Innovate, adapt, succeed
Five tips for millennial and GenZ leaders
By : Anjali Kochhar
Update: 2024-03-12 04:16 GMT
In today’s workplaces, a significant 86% is made up of millennials and GenZ, and 34% of them are in key managerial roles. The shift from Gen-X to Millennials and now Gen-Z, has brought about changes in workplace culture priorities. In the Gen-X era, the focus was on brand-based excellence, highlighting corporate image and justice. Millennials transformed workplaces by emphasizing balanced equity, collaboration, integrity, and effective communication. In the Gen-Z era, there’s a notable emphasis on community-driven professionalism, where community and communication play crucial roles. These generational shifts indicate a move towards workplace cultures centredon community, enhanced communication, and a strong commitment to integrity. This trend reflects a dedication to inclusivity and connectivity in professional settings. In light of this, Yeshasvini Ramaswamy, a serial entrepreneur and CEO of Great Place to Work India, shares five tips for the new generation of entrepreneurs to succeed.
1. AUTHENTIC LEADERSHIP
Only about 48% have confidence in leadership’s judgment. Based on her research, Ramaswamy suggests that employees’ perceptions of their workplace’s greatness are significantly influenced by their views on the leadership team's effectiveness. “A strong leadership team, perceived as effective by employees, tends to create a positive work environment, leading to higher satisfaction and morale among the workforce. This implies that leadership quality is a critical factor in fostering organisational pride and loyalty, emphasising the importance of competent, transparent, and empathetic leadership in creating and maintaining a great workplace culture,” she adds. So, a new-age entrepreneur must imbibe strong leadership skills to succeed in their business.
2. FLEXIBILITY AS A CORNERSTONE OF THE MODERN WORKPLACE
Focusing on the importance of flexibility in the workplace, the data by The Great Place to Work showcases a clear divide between organisations at the forefront of embracing work flexibility and those lagging. The top 25% of organisations ensuring workplace flexibility significantly outperform the bottom 25% across critical metrics: employee motivation, intent to stay, brand endorsement, and productivity. “This emphasises flexibility as a crucial differentiator in workplace culture, underlining its role in enhancing employee engagement and organisational performance,” she says. After COVID-19, Ramaswamy suggests that entrepreneurs have started focussing more on flexibility at work and it is a key factor to succeed.
3. PURPOSE AND SOCIAL RESPONSIBILITY
When employees are driven by purpose and their organisation promotes social responsibility through their culture the intent to stay with the organisation increases by 3 – 4 folds.
The Great Place to Work’s research shows that the employees’ intent to stay with the organization increases by:
4.4x when employees perceive their
employer as ethical, honest and show a
sense of integrity.
4x when employees are clear about how
their role contributes to the goals
3.8x when employees experience and see
the contributions of
their organisation to the societal wellbeing
3x when employees find purpose and
meaning in their jobs
For Millennial and GenZ entrepreneurs, these insights emphasise the critical role of building a purpose-driven and ethically sound company culture. In an era where young talent prioritises meaningful work and organisational values, entrepreneurs have a unique opportunity to attract and retain top talent by embedding social responsibility, ethical practices, and a clear sense of purpose in their business models.
This approach, according to Ramaswamy, not only enhances employee loyalty and satisfaction but also positions their companies as leaders in social innovation and responsibility, appealing to the values of a new generation of workers.
4. THE NEED FOR AN INCLUSIVE ENVIRONMENT AND ITS IMPACT
For Millennial and GenZ entrepreneurs, it is important to practice inclusive leadership that not only champions diversity but also actively integrates it into the fabric of the organisation’s culture. “By doing so, they can unlock the full potential of their teams, leading to higher levels of innovation, a stronger sense of community contribution, and more meaningful personal engagement with the organisation's mission,” she says. This approach not only attracts talent from these generations but also nurtures an environment where everyone feels empowered to contribute to the company’s success, thereby aligning with the entrepreneurial spirit of innovation and growth.
5. FOSTER INNOVATION AND GROWTH
Only about 43% experience a lot of innovation opportunities at the workplace. The current landscape of innovation opportunities for Millennials and GenZ varies across industries. The below ratio measures an organisation’s ability to provide its employees with meaningful opportunities to innovate, as opposed to situations where such opportunities are scarce, absent, or even perceived negatively.
High-innovation sectors like Biotechnology, Education, and Nonprofits are prime areas for Millennial and Gen Z entrepreneurs developing startups based on new concepts or technologies. These fields encourage a culture where innovation flourishes, offering ample opportunities for creative initiatives.
On the flip side, areas such as Health Care and Retail show a relative scarcity of innovation, signalling opportunities for disruption. Entrepreneurs skilled in leveraging new trends, particularly in digital and consumer technologies, can find substantial prospects for innovation here.
