SUSTAINING FUTURE GROWTH WITH MILLENNIAL LEADERS [Whitepaper]

SUSTAINING FUTURE GROWTH WITH MILLENNIAL LEADERS A TOPCHRO WHITEPAPER

EXECUTIVE SUMMARY 02 POST MILLENNIAL WORKFORCE- TRAITS & PERCEPTIONS 03 TABLE OF CONTENTS CONTENTS CROSSROADS- CHOOSING THE RIGHT DIRECTION 07 CONCLUSION 09 REFERENCES 09

A TOPCHRO WHITEPAPER Business Leadership dimensions in the past decade have changed beyond comparison, over the previous ones. While most would a?ribute this to the all-pervasive technology disrup?on brought about by the internet, a large part of this has also been global uncertain?es in the economic climate of the post-recession era. This whitepaper aims to address the crisis that might arise largely due to the lack of orienta?on of the post millennial workforce vis-a- vis “tradi?onal” industries. The millennial demographic segment is moving into managerial roles of almost every organiza?on. It will soon be ?me for the post-millennial demography, too, to be decision makers. We express our concerns about this transi?on at a granular level and an?cipate that the disconnect in core competencies will be stark – especially in tradi?onal process oriented manufacturing industries like Oil and Gas, Metals as well as labor intensive sectors like Civil Engineering and Construc?on, Healthcare, Logis?cs and Freight and a whole lot of others. A step towards this can be taken by conduc?ng leadership building programs that will a?ract high-quality candidates, rota?onal development of the post millennials in chosen areas, deploying them in matrix environments, conduc?ng regular inter-genera?onal grooming sessions and intensive programs on conflict resolu?ons, compliances and so on. We hope these will provide present and future talent managers with the broad framework which they can use to ensure a fluid succession of business leadership to the post millennial genera?on. But- can they really do it? Can they come out of the comfort of their cubicles and work in confined and rigid structures like a typical factory? Or can they ins?ll the sorely needed excitement and agility, a characteris?c trait of their genera?on, into a blue collared workforce which is not only resistant to change but also reluctant to take orders from somebody they consider puerile, as well? This TopCHRO whitepaper has been developed with an inten?on to propose solu?ons to future ready organiza?ons that are facing two crucial bo?lenecks to business excellence: 1. A future leadership crisis. 2. Aversion of the post millennial workforce towards "tradi?onal" industries. Furthermore, it sheds light on how next- gen organiza?ons can harness their untapped poten?al to surge ahead into the future. © 2018 TopCHRO.com All Rights Reserved.

A TOPCHRO WHITEPAPER The first step towards iden?fying the skill-gaps in this area is to denote the most prominent traits of the millennials that comprise the workforce. 1. Millennial leaders are conscious and proac?ve leaders. There is a certain awareness that exists among them. This awareness entails a reflec?on on self, work, and community. 2. Millennials are more centered in what the future will look like. 3. Millennials embrace complete and immediate transparency. 4. Millennial leaders are collabora?ve. A collabora?ve leader will solve more than a self-centered leader and Millennials know this. 5. Millennial leaders have an embedded view of solving problems. They are strategic thinkers and solu?on finders. 6. Millennials lead with “innova?on and change”. 7. About half of millennials define leadership as “empowering others to succeed” While 46% of US employers state “leadership” as the biggest challenge when hiring for managerial and execu?ve posi?ons, only 13% of employees feel that the in-house training provided by their employers adequately prepare them for leadership roles. So much so, that the number of male millennials aspiring for the C-suite has dropped by nearly half (36% vs 64%) of their previous genera?on- the overall segment, if female millennials are included, is reduced to a mere 11%. In spite of the lack of managerial skills and views thereof, millennials are also one of the most misunderstood at the workplace. © 2018 TopCHRO.com All Rights Reserved.

