The Sustaining future growth with millennial leaders 2018

Attracting millennials is at the pinnacle of the priority list of the contemporary community of employers. Organizations extensively face the challenge of overcoming the leadership deficit as a consequence of millennials being inclined towards individualistic roles. This muddle experienced by the next-gen companies shall become uncomplicated with the Sustaining future growth with millennial leaders 2018 whitepaper by TopCHRO. https://bit.ly/2zTuoFg

Transcript

1. A TOPCHRO WHITEPAPER SUSTAINING FUTURE GROWTH WITH MILLENNIAL LEADERS
2. EXECUTIVE SUMMARY 02 POST MILLENNIAL WORKFORCE- TRAITS & PERCEPTIONS 03 CROSSROADS- CHOOSING THE RIGHT DIRECTION 07 09 CONCLUSION 09 REFERENCES TABLE OF CONTENTS CONTENTS
3. A TOPCHRO WHITEPAPER © 2018 TopCHRO.com All Rights Reserved. Business Leadership dimensions in the past decade have changed beyond comparison, over the previous ones. While most would a ribute this to the all-pervasive technology disrup on brought about by the internet, a large part of this has also been global uncertain es in the economic climate of the post-recession era. This whitepaper aims to address the crisis that might arise largely due to the lack of orienta on of the post millennial workforce vis-a- vis “tradi onal” industries. The millennial demographic segment is moving into managerial roles of almost every organiza on. It will soon be me for the post-millennial demography, too, to be decision makers. We express our concerns about this transi on at a granular level and an cipate that the disconnect in core competencies will be stark – especially in tradi onal process oriented manufacturing industries like Oil and Gas, Metals as well as labor intensive sectors like Civil Engineering and Construc on, Healthcare, Logis cs and Freight and a whole lot of others. A step towards this can be taken by conduc ng leadership building programs that will a ract high-quality candidates, rota onal development of the post millennials in chosen areas, deploying them in matrix environments, conduc ng regular inter-genera onal grooming sessions and intensive programs on conflict resolu ons, compliances and so on. We hope these will provide present and future talent managers with the broad framework which they can use to ensure a fluid succession of business leadership to the post millennial genera on. But- can they really do it? Can they come out of the comfort of their cubicles and work in confined and rigid structures like a typical factory? Or can they ins ll the sorely needed excitement and agility, a characteris c trait of their genera on, into a blue collared workforce which is not only resistant to change but also reluctant to take orders from somebody they consider puerile, as well? This TopCHRO whitepaper has been developed with an inten on to propose solu ons to future ready organiza ons that are facing two crucial bo lenecks to business excellence: 1. A future leadership crisis. 2. Aversion of the post millennial workforce towards "tradi onal" industries. Furthermore, it sheds light on how next- gen organiza ons can harness their untapped poten al to surge ahead into the future.
4. A TOPCHRO WHITEPAPER The first step towards iden fying the skill-gaps in this area is to denote the most prominent traits of the millennials that comprise the workforce. 1. Millennial leaders are conscious and proac ve leaders. There is a certain awareness that exists among them. This awareness entails a reflec on on self, work, and community. 2. Millennials are more centered in what the future will look like. 3. Millennials embrace complete and immediate transparency. 4. Millennial leaders are collabora ve. A collabora ve leader will solve more than a self-centered leader and Millennials know this. 5. Millennial leaders have an embedded view of solving problems. They are strategic thinkers and solu on finders. 6. Millennials lead with “innova on and change”. 7. About half of millennials define leadership as “empowering others to succeed” While 46% of US employers state “leadership” as the biggest challenge when hiring for managerial and execu ve posi ons, only 13% of employees feel that the in-house training provided by their employers adequately prepare them for leadership roles. So much so, that the number of male millennials aspiring for the C-suite has dropped by nearly half (36% vs 64%) of their previous genera on- the overall segment, if female millennials are included, is reduced to a mere 11%. In spite of the lack of managerial skills and views thereof, millennials are also one of the most misunderstood at the workplace. © 2018 TopCHRO.com All Rights Reserved.
