Benefits of Millennials – 7 Reasons Why They Can Make You Millions

Before we discuss the seven benefits of Millennials, let’s consider why They are important. The current workplace, including the project management environment, is changing. This is due to more than just introducing new management philosophies or technology.

The workforce itself is changing. Millennials or Gen Y (like myself) are people born between 1981 and 1996. Millennials are no longer the newcomers in the professional world. According to Eric Bergman, vice president at Changepoint, “By 2020, Millennials will make up half the global labour force, and by 2030, they’ll account for 75%.” He adds that “Millennials’ aversion to hidden agendas, rigid corporate structures and information silos coupled with a willingness to explore new opportunities will basically change the nature of work or severely cost businesses.”

Why is the change in workforce significant to project management? Because Millennials have the numbers. Furthermore, as with past generations, they’ll change the way in which projects are managed. Most senior project managers are Baby Boomers and will have to manage project teams consisting of Millennials at some point. Understanding and managing employees from all generations is critical to ensure project success.

1 Generational Divide – Millennials and Baby Boomers

Baby Boomers and Millennials often struggle to understand, communicate and cooperate with each other in the workplace. They both tend to rate the other generation poorly across the board, according to the 2015 State of Enterprise Work Report.

While the Baby Boomers recognise Millennials as tech-savvy, they further identify the generation as entitled complainers who are easily sidetracked and shy away from responsibility. On the other hand, Millennials identify Baby Boomers as uncooperative, resistant, and uncreative. Baby Boomers prefer to take their time to examine ideas more thoroughly, while Millennials can easily adapt to rapid change and are much more open to new ideas.

In order to maintain a healthy work environment, companies and project managers must consider the needs of all generations sharing the workplace.

2 7 Benefits of Millennials and How They Can Contribute Towards Project Success

Every generation has strengths and weaknesses. Millennials offer new perspectives on the old, tried-and-tested way of managing projects. Listed below are some key benefits of Millennials and how they can contribute to a project.

2.1 High Technological Proficiency

Due to Millennials’ timely births, they are usually well-versed in technology and were rated the highest in creativity and tech-savviness based on the 2015 State of Enterprise Work Report. They are familiar with current programs and systems and can learn and adapt to new technology much quicker than their older colleagues. Need to learn video editing? Give them two days, a laptop ,and YouTube. Haven’t figured out how to upgrade the website? Check back after a week. Their rapid technology uptake rate can’t be ignored.

2.2 Multi-Tasking Experts

Although balancing 100 things at once can be viewed as a blessing. It can also be seen as the Millennials’ generational curse of being easily distracted. Nonetheless, multi-tasking is a valuable skill that Millennials are well versed in. They are comfortable using various programs and devices to complete their work effectively and efficiently. They will find the best program, software and/or device for the task. This includes project management software that coordinates all the various fit-for-purpose software, programs and tools. Millennials have learnt to compartmentalize their surroundings to achieve greater efficiency due to surplus stimulation from numerous sources.

2.3 Large Networks

Millennials, constantly active on various social media platforms, are more connected and exposed to greater networks. Give them 10 minutes, and they will be able to reconnect with most of their primary, secondary and tertiary school connections and previous colleagues. According to statistics, LinkedIn is the best social network for lead generation, and millennials can easily use it.

Higher Education Levels

Millennials are the most educated generation in history compared to previous generations. Unfortunately, they also have the highest recorded number of student loans. Since 1987, there has been an 80% increase in the number of Master’s degrees awarded in the USA per capita. Millennials pursuing and completing higher levels of education create a workforce with a strong academic foundation. This will have a ripple effect on future generations and will undoubtedly benefit any project significantly.

2.4 Cost Effective

While earlier generations, like the Baby Boomers, opted for large salaries and climbing the corporate ladder within the same company, Millennials are more likely to exchange money and the corporate ladder for flexibility, recognition and passion. Technically, you can pay Millennials less for high-quality work if you replace the rigid, old-fashioned company dynamics. Since project management involves managing budgets and schedules, hiring Millennials at lower rates won’t ramp up the budget. However, it’s important to note that great company culture, ping-pong tables and free lunches won’t pay the bills. Thus, a balance needs to be obtained between compensation and culture.

2.5 Flexible and Inclusive

While earlier generations, like the Baby Boomers, opted for large salaries and climbing the corporate ladder within the same company, millennials are more likely to exchange money and the corporate ladder for flexibility, recognition and passion. Technically, you can pay Millennials less for high-quality work if you replace the rigid, old-fashioned company dynamics. Since project management involves managing budgets and schedules, hiring Millennials at lower rates won’t ramp up the budget. However, it’s important to note that great company culture, ping-pong tables and free lunches won’t pay the bills. Thus, a balance needs to be obtained between compensation and culture.

2.6 Non-Complacent

Millennials have a thirst for success, and they fear the thought of settling in any aspect. They continuously strive to improve themselves and their environment. Millennials are not only trying to better their circumstances. They are also rethinking and improving company structures as well as traditional project management tools and methodologies

3 Main Take-Away Points for Project Managers and Businesses

• Millennials will soon be the majority of the workforce and determine the future. They bring new perspectives and groundbreaking, innovative approaches. Managers and companies must understand and accommodate Millennials to harness their full potential and value on projects successfully.
• Millennials are a powerful technological resource for projects. Technology is part of their daily lives in ways previous generations don’t fully understand and appreciate.
• Millennials are entering the workplace with a better grasp of key business concepts than when their senior colleagues started. They grew up in a more complex, diverse, stimulating and stressful environment than their older colleagues. They will likely have had more exposure to the ‘real’ world before starting their careers. Thus, it should not be assumed that they are not unaware of the difficulties associated with managing projects. If leveraged correctly as part of project teams, their contributions and skills can have great value and improve project outcomes.
• The full combined benefit from all generations (Millennials and previous generations) should be harnessed. The combined benefit of Millennials and previous generations will have a greater impact than relying on and focusing only on one or the other.
• Millennials are more comfortable with change. Thus, managers should empower employees to try new ideas and do things differently. The old way is not necessarily the best. Give them room to explore. Even if they make mistakes, striving for excellence is better than not showing initiative.