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Millennials, Diversity and Disruptive Technologies
If I were to highlight one, single most important trait of the group of people known as Millennials, it will be that they are the most diverse group of people born in a specific period for at least 100 years, for most Western cultures.
This diversity factor has the potential to impact many technological, cultural and international issues that our society faces today. Millennials think differently because of the world they grew up in. Speed of technological change has really empowered this generation and increasing the potential of what they achieve.
Disruption is the “Normal” for this group. Static businesses and structures seem antiquated and are rebelled against or avoided in favor of new ways.
Millennials have high Emotional Quotient (EQ)
The ability of a person to work with others, understand them and understand what motivates them, that, as described above, is in abundance in Millennials and is also preferred by them, is called Emotional Quotient (EQ).
As mentioned previously, this makes Millenials fast adopters of technologies. The other side of this is that they are also fast deserters of technology. This group does not accept status quo and very open to challenging what is wrong and it very open to saying that there has to be a better way. This group, by the virtue of being exposed to all forms of diversity, this group is accepting of all things new and more understanding of varied opinions.
Why EQ is important from a disruptive technology aspect
The diversity aspect that has shaped Millennials is a huge element of disruptive technologies – different backgrounds, different upbringings and different interactions will lead to new ideas and strategies forming. Since Millennials have high EQ as a direct result of this diversity, EQ is extremely important from Disruptive Technology perspective.
Behavior elements play an extremely important role in developing Disruptive Technologies. Understanding what people need is the single most important skill when it comes to identifying or creating opportunities to use disruptive technologies. So the simple relationship is:
More people with high EQ = Higher probability of developing Disruptive technologies
Need to hire more Millennials
So the equation is simple, if you want to be disruptive and innovative, and want to create habit forming and customer winning products, you will need more employees with high EQ level, which translates directly into hiring more Millennials. But that is not an easy task. You will have to totally reorient the way your organization works.
How you need to evolve to align with “The Millennial Way”
Much depend on the “cultural will” of your organization but here are some suggestions that may help you formulate a strategy:
(1) Evolve your organizational hierarchy structure and managerial styles to ensure that Managers have a collaborative,”work togerther” approach. Millennials hate being “bossed around” and also hate “power play”. Eliminate these type of management styles alltogether.
(2) You will have to build a high level of organizational transparency to attract and retain this group. How open you are to your organization’s strength and weaknesses and showcasing this is important.
(3) Build and showcase opportunities for collaboration, job share and upskilling
(4) Create robust talent management strategy – Millennials don’t value pay and brand as much as their predecessors and will leave you in a hearbeat if they believe their values and culture does not align with your organization.
(5) You will need to develop open systems and mentalities to handle the innovation and new ways of doing things that Millennials will bring to your company, if you provide them the opportunity.
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