“The best executive is the one who has sense enough to pick good men to do what he wants done, and self-restraint enough to keep from meddling with them while they do it.” – Theodore Roosevelt
Times are a-changing. The baby boomers that have populated the majority of the workforce for decades are slowly retiring and are being replaced by the millennial generation (those born between 1982 and 2004). According to research conducted by the University of North Carolina, millennials will make up nearly half (46%) of the work force by 2020.
With this major change in the workforce demographic, traditional business and leadership practices are becoming outdated. In their place, a whole new workplace dynamic is evolving—one of collectivism, one that is more socially conscious, and one that is more employee/people-centric than ever before. Candidates are entering the job market more eager to work for companies with a great work environment than one that is attractive because of its financial or economic status.
Because of this desire to find a company with a good work environment, there has been a major shift towards more transparency in businesses and in leadership. From Glassdoor reviews, to LinkedIn, to Crunchbase statistics, potential employees can paint a solid picture of what a certain company’s work environment is like before they even set foot in the office. Thus, it has now fallen on management teams to not only promote an authentic set of values, beliefs, and offerings that their company offers as an employer (their Employer Value Proposition) but to live them as well.
It is imperative that the management team looks both internally to determine what is of value to them, but it is more important that they conduct external research about what is meaningful to candidates. This is a display of self-awareness that shows management’s dedication to employees and their work environment.
In the changing business world, modern management is about having an inspired vision and surrounding yourself with the people who can help you achieve that vision. In order for management to attract the type of talent they need for that, they have to live and breathe the qualities that they want to see in the people who work with them. The millennial workforce puts a heavy emphasis on company culture, and that culture is born through the leadership of the organization.
In many instances, the culture of a company starts at the top and trickles downwards. Google’s incredible culture started with the revolutionary vision of a management team focused on hiring great people and making the work environment the best it could be. Apple’s visionary, Steve Jobs, didn’t keep any secrets when it came to his success; in fact, he attributed his success to one main secret. He said, “The secret of my success is that we have gone to exceptional lengths to hire the best people in the world.”
At the end of the day, a business is only as strong as its people and the team that leads them, so make sure that your leadership team is evolving with the times and that your organization is attracting the right talent to help achieve your goals. To learn more, visit our Talent Acquisition Consulting page, here.
Written by: Christopher Eberhardt, Summer Marketing Intern