The millennial majority: They’re here, they’re moving into leadership, and they’re driving transformation [INSIGHT]

As millennials are now the majority of the workforce, more than half are already ascending into leadership roles and transforming business, according to “The millennial majority is transforming your culture,” a new white paper by Deloitte and the Billie Jean King Leadership Initiative (BJKLI). Analyzing three years of data collected by Deloitte, the report demonstrates that purpose-driven millennials seek innovation and collaboration, with room to spearhead their own career paths. Leaving behind “the way we’ve always done it,” millennials are finding their own way.

“When we launched the Billie Jean King leadership initiative in late 2014, we set out to effectively move the needle on issues impacting the landscape of today’s global workplaces,” said Billie Jean King. “The research we’re doing with Deloitte highlights important generational differences in the business landscape. Organizations that are able to see—and reevaluate—their cultures through the eyes of this new generation of workers will be able to retain millennial talent, remain competitive, and foster innovation.”

 

 

While last year’s joint report focused on millennial views about diversity and inclusion, this year’s research took a wider view of the corporate landscape, looking at culture as a whole. Millennials are redefining the way we think about getting work done by prioritizing purpose-driven work. To blend work with purpose, they are seeking technology that enables innovation, collaboration, and flexibility.

If you’re wondering just how millennials are transforming our cultures, here’s what you need to know:

•     Purpose is first and foremost: Nearly two-thirds of millennials saying they chose their organization because it seemed purpose-driven. Of those who perceive their organizations as lacking a sense of purpose, only 20 percent report being satisfied.
•     Profit is secondary: There is a declining percentage of millennials who believe businesses should work primarily to generate profit: in 2013, 35 percent agreed with that statement; by 2015 that number had dropped to 27 percent.
•     Need technology, but impatient for innovation: Raised as digital natives, millennials look to technology to redefine how work gets done, yet are not finding what they need in their organizations. Eight in 10 agree that developments in technology will make their working lives “more fulfilling.” However, they’re impatient with the pace of innovation—one-quarter cite “the attitude of senior management” as a barrier to innovation; one-third believe their companies don’t invest enough in research and development.
•     Work needs to fit in life, not life into work: Millennials are challenging how work gets done and are uninterested in sacrificing and compromising their lives. Millennials identified “flexible working conditions and work/life integration” as the No. 1 way organizations would have to change if they wish to improve retention.
•     Skills could be better utilized: Millennials feel that they are not fully able to contribute to the workplace because their skills are not being leveraged. Only one-third of millennials feel their organization is making the most of the skills and experience they are able to offer.
•     Millennials aren’t committed to the ladder: Although 41 percent of millennials in our survey had already accumulated at least four direct reports, only 38 percent of millennials in developed markets aspire to the most senior position in their organization; half would like to “get to a senior position, but not number one.”

“Millennials are redefining and redesigning the way work gets done. Companies are taking notice and investing in creating a sustained, purpose-driven culture with new technologies that drive innovation,” said Christie Smith, managing principal, Deloitte University Leadership Center for Inclusion, Deloitte LLP. “One thing is sure: millennials will not leave the business world the way they found it, and that’s probably a good thing for all of us.”

The findings represent a starting point to bridge capital between millennials and older generations, encouraging them to come together and collaborate on the right solutions.