Millennials are nothing short of crazy killers. Well, according to the news at least. So far millennials have “killed” dinner dates, hotels, grocery stores, cinemas, diamonds, banks, gyms, department stores, vacations, casinos, the car industry, homeownership and now, Buffalo Wild Wings, just to name a few.
However, there is one thing that millennials are not killing. In fact, it is quite the opposite. Believe it or not, millennials are the key to implementing a successful business digital transformation. According to Deloitte, their mastery and familiarity with the latest technology as well as their tendency to share their expertise is the key to staying ahead of the curve of modernization. With the help of the new generation, businesses will succeed, especially in the new year.
The Rise of Millennials in the Workforce
What plays to an enterprise’s favor is the fact not everyone in their organizations, especially their C-Suites, is quick to adopt new devices and applications that trend and impact their industries. However, the massive digital divide that once was is now going away faster and faster as new graduates are getting hired and younger managers move up the corporate ladders in recent years.
So, why is it important we acknowledge millennials as the turning point in the digital transformation in the business sector? It is important for businesses to acknowledge this for two reasons: 1) In 2030, it is predicted that over 75% of the workforce will be consisted of millennials, 2) it is continually noted that they have the largest purchasing power of any demographic, as well as the biggest influence on the well-being of businesses.
So with the rise of millennials in the workplace, big questions remain: How are millennials going to change as they gain more experience? Will they preserve the values and characteristics that have made them such a unique addition to the workforce, or will they transform into something else entirely as companies become more digitized? Either way, millennials are far from being done shaping the workplace.
Leading Digital Transformation
Simply put, millennials are leading digital transformation. Transforming your business by embracing technology and the innovation that technology empowers when it comes to business models and workflows is necessary to attracting talented employees. And in the digital world, millennials are that top talent.
“Digital technologies have already dramatically impacted the culture around work and working. This growing group of younger, connected, and mobile workers are managing their careers on their own terms and often outside of categories that have defined the workforce for decades. Today’s workers have a new focus on purpose, mission, and work-life integration.”
Because Millennials value the digital space, including digital communities such as social media, it is quickly becoming part of conventional operations. Companies are being forced to adopt new, modern strategies that incorporate digital experiences and mobile support, which includes coming up with mobile-centric app experiences, social content and faster, more responsive fulfillment and support.
That being said, companies need millennials and their expertise more than ever as these strategies gain ground and are fulfilled in business strategy.
Why We Need Millennials
In essence, the tendency amongst millennials to adopt new technology instantly and identify its strengths and weaknesses is a crucial tool for organizations going forth. Moreover, their general desire to share the benefits of this new technology is an organic catalyst for this change to spread to older generations within an organization.
“If 75% of the workforce by 2030 will be made up of millennials, where do you think the largest source of revenue will come from for businesses around the US? Where will the buying power be if not with millennials? Businesses will need to embrace digital transformation to deliver what their future customers will want.”
Millennials are probably the most educated generation in history who are typically compassionate while lauding diversity and celebrating individuality. Technology and globalization have created a generation who think a little bit differently, generating a pot of transferable life skills, which has enabled them to understand the digital and sharing economy, which, not surprisingly, is the power to transform businesses. Millennials are a workforce who use digital as a platform for creativity, innovation, and intelligence, no matter what industry it is. Businesses need to understand that millennials should not be underestimated, and that all begins with overcoming barriers to grow awareness for this up and coming powerful generation.
As we enter a time where millennials begin to dominate the global workforce, it is once again very important to acknowledge and understand what they are bringing to the table and how the times have evolved for all generations, especially as we head into the second phase of digital transformation in the upcoming year.
ABOUT DIGITAL ENTERPRISE TRANSFORMATION ASSEMBLY 2019
As more and more businesses look to digital technology and strategies to transform their business, CIOs know that data and information technology have never been more important. Understanding the convergence of mobile, social, and cloud is the first critical step for organizations looking to create opportunities and stay ahead of the competition.
The Millennium Alliance is thrilled to present our bi-annual Digital Enterprise Transformation Assembly, put together by the industry, for the industry. Join us in Miami, FL. for a series of executive education roundtables, keynote presentations, collaborative think tanks, educational workshops, and networking sessions will offer industry-specific topics and trends to ensure your company maintains its competitive advantage.