There is a point to be made about rapid innovation. It is fast-paced, effective, and surprisingly efficient. New technologies are spurred into existence within the blink of an eye, and people jump the gravy train with smooth transition. It does not surprise us anymore what technology does to us and how it impacts our day-to-day lives. But there are subtleties to everything positive, a sliver of how it affects the overall picture.
In this case, we take a moment to talk about the younger generation primarily millennials, and to a lesser degree, Generation Z. It is about time we talked about it, the transitionary phase between phasing away the older generation while summoning younger soldiers. Organizations have changed to welcome them, with a variety of new and smart strategies set to identify the highest of potentials amongst the lot. But as was previously mentioned, perhaps there's more to it than meets the eye.
"Some experts liken Indian millennials amongst the strongest sources of untapped economic potential"
Object of Discussion: Millennials
According to Morgan Stanley, there are roughly 400 million millennials in the Indian sub-continent. They are growing and are set to become the driving force for the country. Some experts liken Indian millennials amongst the strongest sources of untapped economic potential. Simply put, our new generation is more connected to the world, better connected to information, and better educated even.
How are they so vastly different from their predecessors? Well, some attest to easy accessibility to the internet, the flow of information as they call it. Others cite the increase in disposable income within the middle-classes of India, enabling millennials access to more resources, at a faster pace.
For example, India's GDP held an estimated value of $2.2 trillion in 2017, with a per capita value of $1,700. While this ranks far below other emerging markets, such as Brazil or China, there are projections that mark a remarkable growth within the GDP to $5 trillion, with a per capita value of $3,650, by 2025. All of this, in an eight-year span, and with millennials at the helm of the ship.
Are Millennials Bad for Us?
Short answer is, no. But that depends on how we play our cards. Firstly, millennials do not make bad employees. Look at some of the biggest organizations worldwide, and you would find an innovative millennial captaining a ship of seasoned veterans. It is very, very unsurprising. Despite living in this modern era, organizations fail to understand that the succeeding workforce is inherently different. In simpler terms, Generation X, or older still the Baby Boomers, do not function as millennials do.
With the smartphone era, human beings have dropped to an attention-span assessment of less than nine seconds; for the sake of perspective, it is lower than that of a goldfish. Millennials require instant-gratification; they are meritorious, they do not understand office politics, and they do not grind. Give them a problem and a solution, they are more likely to come up with a more efficient solution to the same problem. They are rebellious and earnest; that is the future workforce worldwide and for India as well millennials.
Here are a couple of reasons as to why millennials are garnering a bad reputation through no fault of their own:
1. Soul Searching for a Purpose
A paycheck is meant to help the family, help you progress and rise in the socio-economic food-chain. But millennials are less concerned about the monetary aspects of a job; it does matter, of course, but not as much as it would have for their predecessors. Millennials look at the heart and soul of an organization, their core values, CSR initiatives, and more. They would rather work for an organization with good moral values for a lower pay-check than one focused solely on business agendas with CSR as an afterthought.
2. Value Metrics
Somethings are better displayed than left to imagination. Millennials are hard workers but lose motivation frequently. They want to see their work play a role in the bigger picture and want to be told as such. It is not enough for a millennial to simply feel as if they're valued, they need the gratification of knowing it.
3. Work-Life Balance
Yes. Work-life balance is important. Millennials are strong believers of enriching their post-work lifestyle. While they do desire enrichment within organizational walls, it pales in comparison to what the world has to offer. They love flexibility and believe in efficiency. Why work for nine hours, if you're finishing your daily tasks in five? That's the millennial thought process. Give them a five-hour work day, and you'll find millennials blitz through work both qualitatively and quantitatively. Work from anywhere, and some other perks of flexibility hits home with the millennials.
Naganagouda S J, VP & Head - Human Resources
With an outlook to empower corporations, Naganagouda, Associate Vice president and Head of Human Resource, has made it his mission to enrich the organizational talent pool. A seasoned HR professional, Naganagouda's understanding of the role of people in the corporate ecosystem has helped many establishments identify the right talent. Under his leadership, many premier businesses have grown exponentially over the years.