CNN Money recently published an article on ‘When Millennials are the boss’ which was quite an interesting concept to think about. Wouldn’t you agree that being the boss of other generations is like a dream come true? Except nobody told you about all the stress that came with being the boss, which kind of reminds us all the friend’s theme song. If you are a self-employed millennial, building up your empire gradually, what policies have you put in place to protect you and your key employees in case of sickness or their inability to work for ‘x’ amount of time? Key Man cover could be one of the many options to suit your situation.
Our infographic below will outline Key Man Cover in more detail:
‘By 2020, Millennials will make up 35% of the global workforce’ according to Manpower Group, a consulting firm. Meaning millennials will continue to trickle into management positions, with a different view of how things could be done.
Of course, there are daily struggles with being the one in charge, like dealing with older staff members which may seem strange to both you and them. For the older generation, it may feel like you’re giving out to your parents. Especially when it comes to getting them to do tasks for you. But millennials are known to take things in their stride meaning we can encourage them to do those tasks and remain friendly.
We all realise that from time to time we aren’t going to be ourselves and we aren’t going to be able to focus on the task at hand but ‘Mansplaining’ has started to become a problem in the workplace environment. Would you believe that there is still a gender bias in the workplace especially when you’re the boss?
There is no denying that millennials face the same pressures as previous generations that entered management roles. Of course, being a millennial means we love the freedom to explore every angle but sadly we could fall into the trap of missing being managed.
We become like superheroes, dealing with everything everyone throws at us and still managing to look great in a suit. Being flexible is probably a millennials best asset, we can understand when you need time off for personal reasons but also have the drive to get the job done. We also value work-life balance and respect that the younger generation prefers less face to face time in the office. Some would argue that they would be tempted to just binge watch Netflix instead of work but you would find that more people are leading toward working from home. A cheaper option that means less time spent in endless meetings, that could have been communicated in one simple email. More time spent working would be an advantage as well as an incentive to work well in your own surroundings.
What will happen if the unexpected happens?
In the long term do millennials think about what could happen to us, ‘the boss’, if disaster strikes or if another key employee is unable to work? This is where Key Man cover comes into play. The necessity to protect your business and employees is something that millennials may not think about. But when you are the boss, these things become essential. After all, it is your job to look after your employees, not to mention your own business. Check out our blog on other financial challenges facing business owners including Key Man cover!
Millennials we are very much a big part of society and helping it evolve with more than a few of us being our own boss with the rise of social platforms, influencers and Digital stars. Meaning we are our own boss’s ready to take on whatever the world throws our way. However, having the right mentality to deal with these issues is different to financially preparing for them. Other than all the boring day to day stuff that needs to be done there are some cool aspects to being your own boss and building up a team around you. Like having that fancy business card, or better yet having your office with a door that closes.
Of course, the other drawback is dealing with Digital immigrants that could potentially find using a computer or a new software difficult to handle at times. Whereas on the opposite side of life there are the digital natives who thrive working away on a computer and no every hack that is in the book when it comes to online using. They can multitask to the extent of having 15 tasks on at one time.
If Key Man cover is something you would like to learn more about, follow us across our social media platforms for more information and updates. Alternatively, get in touch and one of our Financial consultants would be delighted to have a consultation with you.
Leave A Comment