Why The Millennial Workforce is holding the Key to Your Success

The millennial workforce also referred to as Generation Y, or just Gen Y is the demographic grouping following Generation X and preceding Generation Z. The specialist uses the early 1980s as starting birth and the mid-1990s to early 2000s as ending birth years. 1981 to 1996 is the most widely accepted definition range.

Millennials are the parents of Generation Alpha. This generation is famously known for its familiarity with the Internet, mobile devices, and social media. These characteristics explain why they are often considered digital natives.

The current Covid – 19 pandemic has had a major impact on the millennial workforce in particular.

The great recession has caused a historic high level of unemployment among young people. Economic growth and youth unemployment are negatively correlated, meaning young workers have it worse than their elders during this great pandemic.

  The Importance of Millennials

The young generation is venturing into professional careers. The current workplace is now changing rapidly. The transformation is due to introduce tech-savvy management, which comprises the millennial workforce.

The workforce has now changed and is dominated by Gen Y, which comprises people born between 1981 and 1996. It is predicted that by the close of 2020, Millenials will make up half of the global labor force, and by 2030 they will account for up to 75% of the total workforce.

This group of people is more favored in the workplace due to their young innovative nature. Millennials have a rigid corporate structure and the knack for eliminating information silos. They are also passionate about exploring new opportunities.

Millennials are expected to change how things happen and introduce new management skills. These guys will disrupt how we manage projects.

 Millennials & Baby Boomers (Gen X)

There is a huge conflict between the baby boomers and millennials in the workplace owing to a lack of understanding between these groups. Both generations tend to underestimate each other.

Baby boomers recognize millennials as tech-savvy. They have given them names such as real complainers who will easily fly off the handle and aren’t ready to take up responsibilities.

Millennials identify baby boomers as uncooperative, resistant, and uncreative. Baby boomers are slow at work and will not welcome new ideas easily.

Unlike GEN X, millennials will adapt faster to rapid change and are much more open to new ideas. This divide between the two generations makes the workplace more competitive, and thus the two groups cannot perform effectively as a team.

      < Benefits Of Millennial workforce

Every generation has its strengths and weaknesses. Millennials have brought a new perspective to the workplace and, more specifically, in project management.

The following are some of the advantages of having the young generation in the workforce;

  1.  Millennials have higher education levels

Compared to other generations currently, the millennial workforce is the most educated.

The youth are pursuing and completing higher education levels, creating a strong workforce built on a strong academic foundation.

This greatly impacts them when they join the millennial workforce and significantly benefit from any project they take on.

  1.  They are cost-effective

The old generation will command higher wages because of their experience. Unlike their counterparts, millennials are more likely to receive low payments. They are flexible, don’t seek recognition, and are passionate about their work.

Even though the millennials are fast and can effectively replace the old generation, the experience gap is something employers must consider. They will accept low payment for high-quality work and a reduction in the total cost of the budget.

  1.  High technological proficiency

Millennials are well equipped with current technological skills.

The 2015 enterprise work report shows that the younger generation has been rated the best in creativity and tech-savviness.

Though they may not clearly understand the work processes, the millennial workforce can quickly learn and adapt to changes. Their rapid technology uptake rate greatly boosts a workplace setup.

  1.  Large networks

Gen Y is active on various social media platforms, so they easily interact and connect with anyone.

To conduct research, you only need to give them some time, and within a few days, they will be done with the investigation.

Most millennials are conversant with LinkedIn, which is a social media platform for lead generation and the perfect place to connect with anyone.

  1.  Multitasking experts

Multitasking is a valuable skill that the millennials are well conversant with. This skill is a blessing to many youths and sometimes a curse since it can be a distractor.

Some youths try to take advantage of this skill at the workplace and get disrupted by other negative activities.

The youths are comfortable with using various apps and programs and will deliver in their work on time.

They will find the best plan or software for the task at hand. Millennials can easily take advantage of their surroundings to achieve greater efficiency due to surplus stimulation from numerous sources.

Millennials are thirsty for success and will go any mile to make their work successful. The millennial workforce wants to improve their skills and the environment surrounding them.

Some of the millennials are radicals who would want a review of the company structures and a change of the traditional project management tools that the company uses.

 Lessons Managers Should Learn about Millennials

  1. Millennials are active, innovative youths who are ready to bring new perspectives and groundbreaking approaches to business. Business managers must incorporate the young generations in their business firms to discover their full potential and value in their projects.
  2. Millennials are intruding into the workplace with better knowledge of key business concepts than when their older colleagues started.

The current generation is more complex and diverse with technology, unlike the earlier days when everything was manual. Millennials are well equipped with technical knowledge and will be of greater boost if incorporated into any company workforce.

  1. Business owners should not employ one generation and leave others aside. The two generations, if well-coordinated, can work to produce better results.

For a company to realize its maximum potential, they’ll need an older workforce; but still, they require the technological know-how of the youths who speed up their general workflow.

  1. Gen Y is easy to change. Millennials will adapt easily to any changes in the system. Old ways of doing things are not always the best; new and innovative ideas will ever emerge.

Though they will make mistakes, their main objective is to work toward improving the company’s and improving overall output.

 Gen Y & Changes in Project Management

The millennials have brought about a big shift in perspective in general business management.

They are well equipped with the technical knowledge required in a digital workplace and are placing additional focus on economic, ecological, and social factors.

Most companies have changed to digital platforms, meaning all company workers have to upgrade to align with the new technology.

This now brings the need to bring new knowledge to the company, which must comprise the millennial workforce. Project managers have to learn how to work with millennials.

Millennials are natives of the digital workplace and can multitask. They are also quick to will learn and master what is necessary just in time.

 Why Focus on the Role of Millennials in Projects

Researchers have indicated that by the close of 2020, 50% of the total workforce, and in 2030, 75% of the entire workforce will be constituted by millennials.

Due to the dynamic nature of Gen Y, workplace processes are expected to change in the future. Companies focus on employing the younger generation to improve productivity, quality, and service.

Businesses have now realized that their future survival will rely on the quality of the digital transformation invested.

This now brings the question of how much the companies are prepared.

The only option they have is to spend on IT capabilities to help them attain their business priorities.

Businesses that will invest well in new technology are likely to benefit largely. These companies will attract young and innovative talents and have them be part of their workforce. The companies will have happier staff and a dynamic team.

Millennials have a better sense of work than Generation X. More so, millennials are drawing boundaries more clearly. The new way of thinking is at odds with the old mentality of project management deadlines.

Millennial is also excellent when it comes to teamwork. They are true team players and like to solicit inputs and views, and are natural connectors.

The young generation is a true technological generation. They are gadget-friendly, highly responsive tech specialists. They can be able to communicate in short bursts of emojis and splintered spellings.

In a nutshell,

Here’s why you should include Gen Y in your workplace

  1. Increased emphasis on technology in project management
  2. Increased appetite for variety and changes in your business.
  3. There will be more preference for egalitarian structure versus hierarchies because millennials do not believe in respecting authority based on job title or seniority alone.
  4. The millennials will increase their working hours since they will be willing to work extra hours when their reinforcement is needed.

Lastly, Generation X values the importance of balancing work and life.