LOCAL businesses are encouraged to capitalize on the creativity of the millennials to boost workforce productivity.
Francis Kong, director of Inspire Leadership Consultancy, advised the business community in a recent business summit to overhaul their management styles when dealing with and leading the millennial generation.
He said the “old-school” leadership style is no longer applicable to this younger talent pool, as this group requires a different brand of leadership—the kind that makes them feel they belong, with more interaction, and the kind that guides or inspires them to climb the corporate ladder.
According to Kong, senior leaders who don’t quickly upgrade their leadership style and who don’t care to understand the generation may lose the opportunity to capitalize on the creative juices of these young talents.
“Today’s young people are creative. Bosses shouldn’t look at them merely as consumers but creators because they have the ability to create,” said Kong.
He added that for businesses to continually grow is to profit from the ideas pitched by this group. “Ideas are currency of the future”.
With a median age of 23 years old, Filipinos are considered among the youngest in the world. Economists say the country is in the best position to reap the demographic dividend.
The demographic dividend, according to the United Nations Population Fund (UNFPA), is “a boost in economic productivity that occurs when there are growing numbers of people in the work force relative to the number of dependents.”
Understanding the millennial workforce also enables companies to retain them longer and inspire them to be more creative and productive.
“These people do not leave their companies, but they leave their bosses. They also leave, if they feel they are not appreciated,” said Kong, noting that these are the two main reasons millennials easily hop from one job to the other.
He explained that this group is extremely relational. “They want to feel they belong, that they are part of the company,” Kong emphasized.
He also shared three major points in helping entrepreneurs grow their businesses. Kong encouraged them to professionalize their business, update the use of technology and inspire young people to succeed them in their businesses.
He advised owners of family-owned businesses to allow their children to work in other companies for at least two years before getting them to join the family business.
“Understanding the millennial workforce is like understanding our own children,” Kong said.