If you’re a business owner or entrepreneur, it’s essential to stay ahead of trends and changes in the workplace. This is especially true when it comes to millennial workers who are completely reshaping the corporate landscape with their innovative expectations and demand for cutting-edge solutions.
The influence that millennials have had on current and future workplaces has been tremendous, paving the way for new trends that will undoubtedly revolutionize workplaces in 2023. With an increasingly competitive environment filled with advanced technology, automation, personalized customer experiences, and more, staying informed about how millennials continue to shape the business landscape is key if your business hopes to survive.
Let’s examine some of the groundbreaking changes ushered into existence by millennials over the past several years — and how they plan to change up professional norms even further over the next three years.
What do we mean by millennials?
Millennials are people born between 1981 and 1996, making them in their mid-twenties to early forties. This generation has seen rapid changes in technology and is the last generation to have experienced life without the internet (even if those born later only have a dim memory of that time). They’ve also seen evolving business practices and workplace culture.
The rise of millennials in the workforce
The increasing number of millennials in the workforce is already having a significant impact on the future of work. Their preferences for flexibility and social responsibility are already reshaping the way that companies operate, and their comfort with technology is expected to drive further changes in the coming years.
Tech and the millennial workforce
The role of technology in the rise of millennials in the workplace cannot be overstated. This generation is known for its comfort with and reliance on technology, and they are using it to change the way work is done in many ways.
One of the biggest ways in which technology is enabling the rise of millennials in the workplace is through remote work. Thanks to advances in communication and collaboration tools, it is now possible for many workers to do their jobs from anywhere with an internet connection. This has made it easier for millennials to balance their work and personal lives, and has given them more control over their work environments.
Then there’s the fact that as this generation becomes more comfortable with using AI and ML technology, more and more tasks are being automated, leading to increased efficiency and productivity. In some cases, this automation may also lead to job displacement, as machines start performing tasks that were previously done by humans.
Overall, the role of technology in the rise of millennials in the workplace is significant. This generation is using technology to change the way work is done, and by doing so is driving the creation of more flexible, efficient, and productive workplaces. These changes are likely to continue in the coming years, as millennials continue to empower the workforce and bring their technological expertise with them.
The millennial’s workplace priorities
Millennials are known for their unique approach to work. This generation prioritizes work differently than previous generations in several ways. One of the most notable is their emphasis on work-life balance. Unlike older generations, who often focused on their careers above all else, millennials are more focused on achieving a balance between their work and personal lives.
They value flexibility and are often willing to trade higher pay for the ability to work from home or have more control over their schedules. As a result, many companies are starting to offer more flexible work arrangements to attract and retain top millennial talent.
In the Future of Work: 8 Trends in Workplace Transformation Report carried out by tech firm Cloudbooking and YouGov, it was found that the majority of workers are less likely to join organizations with no hybrid work policy. The implications of this are bound to be felt in the year to come, as businesses find themselves faced with a demand for hybrid working.
Diversity and inclusion in the millennial workplace
The millennial generation places a high value on diversity and inclusion, and they are pushing for greater representation and inclusion in the workplace. The millennial workplace is one that values diversity and inclusion, and this sentiment is backed up by the research – a full 74% of Millennials believe that organizations are more innovative when they embrace inclusivity.
This is likely because, with diversity comes unique voices, opinions, and perspectives, which can create spaces for revolutionary ideas or draw attention to issues that had been overlooked. A culture of both diversity and acceptance means that you have people from all walks of life working towards meeting shared goals and objectives more effectively.
Additionally, this encourages innovation by hiring talented individuals regardless of race, ethnicity, gender identity, or expression identity which can spark conversations that can lead to groundbreaking solutions and business ideas. In short, it pays to cultivate a culture of acceptance in the millennial workplace – the resultant innovativeness speaks for itself.
Millennials want training and upskilling
Millennials are well known for their commitment to professional growth, which is why the desire for training and upskilling is a key trend among this generation. Investing in self-improvement through learning and development offers millennials a unique opportunity to stay competitive in the job market.
Learning new skills and gaining valuable knowledge can lead to career advancement, increased salary potential, and increased job satisfaction as they continue to expand their horizons. Millennials understand that certain topics may be needed to stay competitive, such as understanding emerging technologies or compliance changes in the workplace.
With these areas of focus they strive to pursue additional education outside of their current positions so they can remain competitive with industry standards. As such, the importance placed on learning and development by millennials is evident – they see it as an integral component of personal growth and job security.
The demand for feedback
One of the reasons why feedback is important to millennials is that it helps them to improve their performance. By receiving regular feedback, millennials can identify areas where they are doing well and areas where they can improve, and they can use this information to make adjustments and improve their performance.
Additionally, feedback can provide millennials with the support and guidance they need to succeed in their roles, and can help to build trust and collaboration within teams.
Another reason why feedback is important to millennials is that it helps to foster a culture of transparency and openness in the workplace. By providing regular, constructive feedback, supervisors and colleagues can create a culture in which employees feel comfortable sharing their thoughts and ideas, and in which they feel supported and valued.
This can help to create a more engaging and productive work environment and can help to foster a sense of community and collaboration among employees.
The workplace of 2023
The increasing number of millennials in the workforce is likely to have a significant impact on the future of work. Their preferences for flexibility and social responsibility are already reshaping the way that companies operate, and their comfort with technology is expected to drive further changes in the coming years.
It remains to be seen how these changes will play out, but it is clear that the impact that millennials are having on the workplace is going to mean big changes for organizations in all sectors.
Infographic created by UST, Extensive HR Resources for Nonprofits