The Millennial CEOs – The Next Wave of Leaders?
By Roland Cerera
TeleDevelopment Services | Digital Marketing – Content Manager
The global workforce will be dominated by millennials by 2025. As of the present time, one of every three employees belongs to this much-talked-about generation. It is, however, alarming how the image of this age group has been associated with the lack of energy and substandard work ethic. There are several factors to consider and technology is one of the main cohorts to such negative attribute.
It is nevertheless important to understand and know the strengths of the millennials as they will embody the future as with the rest of the past generations. There is already a growing number of CEOs who belong to the millennial group albeit according to a University of Bentley study, 66% of millennials are keener on starting their own business than striving for a CEO post.
Key Takeaways from the Bently Research on Millennials
The project was aimed to understand and explore millennial thoughts about key workforce issues. Participated by more than a thousand millennials, The University of Bently partnered with KRC Research to look at what recruiters, business leaders, parents, government institutions, and the millennials themselves think about the preparedness gap that young people endure in the modern workplace.
- 51% of millennials say they would rather communicate with a colleague in person
- Typical working hours does not entice millennials. 77% say flexible hours would make the workplace more productive for people their age
- 96% are more likely to apply to a job with a better healthcare benefit
- 80% are eyeing 4 or fewer companies throughout their career – may be due to their eagerness to work independently and setting up their own business
- 79% expect a pay raise every year
- 50% admit to their lackluster work ethic
Millennials intend to be loyal to employers but they are ultimately looking out for themselves, they are seeking companies where they can learn and grow, move up the ladder and increase their compensation. Growing up in a world of technology and instant gratification, they are interested in putting in extra effort but only if they can clearly see the benefits. If they do not see these benefits in their current company, they will look somewhere else.
It is a known fact that the past generations were on a mindset of conquering the business world by striving and climbing the corporate ladder. They dreamt of the prestige and perks that come with a corner office in the executive suite, the dream of the millennial generations appears to be contrary.
On a lighter note, millennials are believed to be tech-savvy who know how to use social media to leverage opportunities. These younger members of the workforce are also regarded as being the most enthusiastic about their jobs.
The Millennial CEOs
Let’s take a look at the other 44% of the millennials who go all-out for the upper echelons of the corporate ladder. An independent research conducted by the TeleDevelopment Recruitment Team gave an idea about comparing executive candidates from the different generations. Although inconclusive, their findings can lead the way to somehow understanding how this generation will lead the way and develop the industries.
As with the earlier premise, millennials are more aggressive but according to Ms. Janice Santos, Senior Recruitment Manager of TeleDevelopment, they most of the time do not see the end result. Mainly attributed to the fact that this generation grew up with technology making most of the facets of everyday living readily available, they want to work fast and efficient.
In an interview with Jeffrey Johnson, VP for Human Capital Resource Management of Teleperformance, who is a millennial himself, agrees that his generation has a lot of catching up with how the past generations make a decision.
Recruiting Millennial CEOs
TeleDevelopment recruiters agree that it is easier to source for a millennial candidate than a Gen X. The former is easily attracted to new prospects while the latter is more meticulous when it comes to exploring new work opportunities. Gen X people are more focused on stability, benefits, and culture while the millennials are particular about advancing their craft and learning in a new environment.
As to how likely millennial CEOs are to be hired actually depends on the industry. The landscapes surrounding IT and media (like social networking and advertising) most of the time are looking for these aggressive top level candidates. Evidently, their better understanding of technology and immersion to the current ecosystem work to their advantage. Gen X CEOs are in demand within the banking and finance industries.
The Next Generation of Leaders
91% of millennials desire to be leaders and interestingly, half of this populace are women. We can, therefore, expect that in the future, more women leaders and CEOs will fill the industries dominated by men. Much talk has been made involving the leadership capabilities and competencies of millennials but what is more important is to analyze how they define and view the role of the CEO.
Millennial leaders prioritize interpersonal skills. They are more focused on empowerment and involving others in decision making rather than imposing a decision on them. Gen X, on the other hand, would consider interpersonal skills less highly and gives importance on critical thinking, business and management skills, and stakeholder management.
Our future leaders like to collaborate with their peers in pursuing objectives, as such this generation are transformational leaders who work on bringing out the best in his/her subordinates. With strong teaming skills and a cooperative work style, millennial leaders may consider creating strong leadership teams in order to share the challenging workload.
Work-life balance is a primary concern of millennials and they may find avenues to make the demands of leadership fit their lifestyle. They are often misunderstood but as the biggest percentage in the workforce, they have a considerable influence. Soon enough, this generation will shape and redefine leadership and other workplace trends.