Millennials are a generation known for breaking the molds of tradition while simultaneously setting new standards for themselves. As Millennials begin to take their place in the workforce, they bring with them changes that not only alter the classic business structure, but also offer innovation to the future of the workplace and the leadership behind it. Here are a few key components of the Millennial leader.
Changing Their Focus
Leadership and empowerment are two of the many areas of business that Millennials are honing in on. According to a recent survey conducted by American Express, Redefining the C-Suite: Business the Millennial Way, “The Millennial business leader will be more collegial, listening more and sharing the credit. They’ll spend as much time on business culture as on strategy.” When asked about areas they would invest time and money in, studies have shown that 82% of Millennials would focus their time and investments into fostering a better internal culture, while developing business strategy sits just above at 84%. Additionally, 92% of Millennials stated that they would direct their investments into employee development.
Healthy Work-Life Balance
Millennials seek to incorporate flexibility into the work environment to maintain a healthy work-life balance; this goes further than just offering paid vacation time. Benefits, such as flexible work hours, personal time, and telecommuting, are strongly valued by Millennials and are being actively implemented throughout corporate culture. The American Express Survey states that 58% of Millennials defined their success as having a good work-life balance. With a distinct focus on self-care and mental health, Millennial leaders are showing employees that their well being comes first.
A Sense of Purpose
Having a sense of purpose in their work is a quality that Millennials seek when entering the workforce. It’s important for Millennials to feel engaged in their careers and know that the job they’re doing is impacting their organization in a positive way. As a result, more organizations are adopting a company culture focused on engagement and recognition of valued employees.
Millennial leaders often welcome feedback from their employees, and keep open lines of communication for new thoughts and ideas, creating a sense of purpose and empowering employees to contribute to company success. According to a recent Forbes article, “To millennials, it simply doesn’t make sense that only the thoughts and experiences of those in management should be the only factors in organizational decision making.”