Millennials took their crown as the largest generation in the American workforce in 2016 and have kept that title ever since. By 2025, it’s predicted that millennials will make up 75 percent of the global workforce. You might be wondering why this is worth pointing out. It’s exciting to watch another generation start taking over, but this is even more of a defining moment in the history of our workforce because millennials are the most unlike their predecessors.
As baby boomers continue to retire, it opens up leadership positions for gen Xers and millennials to fill. Not only that, but millennials are also leading the charge in entrepreneurship as well. 30 percent of millennials say they have a side hustle or small business, and 19 percent of those individuals say their side hustle or small business is lucrative enough to be their main source of income.
As more millennials continue to make their mark in the business world, there are a lot of changes to look forward to. After working in outdated environments, here is what we have to look forward to with millennials at the helm of a company.
1. ‘It’s Always Been Done This Way’ Will Be a Thing of the Past
If a millennial is promoted into a leadership role at a company, expect one of the first things they do is questioning every policy and process in place. If a millennial starts their own company, know that they will not build their business on the back of a traditional business model. There are so many outdated policies and processes people hold on to not because they actually add value to efficiency, customer satisfaction, or growth, but because they’re just longstanding ideals.
If a millennial doesn’t understand the purpose of a policy or process, they will ask questions to gain insight and then challenge them if there is no purpose other than that it’s always been done a certain way. This means millennials are also more likely to continue to examine and adapt policies to better serve employees, customers, and the business as a whole.
2. Technology Adoption Will Increase
Millennials grew up with technology. They’re the first generation to understand the power that digital tools and platforms hold, but they’re also the first generation to understand how quickly issues can arise.
Companies under the leadership of millennials are more likely to invest money into technology and devices that will enhance their employees’ day-to-day tasks, increase outreach for their brand, and improve the customer experience.
3. ‘Boss’ Will Be an Outdated Term
Millennials are making the workforce rethink their views on leadership. Older generations prefer the employee vs. boss hierarchy because they enjoy their influence on the company. They take a more hands-off approach, only getting involved to push or discipline employees for their performance.
Millennials experienced first-hand how little this employee-leadership relationship actually works. Instead, it just results in feelings of animosity. Millennials in leadership roles take a different approach, where they see their relationship on more of an equal playing field. They aren’t ‘the boss,’ they are someone who helps to manage and guide their teams to success. They know they aren’t perfect, so they are learning alongside their teams, making them more patient, engaged, transparent, and open to feedback.
4. Flexibility Is Key
Millennials have always wanted more flexibility, and as they get into leadership roles, it’s something that will finally be more commonplace at companies. Whether that’s granting employees more support for mental health breaks or creating a remote work environment.
Millennials are changing the business world for the better, and I’m excited to see what the future of the workforce will look like.