Millennials are now the most represented generation in the U.S. workforce, with more than a third of all workers belonging to this group. Look no further than the National Stone, Sand and Gravel Association’s Young Leaders group to find evidence of this.
And as Baby Boomers continue departing the office for retirement, it’s clear Gen X won’t be able to fill all the open positions they’ll leave behind, paving the way for millennial managers to grow beyond the 28 percent who currently hold managerial-level roles, according to Parade. Already another two-thirds of millennials intend to hold a leadership position within the next decade.
Millennials managers aren’t just taking on low-level management positions or only overseeing the work of other millennials. A study by Future Workplace shows that a growing number of Millennials are managing Gen X and Baby Boomer professionals, with 83 percent of workers saying they’ve seen this within their office. A survey by Upwork, a company that pairs businesses with freelancers, found that 48 percent of millennial managers are director-level or higher already.
Here are five ways these newly minted managers are changing the workplace:
Millennial managers are nearly three times more likely to believe that individuals should be responsible for keeping their skills current and mastering new tools and developments within their industry as compared to Baby Boomers, of whom 90 percent believe it falls to the employer to reskill their workers, according to a survey by Upwork and Inavero, a human capital management research.
Personal Values Matter
A survey of 7,700 millennials conducted by Deloitte found that 64 percent of those in senior positions, such as heads of departments and above, relied on their own values and morals to guide decision making at work. Goals such as meeting their company’s profit or target revenue ranked well below, meaning millennials are generally more concerned with the social impact of a project rather than the dollars and cents.
Remote Teams Are The Norm
Millennial managers are 28 percent more likely to hire remote workers than older leaders, according to that same Upwork survey. Almost 70 percent of younger managers allow their staff to work remotely, and of those that did so, three-fourths managed employees who spent most of their time working outside the office. Only 58 percent of Baby Boomer managers could say the same.
Freelancers Will Do More
Growing up in the gig economy, and, perhaps even working within it, has made younger leaders more than twice as willing as Baby Boomers to trust freelancers with ongoing or multiple projects as opposed to one-time tasks, the Upwork survey found. They were also the most likely generation of managers to have increased their usage of freelancers in the past year.
Expect More Feedback
The days of annual performance reviews are gone. Sixty percent of millennials want to hear from their managers at least once a day, according to JB Training Solutions. That means millennial leaders will likely want to touch base just as often as they did when a junior staffer, adding more frequent check-ins and job assessments to their routines than previous generations did.
Now if we can only get them to buy houses, right? While Millennials have been slow to get married and have families, as the group potentially begins that process at a later point in time, the housing market will be supported by Millennials, according to Tendayi Kapfidze, chief economist at LendingTree.