IDEAS home Printed from https://ideas.repec.org/a/vrs/ngooec/v65y2019i1p57-65n5.html
   My bibliography  Save this article

The Millennials’ Effect: How Can Their Personal Values Shape the Future Business Environment of Industry 4.0?

Author

Listed:
  • Črešnar Rok

    (PhD student at the University of Maribor, Faculty of Economics and Business, Slovenia)

  • Jevšenak Senta

    (Master student at the University of Maribor, Faculty of Arts, Slovenia)

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.

Suggested Citation

  • Črešnar Rok & Jevšenak Senta, 2019. "The Millennials’ Effect: How Can Their Personal Values Shape the Future Business Environment of Industry 4.0?," Naše gospodarstvo/Our economy, Sciendo, vol. 65(1), pages 57-65, March.
    • Handle: RePEc:vrs:ngooec:v:65:y:2019:i:1:p:57-65:n:5
    DOI: 10.2478/ngoe-2019-0005
    as

    Download full text from publisher

    File URL: https://doi.org/10.2478/ngoe-2019-0005
    Download Restriction: no
    File URL: https://libkey.io/10.2478/ngoe-2019-0005?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Ajzen, Icek, 1991. "The theory of planned behavior," Organizational Behavior and Human Decision Processes, Elsevier, vol. 50(2), pages 179-211, December.
    2. Julian Marius Müller & Daniel Kiel & Kai-Ingo Voigt, 2018. "What Drives the Implementation of Industry 4.0? The Role of Opportunities and Challenges in the Context of Sustainability," Sustainability, MDPI, vol. 10(1), pages 1-24, January.
    3. Bruno, Léo F.C. & Lay, Eduardo G.E., 2008. "Personal values and leadership effectiveness," Journal of Business Research, Elsevier, vol. 61(6), pages 678-683, June.
    4. Roland W. Scholz & Eric J. Bartelsman & Sarah Diefenbach & Lude Franke & Arnim Grunwald & Dirk Helbing & Richard Hill & Lorenz Hilty & Mattias Höjer & Stefan Klauser & Christian Montag & Peter Parycek, 2018. "Unintended Side Effects of the Digital Transition: European Scientists’ Messages from a Proposition-Based Expert Round Table," Sustainability, MDPI, vol. 10(6), pages 1-48, June.
    5. Vasja Roblek & Maja Meško & Alojz Krapež, 2016. "A Complex View of Industry 4.0," SAGE Open, , vol. 6(2), pages 21582440166, June.
    6. Lilach Sagiv & Sonia Roccas & Jan Cieciuch & Shalom H. Schwartz, 2017. "Personal values in human life," Nature Human Behaviour, Nature, vol. 1(9), pages 630-639, September.
    7. Paul Schneider, 2018. "Managerial challenges of Industry 4.0: an empirically backed research agenda for a nascent field," Review of Managerial Science, Springer, vol. 12(3), pages 803-848, July.
    8. Vojko Potocan & Zlatko Nedelko & Valentina Peleckienė & Kęstutis Peleckis, 2016. "Values, environmental concern and economic concern as predictors of enterprise environmental responsiveness," Journal of Business Economics and Management, Taylor & Francis Journals, vol. 17(5), pages 685-700, September.
    9. Gianmarco Bressanelli & Federico Adrodegari & Marco Perona & Nicola Saccani, 2018. "Exploring How Usage-Focused Business Models Enable Circular Economy through Digital Technologies," Sustainability, MDPI, vol. 10(3), pages 1-21, February.
    10. James Weber, 2017. "Discovering the Millennials’ Personal Values Orientation: A Comparison to Two Managerial Populations," Journal of Business Ethics, Springer, vol. 143(3), pages 517-529, July.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Rok Črešnar & Zlatko Nedelko, 2020. "Understanding Future Leaders: How Are Personal Values of Generations Y and Z Tailored to Leadership in Industry 4.0?," Sustainability, MDPI, vol. 12(11), pages 1-19, May.
    2. Christian Hoyer & Indra Gunawan & Carmen Haule Reaiche, 2020. "The Implementation of Industry 4.0 – A Systematic Literature Review of the Key Factors," Systems Research and Behavioral Science, Wiley Blackwell, vol. 37(4), pages 557-578, July.
    3. Dabić, Marina & Maley, Jane F. & Črešnar, Rok & Nedelko, Zlatko, 2023. "Unappreciated channel of manufacturing productivity under industry 4.0: Leadership values and capabilities," Journal of Business Research, Elsevier, vol. 162(C).
    4. Barbara Aquilani & Michela Piccarozzi & Tindara Abbate & Anna Codini, 2020. "The Role of Open Innovation and Value Co-creation in the Challenging Transition from Industry 4.0 to Society 5.0: Toward a Theoretical Framework," Sustainability, MDPI, vol. 12(21), pages 1-21, October.
    5. Dwivedi, Ashish & Moktadir, Md. Abdul & Chiappetta Jabbour, Charbel José & de Carvalho, Daniel Estima, 2022. "Integrating the circular economy and industry 4.0 for sustainable development: Implications for responsible footwear production in a big data-driven world," Technological Forecasting and Social Change, Elsevier, vol. 175(C).
