In part 1, we covered what it takes to understand millennials, as well as their impacts, and we discussed what management vs. leadership means, especially in a world of remote work. In pt. II we discuss adaptation, education, purpose and corporate social responsibility.
Be Adaptive: Never Stop Educating Yourself
No matter what field you’re in, Millennials and technological change are infiltrating your operations. What’s more, the rate of change that we’re seeing now will only grow as time goes on, meaning that you need to learn how to get ahead of the curve and stay ahead.
This means that old, long and drawn-out campaigns relying on rigid processes and technology won’t work anymore — or at least that they won’t work for long. The lack of fluid structure and adaptive decision making is exactly why Blockbuster failed as a company where Netflix succeeded. Learning to predict these differences means committing to continued acquisition of knowledge.
To accomplish this goal, some people peruse blogs and use the internet to source information on new technology and management. Others prefer a more formal course of education, such as a postgraduate degree related to business. In fact, learning company Context reports that the MBA represents 25 percent of all graduate degrees awarded, with permutations like the executive MBA (EMBA) program, designed for business professionals who are already mid-career and can be earned while working full time.
Of course, not everybody is sure whether or not the MBA is worth it for them. Arizona State University’s online resources number one question for those questioning the MBA is “do you aspire to be a leader?” This is because 86 percent of post-graduate recipients reported that the MBA did indeed prepare them for leadership roles.
Whatever your preferred method of knowledge acquisition, be sure that you’re using that knowledge in practice as adaptively as possible. All of that said, there’s one more big thing that needs to be understood about modern employees.
Work With Purpose & Corporate Social Responsibility
Millennials have tightened the relationship between purpose and work, and have even begun to change the face of ethics in businesses, with corporate leaders such as Suburu, Honda, Marks and Spencer, and Nestle investing in corporate social responsibility (CSR) measures. Each of the aforementioned have taken steps to promote initiatives centered around ethics and sustainability, from decreased landfill waste, to cutting carbon emissions and reducing water use.
It’s not just consumers who are demanding that companies promote better CSR, but those companies’ employees themselves. Modern workers want to care about the work that they do, and knowing that the company they work for is bettering the world or society in someway can provide that meaning. Here are four methods companies can utilize to boost CSR efforts.
- Give back to a cause that your employees and customers care about. Research causes in the community your company serves or in which it is based.
- Set up volunteer programs hosted by your company. This will give employees a feeling of connection to both your organization and they community they’re making a difference in.
- Embrace cause-marketing. Partner with a nonprofit and donate sales or labor to better their cause.
- Get feedback from the board. Getting a board of directors on your side means you might get a better CSR budget, or even that the board members themselves get hands-on with the initiatives.
The bottom line is that companies who exist solely to turn a profit won’t exist for much longer, because employees will flock to organizations that take the extra effort to embrace CSR.
While millennials certainly didn’t bring about the digital and societal catalysts that have forever changed the workplace, they are inextricably tied to them via their values and skills — and they’re not the last generation that is going to usher dynamic transformation in the world of work either. Managers who are learning to lead in this millennial-dominated world should simultaneously be gearing up for the next generation of workers that will soon be pouring into conference rooms and board meetings around the globe. The only way to stay on top in this world is to think ahead and be adaptable. Whether or not you think you’re getting the employees you need, it’s your responsibility to be the manager and leader that they deserve. Perhaps someday they’ll follow your example and lead new generations of work down the road.
