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Wednesday, June 2, 2010

When Millennials Rule the World

June 1, 2010 (PLANSPONSOR.com) – A new study finds workplaces will be different when Millennials are CEOs.

The survey, titled Millennial Inc., conducted by the marketing firm Mr. Youth and the market research firm Intrepid, indicates the long boardroom table will be replaced with round tables, as Generation Y values collaboration, shared responsibility, and consensus.

The quantitative study completed by nearly 1,000 participants found 82% of Millennials believe it is important to have a staff that can do each other’s jobs. More than half (54%) of Millennials prefer to make decisions by consensus, and that number shoots up to 70% when they are among their peers.

While 401(k)s and stock options are nice, Millennials need to be in an environment that continually keeps them stimulated and engaged or they will keep looking. The study found the number one reason in both the UK … and U.S. … for switching jobs was, “Just needed a change,” - far exceeding the desire for a better salary, benefits, or a more senior position.

The study noted the average 26-year-old has changed jobs seven times from age 18, in search of something more.

… With Millennials, authority is earned and proven through direct interactions, not given blindly based on titles and experience. In creating virtual companies during the study, Millennials designed a model that required each employee, despite title or skill set, to start at the ground level and move her way up through the company.

This approach ensured that every “employee” would have some face-to-face contact with his customer base and experience the brand firsthand. Those who excelled would be promoted quickly and paid more for their ability, rather than being rewarded for a demonstrated facility in corporate politics. Many Millennials believe that high-level executives lack proper understanding of the front lines of their own business.

Millennials believe individuals with big ideas are successful and gain respect through their work, and they expect this to be true everywhere, especially in their career.

In addition, the study found Millennials view technology as a facilitator that allows companies to cater to consumers and create uniquely personal experiences.

More about the study is here.

Rebecca Moore editors@plansponsor.com