5. A TOPCHRO WHITEPAPER • 50% of the millennials say that the older senior managers do not relate well with the younger workers. • More than 30 % say that their personal drive is in mida ng to older genera ons. • Uncertain economic climates in several western economies, which have now come to be the mainstay of the global business environment • Technological advancements that have changed the very fabric of societal and workplace communica on- especially team messaging applica ons over which millennials and post millennials prefer to communicate • Emergence of several new-age businesses and professions, many of which are highly technical and complex, and require a significant degree of exper se-millennials and their successors now prefer individual contributor roles, linked to higher compensa on, over leadership roles in management. These factors are rapidly gaining ground, and research shows that only 29% of millennials aspire for corporate leadership responsibili es vs 54% of Gen X. With close to 40 million people in the present global corpora on leadership in the USA expected to re re over the next ten years, there is a glaring gap of leaders with skills AND traits to retain the velocity of growth that we have seen the GEN X leaders bring to the table. © 2018 TopCHRO.com All Rights Reserved.
6. A TOPCHRO WHITEPAPER • 36% of millennials say they prefer to communicate electronically at work than face to face and over telephone. • 50% of the millennials say that the older, senior managers do not relate well with the younger workers. • 42% of millennials felt that their managers did not always understand the way they use technology at work. The expert opinions on this subject seem to easily match the sta s cs. Millennials and post millennials as on date are NOT prepared to lead tradi onal, cross border and cross cultural corpora ons at even the present growth levels, much less set the stage for further globaliza on and growth that we have seen from their predecessors. With regard to matching blue collar workforces or mee ng general stakeholders' expecta ons, most millennials and post millennials do not seem to be in sync, either. More than 47 survey reports point out that the millennials and their successors actually have the requisite know-how and individual exper se at par with their predecessors. The cri cal disconnect lies in their acclima za on towards tradi onal workforces. This and their lack of exper se at effec vely maintaining communica on with all stakeholders on their vision and strategy, are the areas where they are predicted to lose grounds in the near future. There is an urgent need to reduce this significant disparity within the managerial and leadership segments of the workforce before the re rement of the current genera on of dynamic business leaders, in order to ensure a `seamless transi on. Talent Managers are required and expected to lead this change successfully. © 2018 TopCHRO.com All Rights Reserved.
7. A TOPCHRO WHITEPAPER © 2018 TopCHRO.com All Rights Reserved.
8. A TOPCHRO WHITEPAPER © 2018 TopCHRO.com All Rights Reserved.
9. A TOPCHRO WHITEPAPER Workplace culture is a cri cal factor that affects almost every single func on and every single employee in the organiza on. Nothing mo vates employees and business leaders more than a posi ve and produc ve workplace culture. At the same me, changing demographics at the workplace can lead to a long drawn cultural flux, the kind that inhibits development and progress. With a mul -genera onal workforce, this is a very potent challenge for talent managers. Constant, well-planned events and communiqués that encourage harmony and par cipa on in ini a ves by all employees can effec vely enable talent managers to improve a unified and produc ve workplace culture- also one of the primary expecta ons of millennials and post- millennials from their employer. © 2018 TopCHRO.com All Rights Reserved.
