As more and more millennials become a part of the existing workforce, a contemporary need to redefine the c-suite emerges, with a requisite to make way for millennial leaders. The paradigm of business hierarchies is shifting, and millennials are uniquely equipped to evolve to such changes.
As a generation bred for innovation, the advantages of hiring millennials for executive roles are unparalleled.
Here are some of the benefits of a Generation Y executive management force.
Millennials are digital natives
They are conveniently familiar with the realm of technology– a domain that is increasingly becoming more and more predominant in the corporate world. With new technological advancements unparalleled at a seemingly exponential rate, it is imperative to assemble a workforce that is able to adapt to this progression.
Members of the Generation Y demographic are uniquely comfortable with the digital tools that are reshaping modern economy in the U.S. and beyond. Consequently, they are equipped to construct new regulations and practices regarding the use of electronics and media in the work environment, while adapting the role of technology in unprecedented ways. In other words, not only can millennials understand emergent technology and how to best implement in a given work module; they also have the potential to blaze a trail in this revolutionary aspect of business.
Millennials can offer new perspectives
Even in the world of business, Darwinism carries—it’s all about survival of the fittest. To remain successful, a business should stay relevant. Millennials are able to suggest unique approaches and offer fresh outlooks to age-old questions. The outset of expressing these viewpoints in the workplace can serve as a catalyst for innovation.
As a result, this allows ingenuity to thrive as a driving force, keeping certain occupations and services relevant and in demand, while also contributing to the creation of new needs and desires, and catering to such constructions. Through the new perspective offered by millennials, an existing client base may be maintained, and in some occasions, even amplified.
Millennials are values driven
Rather than a top-down approach, millennial leaders strive to avoid such rigid power structures, and instead endeavor toward creating a positive and empowering workplace culture. Members of Generation Y tend to foster empathy, integrity, and collaboration, leading to an understanding and validating work environment. This positivity, in turn, has the potential to result in higher levels of productivity and efficacy, because employees who are happy in their place of work are more likely to want to work.
This is a shift from the previous model, which ascribed work to be an obligation, and regarded long hours as a sacrifice. While it is still the case in some instances that working long hours can be considered a sacrifice, and there are still obligational duties associated with any given job, a positive workplace culture fosters positive associations with one’s respective employment.
Cultivating such values can help employees refrain from harboring negative emotions toward their employers, workplace, coworkers, or company culture. Consequently, efficiency and utility escalates.
Millennials are profit-oriented
A recent study conducted by American Express revealed that although millennials are more values driven than any precedent generation, they are also highly profit oriented. Although this may initially seem like a drawback, it is actually more convenient than one might think. For starters, it means that their work can be easily incentivized. It also highlights a transactional component, in which the level of the potential benefit to be obtained reflects the level of work employees put in to accomplish a given task.
This expectation of reciprocity is manifested through certain core competencies millennials tend to exhibit, including efficiency, coherence, and logic. Moreover, the fact that they are statistically inclined to be profit oriented balances out with their other dominant realm of focus—values. This balance helps create a happy medium, in which a positive workplace culture can thrive, but monetary incentive can also exist and play a role in stimulating productivity.
Millennials dominate the workforce
According to a study conducted by Pew Research Center, Generation Y already outnumbers the Baby Boom generation’s labor force participation. In fact, as of 2016, Millennials are the largest generation in the workforce, not only in the United States, but in Mexico and other parts of the world as well. This means it is in our hands to help equip millennials to be strong leaders. Hiring millennials for executive roles can help them develop the skills they will need, while also exposing them to the opportunity to practice the skills they already possess through first-hand experiences.
Millennials became the largest generation in the labor force in 2016
Current business owners are in a unique position, presented with the opportunity to shape the future world of business. This is an opportunity we should take full advantage of, as the outcome will indubiously be more favorable if it is within the realm of our own guidance.
The importance of hiring young professionals in business is not only a matter of convenience—it is a means of preservation. Hiring millennials for C-level positions secures a future business paradigm that (in spite of changes, modifications, and improvements) will remain familiar and true to the functioning conditions of the sphere of commerce.
The role of millennials in the workforce is undoubtedly a question of controversy, but one thing is for certain: the integration of Generation Y into the existing job industry is inevitable. The benefits of incorporating millennials in the workforce and hiring them for c-level positions far outweigh any potentially positive implications of prolonging the process.
Barbachano International can offer guidance on how to best relate to the emerging millennial labor force while helping you understand why a Generation Y c-suite can function as a catalyst for innovation. To find more articles like this one, visit our blog, where you can learn more about how to best adapt to the shifting paradigm of business in the U.S., Mexico, and beyond.
By Fernando Ortiz-Barbachano
CEO & Founder of Barbachano International (BIP), the Human Capital Solutions leader in Mexico, Latin America, and the USA offering high impact executive search, executive coaching, and outplacement.
At Barbachano International (BIP), we know that talent is the most important asset a company has. When people shine, businesses light up. Experience the BIP difference.