Abstract
Organisations in South Africa and globally face numerous challenges in managing intergenerational diversity. Millennials have different values than the previous generations regarding organisational leadership. Managing millennials for high performance in the Fourth Industrial Revolution (4IR) requires a powerful combination of leadership traits. With many millennials or digital natives starting work, there is a significant change in the make-up of the modern-day workforce. Millennials need new leadership styles to succeed in today’s contemporary workplace. Despite managing current generations in the workplace, there appear to be ongoing multi-generational leadership challenges. Millennials are led by other generations with limited knowledge of their needs and values. Hence, the main objective of this study was to explore effective leadership styles in the 4IR for the optimal performance of millennials in the financial services sector.
The study utilised a case study qualitative research approach where 15 participants were purposively sampled. Data was collected through the use of semi-structured interviews and thematic analysis employed to analyse data. As a result, five themes emerged: effective leadership styles in the 4IR for optimal performance of millennials, millennial expectations of leadership, millennials’ perceived challenges with leadership, effects of 4IR technologies on millennials’ performance, and motivation of millennials in the workplace. The findings showed that leadership styles for optimal performance of millennials include transformational leadership style and participative leadership style. The findings also showed that millennials expect leaders to appreciate and adopt the new technologies and increase informal contact with them. The study also espoused several challenges affecting the management of millennials, such as leadership not being accommodative and a lack of a learning and development culture. The study concluded that the 4IR technologies enhance millennials’ large data management and their capacity to develop. The study concluded that millennials are motivated by financial rewards, proper guidance and empowerment.