The Millennials’ Effect: How Can Their Personal Values Shape the Future Business Environment of Industry 4.0?
Abstract
The main purpose of this paper is to assess a possible impact millennials will have on the future business environment of Industry 4.0, based on their personal value orientations. Millennials are taking over important roles in organizations, but their personal values are significantly different from those of older generations. This paper shows that, based on the Schwartz’s value survey with N=371 Slovenian respondents, millennials are in general more inclined toward values connected to personal growth and freedom from anxiety, emphasizing self-transcendence and openness to change, than toward self-protection and anxiety avoidance, understating conservation and self-enhancement values. These cognitions can have significant implications in shaping the future business environment of Industry 4.0, as it can become more open, understanding, collaborative, accepting, and generally more supporting, thus creating the evident millennials’ effect. Even though millennials are in general well prepared for the future business environment, organizations will have to, in order to retain the millennials, reshape their current organizational environment to better reflect the millennials’ views.
Downloads
References
Ahn, M. J., & Ettner, L. W. (2014). Are leadership values different across generations?: A comparative leadership analysis of CEOs v. MBAs. Journal of Management Development, 33(10), 977-990. https://doi.org/10.1108/JMD-10-2012-0131
Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50, 179-211. https://doi.org/10.1016/0749-5978(91)90020-T
Akers, K. L. (2018). Leading after the boom: Developing future leaders from a future leader’s perspective. Journal of Management Developmen, 37(1), 2-5. https://doi.org/10.1108/JMD-03-2016-0042
Baer Jr, R. A. (1977). Values clarification as indoctrination. The Educational Forum, 41(2), 155-165. doi:10.1080/00131727709336229 https://doi.org/10.1080/00131727709336229
Bonilla, S. H., Silva, H. R., da Silva, M. T., Gonçalves, R. F., & Sacomano, J. B. (2018). Industry 4.0 and sustainability implications: A scenario-based analysis of the impacts and challenges. Sustainability, 10(10), 3740. doi:doi.org/10.3390/su10103740 https://doi.org/10.3390/su10103740
Bowels, M. (2015). Capabilities for leadership and management in the digital age. Melbourne: Working Futures.
Bressanelli, G., Adrodegari, F., Perona, M., & Saccani, N. (2018). Exploring how usage-focused business models enable circular economy through digital technologies. Sustainability, 10(3), 639. doi:10.3390/su10030639 https://doi.org/10.3390/su10030639
Bruno, L. F., & Lay, E. G. (2008). Personal values and leadership effectiveness. Journal of Business Research, 61, 678–683. https://doi. org/10.1016/j.jbusres.2007.06.044
Couper, M. P. (2000). Web surveys: A review of issues and approaches. Public Opinion Quarterly, 64(4), 464-494. https://doi.org/10.1086/318641
Črešnar, R., & Nedelko, Z. (2017). The role and importance of employee's productivity in Industry 4.0. In M. Bezpartochnyi (Ed.), Mechanisms of interaction between competitiveness and innovation in modern international economic relations (pp. 120-133). Riga, Latvia: ISMA University.
Črešnar, R., Nedelko, Z., & Jevšenak, S. (2019). Strategies and tools for knowledge management in innovation and the future industry. In H. Almeida, & B. Sequeira (Eds.), The role of knowledge transfer in open innovation (pp. 179-202). Hershey, PA: IGI Global. doi:10.4018/978-1-5225-5849-1.ch009 https://doi.org/10.4018/978-1-5225-5849-1.ch009
Dabic, M., Potocan, V., & Nedelko, Z. (2016). Personal values supporting enterprises’ innovations in the creative economy. Journal of the Knowledge Economy, 8(4), 1241-1261. doi:10.1007/s13132-016-0354-z https://doi.org/10.1007/s13132-016-0354-z
Deloitte. (2018). 2018 Deloitte Millennial Survey: Millennials disappointed in business, unprepared for Industry 4.0. Global: Deloitte Touche Tohmatsu Limited.
Enke, J., Glass, R., Kreß, A., Hambach, M., Tisch, M., & Metternich, J. (2018). Industrie 4.0 – Competencies for a modern production system: A curriculum for learning factories. Advanced Engineering Education & Training for Manufacturing Innovation”8th CIRP Sponsored Conference on Learning Factories (CLF 2018). 23, pp. 867-272. Partas: Elsevier. doi:10.1016/j.promfg.2018.04.028 https://doi.org/10.1016/j.promfg.2018.04.028
Erol, S., Jäger, A., Hold, P., Ott, K., & Sihn, W. (2016). Tangible Industry 4.0: a scenario-based approach to learning for the future of production. Procedia CIRP (pp. 13–18). Gjøvik: Elsevier B.V.
