Millennials at Work- Reshaping the Workplace Culture
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This study explores the working styles of Millennials and how they are reshaping the workplace culture. It discusses the changes brought by Millennials, challenges and benefits they pose, and summarises relevant subject areas.
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Running head:INTEGRATED BUSINESS MANAGEMENT PROJECT Integrated Business Management Project Millennials at Work- Reshaping the Workplace Culture Student’s name: Name of the university: Author’s note:
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1INTEGRATED BUSINESS MANAGEMENT PROJECT Table of Contents 1. Introduction to research topic......................................................................................................2 1.1 Problem statement.................................................................................................................2 1.2 Research questions.................................................................................................................3 2. Literature review..........................................................................................................................3 2.1 Performance of Millennials at workplace..............................................................................3 2.2 Changes brought by millennials at workplace.......................................................................3 2.3 Challenges and benefits are given by millennial at workplace..............................................4 3. Summarising relevant subject areas.............................................................................................5 4. Conclusion...................................................................................................................................6 Reference List..................................................................................................................................7
2INTEGRATED BUSINESS MANAGEMENT PROJECT 1. Introduction to research topic Millennials are also known as Generation Y and they are following Generation X. Millennials are the young generation who reached their adulthood at the turn of 21stCentury (De Vaney2015).Millennialsaremarkedbytheincreasedutilisationofcommunication technologies, media and they are familiar with digital technologies. Post-war of Baby Boomers, Millennials were brought up in a liberal way and they are civic-minded. In this study, the working styles of Millennials are described with the theoretical approach with taking help of secondary data sources. Regardless of the age of Millennials, the people are emotionally committed to the workplace and they try to find the works that suit them. 1.1 Problem statement Millennialsintheworkplaceareyoung,smart,brashandtheyaresavvywith technologies and latest gadgets. Management in the workplace understand the generation gap and they deploy the employees in such a way where bonding among the employees must be good. There can be a cultural clash between baby boomers and Millennials as their process of thinking and working style may not match. Millennials are the pioneer of technologies and open- minded thinking, baby boomers and Gen-X think that Generation Y brings attitude at the workplace (Smith and Nichols 2015). Millennials are goal oriented, they have expectations, they do not afraid of workplace changes and they find creative challengesat the workplace. Millennials' differ in the application of new age workplace culture of gig economy, work-life balance, flat corporate culture and social consciousness (Pomarici and Vecchio 2014). In the Australian workplace, 18% of the employees in the workplace are aged after 58 and this projected to reduce by 11% by 2030 (Pwc.com 2018). Millennials mainly bring the workplace
3INTEGRATED BUSINESS MANAGEMENT PROJECT culture by bringing the technologies, social media at the workplace, immediate feedback culture and doing knowledge-based jobs. They choose the career paths that are less predictable and more dynamic. 1.2 Research questions 1.How are Millennials reshaping the workplace culture? 2.What changes are employed in the workplace by the Millennials? 3.What could be challenges and advantages brought by Millennials at the workplace? 2. Literature review 2.1 Performance of Millennials at workplace Millennials are born after 1982 and their thinking process is different than baby boomers. Managers in the workplace try to exploit the Millennials as they have positive outlook and qualities that the managers seek. Within a workplace, team bonding can become weaker if the poor management style is employed. Baby boomers, Gen-X and Millennials need to work together with the cohort. As stated by Pinzaru (2016), the performance of the Millennials is different from Gen-X and Baby Boomers as they are the top employees and organisation's most effective assets. They can use technologies, they are fresh thoughts of the organisation, they believe in work-life balance and they focus on social-entrepreneurship. The performance of the Millennials is an important matter for the employers as they have been entering the workplace in vast numbers and they will shape the workplace for many years to come. Millennials already take 26% of the overall work and it will reach 50% of the global workforce (Dealet al.2014).
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4INTEGRATED BUSINESS MANAGEMENT PROJECT 2.2 Changes brought by millennials at workplace Millennials have brought the concept of loyalty-line as Millennials are loyal towards the employers. In 2010, a statistic showed that Millennials are expected to work between three and five employers in their lifetime. Millennials and Gen-X both have experienced the recession and tough time have provided an urge to compromise in expectation of salary (Choiet al.2015). They can work in different roles in the workplace and they try to work with the current employer for long-time. In addition, according to DeVaney (2015), Millennials are committed towards personal life as they have brought the concept of developing a work-life balance. Flexible working hours and the idea of gig economy are the concepts brought by them. Millennials are completely fine with working in the multicultural workplace and they are techno-generation. They are moving up to the leader faster and Gen-Y tries to provide the waning significance of corporate responsibility (Pomarici and Vecchio 2014). Millennials love to travel and they are in love with going overseas for a job assignment. 2.3 Challenges and benefits are given by millennial at workplace Millennials pose challenges to the organisational productivity when the employees glued to the social networking sites or busy with online shopping sites. Understanding the generational gap is very essentials for the managers and recruiters. Millennials leave the employers in short- span of time and thus created alarming concern to the employers. Millennials want flexible working hours and ‘work-from-home’ facility; therefore, managers face challenges to manage them. Generation Y believe in casual dress at workplace and dress-code is a burden for them (Papavasileiou and Lyons2015). On the other side, Millennials are spirited with passion and competitive in nature as they have their own traits and set of working styles. Gen Y love challenges and they find a balance with the older generation. They define cross-generational
