A quiet transition is slipping into place in the world of business in 2016; are you ready for it?
For the first time, the millennial generation will become the majority of the global workforce. This transition means many things to the world of work, many of which are still unknown. But one thing is for certain: in the competition for talent in the millennial workplace, culture is king.
What does this mean?
Culture isn’t easy to define. It is easy to talk about it in general terms – about the importance of creating a highly-engaged, great place to work – but what is that, exactly? And how is such a culture achieved?
The clearly quantifiable aspects of business – profitability, productivity, or employee retention rates – are fairly straightforward. The numbers tell the story. Culture, on the other hand, is more elusive. Clearly it exists, but it is often more sensed than quantified. How do we measure something we can’t quite define? How do we address something we can’t quite measure? The predicament is real.
In spite of the growing number of studies linking highly-engaged company cultures to profitability, many businesses still do little to nurture or intentionally craft their culture. But especially today, nothing could be more shortsighted.
Companies around the world are finding that to survive in today’s competitive marketplace they must invest in their culture and the branding of their company, not just their products.
“The shared behaviors and beliefs that define (business) culture can deliver significant competitive advantages,” says author Richard Mosley in his book Employer Brand Management. “A strongly shared sense of culture and purpose can drive extraordinary levels of motivation, loyalty and performance.”
I agree. A lifetime of experience working in athletics, education and business has taught me that culture and success are inextricably linked. The core values of The HOT Plan™ are based on the idea that a culture that grants employees the locus of responsibility for their work is a culture that fosters success.