Corporate profits

Young workers can drive an additional $ 1.9 trillion in corporate profits: Citrix

According to The Born Digital Effect, a study by Citrix Systems, young employees are poised to generate an additional $ 1.9 trillion in profits for companies. Comprised of Generation Y (born 1981-1996) and Generation Z (born after 1997), Born Digital are the first generation to grow up in a fully digital world and now represent the bulk of the workforce. global.

Research has also found that when it comes to understanding what engages and motivates young workers, leaders are out of touch.

“These young employees are different from previous generations in that they have never experienced a technology-driven world of work,” said Donna Kimmel, executive vice president and chief human resources officer, Citrix. “To consolidate their future business success, companies must understand their values, career aspirations and working styles and invest in their development. “

Citrix, in collaboration with Coleman Parkes Research and Oxford Analytica, conducted The Born Digital Effect, a study that combined a global opinion survey of 1,000 business leaders and 2,000 knowledge workers in 10 countries to understand this that Born Digital expects from work, with economic modeling to quantify the impact they can have on businesses and the economy in general.

Main conclusions:

– Faced with an uncertain work environment, young workers in India focus the most on work factors such as career stability and security (94%), opportunities for further qualifications, training or retraining (93 %), and access to quality technology in the workplace (92%). Executives, on the other hand, believe that young workers prioritize competitive pay and job satisfaction over all other work factors.

Executives overestimate office attractiveness – Globally, 90% of Born Digital employees are unwilling to return to full-time office work after the pandemic, preferring a remote or hybrid model instead. This number is 76% for India, where:

-48% want to continue working from home most or all of the time. Their leaders voted in stark contrast to 14%

–11% would like to work in hybrid mode with more time in the office

– 17% would like a hybrid work with time evenly divided between home and office

–23% would like to be in the office full time

Although they prefer to work remotely, 86% of Born Digital workers in India agree that social interaction is crucial in a business context, which is significantly higher than the global average (68%).

“As businesses move forward to enable work from anywhere, they will need to offer employees the ability to meet both physically in the office and virtually from home to keep them connected, engaged and prepared for. the future of work, ”Kimmel said.

More than anything, Born Digital people want employers who give them flexibility and choice – Although a five-day week is still a popular work model, Born Digital in India believe employers should offer the option to work one week four days (76%) to promote employee well-being after the pandemic. When given a choice, this generation expects to be able to decide when to start and end their workday (22%), and a few want to work unstructured or performance-based hours (4%).

And they want to have the freedom and an environment to develop. When asked to identify the three most important aspects of corporate culture that they look for in choosing an employer, Indian Born Digital cited:

-Autonomy, or the opportunity to work in a high trust environment (90%)

-Innovation at the heart (90%)

-Priority to learning and development (90%)

90% of Born Digital in India expect employers to have a better understanding of family commitments, compared to the global average of 74%. Additionally, 92% of Born Digital workers in India say they would prioritize employee well-being as they advance in their careers.

Only 19% of Indian business leaders use instant messaging apps like Slack or WhatsApp for business purposes, compared to 89% of Born Digital employees in India. And only 21% of Indian business leaders enjoy using these apps for work, compared to 92% of workers at Born Digital. Interestingly, in India 90% of Born Digital employees will focus on increasing workspace technology in the future, if they were to take on leadership roles.

About 34% of Born Digital employees in India would leave an organization that lacked a focus, compared to 72% of Indian business leaders. And only 31% would leave a job if they felt the culture did not adequately reflect their personality, compared to 64% of business leaders.

More than four-fifths (86%) of Born Digital employees in India believe the pandemic has shown that their organization needs to invest more in digital technology, while only 16% of business leaders believe it does.

As the data clearly shows, today’s business leaders are clearly out of touch with what Born Digital really want from work. And to unlock their full potential and the value they can deliver, they need to connect.

“Successfully attracting and retaining Born Digital will require organizations to invest in the work model and tools to create the flexible, efficient and engaged work environment in which this next generation of leaders aspires and thrives,” said Tim Minahan, executive vice president of business. Strategy, Citrix. “And there is a clear business advantage in doing so.”

To quantify these benefits, Citrix worked with economists to create an economic model that assesses the impact of Born Digital employees on the profitability of businesses, by examining the relationship between the size of a country’s Born Digital population and the size of the population. profitability of companies in this country.

“As the model shows, companies in countries with above-average Born Digital populations may see an increase in corporate profits equivalent to more than the total market capitalization of the FTSE 100,” Minahan said.

Study countries with relatively well-developed education systems or younger populations compared to their peers – such as the United States, China, United Arab Emirates, Mexico, United Kingdom, and the Netherlands – benefit the most from Born Digital’s dividend as their above average. The people of Born Digital help ensure their businesses greater profitability, now and in the future. For countries like India with a Born Digital population of just 0.4% of the total population, the negative impact on corporate profits can reach $ 221 billion.

“Born Digital are the C-Suite of the future and in 2035 the success or failure of businesses – and the global economy – will be in their hands,” said Minahan. “To make it safer, companies need to train younger workers and adapt their workplaces and work practices to prepare them for today.”

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