How Millennials are Reshaping How We do BusinessJuly 20, 2017
It’s no secret that millennials have somewhat of a negative reputation in society today...How can we use the so called “disruption” millennials are making to improve business?
Millennials have been getting a bad rap lately.....and this stereotype could potentially be holding your business back from the benefits these young people can potentially bring to the table. Millennials often get a bad rap as young people who should have moved out of their parents’ houses years ago, as individuals who can’t hold down jobs, and are glued to their phones and computers.
How can such apparently “lazy,” “misguided,” “entitlement seeking” people possibly add value to the economy?
The truth is, they already have and have likely disrupted your business, your competition, your vendors, and your customers in the past decade and only now, are many small and large businesses starting to realize it.
Millennials are the reason for many of the changes you made or should be making inside your organization (Internal forces) and they have revolutionized the way you sell, make purchases, and gain or lose market share (external forces).
Tips for businesses on dealing with “Millennial Disruption”
Internal pains and gains related to...
- Adjust hiring strategies – Struggling to understand why you cannot easily fill your positions with the right talent? Young people want too much it seems? They don’t want to be there all day stuck behind a desk fulfilling an objective where they cannot see the outcome of their product. Daily and overall goals are not tracked and communicated to their standards.
They want to feel like they are changing the world and making a difference fresh out of college or trade school. Out-dated communication channels and bureaucratic structure that still remain after the recession confuses and alienates most young new-hire candidates.
- Productivity is rapidly improving, take time to understand why– The recession forced companies to trim the fat. Productivity is still at record lows now that we are in a better market and those millennials who first made an appearance in the workforce in 2009 who felt they could change the world from their position spoke up and helped improve processes. Now your lean, open floor structure is attracting millennials like wasps to honey.
Cutting middle management roles and removing cubes and offices allow for a free flow of communication. Technology has recently forced further productivity and morale for young people. Embrace effective communication software and data retention and analysis software to give them the quick answers and objectives they need. Mobile desktops, work from home policies and software allow for quicker decisions and more effective management of vendors and customers. The realization of this technology aided phenomena should push you to experiment with better policies, like paternity leave, unlimited vacation time, and more flexible workplace environments.
External wins and losses
In almost every situation your business will experience great success if you have embraced the above. Generally, if a productivity improvement (listed above under #2) is followed, and you see a decline in business, it’s because of a competitive force, or a demographic shift where your sales officials have correspondingly not embraced a productivity enhancement.
If you have questions or would like to learn more, feel free to contact us.