Are millennials the missing link in corporate boardrooms?

Companies that embrace millennials’ perspectives can create long-term value for all stakeholders and contribute to a more equitable, sustainable, and prosperous future. PHOTO | FOTOSEARCH

The issue of corporate governance has become more pressing in recent times due to high-profile cases of scandals, corruption and mismanagement.

One question that should be addressed is whether millennials matter in corporate governance.

Millennials were born between 1981 and 1996, accounting for more than 25 percent of the world’s population. They represent a significant demographic and their preferences and behaviour can impact the economy, markets, and society.

However, despite being the largest demographic group in the workforce, millennials have not yet gained much representation in the boardroom or executive roles.

Corporate boards typically consist of experienced executives, seasoned professionals, and industry veterans who bring expertise, knowledge, and networks to the table.

However, what they may lack is a fresh perspective, innovative ideas, and an understanding of the changing landscape, which millennials can provide.

While millennials may not have the same level of experience as their older counterparts, they bring different experiences, values, and perspectives to the table.

They can help companies navigate disruptive technologies, demographic shifts and changing societal norms that will shape the future.

Millennials are more tech-savvy and digitally native than older generations, making them more attuned to the online ecosystem, social media and digital platforms – essential areas for any business.

However, one significant barrier to millennials’ inclusion in the boardroom is the lack of diversity in the corporate world.

Another reason the millennials may not yet have significant representation in the boardroom is that they are still relatively young and may lack the necessary skills, experiences, and networks required to serve at the highest levels of management.

However, this does not mean that companies should overlook the potential of younger generations. Instead, they should develop and nurture talent from within, providing growth opportunities, and creating a culture of innovation and inclusivity.

To take advantage of millennials’ perspectives and insights, companies need to create an environment that engages, motivates, and retains young talent.

One way is to provide opportunities for development, mentoring, training, and networking. Millennials highly value learning and development, and companies that invest in employee growth attract and retain top talent.

Another crucial factor is workplace culture. Companies should create a work environment that is inclusive, collaborative, and empowering, where individuals feel valued, respected, and able to contribute their unique perspectives.

This requires a shift from the traditional hierarchical and bureaucratic structures to more agile, flexible, and adaptive models that facilitate innovation, creativity, and experimentation.

Companies can also leverage technology to engage with millennials, who are highly attuned to digital channels such as social media, mobile apps, and virtual collaboration platforms.

Organisations that embrace millennials’ perspectives can create long-term value for all stakeholders and contribute to a more equitable, sustainable, and prosperous future.

By embracing digital transformation, companies can connect with millennials more effectively, increase transparency, and foster a sense of community and belonging.

Conclusion

In conclusion, millennials matter in matters of corporate governance, and their perspectives, values, and experiences can provide a significant advantage to companies that seek to adapt, innovate, and thrive in the changing landscape.

However, to tap into the potential of younger generations, companies need to create an environment that nurtures young talent and fosters innovation.

They also need to address the lack of diversity in the boardroom and ensure that the board reflects the stakeholder diversity and understands different perspectives.

Ultimately, Companies that embrace millennials’ perspectives can create long-term value for all stakeholders and contribute to a more equitable, sustainable, and prosperous future.

Mutwiri is the Research and Strategy Officer at the Institute of Certified Secretaries and Kiprono is the Manager Research, Strategy and Business Development at the Institute of Certified Secretaries.