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Juno © 2019

  • David Mochon

The 4th Industrial Revolution & Millennials

Updated: Jul 14, 2019

The 4th Industrial Revolution is here... Is your organization ready? In light of the new age of workers, how can you make sure your most valuable talents stay with you for the long run? Meet the Millennials... and the challenges they bring with them.

From water and steam power to digitization, the world has revolutionized technology in ways our ancestors could have never imagined.[1] The fourth industrial revolution approaches with a proposal to interconnect the physical, the digital and the biological. We must prepare for the disruptions these advancements will have on businesses and quickly adopt these innovations to see our businesses flourish.[2] It is not only management’s responsibility to adapt to technological changes, but employees as well.

The 4th industrial revolution is here

Technological advancements are favourable for certain organizations, but detrimental to people who are replaced by technology. According to McKinsey Institute, by 2030 about 800 million workers may become jobless as a consequence of automation.[3] Even though new technology destroys jobs, it creates new ones, allowing for the rapid evolution of society, and introducing new industries. The 4th Industrial Revolution will introduce advanced technologies such as “AI, quantum computing, nanotechnology, synthetic biology and robotics” making industries undergo drastic and unprecedented changes. [4]

How will innovation impact educational and organizational L&D? As an employer, you will look for people willing to learn continuously and who have the ability to quickly adapt to new environments and technological changes. You will also search for the right platform to initiate, track, design and allow this continuous learning in the workplace, while empowering your organizational objectives. The new employees entering the workforce are eager to learn, take up new challenges and responsibilities and acquire new skills. Thus, they will advocate for skill-based training that is oriented to their career aspirations, enabling them to shape up their future.

Introducing: The Millennials

Organizations must understand the needs of millennials, considering they will make up 75% of the global workforce by 2025.[5] Fortunately, millennials are the most hardworking generation, but also the hardest to keep satisfied. They are eager to learn, and welcome different social environments where employees collaborate rather than working in a competitive atmosphere.[6] Furthermore, millennials are against hierarchy in the workplace and search organizations that operate as a network of people co-existing with common objectives. They break down barriers separating upper management from subordinate positions and seek management’s guidance to build a bond rather than developing a superior-inferior relationship.[7]

Engaging and retaining your workforce

Employee retention is a common goal that organizations attempt to master. To accomplish this with millennials, employers must bring challenging and engaging work and give them access to a flexible working culture. Finally, the new generation views education as an essential asset. Introducing personalized employee training and encouraging further education will not only benefit your employees but also your organization.

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