Study Finds Millennials Driving Business Growth

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Millennials driving business growthWhether a business has recently started operations or been running for several years, it can often be difficult to take on younger staff – especially in leadership positions.

Commonly, businesses can perceive operating difficulties between different generations. Companies will soon need to reconsider, however, as a new Development Dimensions International (DDI) study has found the Millennial generation to be a significant driver of aggressive business growth.

Over the next few years, assessing the benefits of hiring Millennials will need to become a part of business development strategies.

In the ‘Global Leadership Forecast 2014-2015 ‘ report, aggressive-growth organisations were found found to have a far higher portion of Millennials in leadership roles (30 per cent) than organisations with cautious growth (25 per cent).

The high-tech sector was cited as an industry where Millennial leadership was in effect, but challenges persisted.

The challenges

Businesses choosing to take on Millennials in management roles faced lower engagement from the younger leaders, as well as a higher likelihood of leaving. The DDI report found that the chance of a Millennial leader leaving the organisation was higher than other generational group leaders.

Feedback was also cited as an issue, with Millennials less likely to provide feedback to other leaders in regards to the company culture and strategy.

“Millennials are less concerned with opportunities to provide feedback to their senior leaders about the organisation’s communications about specific behaviours needed to succeed as a leader, and work-life balance,” the report stated.

Important considerations

Challenges aside, the benefits of a younger workforce cannot be ignored. Taking on staff from a younger generation can often result in a greater willingness for leadership and skill development.

Millennials were found to have a greater willingness to use mobile development (smartphones) for leadership improvement and tended to learn from others more frequently.

The report also found that providing staff with an understanding of career progression was the best way to improve their leadership effectiveness.

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