Much ink has been spilled about the growing number of millennials in businesses. Their presence is having a transformative effect on the way that corporate institutions go about conducting their affairs and managing their staff.
On the other hand, there are other cohorts who are self-employed and taking charge of their destiny. In so doing, these entrepreneurs are beginning to reimagine the traditional role of the Chief Executive Officer.
Here are some general thoughts and observations:
1) Pragmatism over Risk
It is said that the millennial CEO are typically much more even-keel than the older generations. As such, they're more likely to be practical and take less financial risks. The most recent financial crisis is said to be the main trigger for this behaviour.
2) Purpose innovation will become normalised
The Purpose is a chief trait of Millennials - they tend to primarily support businesses that have products, services or experiences that serve a particular greater goal.
Based on this inherent behaviour, R&D dollars would be most likely repurposed around unique innovation that serves a greater public good.
3) An overhaul of the food industry
These cohorts are very particular about the food they consume - they want to know the story behind it all. For this reason, these CEOs would infuse a widespread transparency within the food industry; product labels will be clearly positioned and used as an educational tool for all consumers.
4) Change in productivity measurements
Since millennials have a pluralistic view of what constitutes as quality living (which goes beyond economic value), long hours would no longer become a measure of productivity.
Unlike the previous generation of CEOs, this new crop of executives would begin to place a premium on things like telecommuting, working remotely and spending time with family. They would spearhead the change from "hourly" to "living" wage.
5) Standardisation of Corporate Social Responsibility
These "give a damn" generation will be the frontrunner of policies that not only include CSR initiatives into their financial spreadsheets, but they would also make this practice the standard for businesses. Giving back to the community, being authentic and transparent will no longer be considered novel acts.
6) Emphasis on supreme content
Millennial CEOs would be at the forefront of ensuring that their advertising partners create rich and relevant content that acknowledges consumers as partners and collaborators.
It is important to note that some of these points are educated assumptions based on the current behavioural traits and other idiosyncratic characteristics of this demographic. I'm genuinely excited to see how the business world evolves with these cohorts at the helm.