One characteristic which is common to most millenials is their tendency to expect quick results and instant closures. It is interesting to analyze why instant gratification means so much to this segment. They are not patient and do not want to wait for things to happen. So much so that they want real-time clarity on their career milestones and benefit realization. Any delay in gratification makes them feel frustrated and restless.
It is interesting to analyze and understand why there is an element of impatience and urgency in the mental makeup of the new generation. Some of the possible reasons could be, first, an outcome of upbringing; second, the effect of the environment in which they were brought up and the effect of genetic factors.
It is said that upbringing and environment play an important role in shaping one’s behavior. Indeed, this generation has grown up in an era of plenty. They have grown in a time when everything is at their beck and call, including a plethora of choices for any category. If we were to look back at the upbringing of this segment, we would realize that they got everything quickly and at the click of button, sometimes literally so. Parents, too, ensured that their children get all possible resources at their disposal whenever the need arose.
Environment also played its roles. While growing up, they witnessed a transforming era. They got influenced by Western lifestyle attended by the belief that there is only one life to live and one should enjoy to maximum. They strongly held the belief that it is about living in the present. They don’t believe in compromising their present life for future security. For them, future is not a concern and hence retirement is not a pre-defined stage in life. Most of them want to work till they can without putting an age cap to it.
Technology also played a very important role in shaping this trait. Various technological innovations have enabled speed of delivery and quickened the pace of realization. Be it live streaming, instant messaging applications, channel at a click… the list is endless.
A lot of financial instruments are now being designed keeping in mind short-term investment avenues and high degree of liquidity. Deferred returns are no more the flavor of the season. As a response, most companies are trying to instill agility in their culture to suit the needs of this segment. What is now expected is swiftness in processes and transactions. Organizations have also incorporated self-tracking mechanisms which can help employees track the progress of their processes and requests. Various Service Level Agreements (SLAs) and Turn-around Times (TATs) are also being compressed to expedite the service delivery and response levels.
The corporate world has recognized this personality aspect and has instilled agility through various means and mechanisms. Some of the manifestations are:
- Instant approvals on mobile phones
- Self-paced online training programs
- Early responsibilities
- Accelerated career growth
- Short-term projects
- More cash in hand
- Increased frequency of variable pay-outs.
Two-minute Maggi or 20-minute pizza delivery is no more the luxury or novelty it was to an earlier generation; it has now become the norm. It is up to us to decide fast we can catch on to this trend!