Millennials aren’t the new workforce, they are the workforce, according to Pew Research Center. According to Forbes, millennials today have over $200 billion in annual purchasing power, which makes them major players in the economic future of the country at both ends of the buyer-seller spectrum.
Now that this highly connected, technology-infused generation accounts for the majority of those with jobs, it behooves businesses to take advantage of the skill sets that this generation has to achieve company goals — goals which have shifted seismically in response to the same millennials they’ve hired, who are also doing the purchasing today and will be the majority of the marketplace tomorrow.
Over the past 25 years, the Internet has radically altered the way people communicate and share ideas and the way businesses interact with customers and clients.
For an even longer period, starting in the 1950s with the so-called Third Industrial Revolution, businesses have become more digitized. In the next few decades, a new industrial revolution will combine elements of these two trends, along with related technologies and practices, into a truly “smart” manufacturing process.
This convergence is known as the Industrial Internet, Industry 4.0 or the Industrial Internet of Things. Whatever the name, the result will profoundly affect global trade patterns, supply chains and societies. The impact will vary, presenting many opportunities for developed countries to be more disruptive in developing economies and possibly limiting the use of low-end manufacturing for quick modernization and development.
Nonetheless, this Fourth Industrial Revolution will change manufacturing, industry and society.
…the millennial generation — people between 18 and 34 years of age — will become the largest generation in the modern workforce, even bigger than the baby boomer generation. This finding highlights how the overall generational makeup of the workforce changes each year as boomers retire and more millennials enter the workforce…
I take the position that organization transformation is random and the result of
accident and chance. Transformation cannot be made to happen. The conditions that give rise to it can be understood and they can
be made present in your enterprise. Transformation emerges as the
consequence of many definable and fairly easily created circumstances. It is
neither easy nor difficult. It does take a well designed and persistent effort
over an extended period of time and this is something that few organizations are
willing to sustain. There is no easy path to transformation and a group of
consultants cannot come into your firm and do it for you.
Transformational leaders inspire, energise and intellectually stimulate their employees. The author argues that through training, mangers can learn the techniques and obtain the qualities they need to become transformational leaders.