Millennials - Youth Economic Opportunities · Millennials Tomorrow’s Leaders Today April 2014 Generation Y is 80 million strong. Also known as Millennials, these 18- to 31-year-olds

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Millennials Tomorrow’s Leaders TodayApril 2014

Generation Y is 80 million strong. Also known as Millennials, these 18- to 31-year-olds are revolutionizing

the workplace today and changing the face of leadership tomorrow. Companies can no longer wait to tap into this huge, growing pool of American talent.

leaders TodayThe Hartford’s 2013 Millennial Leadership Survey¹ found 78 percent of Millennials consider themselves to be a leader today. Only 22 percent of those surveyed said they’re not a leader.

Why do so many Millennials perceive themselves as leaders?

Is this a generation of entitled, overconfident narcissists as some experts suggest? No. Millennials are the most educated and tech savvy generation in history. They have grown up with a global perspective and access to the World Wide Web literally at their fingertips their entire lives. Yes, many are supremely confident, mostly because they’ve been empowered by parents, teachers and coaches to make decisions like leaders for most of their lives. Also consider that today’s high-tech, globally interconnected world offers more opportunities for young people to be leaders than previous generations.

78% of Millennials consider themselves to be a leader today.1

By Lindsey Pollak

thehartford.com/tomorrow

Where are They leaders noW?

64% family/friends

50% personal interests/

hobbies

36% school/education

24% sports/athletics

35% business/workplace

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How can you use all of this to your organization’s advantage?

Give Millennials leadership opportunities. Give them a Gen Y task force to lead. Designate them as your health champions. Invite them to crowd source a decision about employee benefits, such as what new benefit should be added. Hold a hack day focused on solving a benefits problem, such as how best to communicate and enroll their peers.

ToMorroW’s leadersGen Y leadership dreams are not a fleeting goal. Nearly three-fourths (73 percent) of Millennials in The Hartford’s 2013 Millennial Leadership Survey said they aspire to be a leader in the next five years whether they feel like leaders today or not.

What do these leadership ambitions tell us?

Millennials are re-defining adulthood – and the American dream. Millennials do not simply want to be successful in their careers. They want to lead in their personal lives as well. They are not interested in only money but enjoying life experiences and making their communities – and world – a better place.

nearly 73% of Millennials said they aspire to be a leader in the next five years whether they feel like leaders today or not.1

Where do Millennials WanT To be leaders?

51% among family/

friends

40% in personal

interests/hobbies

32% at school

63% in the workplace

The No. 1 spot where Millennials want to lead is:

They also want to be a leader:

31% in the community

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While this ambition is admirable, what some Millennials are missing are the tangible skills to be successful. The smartest companies are determining leaders within their teams now and setting up programs/networks now that will develop the skills that they may be lacking (such as how to lead a meeting or close a deal). If you want specific skills in your current and future leaders, then you need to offer training/development in those areas.

When it comes to Millennials, it is critical to create a customized development program for each person. Millennials have grown up in a customization nation in which every individual is special. They expect everything to be personalized, even their leadership programs and benefits. If you can’t do this in-house, turn to your vendors for help.

a Changing definiTion of leadershipKeep in mind, as well, that Millennials may define leadership a bit differently than previous generations. Someone who “motivates or influences others to reach a shared goal” is the top definition of a leader in The Hartford’s 2013 Millennial Leadership Survey.

How is this different than today’s leaders?

Millennials are defining leadership as someone who mentors others, not dictates or orders people around. This should be no surprise given that they’ve been coached and mentored their whole lives.

This survey’s results also show Gen Y wants to make the world a better place. So, why not help them do that? Millennials can be your company’s army of volunteers. Also, connect the dots in terms of how your company’s products, services and people are helping others. Do that and your Millennials will be more engaged employees.

Be sure to show how employee benefits help them achieve their personal goals. For example, show how having disability insurance can help them on their chosen career path or take a dream vacation in the next five years – even if they experience an illness or off-the-job injury that prevents them from working for a while.

The top definition of a leader is someone who “motivates or influences others to reach a shared goal.”1

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Millennials said a leader:

MenTors others to reach their personal achievements1

effects Change

in the community1

aChieves his/her

personal goals1

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realisTiC perspeCTive

These survey results show Millennials have a realistic perspective about their generation’s ability to lead and they are eager for guidance. The Hartford’s 2013 research2 shows 90 percent of Millennials say Boomers bring substantial experience and knowledge to the workplace and 93 percent of Boomers believe Millennials bring new skills and ideas to the team.

