Why now is the time to look at your company culture
The future of the workplace is going to be very different!
Unless you have been living in a hole in the ground for the last few years then you will have noticed that the world of business and work is changing. For your business to survive then you will need to adapt. The digital age is here and it’s not going to go away. The workforce is changing, baby boomers are now near to retirement age. The generation where people wanted to have a job for life, a nice pension, additional holidays, have nearly gone. It’s not like that anymore. The new generation, known as the millennials are here in the workplace. Born between 1980 and 1999, the largest age group to emerge since the baby boom generation. The accountancy firm Deloitte² predicts this generation will make up 75% of the global workforce by 2025. They want different things from the workplace and their job. The days of people staying at the same company forever are not happening anymore. People want to have a career, develop and move on. They are not looking for a job for life.
Nathan Blecharczyk³, co-founder of Airbnb, has over 2,000 employees, he says in the technology arena in which they operate the competition for staff is very intense.
In a bid to attract more millennials he says the firm makes it very clear what its core values are to help make it stand out to would be employees.
‘Millennials are known to be more purpose-driven, so as a company both internally and externally we’re always communicating what our values are and trying to be true to those things’ Nathan Blecharczyk
Your mindset around how you treat and develop employee’s needs to change
The new generation are constantly looking for ways to learn and develop. Too many owners won’t spend time and money on training employees because they worry they will leave and they see that as a waste of money. Instead see it as a way to develop people, while they are working at your business you gain from all the skills they have learnt so your business benefits. The new generation want more flexibility in their working hours and the location they work in. Allowing flexibility may seem difficult for you, you may feel like you are no longer in control. Flexibility can have a big impact on an employee’s performance and their engagement level. They are not as interested in the material benefits. They want to feel valued and find purpose in the work they do. They want to understand how the work they do contributes to something bigger in the world. It’s not just about the company making a profit.
If you want your business to still be here in five to ten years, then you can’t afford to ignore this. You will have to adapt your business in order to thrive.
Download a free chapter of Recruit, Inspire & Retain to learn more about company culture.