When investors start businesses, one of the goals is to have enterprises that will outlast them. However, maintaining this success through generations is never easy unless you have a clear succession plan. With millennials comprising the largest part of the workforce today, your succession plan should factor them in for success.
Millennials are people who were born between 1980 and 1999, are highly educated, and require a lot of flexibility at work. Many are times when employers have complained that millennials are challenging to work with, but this is caused by rigidity, especially of the older generation leaders. The truth is that millennials have high potential if you understand their traits. In this post, we demonstrate the unique benefits of involving millennials in company succession planning.
Helps to Make Transition Smooth
When you prepare the next generation of leaders for a business, it implies that the transition will be smooth. Identifying the right millennials for the job means that your company will always have a team ready to take over when the current leaders exit their positions.
Remember that preparation for succession planning should be executed for all leadership positions and not just the CEO.
With millennials that understand the company’s history, it becomes easy for them to advance the strategies adopted by the company for both short and long-term plans. Indeed, most of them will be willing to use new strategies to not only achieve pre-set goals but also surpass them.
Crucial in Sustaining High Sales and Profits
One attribute of millennials is that they do not shy from trying out new things. Because they are tech-savvy, most of them quickly use social channels and mobile devices to achieve the targeted goals easily.
Therefore, you can expect the company to maintain a positive image, high sales and profitability. One example of companies employing this model is the New World Development in Hong Kong.
For long-term success, Cheng Yu-Tung, the founder of New World Development prepared his grandson, Adrian Cheng, to take over early enough. Instead of advancing the status quo of what his granddad started, the new CEO opted for a completely new trend. He is using technology and working with millennials from China to ensure the company shifts quickly and syncs with emerging customer needs.
Millennials are Able to Quickly Grow Your Company to the Next Level
When you enlist millennials to become the next generational leaders, they spare no effort in getting results. They are willing to learn and apply new skills that can help their businesses race faster to the next level. Even where there are no opportunities forthcoming, it is rare to get a millennial giving up.
For example, they even use personal networks to get the word out about the new product on sale and its superiority compared to others.
With millennials on your side, especially in succession planning, you can rest assured of quickly taking your company to the next level. Remember to create enough incentives and set clear goals because there is a possibility of achieving them earlier than anticipated. Like Yu-Tung of New World Development did, it is time for your company to also start succession planning with millennials.