History has defined a series of generations such as the Silent Generation, Baby Boomers, Generation X, Generation Y and now Generation Z. Generation Y are the children of Generation X and are now in their late teens to early twenties, the University and College students of today. As far as technology was concerned they went from geek to chic. Generation X grew up as technology and the internet was mushrooming and Generation Y simply went gadget mad. They grew up in times of economic prosperity and so created a different outlook on life. Don’t like your job, then go and get another? Want to work from home, no problem?
Generation Y is more brand and image conscious, they are more likely to have addictions and undesirable habits, they exhibit less loyalty to employers and their family units are prone to breaking down.
Next comes Generation Z, or ‘Generation Why?’ as I like to call it. The world has changed very rapidly of late. We have seen the power of developing countries such as India, China and Brazil as well as global warming, famine, the collapse of financial systems and now the election of a black American president. We are entering an age where things are less certain (and hence anything is possible) and which will breed a new classification of human being. They will be innovators in the true sense of the word, choosing to be adaptable and flexible in their home lives as well as at work.
Unlike their predecessors, Generation Why? Will be asking tough questions such as ‘Why must we do things in this way?’, ‘Why do we have to make a mess of the planet?’, ‘Why won’t you listen to me?’. They will be like constantly inquisitive teenagers and using their skills and imagination to get what they want. Being slightly less materialistic than Generation X they will be willing to put in more effort at work, but only if it matches their own goals and aspirations.
Sounds like a nightmare? Not at all. There is a generation who are able and willing to look at things differently and get off their backsides. Great things can be achieved but only if these people are ‘managed’ in the right way i.e. given the right resources, intrinsically motivated and contained within ‘light touch’ management systems. This will be a challenge for Managers and Human Resources specialists but the results will be worth waiting for and help is already at hand to start the process.
The recession may have touched us all but it is not nearly as bad as the pundits and commentators would have us believe. One or two businesses have gone under but I am here and you are still here reading this. We are all still ‘in the game’ so we have some of the skills and resources necessary to survive. We must at the very least be capable of examining our external environment and reacting to it in a positive manner. We are flexible, adaptable, resourceful and understand our own competencies.
A downturn is a good time to plan and watch what others are doing. Take a look at your competitors, visit their shops and trade stands or use their services. See how your competitors are handling the bad times, take on board their good ideas and learn from the bad ones. In short be ready to beat them when the time is right. Use this slack time to review your own business, something you will not have time to do in the busier times ahead. Now is also a good time to woo new clients even if they are not going to buy from you right now. Understand them and listen to their woes. We are experts in our field.
We know that things are cyclical and so we can safely assume that after the crash will come a period of growth once more. We cannot say for sure what the timescales will be but we know that it will happen. We have demonstrated our flexibility in surviving initially and then been cunning in our approach to observing our competitors, creating a plan and acquiring resources. We have a business that will thrive when the time is right. In the meantime, leverage your expertise and assist your customers to save money or add value for existing customers (without charging them extra). We thoroughly understand our customers and our marketplace.
- are flexible, adaptable, resourceful and self aware
- experts in your field
- thoroughly understand your customers and your marketplace
Congratulations, you are now innovating!