Millennials are often dismissed as a lazy and entitled generation that is ambitious yet unwilling to work for it. This isn’t necessarily a bad thing. The world is changing, after all, so demanding for millennials to conform to age-old ideologies can be a mistake.
The truth is that millennials can teach us quite a lot about managing a business. Read on as we discuss some of the biggest business lessons from millennials.
1. Social Responsibility
Millennials are more aware of moral values than their previous generation. They are not afraid to question someone’s authority and believe in ethical conduct. They value traits such as honesty, reliability, compassion, and commitment.
Businesses can benefit greatly if they adopt a similar philosophy and behave in a socially responsible manner. Times are changing and businesses can no longer escape media scrutiny regarding unethical business practices. What’s more, building your brand upon these elements automatically attracts millennials and helps you grow your customer base, as well.
2. Flexibility and Creativity
Millennials dislike routine. They thrive in a flexible and creative work environment. In most cases, this doesn’t bode too well in front of their bosses who believe in a rigid work schedule. In reality, flexible work hours can help your productivity. For instance, Microsoft conducted a recent experiment where the company witnessed a 40 percent increase in productivity after it introduced a 4-day workweek.
The results of the experiment are a testament to the importance of work-life balance. If your employees are overworked, their performance will naturally decline. Businesses must learn to recognize this and introduce a more flexible work program that allows employees to perform their best.
3. Go Digital
Millennials love all things digital. They do not shy away from technology and understand the role it can play to make their life much easier. This is easily the biggest business lesson from millennials that can benefit your company.
When you automate, you save money. If there’s a faster way to do something, why wouldn’t you use it? Using technology to power your business can help you save time and use your team in a more efficient manner. This can lead to a direct increase in output at a much lower cost.
4. Learn to Adapt
Millennials are not afraid of change. Instead, they love a good challenge and find it rejuvenating. Businesses, on the other hand, believe in maintaining the status quo. They do not realize how this can lead to stagnation.
A good business owner must always be aware of what’s happening around them and be willing to adapt accordingly. As the age-old saying goes, change is a part of nature. If you use it well, it can unlock new opportunities for your business and help you grow.
Wrapping It Up
From learning to embrace technology to being more socially responsible, there are plenty of business lessons from millennials that can help organizations succeed. As unorthodox as they may sound, try them anyway. The results may surprise you.
