life experiences. The metric for success is no longer how quickly they can gain a title, or buy a house, or gather other tangible assets, but instead how much control they can gain and maintain over when, where and how they work.

Values

Millennials also have a strong desire for meaningful work. They are less concerned with making a profit for their employers than previous generations, and are more likely to prioritize work that aligns with their personal values. They want to work for a company whose mission they can buy into on a personal level, and that goes beyond focusing on the bottom line. They desire to be part of a team where the leaders aren't afraid to lead conversations and create innovative solutions regarding social and environmental issues. This has led many businesses to re-think their approach to corporate social responsibility, as well as to the types of products and services they offer. In order to appeal to Millennial consumers and talent, many companies are now making sustainability and social impact priorities in their business development.

A desire to feel valued

The millennial generation has made abundantly clear over the past few years that they desire to belong to a team where they feel seen, heard, and valued. Where their efforts are recognized and they receive support from both their leaders and their colleagues. They thrive on collaboration, effective communication, and are demanding better leadership from those they work for.

They desire these elements in their work to such an extent that they are willing to walk away from their job, regardless of the uncertainty of the employment market, if it means finding them somewhere else. And the proof is in the numbers. In a study by Deloitte, 60% of millennials said they would leave their job if they felt like their leadership didn't listen to them and a second study found that 48% will leave as a direct result of their poor leadership. In 2022, nearly half of working Americans (46%) left their jobs.

This resoundingly supports the theory that Millennials currently have the upper hand in the workforce right now, and they aren't going to give up that control.

Impact

The Millennial Power Shift is a major social and economic trend that is already having a profound impact on society. As Millennials continue to take on leadership roles, we can expect to see even more changes in the years ahead. Companies and organizations that embrace this shift and adapt to the changing landscape are likely to thrive, while those that resist it may struggle to survive.

The way Millennials view work and life combined with their taking over of leadership positions across sectors, will have lasting impact on what work looks like in the future. What employees demand of their leadership, the structure of teams, the makeup of a traditional work week are all going to have to adapt to support the desires of Millennials and their Gen Z counterparts.

The baton is being handed over. Is your business ready?

#eliteteams #eliteleadership #millennialleaders

Reference:

https://www.monitask.com/en/blog/the-great-resignation-why-millennials-are-quitting-their-six-figure-jobs