Managing the Business of the Future: Millennials' Priorities Include Employees' Happiness and Fair PayAs part of their C-Suite shake up, U.S. Millennial leaders will put employee well-being at the top of their agenda. This may be a result of personal experience, because more than half of Millennials (54%) said they feel pressure to always be available to work. Three-quarters of Millennials (75%) said that a successful business should be flexible and fluid in the face of volatile working environments and not enforce a rigid structure on employees, and nearly three-quarters (74%) indicated a successful business will need to support employees outside of work. When asked about the key challenges to businesses of the future, Millennials identified the top five as paying employees fairly (39%), retaining talented employees (37%), improving performance (33%), keeping pace with innovation and technological change (32%) and providing flexible working arrangements (29%). If they were or currently are running their company, Millennials are more likely to invest time and money in staff and strategy than sales. An overwhelming majority said they would invest in employee development (94%) and company strategy (92%), while slightly fewer would invest in hitting sales targets (86%). They are also more likely than Gen X respondents to invest in executive education (87% vs. 77%). To overcome future challenges over the next five to ten years, Millennials said the key qualities of a boss will be their integrity (43%), fairness (40%) and problem-solving skills (37%). Millennials Prepared to Make Tradeoffs for Personal Success On a personal level, U.S. Millennials are seeking validation from their peers and looking to make a positive impact. Six-in-ten (60%) said they care about what friends and family think about their career and more than one-third define success as doing work that has a positive impact on society (37%). When considering their personal definition of success, Millennials rated enjoying the work they do as very important to them (62%), followed closely by having a good work/life balance (58%).
In order to achieve their vision of success, Millennials are willing to make trade-offs. Over one-third said they would lower their expectations around having responsibility at work (35%) and lower their career advancement expectations (35%) to achieve their vision of success, while three-in-ten said they were happy to lower their salary expectations (30% vs 19% of U.S. Gen Xers).Survey Methodology This research was conducted by Kantar Futures on behalf of American Express in June 2017 across France, Germany, the U.K. and the U.S. and surveyed 1,363 Millennials who self-identified as business managers and 1,062 self-identified business managers from Generation X. Margin of error is 4% at cohort level in each country, and 2% for the cohorts across all four countries. A literature review and trends analysis was also conducted. For the purpose of this research Millennials are defined as those born between 1980 and 1996. Gen X is defined as those born between 1965 and 1979. In the U.S. 343 Millennials who self-identified as business managers and 262 self-identified business managers from Generation X were surveyed. About American Express Global Commercial Payments Through its Global Commercial Payments division, American Express offers a suite of payment and lending products that help businesses and organizations of all sizes gain financial savings, control and efficiency. Global Commercial Payments provides solutions for travel and everyday business spending, cross border payments, global currency solutions, and business financing . To learn more about Global Commercial Payments visit business.americanexpress.com. About American Express American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, instagram.com/americanexpress, linkedin.com/company/american-express, twitter.com/americanexpress, and youtube.com/americanexpress.