Issue 14 - Summer 2020
In many ways Millennials (those born between 1981 – 1996) have received more negativity and bad press than any other generation that has gone before them – the word ‘snowflake’ might come to your mind, or maybe you’ve heard that Millennials can be lazy, entitled, difficult to manage or immature. Or it might be that you believe they’re only interested in eating avocado toast and drinking artisan coffee or craft beer! This is just some of the false and negative commentary that is often associated with this generation, but as many are now stepping into managerial roles and are on course to become the next leaders in business and in our sector, what impact will they have on our world of work?
In recent years it seems that Millennials have fast been proving their naysayers wrong – and while they have a drastically different outlook on what they expect from their employment experience, many business owners credit them with being extremely diligent and hardworking. They are also well educated, extremely tech-savvy, self-confident and able to multi-task, a list of skills vital to the success of any industry, but particularly relevant for insurance.
They’re also the generation that was most impacted by the financial crisis and global downturn – they started out in the workplace at a time of low pay and they’ve found it almost impossible to get on the property ladder, not to mention the soaring rental rates they’ve had to deal with!
Whether we’re aware of it or not, Millennials have been influencing and shaping the way we work for many years now – a force to be reckoned with, the often self-assured generation are on track to be the most dominant demographic in employment – with 75% of the workforce to be comprised of Millennials by 2025. Now as they step into more leadership roles, Millennials are really beginning to disrupt and shake things up. Not content with the way in which things were run before, Millennials are bringing with them a completely new leadership style. So what can we expect the workplace of the future to look like with Millennials at the helm?
Millennials prefer a flat management style – they don’t believe that navigating through layers of management is efficient and they value communication and career development both upward and laterally. Formal hierarchies appear both rigid and limiting to Millennials. They believe in creating a workspace where individuals at all levels are seen and heard and where collaboration and working together trumps the older hierarchical approach. Without doubt, this is something we’ll see more of as Millennials take charge and we can expect them to overturn traditional power structures within organisations.
It will come as a surprise to no one that Millennials are skilled at understanding new technologies. They grew up with technology at their fingertips and are not intimated by the latest trends or advances – in fact, they welcome them and are nimble when it comes to adapting and embracing them. They also have a strong desire to always be ahead of the curve. Therefore it’s inevitable that as Millennials step into leadership roles that technology will be at the forefront, and this can only be an advantage, as a deep understanding of technology is imperative to modern-day business.
According to a Bentley University study, 77% of Millennials agreed that more flexible working hours would make their generation more productive. They are after all the generation who invented ‘remote working’ and have rallied against the need to be in an office from 9am-5pm. Millennials also place a strong value on their personal life outside of work and have been advocates for seeking to find work, life, balance. Therefore it’s expected that as leaders Millennials will introduce more flexible working hours, encourage remote working and may even relax rules in the office.
According to Deloitte’s Global Millennial Study, Millennials "are transforming the status quo by seeking purpose in the organisations they serve without sacrificing the flexibility to be who they are at work." Another survey by LinkedIn found that nine out of ten Millennials would take a pay cut to work with an organisation whose values aligned with their own.
This prioritisation of social value over financial value, with many stating that they would prefer their business or job to have a genuine purpose that resonates with people, is something which is unique to Millennials and perfectly aligned with the core values of insurance. It is therefore expected that Millennial leaders will seek to build companies around their personal passions and social purpose and that the companies’ values will be strongly aligned.
More than any other generation Millennials have higher rates of student debt, unemployment and overall lower levels of wealth and income. Because they entered the job market during the financial crisis they have a gratitude for their jobs and so are also hardworking and ambitious. This hunger for success is bound to influence their leadership style and they will no doubt expect the same appetite for achievement and productivity from their employees.
It’s been widely reported that Millennials are pushing the boundaries and asking more of employers when it comes to diversity and inclusivity programmes. Millennials are strongly advocating for more rigorous and comprehensive understandings and practices in these areas, and if employers don’t take heed then they run the risk of their Millennial employee becoming disengaged. This desire for more fairness and inclusivity is something which Millennials expect and so will likely be a cornerstone of the businesses they build in the future.
While Millennials place a value on soft and interpersonal skills, they also understand the need and have a desire for knowledge. They are highly ambitious and realise that without the opportunity to continue to advance their skills and expertise they will get left behind – and that’s the last thing that any Millennial wants! Therefore they’re noted for their appetite for learning and thirst for education, making them seek out employment where life-long learning is encouraged, such as professional qualifications and CPD. Again as Millennials take the driving seat of many organisations we would expect to see them encouraging their employees to invest in continued education and learning also.
Millennials have a different outlook on life, different values and different skills – all of these combined make for a very specific leadership style, one which will reshape how teams work together and how organisations function. It would seem that Millennials are on track to reinvent the way in which we do business by making it more collaborative,
less dependent on rigid rules, more flexible and more open to new technologies. It would also seem that Millennials are unstoppable and it will be up to businesses to try to keep up with them, and not the other way around.