“Entrepreneurs aiming for success must foster an environment that supports innovation, including adopting new technologies, encouraging creative thinking, and valuing experimentation over traditional methods,” Ramaswamy suggests.
“Strategic investment decisions should reflect the industry’s innovation climate: highly innovative sectors require investment in advanced R&D to maintain competitiveness, whereas sectors with less innovation are ripe for introducing novel products or services to address market gaps. This approach enables entrepreneurs to effectively utilise opportunities for innovation across different ndustries.”
So, if you are a budding entrepreneur, it is time for you to check out these great tips by this woman leader and get going!
1. AUTHENTIC LEADERSHIP
Only about 48% have confidence in leadership’s judgment. Based on her research, Ramaswamy suggests that employees’ perceptions of their workplace’s greatness are significantly influenced by their views on the leadership team's effectiveness. “A strong leadership team, perceived as effective by employees, tends to create a positive work environment, leading to higher satisfaction and morale among the workforce. This implies that leadership quality is a critical factor in fostering organisational pride and loyalty, emphasising the importance of competent, transparent, and empathetic leadership in creating and maintaining a great workplace culture,” she adds. So, a new-age entrepreneur must imbibe strong leadership skills to succeed in their business.
2. FLEXIBILITY AS A CORNERSTONE OF THE MODERN WORKPLACE
Focusing on the importance of flexibility in the workplace, the data by The Great Place to Work showcases a clear divide between organisations at the forefront of embracing work flexibility and those lagging. The top 25% of organisations ensuring workplace flexibility significantly outperform the bottom 25% across critical metrics: employee motivation, intent to stay, brand endorsement, and productivity. “This emphasises flexibility as a crucial differentiator in workplace culture, underlining its role in enhancing employee engagement and organisational performance,” she says. After COVID-19, Ramaswamy suggests that entrepreneurs have started focussing more on flexibility at work and it is a key factor to succeed.
3. PURPOSE AND SOCIAL RESPONSIBILITY
When employees are driven by purpose and their organisation promotes social responsibility through their culture the intent to stay with the organisation increases by 3 – 4 folds.
The Great Place to Work’s research shows that the employees’ intent to stay with the organization increases by:
4.4x when employees perceive their
employer as ethical, honest and show a
sense of integrity.
4x when employees are clear about how
their role contributes to the goals
3.8x when employees experience and see
the contributions of
their organisation to the societal wellbeing
3x when employees find purpose and
meaning in their jobs
For Millennial and GenZ entrepreneurs, these insights emphasise the critical role of building a purpose-driven and ethically sound company culture. In an era where young talent prioritises meaningful work and organisational values, entrepreneurs have a unique opportunity to attract and retain top talent by embedding social responsibility, ethical practices, and a clear sense of purpose in their business models.
This approach, according to Ramaswamy, not only enhances employee loyalty and satisfaction but also positions their companies as leaders in social innovation and responsibility, appealing to the values of a new generation of workers.
4. THE NEED FOR AN INCLUSIVE ENVIRONMENT AND ITS IMPACT
For Millennial and GenZ entrepreneurs, it is important to practice inclusive leadership that not only champions diversity but also actively integrates it into the fabric of the organisation’s culture. “By doing so, they can unlock the full potential of their teams, leading to higher levels of innovation, a stronger sense of community contribution, and more meaningful personal engagement with the organisation's mission,” she says. This approach not only attracts talent from these generations but also nurtures an environment where everyone feels empowered to contribute to the company’s success, thereby aligning with the entrepreneurial spirit of innovation and growth.
5. FOSTER INNOVATION AND GROWTH
Only about 43% experience a lot of innovation opportunities at the workplace. The current landscape of innovation opportunities for Millennials and GenZ varies across industries. The below ratio measures an organisation’s ability to provide its employees with meaningful opportunities to innovate, as opposed to situations where such opportunities are scarce, absent, or even perceived negatively.
High-innovation sectors like Biotechnology, Education, and Nonprofits are prime areas for Millennial and Gen Z entrepreneurs developing startups based on new concepts or technologies. These fields encourage a culture where innovation flourishes, offering ample opportunities for creative initiatives.
On the flip side, areas such as Health Care and Retail show a relative scarcity of innovation, signalling opportunities for disruption. Entrepreneurs skilled in leveraging new trends, particularly in digital and consumer technologies, can find substantial prospects for innovation here.
“Entrepreneurs aiming for success must foster an environment that supports innovation, including adopting new technologies, encouraging creative thinking, and valuing experimentation over traditional methods,” Ramaswamy suggests.
“Strategic investment decisions should reflect the industry’s innovation climate: highly innovative sectors require investment in advanced R&D to maintain competitiveness, whereas sectors with less innovation are ripe for introducing novel products or services to address market gaps. This approach enables entrepreneurs to effectively utilise opportunities for innovation across different ndustries.”
So, if you are a budding entrepreneur, it is time for you to check out these great tips by this woman leader and get going!