Gibson, J. W., Greenwood, R. A., & Murphy, Jr, E. F. (2009). Generational differences in the workplace: personal values, behaviors, and popular beliefs. Journal of Diversity Management, 4(3), 1-9. https://doi.org/10.19030/jdm.v4i3.4959
Grojean, M. W., Resick, C. J., Dickson, M. W., & Smith, D. B. (2004). Leaders, values, and organizational climate: Examining leadership strategies for establishing an organizational climate regarding ethics. Journal of Business Ethics, 55, 223–241. https://doi.org/10.1007/s10551-004-1275-5
Grzybowska, K., & Łupicka, A. (2017). Key competencies for Industry 4.0. Economics & Management Innovations, 1(1), 250-253. https://doi.org/10.26480/icemi.01.2017.250.253
Herold, G. (2016). Leadership in the fourth industrial revoulution. Dallas, TX: Stanton Chase.
Kluckhohn, C. (1951). Values and value orientations in the theory of action. In T. Parsons, & E. A. Shils (Eds.), Toward a general theory of action (pp. 388–433). New York: Harper. https://doi.org/10.4159/harvard.9780674863507.c8
Lancaster, L. C., & Stillman, D. (2002). When generations collide: Who they are. Why they clash. How to solve the generational puzzle at work. New York: Harper Collins.
Lau, P. Y., McLean, G. N., Lien, B. H., & Hsu, Y. C. (2016). Self-rated and peer-rated organizational citizenship behavior, affective commitment, and intention to leave in a Malaysian context. Personnel Review, 45(3), 569-592. doi:10.1108/pr-04-2014-0083 https://doi.org/10.1108/PR-04-2014-0083
Lester, M. (2011). A study of the innovation, creativity, and leadership skills associated with the college-level millennial generation. Ann Arbor, Michigan: ProQuest LLC.
Mohelska, H., & Sokolova, M. (2018). Management approaches for Industry 4.0: The organizational culture perspective. Technological and Economic Development of Economy, 24(6), 2225-2240. doi:10.3846/tede.2018.6397 https://doi.org/10.3846/tede.2018.6397
Müller, J. M., Kiel, D., & Voigt, K.-I. (2018). What drives the implementation of Industry 4.0? The role of opportunities and challenges in the context of sustainability. Sustainability, 10(1), 247. doi:10.3390/su10010247 https://doi.org/10.3390/su10010247
Nedelko, Z. (2015). Ethics of managers in Slovenian public administration. Management, 20(2), 23-47.
Nedelko, Z., & Potočan, V. (2019). Personal values as drivers of managerial innovation: Emerging research and opportunities. Hershey: IGI Global. https://doi.org/10.4018/978-1-5225-3250-7
Nedelko, Z., Mulej, M., & Potočan, V. (2017). How to requisitely holistically consider internal gaps of business ethics. Kybernetes, 46(6), 914-932. https://doi.org/10.1108/K-01-2017-0027
Ng, E. W., Schweitzer, L., & Lyons, S. T. (2010). New generation, great expectations: A field study of the millennial generation. Journal of Business Psychology, 25, 281-292. https://doi.org/10.1007/s10869-010-9159-4
Perrow, C. (1991). A society of organizations. Theory and Society, 20(6), 725-762. doi:10.1007/BF00678095 https://doi.org/10.1007/BF00678095
Piccarozzi, M., Aquilani, B., & Gatti, C. (2018). Industry 4.0 in management studies: A systematic literature review. Sustainability, 10(10), 3821. doi:10.3390/su10103821 https://doi.org/10.3390/su10103821
Piciga, D., Musek, J., Kovačev, J., & Peklaj, C. (1992). Values of slovene in transitional period (in slovene). Ljubljana: Pedagoški inštitut pri Univerzi v Ljubljani.
Potocan, V., Nedelko, Z., Peleckienė, V., & Peleckis, K. (2016). Values, environmental concern and economic concern as predictors of enterprise environmental responsiveness. Journal of Business Economics and Management, 17(5), 685-700. Retrieved from https://doi.org/10.3846/16111699.2016.1202315 https://doi.org/10.3846/16111699.2016.1202315
Prifti, L., Knigge, M., Kienegger, H., & Krcmar, H. (2017). A competency model for “Industrie 4.0” employees. Proceedings der 13. Interna- tionalen Tagung Wirtschaftsinformatik (pp. 46-60). St. Gallen: WI 2017.
