Preliminary communication
HOW MILLENNIALS ARE CHANGING ORGANIZATIONS AND BUSINESS MODELS – NEW VALUES, NEW PRINCIPLES, NEW CULTURE
Boris Sruk
; University of Split, Faculty of Economics Doctoral study at the Faculty of Economics in Split, Croatia
Abstract
The largest diversity of generations is represented in today’s workplace than at any other time in history. With this diversity comes new challenges for organizations. Therefore, intergenerational diversity is a timely issue, gathering increasing interest amongst academics, organizations and business executives. We aim to identify and examine existing empirical research on generational differences in organizations and their characteristics in leadership and management; as well as to synthesize how new generation of employees are participating in organizational growth and development. Organizations should incorporate mentoring, strategic leadership, social media, and knowledge sharing into their talent management strategy for new generations of workforce. The purpose of this article is to analyze the specific challenges, and also opportunities working with multigenerational workforce. By focusing on existing research about the character traits of workers in each generation, and identifying the types of conflict that can result, owners and managers can better understand these characteristics and work styles, and can leverage them organizational success and company´s growth. These millennials expressed interest in having work/life flexibility in an engaging work environment that fosters professional skills growth. Because they’ve lived through a huge economic crash, millennials are less concerned with possessions than they are with experiences. Millennials are more likely to be entrepreneurs, and they’re more likely to value independence and freedom over a steady paying job. A wide range of studies and research was reviewed to recognize the key motivators for each generation and their relation with organizational growth. There are rare studies or researches that describe the new generation of employees and their impact on the organizational growth and development. Understanding and appreciating each age group’s work style and personality traits, existing friction between old management and new generations can be minimized.
Keywords
Millennials; New Generation Workforce; Organization Growth
Hrčak ID:
236766
URI
Publication date:
10.4.2020.
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