An Expert once said “Every Generation’s fundamental job is to prepare the place for the next Generation”. In terms of Business, this quote translates as aligning the Cross-Generational Workforce for achieving Business Excellence. While working through this objective it becomes vital to know what are the defining characteristics of the various Generations and how to Align them. In this post, we will essentially look at the Millennial Generation, their defining Characteristics and how the cross-Generational workforce can be aligned to leverage Business Processes and achieve Organizational Goals.
Let’s have a look at the three significant Generations in a mordern workplace
- Baby Boomers – Born: 1946-1964
- Generation X – Born: 1964-1980
- Millennials – Born: 1980 – 2000
Millennials – Who are they ?
Millennials, also known as the Generation Y are the cohort that directly follows Generation X. According to Goldman Sachs survey – The Millennial generation is the biggest in US history—even bigger than the Baby Boomer generation.
Millennials are going to reshape the economy and with their unique experiences they are going to change how we do Business for decades to come.
Defining Characteristics of Millennials and Cross-Generational Interactions
There is an array of positive traits that Millennials bring to the table, which can be leveraged for Organizational Success. To name the most generic charateristics,
- Millennials are the most highly-educated Generation ever to enter the workforce.
- Millennials are Technology Savvy
- Millennials are Efficient Collaborators and thrive on teamwork
- Millennials like to stand up for Environmental and Social Cause
- Millennials are Expert Multitaskers
- Millennials seek Transparency within the Organization
So how do Millennials efficiently blend Technology at the workplace ?
Almost all Generations know that Technology is an inevitable part of all the Business Processes today. Millennials have specific expectations on how Emerging Technologies are leveraged at Workplace. Millennials want Technologies that enhance their personal lives, to also drive effective Collaboration and Innovation at their Workplace. Millennials perform better when they have a Technology ecosystem that encompasses Social Networking, Instant Messaging, Video-on-Demand, Blogs and Wikis.Millennials utilize modern Technologies like Dynamic Reporting and Dashboarding, Centralization of Data and Agile Scalability so as to accomplish Projects at hand with Speed, Efficiency and Accuracy.
Then now, how do we align the other Generations at workplace towards this transition ?
What are the Challenges that Millennials face while adopting the Emerging Technologies at their Organizations?
Global Businesses need to figure out how to adapt quickly and efficiently to the Emerging Trends. Below are some challenges
- Ethical and Regulatory Challenges
- Organizations “Waiting” for the change rather than “Being” the change
- Unavailability of Visionary Mentors
- Change of Conventional mindsets
How do other Generations in the workforce Align for this transition?
The set of positive traits that each Generation brings at the Workplace can be amalgamated to achieve Agility in Business. For instance, the Baby Boomers and the Generation X leverage their Experience and Vision, while the Millennial Generation leverage Technology to achieve Business Results. The C-suite and the Senior Management need to define the Core values of the Organization, which are similar for all the Generations. Focusing on Core Values fosters open-mindedness and flexibility within the Organization. This is the fundamental step of Managing a Multi-Generational workforce. The Board should also equip their Employees with Robust GRC Tools to deal with diversity of thought and action.
The Panel comprised of Millennials from Audit Profession, discussed on Emerging Technologies and how they have revolutionized their Audit Processes.The Panel members shared their experiences on the Opportunities and the Challenges while adopting Emerging Trends and Technologies.
The Millennial Workforce is the major workforce in modern Businesses. The key to Leveraging this highly motivated workforce is embracing the Emerging Technologies and Governing them Confidently.
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