Millennial Masterminds: 6 key traits defining tomorrow’s business leaders

Born between the early 1980s and mid-1990s, Millennials bring a set of characteristics, values and work ethics to the table that set them apart from previous generations.

According to Boomer Richard Branson, founder of Virgin Group: “Millennials have a remarkable ability to embrace technology, which is driving innovation and transforming industries. Their digital fluency and comfort with disruptive technologies make them invaluable assets in today’s business environment.”

On closer inspection, this group brings far more than innate tech literacy. Here are six characteristics that briefly outline what constitutes the average Millennial in business today:

1. Embracing technology and innovation – True tech natives, Millennials are not just tech-savvy, but hugely adept at leveraging technology and innovation to navigate and capitalize on the rapidly changing business landscape.
2. Work-life balance aware – Millennial business leaders seek flexibility and integration in their personal and professional lives, valuing experiences and personal well-being as having positive impacts on their productivity and creativity.
3. Collaboration, empowerment, accountability – Most typically, Millennial captains of industry generally favour a collaborative leadership style, valuing teamwork, inclusion and open communication to empower their teams and promote a sense of ownership and accountability.
4. Socially conscious, purpose driven – As leaders, this group strives to create businesses that have a positive impact on society and the environment, often integrating sustainability practices into their operations.
5. Espousing diversity and inclusion – Recognizing the benefits of a diverse workforce in terms of creativity, innovation and problem-solving, Millennials strive to create inclusive environments that celebrate differences and equal opportunities for all.
6. Growth and continuous learning – Millennial business leaders embrace a growth mindset, championing adaptability and continuous learning with an understanding of the importance of agility as the landscape changes by proactively seeking new knowledge and skills.

As GenX Sheryl Sandberg, one-time COO of Meta Platforms, notes: “Millennial leaders have reshaped the traditional workplace by emphasizing work-life integration. They understand that a healthy work-life balance fosters happier and more productive teams, ultimately driving better results.”

Millennials vs Others

While each new generation must share certain traits and ideas with the previous one that raised them – and the next one they’re employing – how do millennial leaders’ values and priorities differ from those of previous generations?

Millennials have been massively influenced by the rapid advancements in communication technology, and are accustomed to speedy, informal modes of communication. Business leaders are likely to prefer instant messaging, video conferencing, and social media platforms for collaboration and networking.

Perhaps due to being born in a time when access to information has never been greater, Millennial leaders are risk-takers with an entrepreneurial mindset, seeking opportunities to create and innovate even within large corporates.

Bridging the Generation Gap

Ann Frances Kelly, Managing Partner, Signium Germany, says:

“As with previous generations, Millennials face the challenge of creating the culture and leadership principles that will be embraced by the upcoming Gen Z’s. While both generations share digital affinity and the agility and desire to embrace rapid change, Gen Z will likely demand a whole new level of autonomy in creating their preferred work models, designed to meet individual needs and desires.

In a future where traditional work ethic or career framework takes a back seat to personal fulfilment, the work-life-balance theory ‘invented’ by Millennials takes on a whole new look.

Add to that the likelihood that emerging Millennial leaders will be heading organisations comprising Gen X, Gen Z and even late Baby Boomers, managing the styles, values and expectations of each generation will add another layer of complexity.”

Social responsibility, sustainability, and DEI

Millennials have a strong sense of social responsibility and are concerned about the impact of businesses on society and the environment.

According to a 2022 Forbes article by Jordan Erskine, Forbes Councils Member, “Millennials have been driving unprecedented marketplace change. A study by Cone Communications noted that 91% of Millennial consumers are willing to switch brands to one associated with a cause.”

In a change of corporate culture, Millennial leaders are also more likely to integrate sustainability practices into their organizations, making conscious decisions about ethical sourcing, waste reduction and implementing environmentally-friendly policies. They also support social causes and encourage employee volunteering, thereby contributing positively to their communities.

Overall, millennial leaders are reshaping workplace culture by infusing it with values such as diversity, inclusion, employee well-being, personal growth, technology adoption, and social responsibility. Their approach reflects a shift towards more holistic and people-centric leadership styles that benefit both employees and the overall success of the organization.

Lessons: Learning and teaching

Millennial leaders face several challenges in driving innovation and staying competitive in the fast-paced business landscape, currently beset by Polycrisis that affects every level of society and business.

Some of the key obstacles they may encounter include resistance to change by colleagues; generation gaps within organizations; and the need to constantly ensure employees adapt to evolving technologies and cyber security. Here, mentorship or coaching from GenX and those older often proves helpful.

Smart business leaders readying Millennials for succession – most C-Suites comprise members reportedly around 59, so GenX – can learn from Millennials’ adept use of technology. As we see the age of the Chief Technical Officer (CTO) dropping, these leaders are likely teaching their teams to embrace and leverage tech advancements that can lead to increased efficiency, improved customer experiences and innovative business models.

Valuable traits across the board

While values and priorities discussed here are commonly associated with Millennials, there will always be variations among individuals. These characteristics are not necessarily exclusive to Millennials, but reflect general trends observed among this generation of leaders. Organizations will always do well to engage the most productive and valuable traits of all staff members to create teams that thrive on intellectual diversity.