Roblek,V.,Meško,M.,& Krapež,A.(2016).Acomplexview of Industry 4.0.SAGE Open,6(2),1-11.https://doi.org/10.1177/2158244016653987
Roccas, S., & Sagiv, L. (2010). Personal values and behavior: Taking the cultural context into account. Social and Personality Psychology Compass, 4(1), 30–41. https://doi.org/10.1111/j.1751-9004.2009.00234.x
Rokeach, M. (1973). The nature of human values. New York: The Free Press.
Rokeach, M. (1979). Understanding human values: individual and societal. New York: The Free Press.
Sagiv, L., Roccas, S., Cieciuch, J., & Schwartz, S. H. (2017). Personal values in human life. Nature Human Behaviour, 1, 630-639. https://doi.org/10.1038/s41562-017-0185-3
Schneider, P. (2018). Managerial challenges of Industry 4.0: an empirically backed research agenda for a nascent field. Review of Managerial Science, 12(3), 803-848. doi:10.1007/s11846-018-0283-2 https://doi.org/10.1007/s11846-018-0283-2
Scholz, R. W., Bartelsman, E. J., Diefenbach, S., Franke, L., Grunwald, A., Helbing, D., . . . Pereira, G. V. (2018). Unintended side effects of the digital transition:european scientists’ messages from a proposition-based expert round table. Sustainability, 10(6), 1-48. https://doi. org/10.3390/su10062001
Schwartz, S. (2012). An overview of the Schwartz theory of basic values. Online Readings in Psychology and Culture, 2(1), 1-20. https://doi.org/10.9707/2307-0919.1116
Schwartz, S. H. (1992). Universals in the content and structure of values – theoretical advances and empirical tests in 20 countries. Advances in Experimental Social Psychology, 25, 1-65. https://doi.org/10.1016/S0065-2601(08)60281-6
Schwartz, S. H. (1994). Are there universal aspects in the structure and contents of human-values? Journal of Social Issues, 50(4), 19-45. https://doi.org/10.1111/j.1540-4560.1994.tb01196.x
Schwartz, S. H., Cieciuch, J., Vecchione, M., Davidov, E., Fischer, R., Beierlein, C., . . . Konty, M. (2012). Refining the theory of basic individual values. Journal of Personality and Social Psychology, 103(4), 663–688. https://doi.org/10.1037/a0029393
Sessa, V., Kabacoff, R. I., Deal, J., & Brown, H. (2007). Generational differences in leader values and leadership behaviors. The Psyholo- gist-Manager Journal, 10(1), 47–74. https://doi.org/10.1080/10887150709336612
Spath, D., Ganschar, O., Gerlach, S., & Hämmerle, T. (2013). Produktionsarbeit der Zukunft – Industrie 4.0. Munich: Fraunhofer IAO.
Spranger, E. (1928). Types of men. Halle: Max Neimeyer Verlag.
Takács-Sánta, A. (2004). The major transitions in the history of human transformation of the biosphere. Human Ecology Review, 11(1),51-66.
Twenge, J. M. (2010). A Review of the empirical evidence on generational differences in work attitudes. Journal of Business and Psychology, 25, 201-210. https://doi.org/10.1007/s10869-010-9165-6
Twenge, J. M., Freeman, E. C., & Campbell, W. K. (2012). Generational differences in young adults’ life goals, concern for others, and civic orientation, 1966–2009. Journal of Personality and Social Psychology, 102(5), 1045-162. https://doi.org/10.1037/a0027408
Verplanken, B. (2004). Value congruence and job satisfaction among nurses: A human relations perspective. International Journal of Nursing Studies, 41, 599-605. https://doi.org/10.1016/j.ijnurstu.2003.12.011
Wang, S., Wan, J., Zhang, D., Li, D., & Zhang, C. (2016). Towards smart factory for industry 4.0: a self-organized multi-agent system with big data based feedback and coordination. Computer Networks, 101, 158–168. https://doi.org/10.1016/j.comnet.2015.12.017
Weber, J. (2017). Discovering the Millennials’ Personal Values Orientation: A Comparison to Two Managerial Populations. Journal of Business Ethics, 143, 517–529. https://doi.org/10.1007/s10551-015-2803-1
