“Knowledge is best sought from experts, but creativity and wisdom can come from anywhere.” – Adam Grant, organizational psychologist
We are experiencing a generational shift in the workforce. Millennials represented 35% of the US labor force in 2023 with 50% of managerial positions being held by these workers since 2015. Millennial influence on the workforce is expected to climb as more Baby Boomers retire over the next several years. We are heading into an era of Millennial leadership with an increasing Millennial C-Suite presence. How will Millennials put their stamp on the C-Suite? According to an American Express report that surveyed over 2,300 global leaders and Millennial managers, Millennials are leading differently than their older counterparts, with a strong emphasis on collaboration, purpose-driven work, and better work-life balance.
How Will the C-Suite be Redefined Under Millennial Leadership?
Millennial leaders tend to prioritize workplace flexibility, diversity, and a flatter leadership structure. Their leadership style is shaped by digital fluency, comfort with diversity, and a desire to make a meaningful impact, which could redefine corporate culture and business strategies over the coming decades.
In addition, the American Express report found that Millennial leaders want to lead organizations with a genuine purpose, choose to lead in a collegiate style - rather than authoritarian, focus on human value, and make a greater distinction between work and life.
Organizations Should Have a Genuine Purpose – while also Delivering on Profit.
Millennials may find themselves walking a line between their values and their desire for profits as they move up the ladder into executive and CEO positions.
The American Express report found that 76% of future Millennial leaders think that businesses of the future will need to have a genuine purpose and that 62% of Millennials want to be known for making a positive difference to the world, compared to 52% of Generation X. However, the study also revealed that Millennials are highly profit-oriented. As they rise into more leadership roles, Millennial leaders will feel most satisfied by helping organizations find and hold true to their purpose while ensuring cost management and efficient processes that lead to profitability.
Why this approach matters
When business leaders can find a balance between purpose and profits, they support long-term sustainability, engaged employees, and loyal customers. Finding a strong sense of purpose, from social responsibility to environmental impact to community engagement, is a key driver of innovation and attracting talent and customers that align with the organization’s values. Within this framework, a company must be able to maintain profitability to ensure the company has the resources to grow, invest in its mission, and remain competitive.
Lead in a Collegiate Style
A collegiate leadership style that values collaboration, inclusivity, and open dialogue across all levels of the organization fosters a culture of trust, innovation, and shared responsibility. By welcoming diverse perspectives and encouraging transparent communication, businesses build a stronger, more adaptable foundation that can respond effectively to challenges and seize new opportunities while increasing employee engagement and loyalty.
Focus on Human Value Rather Than Labels
As one of the most racially and ethnically diverse adult populations in U.S. history, Millennials are 31% more likely to focus on equity and 28% more likely to focus on tolerance and acceptance in the workplace. According to the report by American Express, Millennials see human value in a wide range of characteristics and attributes and are comfortable seeking out and sourcing talent from atypical sources. Millennial leaders are less concerned with gender, ethnicity, and, to a certain extent, age and are instead looking for “…openness to learning and aptitude, shifting focus towards softer skills that encourage a more diverse workforce.”
Why this approach matters:
A workplace culture that prioritizes talent, potential, and contributions over job titles or backgrounds allows employees to be recognized and promoted for their abilities and given opportunities to grow based on their strengths. This approach allows businesses to create an inclusive and dynamic environment where both individuals and the organization can flourish by valuing people for what they bring to the table rather than categorizing them by rigid roles or stereotypes.
Greater Distinction Between Work and Life
Millennial managers entered the workforce in an era where they were expected to always be accessible. This may be why, as leaders, they attempt to establish clear boundaries between work and life. In fact, in the American Express survey, 60% of Millennial workers said that having a good work-life balance was something they wanted from their workplace.Millennials are also more committed to wellness and expect their employers to support their well-being. Around50% of Millennials say they would quit their job if they felt their mental health was negatively impacted due to lack of support and benefits.
In response, some business leaders are now restricting email to office hours and implementing wellness programs to ensure their employees’ mental health and well-being are valued.
Why this approach matters:
Businesses benefit when they encourage their employees to have work/life balance because it reduces burnout and turnover and boosts productivity, creativity, and overall job satisfaction. A well-rested workforce brings greater focus and energy to their roles, ultimately driving better business outcomes. Millennial leaders will benefit from fostering a culture that values professional success and personal well-being.
Succeeding in a New Era of Leadership
As Baby Boomers continue to retire and Millennials take their place in leadership positions across organizations, businesses must adapt to new leadership styles, embrace evolving workplace expectations, and innovate to meet the changing needs of both employees and customers.
Ensure your business is poised to grow, scale, and meet new customer demands with effectiveleadership development. Contact us today to get started.
Warmly,
Lori & James
Lori Heffelfinger & James Jackman
Sources:
28+ Unbiased Millennials in the Workplace Statistics. Aleksandar Dimovski. 3/31/2023.https://goremotely.net/blog/millennials-in-the-workplace. Accessed 2/5/2025.
Andrew Curry, Sahar Hadidimoud, Paul Graham Raven, Gaëlle Siourakan, and Johnny Stubbs of Kantar Futures. 2017. Redefining the C-Suite: Business The Millennial Way.https://www.americanexpress.com/content/dam/amex/uk/staticassets/pdf/AmexBusinesstheMillennialWay.pdf. Accessed 2/5/2025.
