How Generational Transitions will shape the Dynamic Nigerian Business Scene
Are you ready to ride the ultimate wave of change in the Nigerian business world? The recent pandemic has shown us the importance of being prepared for anything but hold on tight because there’s more change coming on a global scale. Baby Boomers (who are people born between 1946-1964) and Gen Xers (people born between 1965-1980) are passing the baton to the dynamic Millennials (people born between 1981-1996) and Gen Z (people born between 1997-2012), which means the nature of work and the workplace is going to experience a dramatic shift from what we’ve always known it to be. It’s time to act before you are left on the wrong end of the curve.
Who are the Generations?
The Baby Boomers are people born between 1946 and 1964. They are the generation that grew up after World War II, and are known for their strong work ethic, diligence, traditional values and loyalty. Generation X are people born between the mid-1960s and early 1980s (1965-1980). They are known for being independent, resourceful, adaptable and value work-life balance. Millennials are the tech-savvy generation born between the early 1980s and mid-1990s (1981-1996). Millennials value diversity, personal growth, and work flexibility, and are best known for being tech-savvy and collaborative. Generation Z or Gen Z are people born between 1997- 2012. These are the digital natives, innovative, socially conscious generation that values authenticity and inclusivity.
As we approach the year 2030, it becomes increasingly apparent that a significant transition is on the horizon for Nigerian businesses. By that time, all Baby Boomers and a substantial portion of Gen Xers will have reached the age of 60 or older, highlighting the urgent need for robust succession planning strategies. Succession planning entails the careful identification and development of emerging leaders who will seamlessly step into the shoes of the current generation. To safeguard against unforeseen leadership gaps and ensure smooth operations, it is essential for organizations to proactively establish and implement comprehensive succession plans. This forward-thinking approach not only maintains consistency but also enhances overall efficiency and effectiveness during these pivotal generational shifts.
Baby Boomers and Gen Xers have been excellent in shaping the country’s workforce practices and ethics. However, the next generation of leaders, primarily Millennials and Gen Z’s, will bring their own cultural values, diversities, and priorities to the workplace of the future.
To safeguard against unforeseen leadership gaps and ensure smooth operations, it is essential for organizations to proactively establish and implement comprehensive succession plans.
The Future of Work: The Rise of Millennials and Gen Zs in Leadership Roles
As Baby Boomers and Gen Xers make way for the younger generation, a new era of leadership is emerging, and it’s shaking up the workplace environment like never before. The younger generation, with their tech-savvy, innovative, and collaborative mindset, is set to bring a fresh perspective to organizational culture, and leaders need to be prepared for the changes that are coming.
Gone are the days of rigid hierarchy, long work hours, and adherence to traditional workplace norms. The younger generation prioritizes flexibility, work-life balance, and meaningful work. They value personal growth, continuous learning, and are more open to experimentation and innovation. As leaders, they will promote a more collaborative and inclusive work environment, leveraging technology and embracing new ways of working.
The incoming generation places great importance on working for organizations that operate ethically, sustainably, and contribute to societal issues. Millennials, often referred to as the “Giving Generation,” will drive a heightened focus on corporate social responsibility and social impact in Nigerian businesses.
The future of work is looking bright, with a more agile, adaptable, and forward-thinking workplace on the horizon. As leaders, it’s time to embrace this shift and prepare for the changes that are coming. The younger generation is ready to take the reins, and it’s up to us to create a workplace that supports their values and maximizes their potential. Are you ready for this journey?