Today’s organizations are already in the process of onboarding Gen Z who are going to make up about 20% of the workforce by 2020. For the first time, three distinct generations working simultaneously. What does this signify for employers?
The future of work and the dynamics of the workplace are changing constantly—are employers ready? Technological advances ensure that the physical aspects of work environments will be far removed from what we see in offices or home work stations today. But there is another change, less obvious but no less impactful—the dynamics introduced by a multigenerational workforce. Much has been written about the impact millennials have had on the workplace. Now, as Gen Z prepares to make up about 20% of the workforce by 2020, more upheavals are to be expected.
For the first time in human history, we will have three distinct generations—X, Y, and Z—working together. Increased life expectancy and advanced medical care are postponing retirement and keeping older workers in the workplace for longer periods. On the other end, young people are starting businesses and becoming employers and bosses, sometimes even while they are studying.
Techpreneurs have changed everything, even the way venture capitalists evaluate business plans for potential funding. In fact, these days, they do not even ask for business plans. Develop a rough prototype of the planned product, do a pilot release, demonstrate results—and the first tranche of venture funds may be allotted. Change is happening at breakneck speed, across the business ecosystem. And the traditional constructs of work, office, employers, and employees are all being summarily deconstructed.
The INSEAD Emerging Markets Institute, Universum, the HEAD Foundation, and the MIT Leadership Centre conducted a survey recently of over 18,000 students and professionals from nineteen countries, covering these three most recent generations: Gen X (born between 1965 to 1983), Gen Y (born between 1984 to 1996), and Gen Z (born between 1997 to 2002).
This story is from the March/April 2017 edition of The Smart Manager.
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This story is from the March/April 2017 edition of The Smart Manager.
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Building A Quality Culture
A strong company culture defined by its values, beliefs, and behaviors, has a profound impact on its products and services. More so in today’s VUCA world, where to stay relevant and maintain a competitive edge, it is critical for organizations to build a culture that focuses on quality. Suresh Lulla, author of Quality Fables, elucidates through significant examples how creating a culture of quality is imperative to driving success and productivity.
Customers For Life
The history of General Motors in India can be traced back to the 1920s, when it became the first automotive company to set up an assembly plant in the country. The relationship since then has not been as fruitful as GM would have hoped. GM’s flagship brand, Chevrolet, was introduced in India to build upon the success of the popular Opel marque. However, success has been fleeting at best—an issue that GM India is determined to rectify. It aims to do so by adopting a two-pronged approach: using customer feedback to influence product development, and delivering a superior sales-to-service experience.
The Digital Shift
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A Sustainable Model
With a total market value of $4.3 trillion and an employment base of at least 1.3 million direct employees and millions of others indirectly employed, platforms have become an important economic force.*Companies today are constantly looking for ways to build platforms—Infosys Ltd announced its plans of monetizing its platforms to make them a $2 billion business by March 2021. But are all platform businesses successful?
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