5INTEGRATED BUSINESS MANAGEMENT PROJECT values (Smith and Nichols 2015). They practice flexibility and they can reach leadership within a short-span of time. 3. Summarising relevant subject areas Pinzaruet al.(2016), discussed psychological profile of Millennials and they also found out the differences between other generations and Gen Y in terms of characteristics, personality, values and reactions of stress. This study explores the side of the motivation of the Gen Y through public acknowledgement, recognition and positive feedback from the management. Jenniferet al.(2010), did the empirical research on the behaviour of Gen Y in the workplace and they found that behaviour of the Millennials is contradictory. This study focused onlong-termhealthoutcomes,workattitudesandpersonalfactorsintheworkplace. Generational differences and similarities are also researched. Thompson and Gregory (2012), stated about common stereotypes at the workplace of the employees in the context of politics, education social and economical. The authors opined that management style must help the Millennials to bring the best from them. Millennials ways of working are different from the previous generations. Hershatter (2010), illustrated and illuminated characteristics of generation Y. In recent time, organisations have been facing the issue of a new generation which is entering in large numbersastheir characteristicsare completelydifferent. Gen Y has a relationshipwith technologies and it highlights the best practices of the organisation. Kowske (2010), explained that generational differences are an important factor in the workplace by showing the work attitudes, job security, turnover issues. Millennials' attitudes in
6INTEGRATED BUSINESS MANAGEMENT PROJECT work differ from the previous generations; however, effect sizes are depended on the work attitudes. Gen Y believes in mainly job satisfaction and benefits provided by employers. Kultalahtiet al.(2014), discussed perception of the Gen Y regarding the motivation factors at the workplace. This study summarised the intrinsic and extrinsic motivation at the workplace; it talked about the many dichotomies of negative and positive factors of motivation. Paulinetal.(2014),discussednon-profitorganisationsanditsassociationwith sustainable involvement with the millennial generation. Millennials always support the social causes and they get autonomous motivation. Christina and Dimitriou (2015) suggested about American people and their characteristics and traits. This study compares the Millennials with the older generation and Millennials' attitudes are described with a relationship with colleagues and opportunities for promotion. 4. Conclusion The business scenario has changed drastically with time and workforce has been going through the change. The concept of working culture in the workplace is becoming more flexible and employees are needed to have more EQ and less IQ. Millennials are used to with the technologies and hand-held devices that they use in their life. Millennials want to have their own business and digital technologies provide a better opportunity for creativity and entrepreneurship. In workplace culture, they bring the flexibility of working hours, gig economy and work-life balance. In addition, Millennials believe in fast-paced life and they are dynamic. However, their relationship with the previous generations is blurred as Gen Y is less optimistic. In career and work life, for Gen Y, money is not everything as an opportunity in career progression takes the highest value.
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8INTEGRATED BUSINESS MANAGEMENT PROJECT Reference List Choi, J.W., Lee, J.H. and Kim, K.Y., 2015. Exploring Millennial generation behaviour of gamificationcontentsconvergingwithICTandsharingeconomy:Hierarchicalclustering analysis. InComputer Science and Its Applications(pp. 789-794). Springer, Berlin, Heidelberg. The deal, J.J., Altman, D.G. and Rogelberg, S.G., 2014. Millennials at work: What we know and what we need to do (if anything).Journal of Business and Psychology,25(2), pp.191-199. Deeken, J., Webb, P.L. and Taffurelli, V., 2008. We are all winners: training silents to Millennials to work as a team.The Serials Librarian,54(3-4), pp.211-216. DeVaney, S. A. 2015. Understanding the millennial generation.Journal of Financial Service Professionals,69(6), pp.11-14. Dimitriou, C.K. and Blum, S.C., 2015. An exploratory study of Greek Millennials in the hotel industry:Howdotheycomparetoothergenerations?.InternationalJournalofGlobal Business,8(1), pp.34-56 Felix, D. 2013. The composition of a Successful Management Team: How Much and What Kind of Experience Makes a Difference?The Journal of Private Equity, Vol.1 (1), pp.33-36. Hurwitz, M and Hurwitz, D, 2013. Personal, Team, and Organizational Development. In Leadership is Half the Story: A Fresh Look at Followership, Leadership, and Collaboration. University of Toronto Press, Vol. 10(4), pp.23-78.
9INTEGRATED BUSINESS MANAGEMENT PROJECT Kowske, B.J., Rasch, R. and Wiley, J., 2010. Millennials’(lack of) attitude problem: An empiricalexaminationof generationaleffectson work attitudes.Journal of Businessand Psychology,25(2), pp.265-279. Kultalahti, S. and Liisa Viitala, R., 2014. Sufficient challenges and a weekend ahead–Generation Ydescribingmotivationatwork.JournalofOrganizationalChangeManagement,27(4), pp.569-582. Papavasileiou, E.F. and Lyons, S.T., 2015. A comparative analysis of the work values of Greece's‘Millennial’generation.TheInternationalJournalofHumanResource Management,26(17), pp.2166-2186. Paulin, M., J. Ferguson, R., Jost, N. and Fallu, J.M., 2014. Motivating Millennials to engage in charitable causes through social media.Journal of Service Management,25(3), pp.334-348. Pînzaru, F. 2016. Millennials at work.Management Dynamics in the Knowledge Economy, 4(2), pp.173-192. Pomarici, E. and Vecchio, R., 2014. Millennial generation attitudes to sustainable wine: an exploratory study on Italian consumers.Journal of Cleaner Production,66, pp.537-545. Pwc.com.(2018).Millennialsattheworkplace.Availableat: https://www.pwc.com/m1/en/services/consulting/documents/millennials-at-work.pdf[Accessed 20 Feb. 2018]. Smith, T.J. and Nichols, T., 2015. Understanding the millennial generation.The Journal of Business Diversity,15(1), p.39.
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10INTEGRATED BUSINESS MANAGEMENT PROJECT Thompson, C. and Gregory, J.B., 2012. Managing Millennials: A framework for improving attraction, motivation, and retention.The Psychologist-Manager Journal,15(4), p.237.