10. A TOPCHRO WHITEPAPER About TopCHRO TopCHRO™ is a one stop portal for best performing CHROs and other HR professionals worldwide. The elite TopCHRO™ line-up of the 100 finest CHROs is the finest group of men and women who have made an impact to the People Func on and industries globally. Apart from highligh ng global top performers, the portal also aims at facilita ng knowledge, informa on and insigh ul discussions among HR professionals. The portal is a collec ve effort and constantly seeks opinions and inputs from meritorious HR professionals. To contribute to our knowledgebase please contact our team at ask@topchro.com Technology is a double edged sword. HR Managers today have an unprecedented advantage over their predecessors. They have advanced talent management technology pla orms that empower them in acquiring, managing and retaining talent, Talent managers today are warriors in the war for talent under the constant threat of losing the best talent to their compe tors. Millennials are on the verge of taking over the reins of corporate leadership in every major organiza on of the world. While this genera on is the most educated and technology savvy and is largely responsible for propaga ng the popularity of the internet, its dependence on technology based communica on is also proving to be its undoing. Millennials are a distracted lot, relying more on their smartphones and social networks than interpersonal communica on and organiza onal vision. Their career aspira ons, a tudes about work and knowledge of new technologies will define the culture of the 21st century workplace. A monumental shi in the tradi onal leadership model is not far away. In order to engage and retain this new, energe c genera on of leaders, talent managers must shi their mindsets to provide more personalized and targeted development programs. Only by embracing the changes and engaging today's millennial professionals, can talent managers successfully build the leaders of tomorrow. Technology is a double edged sword. HR Managers today have an unprecedented advantage over their predecessors. They have advanced talent management technology pla orms that empower them in acquiring, managing and retaining talent, Talent managers today are warriors in the war for talent under the constant threat of losing the best talent to their compe tors. Millennials are on the verge of taking over the reins of corporate leadership in every major organiza on of the world. While this genera on is the most educated and technology savvy and is largely responsible for propaga ng the popularity of the internet, its dependence on technology based communica on is also proving to be its undoing. Millennials are a distracted lot, relying more on their smartphones and social networks than interpersonal communica on and organiza onal vision. Their career aspira ons, a tudes about work and knowledge of new technologies will define the culture of the 21st century workplace. A monumental shi in the tradi onal leadership model is not far away. In order to engage and retain this new, energe c genera on of leaders, talent managers must shi their mindsets to provide more personalized and targeted development programs. Only by embracing the changes and engaging today's millennial professionals, can talent managers successfully build the leaders of tomorrow. © 2018 TopCHRO.com All Rights Reserved.
11. Morin, Amy (2016). Want To Train Millennials To Lead? 6 Things You Should Know About The Millennial Mindset. [Online] Forbes.com. Available at: h ps://www.forbes.com/sites/amymorin/2016/07/27/want-to-train-millennials-to-lead-6-things-you- should-know-about-the-millennial-mindset/#6c77c4494782. Forbes.com (2016). Four Strategies To A ract And Keep Your Best Millennial Talent. [Online] Available at: h ps://www.forbes.com/sites/forbesnonprofitcouncil/2016/08/23/a ract-and- keep-your-best-millennial-talent-for-the-long-haul/#2041299b7891. Brousell, Lauren (2015). How millennials challenge tradi onal leadership. [Online] Forbes.com. Available at: h ps://www.forbes.com/sites/forbesnonprofitcouncil/2016/08/23/a ract-and-keep- your-best-millennial-talent-for-the-long-haul/#643757787891. Har ort.com (2015). A genera on of leaders. [Online] Available at: h ps://s0.hfdsta c.com/sites/the_har ord/files/2015-millennial-leadership.pdf Gallup.com (2018). How Millennials Want to Work and Live. [Online] Available at: h ps://news.gallup.com/reports/189830/e.aspx This whitepaper has used various other reference materials available in the public domain, please contact ask@topchro.com for any further assistance. 6200 Savoy Dr #630, Houston, TX 77036, USA www.topchro.com © 2018. TopCHRO. All Rights Reserved. This whitepaper is a property of TopCHRO.com. The whitepaper or the informa on cited in the whitepaper should be used for informa on purpose only. Facts and figures presented in the paper are subject to change at any me without any prior no fica on. Certain statements made in the whitepaper are forward-looking projec ons. These carry risks and uncertain es and may differ from actual events. TopCHRO™ does not guarantee applica on or validity of informa on and insights in the paper and will not be responsible for any loss that may arise from use of the informa on or insight cited in the whitepaper. Readers are advised to use their own judgment while making related decisions.