The ‘millennial’ question is to be tackled diligently at the middle management level too.
Millennials are a force to reckon with both at the workplace and in the marketplace. They are huge in numbers—nearly two billion of them globally, out of which nearly 410 million are present in India, according to a Morgan Stanley report (2017). That is even more than the total population of the US, and more than the total number of millennials that China has today (Morgan Stanley, 2017). India has more than 50 per cent of its population below the age of 25 and more than 65 per cent below the age of 35. Presently, millennials make up 47 per cent of the working-age population. They will form 64 per cent of the workforce by 2021 in India, with an average age of 29 and by 2028 this will grow up to 75 per cent, which is nearly two-third of the workforce (Ramanathan, 2015). India is growing younger, and will become the youngest country very soon.
Not to forget that India’s working-age population is expected to expand to 18.6 per cent of the global labour force by 2027. Indian millennials are going to form a large part of the global workforce as well. Millennials are a significant factor, a key demographic segment, and a labour force that will drive India’s growth story, and at the same time, fulfill global talent demand.
The 7-C strategy
I have always felt that engagement is a function of how well we understand an entity we are attempting to engage. In this case, we are engaging an entire generation of workers. In my book, The Life of Y: Engaging Millennials as Employees and Consumers, I have mentioned that employers need to understand how experiences and environment have shaped millennials and their mindsets. Having grown in the era of technological abundance, a competitive educational system, and a very public life, thanks to social media, millennials are an aspirational generation and have a multi-dimensional definition of success.
Denne historien er fra November 2018-utgaven av Indian Management.
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Denne historien er fra November 2018-utgaven av Indian Management.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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Trust is a must
Trust a belief in the abilities, integrity, values, and character of any organisation is one of the most important management principles.
Listen To Your Customers
A good customer experience management strategy will not just help retain existing customers but also attract new ones.
The hand that feeds
Providing free meals to employees is an effective way to increase engagement and boost productivity.
Survival secrets
Thrive at the workplace with these simple adaptations.
Plan backwards
Pioneer in the venture capital and private equity fields and co-founder of four transformational private equity firms, Bryan C Cressey opines that we have been taught backwards in many important ways, people can work an entire career without seeing these roadblocks to their achievements, and if you recognise and bust these five myths, you will become far more successful.
For a sweet deal
Negotiation is a discovery process for both sides; better interactions will lead all parties to what they want.
Humanise. Optimise. Digitise
Engaging employees in critical to the survival of an organisation, since the future of business is (still) people.
Beyond the call of duty
A servant leadership model can serve the purpose best when dealing with a distributed workforce.
Workplace courage
Leaders need to build courage in order to enhance their self-reliance and contribution to the team.
Focused on reality
Are you a sales manager or a true sales leader? The difference, David Mattson, CEO, Sandler® and author, Scaling Sales Success: 16 Key Principles For Sales Leaders, maintains, comes down to whether you can see beyond five classic myths that we often tell ourselves about selling.
