Diversity Woman Magazine

FAL 2017

Leadership and Executive Development for women of all races, cultures and backgrounds

Issue link: https://diversitywoman.epubxp.com/i/876458

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Page 39 of 79

38 D I V E R S I T Y W O M A N Fa l l 2 0 1 7 d i v e r s i t y w o m a n . c o m Many millennials are moving into senior leadership roles earlier than previous generations, with a growing number ex- ploring entrepreneurship as a career op- tion. A BNP Paribas report from 2016 found millennials launched an average of 8 companies each, compared with 3.5 launched by previous generations. Millennials were also more likely to launch their first companies at a notably younger age (average age of 27.7 vs. 35.3), with 43 percent higher revenue than those of the the boomer generation. More millennials are rising in the ranks even within established organiza- tions. Examples include Divya Nag, 25, who leads health tech at Apple, and Erie Meyer, the 33-year-old who once led the White House US Digital Service. What makes millennials successful—and what leaders from other generations can learn from their management style—makes for fascinating study. "Millennials naturally and organically disrupt and collaborate to make things hap- pen. ey don't believe that just because something has been done one way, it al- ways has to be that way," says Anna Liotta, author of Unlocking Generational Codes. It's a trait other generations could ben- efit from learning. Liotta calls it the "Uber effect": when an established industry or process isn't serving people, millennials are often the first to throw their hat in the ring to disrupt long-standing pro- cesses. For insight into what constitutes success today, here's a rundown of traits shared by millennial leaders —and what other generations could learn from them. The values-driven generation Studies demonstrate that the generation born between the early 1980s and the early 2000s has earned a bad rap for be- ing entitled, with an absence of loyalty to employers. On the other hand, when work aligns with their values, they are very committed. A 2016 Gallup study found that 21 percent of millennials had reported changing jobs within the past year, more than three times the num- ber of nonmillennials who also reported changing jobs in the past year. An oft-re- peated statistic is that the average worker will have seven careers in his or her life- time. For millennials, this could reach as many as 40, according to Rohit Talwar, a noted futurist and CEO of the think tank Fast Future Research. Millennials are also the least engaged generation at work today. e 2016 De- loitte Millennial Survey, "Winning Over the Next Generation of Leaders," found that one in four millennials would leave their current organization for anoth- er job, or "to do something different" given the choice. By the end of 2020, two-thirds of respondents hope to have moved to another employer; only 16 per- cent see themselves staying with their current employer for a decade or more. Statistics like this have left employers stressed about how to retain and engage their younger workforce. "Misalignment of values is a big reason for the movement," Liotta says. A clash often occurs when millennials in corporate environments believe that work-life balance and opportunities to advance or do purposeful work are lack- ing. According to a 2016 study by Fidel- ity, millennials are willing to take an aver- age annual pay cut of $7,600 to engage in more purposeful work or to be in a company culture that is more aligned with their values. When evaluating a job offer, 58 percent of millennials prioritize an improved quality of work life over financial benefits. "Clearly, many young profes- sionals are thinking about more than money and are willing to sacrifice a por- tion of their salary in exchange for a ca- reer move that more closely aligns with their values or passions or improves their work-life balance," states Kristen Robin- son, senior vice president, women and young investors, Fidelity Investments. How does this compare with other gen- erations? When asked about their prima- ry concern in their first jobs, the major- ity of older Americans polled in a recent study cited making as much money as possible or learning new skills. In con- trast, 57 percent of younger Americans prioritized doing work they found enjoy- able or making a difference in society, ac- cording to a 2015 Allstate/National Jour- nal Heartland Monitor poll. M3, the company Kawas leads, is seek- ing to find a therapy for Alzheimer's dis- ease and Parkinson's disease. She says she has been laser focused on making a differ- ence to the families and communities af- fected by diseases from a young age and "couldn't imagine working in a place that didn't have the same vision." Wanting to find work that could be impactful was her number one motivation for eschewing tra- ditional career paths in her field. Inclusion as a fact of corporate life Liotta finds that corporate programs and language around diversity and inclusion (D&I) have a generational time stamp. We Mean Business >

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