CEOs should embrace change to mould tomorrow’s winning firm
So we all read of change. We all know that the world is changing around us and we need to embrace change so we can move on. Truth is; in life, things have been changing, are changing and will continue to change.
The business world is like life as a whole — it never stands still. It changes every second, affected by shifts in all aspects of human life.
Reacting to this change is one of the chief responsibilities of an effective chief executive, who must steer his business in line with shifting trends.
For example, management should recognise that how business was done some years ago is not how it should be done now. The practices put in place years back were meant and designed for that time as opposed to now.
The economy keeps changing and we have seen or forced the workplace to change right before our eyes. The changes in how businesses and consumers interact go beyond generational shifts.
Therefore, it can be argued that the concept of the generational cohort lacks rigor. Does it conceal more than it explains about consumer behaviour and generational shifts?
For business owners, chief executives, and managers, a need to understand the generational shift is imperative in order to steer away from traditional methods of operation. Also, engaging with a specific generation group participants when they are younger, could be a compelling business proposition.
A few nights ago my favourite niece and nephew came running to me all smiles asking for a taste of heaven — my thinking immediately took me back to a trip we had taken to the coast, a place called Wild Waters — so I quickly said to them, ‘‘Your mother, father and maybe, I, are working to see we make a better trip next time.’’
Alas, that is not what they had in mind — they were referring to a bottle of Fanta and Coke each. Minutes later, a Fanta advert aired on TV; the commercial depicts happy children-like cartoon characters dancing about a piece of heaven.
Scientists have proved that Soda it is not good for health; we all know it’s not good for our health. Still it does not make any huge impact on its demand, in fact if anything their sales keep soaring. A similar example was the introduction of Pepsi’s new “Gen Y Friendly” logo.
Coke and Pepsi figured out a way to shift their business modules with the generational shifts and it is working well for them.
Change in presidential seats, or the implementation of a maximum number of terms served, is meant to ensure some sort of development — shouldn’t this also be the case in business and management?
One of the most obvious changes that should be addressed in business is the labour market and human resource practice. A huge percentage of the current and immediate future labour force is the Generation Y.
This generation is inclined more to transparency, loyalty, and getting over the “punch clock” mentality. Organisations should therefore shift to practices where independent contractors can become part of the team and leadership will be a team effort.
In the past it was conceived that young people had everything to learn and nothing to teach. Things are different now.
The youngest people in the workplace have the most knowledge about a very important topic — technology. And get this; we want to teach our bosses and managers how to use these technologies.
This trend will continue. Young people will stay on top of the newest useful technologies.
As Gen Y grows up, cross-mentor programmes will be instituted. Old will teach young and young will teach old.
Compensation will be evaluated and reduced for underperforming managers or companies. Performance based strategies will need to be incorporated.
Thus, encourage transparency, loyalty, effective and efficient effort from employees on every platform.
In order to retain the Gen Y customer base, strategic studies on this generation will most certainly change how some businesses or organisations package or render their services and will need to adapt their business models.
Recognising change, embracing it, and acting on it in the business world will ultimately help you reap what you have sown.
Understanding generations will mean to understand tomorrow’s business. The payoff will always be in the results.