Sunday Email - Millennials and Reading

Read time: ~5.30 minutes

Happy Sunday!

Every Sunday I offer strategies for the week ahead and a thought to fuel your action.

Millennials currently represent 35% of the workforce. With 56 million of them compared to 53 million Gen Xers, their presence is unmistakable. By 2030, they're expected to make up 58% of the global workforce. In short, their influence on the future of business is undeniable.

Despite the critical role millennials play, they often face criticism in the media and corporate circles. Much of this is unwarranted, considering the unique circumstances they grew up in. 

Simon Sinek elegantly outlined four key factors that shaped this generation, which highlight the hand they were dealt:

1. Parenting: Millennials were constantly told they were special, leading to a participation trophy culture. However, this well-meaning approach inadvertently affected their self-esteem and perception of achievement.

2. Technology: They experienced the unchecked rise of technology and social media, impacting their relationship-building skills and fostering addictive behaviors typically seen in gambling and alcoholism.

3. Instant Gratification: Accustomed to the immediate fulfillment offered by technology, millennials often struggle with the delayed gratification inherent in life and business.

4. Work Environment: The current corporate focus on short-term gains clashes with millennials' upbringing, affecting their confidence and patience.

And thus, the generation is viewed as not cutting it. Because they are different. 

As I think about the future of business and the constant challenge of businesses and their millennial team members I’m reminded of the underlying theme of Ryan Holiday’s book “The Obstacle is the Way.”

The genesis of the book stems from a quote attributed to the Roman Emperor and Stoic philosopher Marcus Aurelius: 

“The impediment to action advances action. What stands in the way becomes the way.”

The book, based on Aurelius’s philosophy, offers some insight to a path forward for businesses with the millennial generation. 

• Perception: It starts with perception. The core of stoic philosophy is reframing our perceptions. And when we do this we see hidden opportunities in every challenge. And so, with the millennial generation we can say that they are not willing to work or aren’t committed employees. Or we can say, this was the hand they were dealt and it’s on us, business leaders, to help them overcome that hand. 

• Action: Next we must take action… persistent, flexible and creative action. If you are willing to act and adapt then the obstacle can present a path forward. If we take the obstacle and turn it upside down, doing what is counterintuitive, we can turn a challenge into an advantage. 

• Will: This isn’t easy. Maybe the words are simple, yet the action is difficult. And we must have internal power and resilience to push forward when we meet inevitable challenges in this process. 

• Growth: By changing our perception, taking action and persisting no matter what is thrown at us, we realize growth. Both personal growth and success. 

And so the millennial generation poses an obstacle, an impediment. But with the right mentality and perception of the obstacle, there is a great opportunity

To integrate millennials effectively, consider the following actions outlined based on the 4 areas Simon Sinek mentioned about millennials: 

• Parenting Challenge: Combatting their lowered self-esteem.

  • Actions: Empower them with decision-making authority on an initiative that can have an impact on the business if successful. Offer mentorship while giving them autonomy. Celebrate their processes and learning experiences, independent of the outcome.

• Technology Challenge: Addressing their lack of traditional coping mechanisms.

  • Actions: Promote mental health alongside physical health. Introduce stress management tools and create environments that support mental well-being.

• Impatience Challenge: Managing their expectations for rapid career advancement.

  • Actions: Develop mentorship programs that showcase the reality of career growth. Encourage meaningful intergenerational interactions and learning. The onus here is on the mentor to deeply invest in the initiative.

• Environment Challenge: Navigating their dependence on technology and developing social skills.

  • Actions: Implement tech-free meetings to encourage direct communication. The small talk prior to a meeting is powerful at building social skills. Form employee cohorts or teams to foster a sense of community and interpersonal growth. Let them go through training and advancement together. 

Understanding that the millennial generation's characteristics stem from their unique upbringing and the world they entered is crucial. Successful integration in the workforce requires more than just adaptation; it demands a partnership approach where both parties evolve together. The relationship between employer and employee should be a collaborative one, where mutual respect and understanding drive progress.

In embracing the millennial workforce, businesses are not merely adapting to a new generation; they are preparing for a future where this generation's influence is predominant. Integrating their strengths and perspectives isn't just a necessity; it's an opportunity for growth and innovation.

A Thought To Ponder This Week

Uncertainty often breeds anxiety.

The fear of the unknown can leave us feeling worried and sometimes even paralyzed. We crave clarity about the future and our actions.

Yet, we often overlook a powerful tool for understanding: books.

History may not exactly repeat itself, but it often echoes. Countless brilliant minds have documented their experiences, offering valuable insights.

Each book, each new perspective, offers lessons to learn. Reading provides building blocks, if not direct blueprints.

Warren Buffett and Bill Gates prioritize reading as a fundamental part of their routine. In their eyes, it's a standard practice, not a luxury.

However, in our hectic lives – juggling business, family, and other commitments – reading becomes a lower priority. But history shows that the most innovative leaders have always seen reading as non-negotiable.

So, here's a thought for the week ahead: The average non-fiction book is around 75,000 words. At an average reading speed of 225 words per minute, spending just 20 minutes a day reading means you could finish a new book roughly every 17 days. That's over 21 books in a year and more than 400 books in the next 20 years. 

With this type of consumption, what might the impact be on ourselves, our family, our clients and our business? 

The best is ahead!

-Matt