Debra Buckley
CEO of the New Zealand Institute of Management and Leadership.
www.nzimleadership.co.nz
Corporate culture is not an idea or something you buy off the shelf. Positive corporate culture is proving to be the ‘game changer’ in our competitive commercial environment and there is a very obvious reason why – the rise of the Millennials.
In a recent study by the Resilient Organisations Research Group at the University of Canterbury, it was discovered that organisations flourish when they are focused on employee wellbeing. It is no longer ‘the thing you might focus on one day as an organisation’, or an extra competency you look for when hiring your next senior manager.
Positive culture provides significant increases in a number of key areas of any business. It is measurable in terms of output, retention and succession, and is a fundamental element in corporate success.
Culture will become a top five priority for every business in the next three to five years, as we embrace the millennial generation as the dominant demographic in our workforce. Globally the organisations and leaders who are doing something about it now will relish the returns. Baby Boomers revolted against their conservative upbringing and by doing this they set a more dominant culture in which to raise their children. Millennials seek collaboration, vision, values and the ability to make a difference to both their work and social environment, and these things are at the core of their wellbeing. Recognising achievement, driving innovation and taking risks are all part of the millennial generation’s habits.
They are educated, confident, connected and technologically savvy. Did I mention ambitious? Millennials are proudly and positively ambitious; I personally love that about them. This positivity will contribute to the day to day performance of an organisation, contributing to an energised, effective and productive workplace.
The big difference between Millennials and Baby Boomers is that they not only seek, but desire, a good work-life balance. A fulfilling job will only solve half of the equation in their pursuit for excellence.
Further education and professional development will become an employee benefit that is the difference between someone staying and committing to an organisation versus low retention rates.
When looking at any business the first question I ask is “how does your culture look to an insider?” The second is “how do you embrace the needs of the next generation of leaders?”
If you were to ask yourself the same two questions, would you draw the great power of the Millennials to your team? Millennials are your emerging leaders; do all you can to help them rise and you will be rewarded.
