Millennials admire Elon Musk but worry about the speed of digital change
A new global study has revealed the fears of the next generation of future business leaders.
Source: Elon Musk, serial entrepreneur, at TED2013: The Young, The Wise, The Undiscovered. Wednesday, February 27, 2013, Long Beach, CA. Photo: James Duncan Davidson via Creative Commons creativecommons.org/licenses/by-nc/4.0/
CEMS Survey ResultsThese millennials feel that the rapid rate of technological and digital advancement will be the biggest challenge they face as future business leaders - ahead of political, economic and environmental concerns. The breakdown of the challenges:
- Rapid rate of technological and digital change and advancement - 68%
- Shifts in world economic and political powers – 60%
- Environmental challenges such as global warming and energy consumption - 59%
- between 24 and 27 years of age
- from 32 countries around the world
- with 78% now employed by multinational companies.
Digital DisruptionEarlier in the year international management consultancy A.T. Kearney, a CEMS corporate partner, worked with CEMS students from the University of St Gallen on a business project looking at the impact of digital disruption on the future of retail.
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Frederic Fernandez, senior manager of the consumer goods and retail practice at A.T. Kearney commented, 'These days digital enhancement is at the core of any business model. If everybody agrees that the digital revolution is changing the way we are doing business, very few leaders today understand fully the scale of this change. Leaders need to react quickly and constantly reinvent themselves as they often work far too slowly, with a piecemeal approach, losing ground to competitors and doing far too little too late. Every business needs to ask itself how it can innovate digitally at every stage of the chain. Can they become quicker? Can they target customers better? Can they target them with better products?''The Consumer and Retail industry will change more over the next 20 years than over the last 200 years. We have never lived in such exciting time. It is at times like these that we will recognize the true leaders and innovators,' Fernandez concluded.
Harnessing Rapid Technological ChangeRoland Siegers, Executive Director of CEMS, said, 'It is clear that keeping up with the rate of digital advancement - for example automation, harnessing big data, emerging technologies and cyber security – will pose significant challenges for future leaders, including our own graduates, and will add a whole new layer of complexity as they try to stay ahead of competitors and innovate.''At the same time our graduates regard the most effective business leaders in the world to be technology innovators such as Elon Musk and Richard Branson,' Siegers continued. These are 'figures who are successful because they are able to harness rapid technological change and use it for social good, rather than seeing it as a hurdle.'Siegers explained the CEMS focus. 'At CEMS we believe that this is a unique period in world history, which requires exceptional leaders, who can overcome major political, economic and environmental challenges. The focus for our international education is to ensure that future leaders can use technological, economic and political change to their advantage, to lead effectively, and importantly look beyond profit maximisation towards creating long term value for an inter-connected society.'
More information about the CEMS Masters in International ManagementCEMS was founded in 1988 to unite international-calibre professors from leading universities and business schools, multinational companies and non-profit organisations. They jointly design and deliver both theoretical knowledge and practical know-how through the CEMS Master’s in International Management.The CEMS network includes:
- 30 schools across 5 continents - from Finland to Italy, Hong Kong and China to India, Canada to Australia.
- 75 Corporate Partners (multinational companies), from AstraZeneca to Zurich Financial Services, via Barilla, Deloitte, Google and P&G.
- 4 Social Partners (NGOs) - from CARE International and Fairtrade.
- 1,217 current MIM students of 66 nationalities enrolled
- 12,000 alumni of 85 nationalities, working in 75 countries
- 95% are employed or continuing their studies
- 46% are living outside of their home country
- 78% work for multinational companies