Create opportunities for Millennials and Boomers to mentor each other, such as during wellness programs or benefits enrollment. Millennials can share their tech skills during online enrollment, while Boomers can share their experience on how benefits can help protect one’s physical and financial fitness.

Millennial advoCaTesThe Hartford’s 2013 Millennial Leadership Survey shows Millennials have the desire and the confidence to lead.

Good news: You can teach someone how to email or leave a voicemail, but you can’t teach someone to want to be a leader.

Bad news: Millennials will lead regardless of whether they have the skills or ability to do so effectively.

Millennials are collaborative and transparent leaders. Embrace their desire to create solutions for problems. Give them the technology and resources that they need to lead and innovate. And give them mentors for inspiration.

Millennials want to – and will be – leaders now and in the future. Help make them great ones. Companies that advocate for Gen Y today will lead in the workplace of tomorrow.

90% of Millennials say Boomers bring substantial experience and knowledge to the workplace.2

26% said their generation is much/somewhat

better as leaders than other generations1

28% said Millennials as leaders are somewhat/

much worse1

34% felt Millennials as leaders are comparable to

other generations1

When it comes to comparing how their generation of leaders compares to other generations, Millennials were split.

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“ Millennials want to – and will be – leaders now and in the future. Help make them great ones. Companies that advocate for Gen Y today will lead in the workplace of tomorrow.”

– lindsey pollak

abouT lindsey pollakLindsey Pollak is a best-selling author, Millennial career expert, and spokesperson for The Hartford’s My Tomorrow campaign (www.thehartford.com/tomorrow). She has more than a decade of experience advising both young professionals and organizations on the changing world of work.

She is the author of “Getting from College to Career: Your Essential Guide to Succeeding in the Real World.” Her next book on Millennial leadership, “Becoming the Boss: New Rules for the Next Generation of Leaders,” will be published in fall 2014 by HarperCollins.

Her advice and opinions have appeared in such media outlets as The New York Times, Fox News, The Wall Street Journal, CNN, The Today Show, Women’s Health, NPR, and NBC Nightly News with Brian Williams. She serves as the chair of Cosmopolitan magazine’s Millennial Advisory Board.

Pollak (@lindseypollak) appears on several ”Best People to Follow on Twitter” lists, including Mashable’s list of “20 Twitter Resources for Job Hunters” and Marie Claire‘s “100 Twitters Every Woman Should Follow.” She was recently named one of the “10 Most Visionary Leaders in Career Services,” according to the 2013 Career Services Insights Survey. Her website (www.lindseypollak.com) is on Forbes’ “Top 75 Websites for Your Career.”

abouT The harTfordWith more than 200 years of experience, The Hartford (NYSE: HIG) is a leader in property and casualty insurance, employee benefits and mutual funds. The company is widely recognized for its service excellence, sustainability practices, trust and integrity. More information on the company and its financial performance is available at www.thehartford.com.

Join us on Facebook at www.facebook.com/TheHartford

Follow us on Twitter at www.twitter.com/TheHartford

The Hartford helps companies offer their employees ways to prepare for the unexpected. A market leader in providing employer-paid and voluntary life, disability and accident insurance, it also offers a range of absence management services. Ranked first in new accidental death & dismemberment sales, The Hartford ranks fourth in new combined fully insured disability and group life sales.6

The Hartford also provides analytical and consumer education tools, along with enhanced service and administration capabilities focused on easing benefits administration for employers and helping to optimize enrollment results.

The Hartford® is The Hartford Financial Services Group, Inc. and its subsidiaries including issuing companies Hartford Life Insurance Company and Hartford Life and Accident Insurance Company. Home office is Hartford, CT.1 The Hartford’s 2013 Millennial Leadership Survey was conducted online from Sept. 11-16, 2013 among a

demographically representative U.S. sample of adults 18-31 years of age who have at minimum attended some college. Interviewing was conducted on behalf of The Hartford using ORC International’s Millennial Generational CARAVAN® Omnibus.

2 The Hartford’s Benefits For Tomorrow Study was conducted via phone in March 2013 among 1,000 adults 18-64 years of age who work full time. Interviewing was conducted on behalf of The Hartford by ORC International’s CARAVAN®.

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