Sunday, September 23, 2018
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Thinking for next Gen customer

-Interlink Knowledge Cell

Synopsis:

The Millennials truly believe that in between dreams and reality it’s their effort to make it happen. They are distracted given the number of things happening both socially and personally around them, a combination of direction, task guidance and emotional support would act as the way ahead. Mentorship program at ground level starting from colleges would be beneficial to develop understanding related to the application of knowledge. Leadership programs to build quality of management will take them a step ahead towards entrepreneurship.

The Millennial generation is the key to tomorrow’s success! According to a report by Morgan Stanley in 2017, the key drivers of growth in India lies in the age group of 18-36,  that is one-third of the country’s total population, around 40.7 crore also known as Millennials or GenY. The economic growth can be boosted up for a longer period by the giant population of young workers. Prime Minister, Narendra Modi addressed the youth of India saying that they are blessed with extraordinary energy that will give productive results to the country. Yet, understanding the so-called demographic dividend, India’s large population is under the age of 30. So, to be the economic hub of the world we need to develop a distinct understanding of Indian Millennials. According to Millennials while doing business there must be the purpose behind it. They strongly intent to change the world and they know it’s not going to be easy, but will have a plan to get there.”

Current scenario:

It was estimated by Morgan Stanley that India’s millennial population currently aged 18-35 was 407 million in 2016 which is the largest in the world, and was forecasted to grow and hit 100 million by 2020. Indian Millennials are still in its emergent stages and are likely to become the largest force in the country for years to come. Since, the qualities developed in them are of the same origin through the education system and through traditional values via family there will be common characteristics observed across Millennials. Thus the study of GenY becomes more relevant and important across functions, units, and organizations across the globe. 83% of Indian Millennials consider the purpose behind joining the company, including the major population of socially networked-linked also known as “super-connected Millennials”. The most anticipated sector by Millennials today includes Technology, media, and telecommunications (TMT).

According to Millennials, they define the true leaders as strategic thinkers (39 percent), inspirational (37 percent), personable (34 percent) and visionary (31 percent). As many, 69 percent of those surveyed believed that their leadership skills are not being fully developed. This remarkable absence of fidelity represents a serious challenge to any business employing a large number of Millennials, especially those in markets—like India—where Millennials now represent the largest segment of the workforce.

Portraying millennials:

Kalpathi the author of The Millennials: Exploring the World of the Largest Living Generation observes Millennials as digital natives and “Exponential Entrepreneurs” who can renew the business using new technologies. Millennials play role of millennipreneur, employee, and customer. To target Millennials large corporations should encourage their skills by means of digital platforms. Using their knowledge in the proper way they could show interest in supporting and stabilizing startups and then set their own. 52 percent of Millennials surveyed in India say, if given the choice, they expect to leave their current employers in the next two years. That figure increases to 76 percent when the time frame is extended to 2020. Millennials in India look more for opportunities to progress and take on leadership roles as their strongest reason excluding salary to work for an organization.  They are willing to share their knowledge and using their exceptional digital talent they can act as reverse mentors for senior management. This positive attitude will improvise their working style using the right tools at the right time and value them based on how real they are and how sticky they are to their values. They are aware of their duties regarding their designation and this will define their future growth. Millennials expectation include transparency in all business deals and workflow, a balanced, healthy work life and flexibility, collaboration with growing industries leading to exponential growth with bright career and advanced future.

Expectation v/s Reality:

Earlier, to guide children’s the joint family used to have discussions thereby guiding them to check if they are on the right road. This communication has now gone missing and the Millennials had to search out for mentors who will provide guidance. Mentors from the extended family are now missing, and employees are now looking for mentors within organizations to fulfill their need for recognition and development, often helping with softer issues of grooming and coaching.

Also, it is observed that the Indian GenX expects their children that are today’s Millennials to fulfill their carrier dream which due to social or personal reasons they were unable to reach to. The normal behavior of man, to expect in return something results in “Return on Investment” from parents because they have sacrificed a lot and invested their lives in bringing up their children. The Millennials of India are value based and mostly they don’t like to disappoint their parents and they choose whatever their parents suggest. Thus, the learning agility is not observed amongst the students and the application of gained knowledge is difficult and is a big challenge for them. Unlike the earlier generation who had a strong social system to anchor, this generation identifies with work and looks for role models in the workplace. The Indian education system should align itself with the innate digital strength and capabilities of Millennials. The teaching should be practical based and understanding regarding the application of gained knowledge should be clarified.

The Prime Minister Narendra Modi addressed the nation on the 71st Independence Day, “We are nurturing our youngsters to be job creators and not job-seekers. A change in demand and technology is changing the nature of jobs.” The Make in India would initiate the Millennials to build their creative ideas into reality and also funds are provided by government to support the Millennials. So proper guidance needs to be provided to the student and the employee regarding leadership program that will mould them to build confidence and take steps ahead.

Shaping the future of Millennials:

As said earlier, the growth driver of India is in the hands of Millennials and we need to shape and train them as per requirements of industry. The loyalty of an employee towards organization is driven by understanding and support of Millennials’ career ambitions and personal values, thereby providing proper guidance and opportunities to progress and become leaders. There should be a program such that a mentor should be allocated to the students that might be their seniors or professors or industry related people according to the student’s carrier profile. This would help them to understand the scope as well as application part deeply, and also encourage them to communicate with seniors and industrialists. Such a program would encourage their creativity and working culture, style and lead them towards free and open communication thereby increasing their satisfaction level. The industry should take efforts to promote interaction which will engage Millennials in sharing their ideas and they should be recognized and rewarded as per their contribution.

Millennials are quick and sharp minded and industry should utilize this quality and organize group events like hackathons to involve them in solving problems. They would love to share ideas and learn skills, ways to solve difficult problems from coaches and mentors. The organization should define them their role, the designation and way forward for quick progression. A combination of task guidance and emotional support should be provided by using leadership program like one of them is Nurturant Task leadership. Last but not least, “Devising a mentor is exceptionally influential in this respect”. Millennials are not different, but come with extra exposure and the assurance which needs to be leveraged by organizations by building managerial capability.

 

References:

http://economictimes.indiatimes.com/markets/stocks/news/nine-companies-that-enjoy-the-millenials-generation-advantage/articleshow/57441103.cms

https://yourstory.com/2017/09/startups-jobs-1-billion-millenialss-india/

https://business.linkedin.com/talent-solutions/blog/2013/12/8-millenialss-traits-you-should-know-about-before-you-hire-them

https://www.peoplematters.in/article/employee-engagement/whats-different-about-the-indian-millenials

https://www.foundingfuel.com/article/understanding-indias-millenialss/

https://www.bloombergquint.com/global-economics/2017/02/21/worlds-largest-disruptive-force-could-become-indias-trump-card

https://www2.deloitte.com/in/en/pages/about-deloitte/articles/millenials-survey-2016.html