No generation has faced more criticism and ridicule than Millennials. The scorn began around the turn of the century when the oldest Millennials, born between 1981 and 1996, were turning 19 and entering the workforce.
“Millennials got so many participation trophies growing up that 40 percent of them believe they should be promoted every two years, regardless of performance,” wrote Joel Stein in a 2013 Time article titled ‘The Me Me Me Generation’. He accused them of being lazy, selfish, and shallow, noting that the incidence of narcissistic personality disorder among Millennials was three times that of their parents’ generation.
But this was before Millennials climbed their career ladders, reached executive positions, and started proving their critics wrong. In 2022, the average age of incoming CEOs dropped from 56 to 53 – the largest annual decline in 23 years – and the number of CEOs under 50 leading S&P 500 companies more than doubled to 30 percent. The number of women CEOs also more than doubled, though it remains a low 13 percent.
“Two concerns I have for Millennial CEOs are their discomfort with ambiguity and the fear of disappointing their boss.” – Chip Espinoza
Millennial CEOs are debunking the stereotype that they are an entitled group with a penchant for avocado toast. Instead, they exhibit confidence, tolerance, and a desire to improve the world. As the first true digital natives, they may seek instant gratification and can be easily distracted, but they embrace disruption, adapt to change effortlessly, and crave knowledge and fulfillment over authority and wealth.
High-profile examples include Parag Agarwal, a pre-Musk Twitter CEO at 37; Snapchat’s Evan Spiegel, who was worth more than $2 billion at 26; Tumblr chief David Karp, who took over at 22; and Sundar Pichai, Google’s global boss at 42. Before their arrival, CEOs were almost always middle-aged white men. Now, young founders are often propelled into leadership early in their careers, with boards valuing attitude and energy over experience and lengthy résumés. Venture capitalists also favor young entrepreneurs, despite studies showing that older startup CEOs are more likely to succeed.
Benevolent Capitalism
Millennial business leaders are just as focused on generating profits as previous generations but have gained key insights their predecessors missed, according to business author and generational diversity expert Henry Rose Lee. “Their three main priorities are benevolent capitalism, empathic engagement, and responsive adaptability,” Lee tells The CEO Magazine. “They still want to make money, but in a way that takes psychological safety and emotional needs into account.”
“They don’t see themselves as all-seeing, all-knowing, always correct demigods. They’re far more likely to admit to feeling vulnerable or that missteps have been made.” – Henry Rose Lee
Millennials have realized that happy, fulfilled, and connected staff are far more productive, and that diversity, inclusion, and transparency offer real business benefits. Being transparent means being more humble and honest than might be comfortable. “They don’t see themselves as all-seeing, all-knowing, always correct demigods,” adds Lee. “They’re far more likely to admit to feeling vulnerable or that mistakes have been made. But transparency isn’t easy. What should you share and what should be kept private? My view is they should share anything and everything apart from their sex life and product secrets.”
Disrupting the Corporate Landscape
Millennial CEOs are changing the business world in several significant ways. Here are five major trends:
1. Purpose Over Profit
More than nine in 10 Millennials want to use their skills for good, according to a survey by the Society for Human Resource Management. The focus has shifted from pursuing pure profit to having a higher purpose and responsibility toward the planet and their staff, leading to the rise of roles like chief happiness officer, chief sustainability officer, and chief customer experience officer.
2. Coaching Over Control
Millennial leaders prefer coaching their teams rather than bossing them around. Studies show they rank managing others low on their list of priorities, favoring flat hierarchies where everyone learns together. They value feedback and wellbeing in themselves and others.
3. Speed Over Caution
With the rapid pace of digitalization, decisions need to be made quickly, with less time for deliberation. Embracing risk and being ready to manage crises caused by wrong decisions are critical skills. Millennial business owners are significantly more likely to take risks and less pessimistic about their future prospects than Generation X, according to a Wells Fargo study.
4. Personal Development Over Empire Building
Younger CEOs, who have grown up in rapidly changing workplaces, are eager to improve themselves, upskill, and acknowledge their weaknesses. A LinkedIn study found that more than a quarter of Millennials find learning to be the most enjoyable part of their work.
5. Collaboration Over Command
Disengaged employees cost the global economy around $1.2 trillion annually, according to a Gallup study. One major cause is leaders who see strength and decisiveness as essential traits. Nobel prize-winning author and psychologist Daniel Kahneman explains that this personality trait is deeply ingrained and difficult to change.
Potential Challenges
Despite their strengths, Millennial CEOs face challenges. Chip Espinoza, author of *Millennials Who Manage*, notes that while older workers appreciate Millennial leaders for their understanding and energy, these leaders might struggle with ambiguity and fear disappointing their bosses. This internal struggle can lead to second-guessing their decisions.
“Millennials with Millennial bosses report they’re harder to work for than other generations. Part of that comes from young leaders not feeling they fit in with their peers or older generations of leaders.” – Chip Espinoza
Additionally, Millennial leaders might feel alienated from their own age group. Ironically, Millennials with Millennial bosses report finding them harder to work for than leaders from other generations, possibly because young leaders feel they don’t fit in with their peers or older generations.
Despite these challenges, Millennials are making their mark. Among the new leaders is 20-year-old Advait Thakur, CEO of smart home startup Apex Infosys India, who built his first website at age nine and is already worth an estimated $3.7 million. Perhaps in 2033, he will start complaining about the Generation Alphas showing up late for work at his trillion-dollar global empire with their narcissism, promotion requests, and avocados.
