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December 1, 2008
Millennials, Changing the Rules of Business
Posted by Brad Abare | Filed under: Business
Geoff Gloeckler wrote a great article for BusinessWeek about Millennials' invasion of B-Schools, and how they're shaping the future of business. Hint: it looks a lot different than how we know it today.
Millennials were born between 1980 and 2000 and there are 78 million of them in the U.S., bigger than the baby boomer population. Millennials, says Gloeckler, are "a demographic tsunami that will soon be remaking business schools on a grand scale."
Politically galvanized, [Millennials] are in some ways even more influential, helping propel Barack Obama to the Presidency on Nov. 4. Generalizations about them should, like all generalizations, be applied with caution. But they like personal attention and are used to getting information how they want it, when they want it. They are strong-willed, passionate, optimistic, and eager to work.
Since first appearing in the workforce in 2002, members of this so-called Millennial Generation have been praised and derided in equal measure—for their tech knowhow and idealism, their unrealistic career expectations, and their doting "helicopter" parents, who hover over their kids obsessively. Beginning as a trickle last year, the flow of Millennials into B-schools will become a flood this year and next, as the bulk of Gen Y begins entering the prime B-school age group of 26 to 28. When that happens, B-school will never be the same.
Which means business will never be the same.
I can't wait to see how Millennials (Generation WE) help shape the identity and soul of new organizations. I also look forward to their leadership in resurfacing and returning to righteous roots that are embedded in so many existing organizations, but have been lost to a Wall Street worldview over the past 50 years.
With new success measures like the Triple Bottom Line and B Corporation, as well as conversations like GOOD, I'm encouraged to see where things are headed with the future of business.
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Comments
I totally agree that this is an exciting time. Largely, the boomer generation led us into the Wall Street mindset. As an Xer, I think our main role is to foster leadership in the WEgen. When WEgen has the personal drive to social good and the leadership skills to bring their tribes with them, we're going to see a huge about-face in our business cultures.
Posted by: Jeremy Scheller at December 1, 2008 8:08 AM
As a fellow milennial and business person, I can't help but agree that things are changing. Technology, needs and the economy are all shifting the perceptions that Gen-Y has on the business world. We DO want a purpose and we expect employers to be able to give us one. We love working on things we love. It will be a challenge for businesses to develop programs and jobs that Gen-Y loves.
Posted by: Greg Rollett at December 1, 2008 6:43 PM
I agree with your post, and believe that the coming years will see a resurgence in American business. While we still have a lot to learn from the older generations, we are the ones who have been taught how to innovate in the global economy and so stand the most to gain as well. The recent economic troubles present another occasion for the Millennial generation to shine. While the recession has unfortunately been hard on older generations, the dramatic drop in prices affords us the classic buy low opportunity and the ability refashion corporate America in our image. Additionally, as the economy shifts more into a decentralized and technology oriented place, I think we will be in even more demand. It will be very tough over the next few months, but I am very optimistic for the coming years.
Posted by: Brett Hummel at December 6, 2008 8:25 PM