A TOPCHRO WHITEPAPER • 50% of the millennials say that the older senior managers do not relate well with the younger workers. • More than 30 % say that their personal drive is in?mida?ng to older genera?ons. • Uncertain economic climates in several western economies, which have now come to be the mainstay of the global business environment • Technological advancements that have changed the very fabric of societal and workplace communica?on- especially team messaging applica?ons over which millennials and post millennials prefer to communicate • Emergence of several new-age businesses and professions, many of which are highly technical and complex, and require a significant degree of exper?se-millennials and their successors now prefer individual contributor roles, linked to higher compensa?on, over leadership roles in management. These factors are rapidly gaining ground, and research shows that only 29% of millennials aspire for corporate leadership responsibili?es vs 54% of Gen X. With close to 40 million people in the present global corpora?on leadership in the USA expected to re?re over the next ten years, there is a glaring gap of leaders with skills AND traits to retain the velocity of growth that we have seen the GEN X leaders bring to the table. © 2018 TopCHRO.com All Rights Reserved.

A TOPCHRO WHITEPAPER The expert opinions on this subject seem to easily match the sta?s?cs. Millennials and post millennials as on date are NOT prepared to lead tradi?onal, cross border and cross cultural corpora?ons at even the present growth levels, much less set the stage for further globaliza?on and growth that we have seen from their predecessors. With regard to matching blue collar workforces or mee?ng general stakeholders' expecta?ons, most millennials and post millennials do not seem to be in sync, either. More than 47 survey reports point out that the millennials and their successors actually have the requisite know-how and individual exper?se at par with their predecessors. The cri?cal disconnect lies in their acclima?za?on towards tradi?onal workforces. This and their lack of exper?se at effec?vely maintaining communica?on with all stakeholders on their vision and strategy, are the areas where they are predicted to lose grounds in the near future. There is an urgent need to reduce this significant disparity within the managerial and leadership segments of the workforce before the re?rement of the current genera?on of dynamic business leaders, in order to ensure a `seamless transi?on. Talent Managers are required and expected to lead this change successfully. • 36% of millennials say they prefer to communicate electronically at work than face to face and over telephone. • 50% of the millennials say that the older, senior managers do not relate well with the younger workers. • 42% of millennials felt that their managers did not always understand the way they use technology at work. © 2018 TopCHRO.com All Rights Reserved.

A TOPCHRO WHITEPAPER Workplace culture is a cri?cal factor that affects almost every single func?on and every single employee in the organiza?on. Nothing mo?vates employees and business leaders more than a posi?ve and produc?ve workplace culture. At the same ?me, changing demographics at the workplace can lead to a long drawn cultural flux, the kind that inhibits development and progress. With a mul?-genera?onal workforce, this is a very potent challenge for talent managers. Constant, well-planned events and communiqués that encourage harmony and par?cipa?on in ini?a?ves by all employees can effec?vely enable talent managers to improve a unified and produc?ve workplace culture- also one of the primary expecta?ons of millennials and post- millennials from their employer. © 2018 TopCHRO.com All Rights Reserved.