    6. ÄŒreÅ¡nar, Rok & Nedelko, Zlatko, 2019. "Competencies as a Criterion for Assessing the Readiness of Organizations for Industry 4.0 - A Missing Dimension," Proceedings- 11th International Conference on Mangement, Enterprise and Benchmarking (MEB 2019),, Óbuda University, Keleti Faculty of Business and Management.
    7. Ana Teresa Tavares-Lehmann & Celeste Varum, 2021. "Industry 4.0 and Sustainability: A Bibliometric Literature Review," Sustainability, MDPI, vol. 13(6), pages 1-15, March.
    8. Emanuele Gabriel Margherita & Ilenia Bua, 2021. "The Role of Human Resource Practices for the Development of Operator 4.0 in Industry 4.0 Organisations: A Literature Review and a Research Agenda," Businesses, MDPI, vol. 1(1), pages 1-16, April.
    9. Silvia H. Bonilla & Helton R. O. Silva & Marcia Terra da Silva & Rodrigo Franco Gonçalves & José B. Sacomano, 2018. "Industry 4.0 and Sustainability Implications: A Scenario-Based Analysis of the Impacts and Challenges," Sustainability, MDPI, vol. 10(10), pages 1-24, October.
    10. Zimei Liu & Kefan Xie & Ling Li & Yong Chen, 2020. "A paradigm of safety management in Industry 4.0," Systems Research and Behavioral Science, Wiley Blackwell, vol. 37(4), pages 632-645, July.
    11. Marc Kuhn & Viola Marquardt & Sarah Selinka, 2021. "“Is Sharing Really Caring?”: The Role of Environmental Concern and Trust Reflecting Usage Intention of “Station-Based” and “Free-Floating”—Carsharing Business Models," Sustainability, MDPI, vol. 13(13), pages 1-18, July.
    12. Perri, Cecilia & Giglio, Carlo & Corvello, Vincenzo, 2020. "Smart users for smart technologies: Investigating the intention to adopt smart energy consumption behaviors," Technological Forecasting and Social Change, Elsevier, vol. 155(C).
    13. Yogesh Bhatt & Karminder Ghuman, 2022. "Managerial cognition and environmental behavioral intentions: A behavioral reasoning theory perspective," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 29(5), pages 1315-1329, September.
    14. Mariani, Marcello & Borghi, Matteo, 2019. "Industry 4.0: A bibliometric review of its managerial intellectual structure and potential evolution in the service industries," Technological Forecasting and Social Change, Elsevier, vol. 149(C).
    15. Joanna Wyrwa & Anetta Barska & Janina Jedrzejczak-Gas & Marianna Sinicakova, 2020. "Industry 4.0 and Social Development in the Aspect of Sustainable Development: Relations in EC Countries," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 1068-1097.
    16. Menti, Federica & Romero, David & Jacobsen, Peter, 2023. "A technology assessment and implementation model for evaluating socio-cultural and technical factors for the successful deployment of Logistics 4.0 technologies," Technological Forecasting and Social Change, Elsevier, vol. 190(C).
    17. Culot, Giovanna & Nassimbeni, Guido & Orzes, Guido & Sartor, Marco, 2020. "Behind the definition of Industry 4.0: Analysis and open questions," International Journal of Production Economics, Elsevier, vol. 226(C).
    18. Dashi Nazarov & Anton Klarin, 2020. "Taxonomy of Industry 4.0 research: Mapping scholarship and industry insights," Systems Research and Behavioral Science, Wiley Blackwell, vol. 37(4), pages 535-556, July.
    19. Yuan Wu & Jin Zhang & Shoulin Liu & Lianrui Ma, 2022. "Does Government-Led Publicity Enhance Corporate Green Behavior? Empirical Evidence from Green Xuanguan in China," Sustainability, MDPI, vol. 14(6), pages 1-32, March.
    20. Szalavetz, Andrea, 2018. "Digitális átalakulás és fenntarthatóság. A technológiaoptimista környezetgazdászok és a pesszimista ökológiai közgazdászok közötti vita újraindítása [Digital transformation and environmental sustai," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(10), pages 1067-1088.

    More about this item

    Keywords

    millennials; Industry 4.0; personal values; predicting business environment; business ethics; digitalization; Schwartz value survey;
    All these keywords.

    JEL classification:

    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General
    • M59 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics - - - Other

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:vrs:ngooec:v:65:y:2019:i:1:p:57-65:n:5. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Peter Golla (email available below). General contact details of provider: https://www.sciendo.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.