Sustaining future growth with millennial leaders 2018 [Whitepaper]

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Information about Sustaining future growth with millennial leaders 2018 [Whitepaper]
Education

Published on November 14, 2018

Author: topchro

Source: authorstream.com

slide 1: A TOPCHRO WHITEPAPER SUSTAINING FUTURE GROWTH WITH MILLENNIAL LEADERS slide 2: EXECUTIVE SUMMARY 02 POST MILLENNIAL WORKFORCE- TRAITS PERCEPTIONS 03 CROSSROADS- CHOOSING THE RIGHT DIRECTION 07 09 CONCLUSION 09 REFERENCES TABLE OF CONTENTS CONTENTS slide 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 aribute this to the all-pervasive technology disrupon brought about by the internet a large part of this has also been global uncertaines 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 orientaon of the post millennial workforce vis-a- vis “tradional” industries. The millennial demographic segment is moving into managerial roles of almost every organizaon. It will soon be me for the post-millennial demography too to be decision makers. We express our concerns about this transion at a granular level and ancipate that the disconnect in core competencies will be stark – especially in tradional process oriented manufacturing industries like Oil and Gas Metals as well as labor intensive sectors like Civil Engineering and Construcon Healthcare Logiscs and Freight and a whole lot of others. A step towards this can be taken by conducng leadership building programs that will aract high-quality candidates rotaonal development of the post millennials in chosen areas deploying them in matrix environments conducng regular inter-generaonal grooming sessions and intensive programs on conflict resoluons 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 generaon. 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 insll the sorely needed excitement and agility a characterisc trait of their generaon 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 intenon to propose soluons to future ready organizaons that are facing two crucial bolenecks to business excellence: 1. A future leadership crisis. 2. Aversion of the post millennial workforce towards "tradional" industries. Furthermore it sheds light on how next- gen organizaons can harness their untapped potenal to surge ahead into the future. slide 4: A TOPCHRO WHITEPAPER The first step towards idenfying 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 proacve leaders. There is a certain awareness that exists among them. This awareness entails a reflecon 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 collaborave. A collaborave 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 soluon finders. 6. Millennials lead with “innovaon 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 execuve posions 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 generaon- 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. slide 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 inmidang to older generaons. • 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 communicaon- 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 experse-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 responsibilies vs 54 of Gen X. With close to 40 million people in the present global corpora on leadership in the USA expected to r ere 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. slide 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 stascs. Millennials and post millennials as on date are NOT prepared to lead tradional cross border and cross cultural corporaons at even the present growth levels much less set the stage for further globalizaon and growth that we have seen from their predecessors. With regard to matching blue collar workforces or meeng general stakeholders expectaons 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 experse at par with their predecessors. The crical disconnect lies in their acclimazaon towards tradional workforces. This and their lack of experse at effecvely maintaining communicaon 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 rerement of the current generaon of dynamic business leaders in order to ensure a `seamless transion. Talent Managers are required and expected to lead this change successfully. © 2018 TopCHRO.com All Rights Reserved. slide 7: A TOPCHRO WHITEPAPER © 2018 TopCHRO.com All Rights Reserved. slide 8: A TOPCHRO WHITEPAPER © 2018 TopCHRO.com All Rights Reserved. slide 9: A TOPCHRO WHITEPAPER Workplace culture is a crical factor that affects almost every single funcon and every single employee in the organizaon. Nothing movates employees and business leaders more than a posive and producve 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-generaonal workforce this is a very potent challenge for talent managers. Constant well-planned events and communiqués that encourage harmony and parcipaon in inia ves by all employees can effecvely enable talent managers to improve a unified and producve workplace culture- also one of the primary expectaons of millennials and post- millennials from their employer. © 2018 TopCHRO.com All Rights Reserved. slide 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 Funcon and industries globally. Apart from highlighng global top performers the portal also aims at facilitang knowledge informaon and insighul discussions among HR professionals. The portal is a collecve effort and constantly seeks opinions and inputs from meritorious HR professionals. To contribute to our knowledgebase please contact our team at asktopchro.com Technology is a double edged sword. HR Managers today have an unprecedented advantage over their predecessors. They have advanced talent management technology plaorms 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 competors. Millennials are on the verge of taking over the reins of corporate leadership in every major organizaon of the world. While this generaon is the most educated and technology savvy and is largely responsible for propaga ng the popularity of the internet its dependence on technology based communicaon is also proving to be its undoing. Millennials are a distracted lot relying more on their smartphones and social networks than interpersonal communicaon and organiza onal vision. Their career aspiraons a tudes about work and knowledge of new technologies will define the culture of the 21st century workplace. A monumental shi in the tr adional 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 todays 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 plaorms 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 competors. Millennials are on the verge of taking over the reins of corporate leadership in every major organizaon of the world. While this generaon is the most educated and technology savvy and is largely responsible for propaga ng the popularity of the internet its dependence on technology based communicaon is also proving to be its undoing. Millennials are a distracted lot relying more on their smartphones and social networks than interpersonal communicaon and organiza onal vision. Their career aspiraons a tudes about work and knowledge of new technologies will define the culture of the 21st century workplace. A monumental shi in the tr adional 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 todays millennial professionals can talent managers successfully build the leaders of tomorrow. © 2018 TopCHRO.com All Rights Reserved. slide 11: Morin Amy 2016. Want To Train Millennials To Lead 6 Things You Should Know About The Millennial Mindset. Online Forbes.com. Available at: hps://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 Aract And Keep Your Best Millennial Talent. Online Available at: hps://www.forbes.com/sites/forbesnonprofitcouncil/2016/08/23/aract-and- keep-your-best-millennial-talent-for-the-long-haul/2041299b7891. Brousell Lauren 2015. How millennials challenge tradional leadership. Online Forbes.com. Available at: hps://www.forbes.com/sites/forbesnonprofitcouncil/2016/08/23/aract-and-keep- your-best-millennial-talent-for-the-long-haul/643757787891. Harort.com 2015. A generaon of leaders. Online Available at: hps://s0.hfdstac.com/sites/the_harord/files/2015-millennial-leadership.pdf Gallup.com 2018. How Millennials Want to Work and Live. Online Available at: hps://news.gallup.com/reports/189830/e.aspx This whitepaper has used various other reference materials available in the public domain please contact asktopchro.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 informaon cited in the whitepaper should be used for informaon purpose only. Facts and figures presented in the paper are subject to change at any me without any prior noficaon. Certain statements made in the whitepaper are forward-looking projecons. These carry risks and uncertaines and may differ from actual events. TopCHRO™ does not guarantee applicaon or validity of informaon and insights in the paper and will not be responsible for any loss that may arise from use of the informaon or insight cited in the whitepaper. Readers are advised to use their own judgment while making related decisions.

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