The fourth industrial revolution accompanied by digitization and artificial intelligent systems did not only bring changes to the workplace but also birthed a new type of individual with diverse personal and social needs, as well as different choice – ways this new individual seeks to express those needs. Millennials as they’re generally referred to include individuals who attained late adolescence and adulthood by the turn of the twenty-first century and those born within this period and beyond. The rapid changes associated with education, business and career growth in the twenty-first century affects the individuals born within this period and those that attained adulthood within this same period. The environment (culture and technology especially) influences an individual’s decision making both in the short term and long term.
Before the twenty-first century for example, the path of entrepreneurship was relatively difficult to pursue when it relied solely on an individual’s asset worth to access certain benefits to build a business, which largely included funds to operate in a brick-and-mortar structure, ability to cover risk and employee compensation, among others. Not that these things don’t matter anymore (in fact they do), however, the fourth industrial revolution accompanied by digitization and artificial intelligent systems has made the path of entrepreneurship simpler to pursue. Business processes have changed significantly with most businesses going extinct because of their failure to invest in digital infrastructure and a digital-centered workforce (a workforce mostly dominated by millennials).
This new century, as a result of technological advancement has birthed many businesses that solely rely on technology for their operations and most of these new businesses support traditional businesses that existed before the introduction of artificial intelligent systems. These new businesses are run by millennials, a new breed of individuals who prefer work satisfaction over monetary compensation and will not hesitate to resign from an existing job to pursue “purpose” when their workplace environment starts getting “uncomfortable”. In fact, most businesses run by millennials started this way. Other millennials also tend to move from one job to the other until they finally settle in a job that accommodates their internal peace.
Millennials consider themselves to be big influencers on the world. They believe they were born to make a great difference in the world and as such tend to launch out into their careers with ambitious expectations with the world at their feet. Many millennials struggle to fit in a traditional workplace environment (a workplace environment that is not evolving to accommodate the needs of a diverse workforce and digital technology). Millennials feel special about themselves and are highly focused on achieving their dreams than compromising to make ends meet in an environment that does not support their internal peace.
Today, many modern organizations and workplaces are making conscious efforts to address the needs of millennials by making the workplace more suited to accommodate this new breed of individuals. Millennials are highly effective and productive in organizations that provide the processes and resources to support their work ethic. They tend to follow the rules and contribute immensely to the workflow of these organizations and are more comfortable in considering long term careers in these organizations.
Working with millennials is a great opportunity in itself. Though indigenous organizations fear that millennials will “take over” their business, these individuals can actually help these organizations grow into emerging future markets.
