Have you noticed what is happening out there. The pre recession frivolity, selfishness and greed is being looked back on as a piece of history. We look back and think, “How stupid were they?”. Then the recession hit, with caution, scarcity and austerity. We then started thinking about lessons learned. We began to reconnect with good old-fashioned values, and understanding what is really important in life. Now 2014 is proving to be a fundamental year in our global history. As the global economy starts to recover, there is a feeling of action, energy and excitement. We are beginning to look to the future, dare to dream and make plans again.
Over the last 10 years something else has happened which has crept up on a lot of organisations and business owners. The millennials have arrived and taken hold and they are impatient.
The baby boomers (1946 to 1964) formed the organisational values, cultures and models that we have come to know and love/despise. Industry and commerce were there for the taking and they took. There was one foot firmly grounded in the past, hierarchy, process, systems, structure, and another heading for the future, growth, wealth, acquisition and expansion. The rich grew richer and the poor… well you know how it goes.
Then came Gen X (1960 to 1980) Technically I just make this generation. We grew up with the yuppies, greed is good, holidays abroad, technology, university for all, abundance. Well that was certainly the case if you were brought up by the new middle classes. Life was easy for us and we had confidence to move ahead in the world. We were also raised by baby boomers, so had good old-fashioned values, but were balanced and educated. We now account for the majority of the workforce, leading, teaching, parenting, and governing the world. We are also frustrated, depressed, disconnected and unfulfilled.
Now we are moving over to Gen Y or the millennials, and what a breath of fresh air they are. Generation Y were lucky to have been brought up with the belief that anything is possible if you believe. They have been taught about inner leadership, empathy, values, emotional intelligence, connection and collaboration. They are the most connected and networked generation in society. They talk openly and crave feedback. They crave creativity, entrepreneurial opportunities, agile working and social media. They do not want to be caged.
I am so excited by the diversity and vibrancy entering the work place. Never before have we seen global and generational diversity together in the work place. I see this as exciting, with an abundance of opportunities and creativity. There is a big BUT!
I know that businesses are just not ready for the rise of the millennials.
B 2025, 75% of the workforce with be generation Y. This means the rules of business will be led and written differently. The issue is that this is happening now! Right before our eyes and organisations just aren’t ready.
Out of the post recession ashes, and new economic and business world is emerging. It is new and has energy. It is growing and momentum is building. To survive, organisations need to embrace, not resist the new world, lead by the millennials.
So what does this world look like?
Delloite have published a must read report, Global Human Capital Trends 2014. The extensive global research confirms that the changes are happening now. However they describe 3 broad but urgent strategies for all businesses to focus on now.
There is a gap between the urgency of talent and leadership issues that leaders face today and the organisational readiness and ability to respond and take action.
The millennials understand that one company can’t do it all. They understand that we all succeed by developing our unique strengths and abilities. They embrace outsourcing so that they can concentrate on what their purpose is, or what they enjoy. This is the new workplace. Outsourcing HR, Talent, Leadership, recruitment is becoming the new rules of business.
Are you ready?