In 2016, the workforce is undergoing a seismic change as 3.6 million Baby Boomers are set to retire, one-fourth of Millennial workers will take on management roles and Generation Z (those born
between 1994 and 2010) has started to enter the workforce. Employers1 are likely to recall the impact that Millennials brought to the workplace due to their dramatically different perspectives about
work. That adjustment is about to be magnified as Gen Z, who in many ways appears to be an exaggerated version of the Millennial cohort, radically alters the workplace, says a report from Randstad and
Future Workplace from a new study.
According to new global Randstad research, Millennials are simply not prepared, nor equipped, with the emotional quotient (EQ) and soft skills required to
effectively manage others. The situation is compounded when Millennial managers are required to oversee generations older than themselves, resulting in turnover among key positions held by their
subordinates and the Millennial managers themselves.
And, a separate study by Future Workplace found that 83% of respondents have seen Millennials managing Gen X and Baby Boomers in their
offices. Meanwhile, these older generations hold a general sentiment that Millennials are unqualified or ill-equipped for the managerial position. For example, 45% of Baby Boomers and Gen X survey
respondents feel that Millennials’ lack of managerial experience could have a negative impact on a company’s culture.
In addition, Millennials haven’t had the opportunity to
develop their much-needed skills in the areas of navigating corporate politics, leadership and team-building. According to the study, Millennials named corporate politics as the second biggest
obstacle getting in the way of their work performance. And only 27% of Millennials rate their personal skills as very good.
Preparation for a managerial role is largely lacking, according to
many Millennials in the survey. In fact, only 28% of Millennials say their current job relates extremely well to what they studied during their educations.
According to the Future Workplace
survey polling multiple generations, 44% of Millennial respondents view themselves as being the most capable generation to lead in the workplace, but only 14% of all survey respondents agree with this
sentiment.
Another recent study conducted by talent assessment firm XBInsight looked at managers across a wide range of industries. It identified five competency areas that Millennial managers
must develop to close the generational divide between their older subordinates. Employers will need to consider growing the following critical skills of their Millennial managers. These fundamental
skills can help build trust and foster respectful, productive and satisfying relationships between generations, says the report:
- Persuading and influencing;
- Communicating
articulately;
- Managing conflict;
- Navigating politics;
- And gaining buy-in.
When it comes to the aspects of their current jobs that their educations did not
prepare Millennials for, many are interpersonal or management-related:
- 29% say resolving conflicts
- 28% negotiating
- 27% managing other people
- 22% working
with older people
- 22% working in a team
For years, companies have put in countless hours and resources to understand and prepare for the different work
styles of the multi-aged workforce, concludes the report. Now, with the introduction of Gen Z into the working world, it’s about to get even more complicated.
Armed
with new insights, attitudes and expectations of Gen Z and Millennial workers, employers are better equipped to put tailored programs into place in order to better recruit, engage and retain these
valuable workers. Successful organizations today, and in the future, will need to implement important workplace processes and programs, suggests the report, including:
Collaboration: Collaborative tools and processes to fulfill the expectations of Gen Z and Millennial generations, while seamlessly integrating them into existing workflow to
maximize workforce performance
- Career advancement: Frequent and abundant professional development and career advancement opportunities
- Financial stability:
Shoring up of wage disparities and providing employee recognition and rewards that deliver younger generations the financial stability they desperately seek
- Technology:
Integration of the social and emerging technologies that will satisfy Gen Z and Millennial desires for such tools, while enabling more productivity and less distraction
- Managerial
training: Talent assessment and development initiatives for Millennial managers so they may effectively perform and succeed in their valuable roles
- Work/life balance: Formal
work/life balance programs that will help younger generations manage workplace stress
N.B. Editor’s Note… this is a comprehensive study with
significant charts, graphs and data for which a “brief” cannot do justice. It’s suggested that, if the topic is relevant, the reader access the complete report and enjoy its
unfoldment.
For additional
information about the report, please visit here.