What is the millennial generation
Becoming a change agent: Understand the millennial mindset
"The leader of the future must be willing to answer these questions and move on to the next generation in unconventional ways, using social media as a resource and changing attitudes to achieve greatness and motivate others," says Jay Shetty. Shetty's viral wisdom videos are an award-winning online personality, host, filmmaker, and former monk Facebook channel has garnered more than 200 million social media views and more than 1 million followers worldwide.
Shetty was invited by members of the YPO Thriving Communities, Women YPO, and Social Engagement Networks to speak about why he thinks millennials get a bad rap and how today's business leaders can be the change makers at work with the next generation.
The millennial spirit
By 2020, 75 percent of the workforce will be millennials, and yet today's leaders don't know what to expect from the next generation, Shetty explains. By selling Millennials short, executives are missing out on a tremendous opportunity to change history. “As a generation, today's leaders experience something called 'juvenoya' - fear and confusion of the unknown - through the next generation. We can either write off what we don't understand or understand the millennial mindset and use that to our advantage. "
Here are some of the misperceptions Shetty points out about millennials and how they are actually "perception" rather than fact:
- Life is simple. Not so: The median income for people aged 18 to 32 has fallen by 13 percent over the past 14 years. In fact, millennials don't earn the income their parents made at the same age.
- Are you lazy. Wrong: Millennials are the most entrepreneurial generation and create twice as many businesses as their parents.
- Job hopping is the norm. No: Millennials actually stick to their first job for three to six years. Gen X only stayed a year or less.
- They don't earn real college degrees. False: There are slightly more millennials who earn STEM (science, technology, engineering, and math) degrees than Gen X.
- Saving for retirement is not important. Yes, it is: Millennials are actually saving earlier than 23 years, compared to 26 years for Gen X and 32 years for baby boomers.
How can we stop selling the next generation?
Shetty believes that if they learn to harness the quality of humility, there will be an opportunity for today's business leaders to change the pattern of history. "Leaders who are more humble and want to celebrate and grow what the next generation has to share will be better off and more successful."
Here are four mindsets you need to lead the millennial generation:
- Accept community thinking. Community creates gratitude, positive thinking, humility, and service in life. People who have greater depth and breadth of a network can better serve as leaders of a millennium. In this connection, instead of working on your own ego, we begin to grow as a community and recognize a person's potential.
- Think like a trainer. Understand that everyone plays a different role. Work on people's strengths as you build your teams.
- Get a kid's mindset. Look at everything with fresh eyes. Leaders need to get rid of their habits and approach the new generation with new eyes, contrary to what has been done in the past.
- Become a coder. Managers must be able to tackle complex problem solving while using critical thinking and creativity in relation to their human resource management. Coders traditionally interlock, blurring the lines between the physical and the possible.
“Executives only become change agents when they unlearn what they have learned and don't take perception as a fact,” says Shetty. He points to companies like Netflix and Amazon who have adapted to using social media to monitor the patterns and behaviors of millennials and then customized their services to meet millennials' needs for instant gratification and faster completion of tasks .
"If you can start thinking like these companies instead of adopting or changing the patterns of behavior, not only can you become successful by connecting with their way of thinking, but you can also build better teams of millennials in your organizations."
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