Born between the early 1980s and mid-1990s, Millennials bring a set of characteristics, values and work ethics to the table that set them apart from previous generations.

According to Boomer Richard Branson, founder of Virgin Group: “Millennials have a remarkable ability to embrace technology, which is driving innovation and transforming industries. Their digital fluency and comfort with disruptive technologies make them invaluable assets in today’s business environment.”

On closer inspection, this group brings far more than innate tech literacy. Here are six characteristics that briefly outline what constitutes the average Millennial in business today:

1. Embracing technology and innovation – True tech natives, Millennials are not just tech-savvy, but hugely adept at leveraging technology and innovation to navigate and capitalize on the rapidly changing business landscape.
2. Work-life balance aware – Millennial business leaders seek flexibility and integration in their personal and professional lives, valuing experiences and personal well-being as having positive impacts on their productivity and creativity.
3. Collaboration, empowerment, accountability – Most typically, Millennial captains of industry generally favour a collaborative leadership style, valuing teamwork, inclusion and open communication to empower their teams and promote a sense of ownership and accountability.
4. Socially conscious, purpose driven – As leaders, this group strives to create businesses that have a positive impact on society and the environment, often integrating sustainability practices into their operations.
5. Espousing diversity and inclusion – Recognizing the benefits of a diverse workforce in terms of creativity, innovation and problem-solving, Millennials strive to create inclusive environments that celebrate differences and equal opportunities for all.
6. Growth and continuous learning – Millennial business leaders embrace a growth mindset, championing adaptability and continuous learning with an understanding of the importance of agility as the landscape changes by proactively seeking new knowledge and skills.

As GenX Sheryl Sandberg, one-time COO of Meta Platforms, notes: “Millennial leaders have reshaped the traditional workplace by emphasizing work-life integration. They understand that a healthy work-life balance fosters happier and more productive teams, ultimately driving better results.”

Millennials vs Others

While each new generation must share certain traits and ideas with the previous one that raised them – and the next one they’re employing – how do millennial leaders’ values and priorities differ from those of previous generations?

Millennials have been massively influenced by the rapid advancements in communication technology, and are accustomed to speedy, informal modes of communication. Business leaders are likely to prefer instant messaging, video conferencing, and social media platforms for collaboration and networking.

Perhaps due to being born in a time when access to information has never been greater, Millennial leaders are risk-takers with an entrepreneurial mindset, seeking opportunities to create and innovate even within large corporates.

Bridging the Generation Gap

Ann Frances Kelly, Managing Partner, Signium Germany, says:

“As with previous generations, Millennials face the challenge of creating the culture and leadership principles that will be embraced by the upcoming Gen Z’s. While both generations share digital affinity and the agility and desire to embrace rapid change, Gen Z will likely demand a whole new level of autonomy in creating their preferred work models, designed to meet individual needs and desires.”

In a future where traditional work ethic or career framework takes a back seat to personal fulfilment, the work-life-balance theory ‘invented’ by Millennials takes on a whole new look.

Add to that the likelihood that emerging Millennial leaders will be heading organisations comprising Gen X, Gen Z and even late Baby Boomers, managing the styles, values and expectations of each generation will add another layer of complexity.

Social responsibility, sustainability, and DEI

Millennials have a strong sense of social responsibility and are concerned about the impact of businesses on society and the environment.

According to a 2022 Forbes article by Jordan Erskine, Forbes Councils Member, “Millennials have been driving unprecedented marketplace change. A study by Cone Communications noted that 91% of Millennial consumers are willing to switch brands to one associated with a cause.”

In a change of corporate culture, Millennial leaders are also more likely to integrate sustainability practices into their organizations, making conscious decisions about ethical sourcing, waste reduction and implementing environmentally-friendly policies. They also support social causes and encourage employee volunteering, thereby contributing positively to their communities.

Overall, millennial leaders are reshaping workplace culture by infusing it with values such as diversity, inclusion, employee well-being, personal growth, technology adoption, and social responsibility. Their approach reflects a shift towards more holistic and people-centric leadership styles that benefit both employees and the overall success of the organization.

Lessons: Learning and teaching

Millennial leaders face several challenges in driving innovation and staying competitive in the fast-paced business landscape, currently beset by Polycrisis that affects every level of society and business.

Some of the key obstacles they may encounter include resistance to change by colleagues; generation gaps within organizations; and the need to constantly ensure employees adapt to evolving technologies and cyber security. Here, mentorship or coaching from GenX and those older often proves helpful.

Smart business leaders readying Millennials for succession – most C-Suites comprise members reportedly around 59, so GenX – can learn from Millennials’ adept use of technology. As we see the age of the Chief Technical Officer (CTO) dropping, these leaders are likely teaching their teams to embrace and leverage tech advancements that can lead to increased efficiency, improved customer experiences and innovative business models.

Valuable traits across the board

While values and priorities discussed here are commonly associated with Millennials, there will always be variations among individuals. These characteristics are not necessarily exclusive to Millennials, but reflect general trends observed among this generation of leaders. Organizations will always do well to engage the most productive and valuable traits of all staff members to create teams that thrive on intellectual diversity.