Welcome to the Levo Institute’s monthly insights newsletter. We are excited to share with you findings and insights from our community of professional Millennials from across the globe.
Our goal is to offer fresh data and thought-provoking insights on Millennials, by Millennials. We hope to ignite conversation and ideas for managing the challenges, and capitalizing on opportunities, with this incredibly talented, energetic, intellectual and rule-bending generation.
As such, with each newsletter going forward, we will explore topics through the lens of the Millennial Economy. What is this?
The Levo Institute is the first to coin the term “Millennial Economy.” The way we see it, every buzzworthy “economy” (Digital, Sharing, Gig, Experience, Circular, Cashless, etc) has one key common denominator— Millennials.
The Millennial Economy, as we define it, is an economic and social model in which ongoing "value shifts"— cycles of disruption, innovation and transcendence of current norms and behaviors —will radically reshape the future of work, business and life. We are living this radical reshaping right now, and it is being driven by Millennials.
One of the first value shifts underlying the the Millennial Economy is a shift in the importance of personal, emotional responsibility and sound, interpersonal skills, or Emotional Intelligence. This shift affects Millennials in how they approach their personal lives, and importantly, their professional lives.
Let’s dive in…
MILLENNIAL PRIORITIES &
THE RISE OF EMOTIONAL INTELLIGENCE
How The Value Millennials Place on Emotional Intelligence Is Shaping The Future of Leadership and Employee Skill Sets – and Company Cultures At Large
Emotional Intelligence has been an increasingly buzz-worthy topic within business circles over the past few years. A cursory search will return dozens of articles by Harvard Business Review, Forbes, Inc. and Fast Company on the subject – reaching peak awareness as we head into 2017.
Indeed, the very future of what it means to be a leader is increasingly defined by measures of emotional intelligence – skills and behaviors related to self-awareness, emotional regulation, social awareness and relationship management.
Specifically, emotional intelligence is defined as:
Emotional intelligence (EI) is the capability of individuals to recognize their own, and other people's emotions, to discern between different feelings and label them appropriately, to use emotional information to guide thinking and behavior, and to manage and/or adjust emotions to adapt environments or achieve one's goal(s).
Millennials in our survey reported higher levels of satisfaction with their current jobs and companies when those companies were also reported to have "highly emotionally intelligent leadership."
In fact, 80 percent of Millennials, surveyed by the Levo Institute in January 2017, strongly believe that developing and cultivating emotional intelligence is a key aspect of their career development.
We believe that companies who actively cultivate cultures centered around principles and behaviors of emotional intelligence will gain tremendous talent competitiveness and thrive in the Millennial Economy.
87 percent of Millennials who rated their current leadership as demonstrating high emotional intelligence felt strongly motivated to see their company succeed.
It is one thing for individual leaders and employees to cultivate emotional intelligence, it is another to scale these skills as company-wide cultural principles and operational behaviors.
So how do companies cultivate an "emotionally intelligent culture"?Understanding what keeps Millennials motivated to stay with their current companies offers clues:
Forty eight percent of Millennials surveyed intend to stay with their company for more than 3 years, citing reasons strongly linked to what we would consider "emotionally intelligent operational behaviors." These behaviors include:
- Active Encouragement: 80 percent feel encouraged to do and be their best through communication and feedback from management.
- Openness to New Ways of Working: 79 percent feel encouraged to come up with new and better ways of doing things, and 40 percent feel management actively looks to them for suggestions and leadership.
- Fostering Sense of Self: 66 percent feel their work gives them a sense of personal accomplishment.
- Policies That Empower & Create Mutual Trust: 58 percent rate flexible work environments, that empower autonomy and communicate trust in employee’s ability to perform and deliver, as a top reason for liking their job
- Employee Fellowship & Community: 65 percent rate fellow colleagues as the top reason for liking their current job.
Based on these findings, we find compelling evidence that companies who invest in their employees' "whole being" growth – including fostering positive, emotional environments – will be companies who win with the largest generational cohort in our workforce today. These are companies poised to win in the Millennial Economy— and the Levo Institute is here to help them every step of the way.