Millennial Working With Small And Medium Businesses
While Millennials often get a bad rap when it comes to responsibility, the truth is that this generation has changed and will change the world of business more than what we’ve thought. Their impact is significant enough, that understanding how they can affect the future of business is something that entrepreneurs must firmly reckon with as early as today.
Millennials possess traits that are strongly beneficial, not only to businesses but for the society as a whole. According to research, millennials – or those who are born in the early 1980’s to the beginning of the 2000’s – put great emphasis on corporate social responsibility, have a high concern for the environment, prioritize experience over material things, and are willing to build communities around a shared interest.
This means that millennials can be expected to be highly engaged in what they do and when their potential is further developed, and their skills are utilized properly, millennials can be the golden ticket for small and medium sized companies, to bringing their business into the future. Read on as we discus the ways SMBs can improve if they start to establish a millennial workforce today.
1. Digital and Connected
It’s common knowledge that millennials are well adapted to new technology, especially when it comes to tools of communication. With the millennial workforce, SMBs don’t have to struggle about briefing everyone once they fully shift into a digital workplace.
If SMBs can fully utilise the power of modern digital platforms and communication tools, such as email, text, chat, social media, and websites, it will be easier for them to communicate with their target market, as well as create a great internal communication that will ensure that relevant information will get across their organisation at the right time.
2. Innovation and Smarter Decisions
Millennials strongly value information, and being a tech-savvy generation only proves that they make great decision makers in the future. That said, these traits will enable them to help SMBs develop a clearer architecture of how information will flow inside the business.
When there is a clear flow of information, businesses will be able to make timely, smarter decisions as well as pursue data-driven endeavors that guarantee results.
3. Agile Decision-Making and Execution
Being agile in today’s competitive business landscape is a must. In perspective to the millennial workforce, this means making the right-decision at the exact moment when the action is needed. Since the majority of millennials want things to happen right away, it can positively drive an organization to take action before the competition does so.
This relates back to the previous post: information-driven, quick and agile decisions will enable SMBs to achieve maximum efficiency and productivity – with a millennial workforce turning the knobs and keys.
Many SMBs have already realized the vast potential of bringing the millennial workforce into their business today. According to Pew Research, Millennials have become the largest share of the American workforce in 2015. In Australia, where 97.4% of all business is accounted for as SMBs, millennials are projected to dominate employment by 2025, comprising 42% of the workforce.
True enough, Millennials have revolutionized the way we do business today. Regardless of how they look, dress up, or what their preference in a workplace is, it is their great potential and mindset that is bound to be one of the most crucial factors of who will triumph in the business landscape of the future.