A TOPCHRO WHITEPAPER Technology is a double edged sword. HR Managers today have an unprecedented advantage over their predecessors. They have advanced talent management technology pla?orms that empower them in acquiring, managing and retaining talent, Talent managers today are warriors in the war for talent under the constant threat of losing the best talent to their compe?tors. Millennials are on the verge of taking over the reins of corporate leadership in every major organiza?on of the world. While this genera?on is the most educated and technology savvy and is largely responsible for propaga?ng the popularity of the internet, its dependence on technology based communica?on is also proving to be its undoing. Millennials are a distracted lot, relying more on their smartphones and social networks than interpersonal communica?on and organiza?onal vision. Their career aspira?ons, a?tudes about work and knowledge of new technologies will define the culture of the 21st century workplace. A monumental shi? in the tradi?onal leadership model is not far away. In order to engage and retain this new, energe?c genera?on of leaders, talent managers must shi? their mindsets to provide more personalized and targeted development programs. Only by embracing the changes and engaging today's millennial professionals, can talent managers successfully build the leaders of tomorrow. Technology is a double edged sword. HR Managers today have an unprecedented advantage over their predecessors. They have advanced talent management technology pla?orms that empower them in acquiring, managing and retaining talent, Talent managers today are warriors in the war for talent under the constant threat of losing the best talent to their compe?tors. Millennials are on the verge of taking over the reins of corporate leadership in every major organiza?on of the world. While this genera?on is the most educated and technology savvy and is largely responsible for propaga?ng the popularity of the internet, its dependence on technology based communica?on is also proving to be its undoing. Millennials are a distracted lot, relying more on their smartphones and social networks than interpersonal communica?on and organiza?onal vision. Their career aspira?ons, a?tudes about work and knowledge of new technologies will define the culture of the 21st century workplace. A monumental shi? in the tradi?onal leadership model is not far away. In order to engage and retain this new, energe?c genera?on of leaders, talent managers must shi? their mindsets to provide more personalized and targeted development programs. Only by embracing the changes and engaging today's millennial professionals, can talent managers successfully build the leaders of tomorrow. About TopCHRO TopCHRO™ is a one stop portal for best performing CHROs and other HR professionals worldwide. The elite TopCHRO™ line-up of the 100 finest CHROs is the finest group of men and women who have made an impact to the People Func?on and industries globally. Apart from highligh?ng global top performers, the portal also aims at facilita?ng knowledge, informa?on and insigh?ul discussions among HR professionals. The portal is a collec?ve effort and constantly seeks opinions and inputs from meritorious HR professionals. To contribute to our knowledgebase please contact our team at ask@topchro.com © 2018 TopCHRO.com All Rights Reserved.

Morin, Amy (2016). Want To Train Millennials To Lead? 6 Things You Should Know About The Millennial Mindset. [Online] Forbes.com. Available at: h?ps://www.forbes.com/sites/amymorin/2016/07/27/want-to-train-millennials-to-lead-6-things-you- should-know-about-the-millennial-mindset/#6c77c4494782. Forbes.com (2016). Four Strategies To A?ract And Keep Your Best Millennial Talent. [Online] Available at: h?ps://www.forbes.com/sites/forbesnonprofitcouncil/2016/08/23/a?ract-and- keep-your-best-millennial-talent-for-the-long-haul/#2041299b7891. Brousell, Lauren (2015). How millennials challenge tradi?onal leadership. [Online] Forbes.com. Available at: h?ps://www.forbes.com/sites/forbesnonprofitcouncil/2016/08/23/a?ract-and-keep- your-best-millennial-talent-for-the-long-haul/#643757787891. Har?ort.com (2015). A genera?on of leaders. [Online] Available at: h?ps://s0.hfdsta?c.com/sites/the_har?ord/files/2015-millennial-leadership.pdf Gallup.com (2018). How Millennials Want to Work and Live. [Online] Available at: h?ps://news.gallup.com/reports/189830/e.aspx This whitepaper has used various other reference materials available in the public domain, please contact ask@topchro.com for any further assistance. 6200 Savoy Dr #630, Houston, TX 77036, USA www.topchro.com © 2018. TopCHRO. All Rights Reserved. This whitepaper is a property of TopCHRO.com. The whitepaper or the informa?on cited in the whitepaper should be used for informa?on purpose only. Facts and figures presented in the paper are subject to change at any ?me without any prior no?fica?on. Certain statements made in the whitepaper are forward-looking projec?ons. These carry risks and uncertain?es and may differ from actual events. TopCHRO™ does not guarantee applica?on or validity of informa?on and insights in the paper and will not be responsible for any loss that may arise from use of the informa?on or insight cited in the whitepaper. Readers are advised to use their own judgment while making related decisions.

SUSTAINING FUTURE GROWTH WITH MILLENNIAL LEADERS [Whitepaper]