Shifting demographics have many in the retail industry changing in-store strategies to meet the needs of various consumer segments, but are retail operators considering these shifting demographics for their workplace strategies as well?
The U.S. Bureau of Labor Statistics predicts that Millennials (born 1981-2000) will surpass the majority representation of the workforce this year. With more and more Americans reaching retirement age, the workforce will certainly change as Millennials begin to take their places in management roles.
There is no doubt that this tech-savvy, multi-tasking generation has transformed the consumer base and buying trends, but their perspective and views don’t just stop on site of purchase — their perspective also will have an impact on workplace dynamics.
As a generation that grew up with technology, Millennials take a collaborative, unstructured approach to the work they do, and not surprisingly, engage in multiple networks and platforms. A study done by UNC’s Kenan-Flagler Business School and the Young Entrepreneurs Council shows that Millennials switch their attention between media platforms twenty-seven times per hour on average.
This unprecedented shift in demographics could present challenges due to generational misunderstandings that can sometimes occur, but simply coexisting with Millennials in today’s workplace will not be enough to sustain such a change. Many NGA members serve as the executives of family or privately owned businesses, and they understand better than anyone about the importance of developing and empowering tomorrow’s industry leaders as they prepare to pass on responsibility to the next generation. And that’s why NGA developed the NGA Foundation to help the independent industry attract and retain top talent, develop future leaders and become an employer of choice for college graduates through research and scholarship opportunities.
Embracing this new group of managers and helping to develop their workplace skills will be essential for the continued success and competitiveness of our industry.
How has your organization adapted to Millennials in the workforce?