Companies embracing change and innovation are building a culture of innovation: a work environment cultivated by leaders to nurture new thinking, apply new processes and encourage innovation to drive long-term value for the business. Digital transformation is occurring at a rapid pace, creating a more connected world and providing new opportunities for companies to grow. Creating a culture of innovation is an investment in the future of any business.
In times of organizational and industry transformation, current and future leaders must be open to change and ready to take opportunistic risks. Adaptability continues to be a critical element. Yet in the digital age, leaders must also unleash talents quickly. Developing a culture of innovation requires an organizational mindset that enables individual employee contributions. The process is not easy, however with the right approach, a business can maintain its commitment to continuous improvement while driving a sustainable competitive advantage to achieve short and long term ROI. In conclusion, an organizational culture should produce measurable and quantifiable change more than just an abstract concept.
In culture of transformation, companies focus on the following:
- Industry leaders achieve 70% greater productivity increase from investment in new technology than industry followers do at 30%.
- Companies allocating 25 percent or more of their R&D budgets to software and services (vs. products) report faster revenue growth than their competitors.
- Companies with formal innovation system and structure in place see yields: 51 percent are first to market.
- 34 percent of business leaders have seen a positive impact from their own digital transformation.
The key is in the execution. Organizations must be clear in building the right culture in order to make changes happen. Employees will not be able to make changes if they are punished for risk-taking. Corporate websites cannot be filled with statements about valuing innovation if the organization is solely focused on cost-cutting to produce short-term results. Instead, organizations should focus more on the long-term results.
Establishing a culture of innovation may have different speed depending on the organization and the industry. In any industry, innovating and adapting is a baseline expectation in today's transforming business environment. Investing in innovation and culture will prepare any organization for its digital future. If it is done well, the return can be significant and rapid.
Around 35% of worldwide labor will be dominated by millennials. That is one reason why there is a lot of research about them. Millennials are really confident about their careers. They believe that if they lose their main revenue tomorrow, they can find a new better job easily. Most of them see a potential future and a prosperous career ahead.
Most millennials know they will work longer and harder than their parents. More than half of them want to work above the retirement age. Some of them even expect to work until their death. Many of them are on duty more than 40 hours per week and some are even more than 50 hours per week.
Millennials consider many things when choosing their workplace. They want to be appreciated for their hard work, feel safe in their work, and still have the right to relax occasionally. They also appreciate working with amazing people and opportunities to develop new skills and work flexibly. Job security is very important for millennials, but they view it differently. Instead of one long job for a lifetime, millennials understand the need to develop sustainable skills to stay relevant. This mindset views individual work as a stepping stone to personal growth.
Many millennials think that continuous improvement of their skills is important for their careers. When technological innovation becomes more intense, people's career success is increasingly determined based on their learning abilities. Companies need to manage it to avoid undeveloped workforce. People with high learning ability tend to continue developing, so the benefits grow over time.
There are many ways to handle millennial employees. Companies must give examples of people who have developed through training and on the job learning. Regular career conversations will raise their career prospects and job opportunities. Companies must have the courage to break some reasonable parts of company culture. Adopting greater work flexibility is also useful for attracting millennials. This is the time for companies to remodel their workforce practices.
The views of respondents to Grit's latest survey on talent recruitment trends in 2020 indicate the following trends: proactive recruitment approach, need for personalization and human interactions, and supporting the distributed workforce.
In a proactive recruitment approach, recruiters search and headhunt people themselves. This is becoming more crucial in closing positions. The old approach where the candidates apply for an opening in a job portal will slowly disappear and candidates will expect more and more to be contacted in order to get a job, especially for those high skilled positions. There are room of improvements to all aspects of the candidate journey: following on a candidate journey, creating and using content to meet candidates at different points in that journey and how to quickly engage and manage the candidate relationship throughout the journey. As a result, we have seen a rise in new titles, for instance, recruitment marketing ops and candidate experience manager.
We will never lose the importance of the need for personalization and human interactions. Regardless of how much automation or digital transformation we infuse into our process, careers are still both personal and emotional. Technologies help us actually to increase our ability to have personal interaction while at the same time decreasing the manual work. This is the marketing aspect of our job; an ability to show authenticity to millenials and Gen Z. Recruiters need to focus on this aspect in order to distinguish their company from others.
The trend towards supporting distributed workforce has definitely picked up again. For employers, being open to a distributed workforce can help them expand their presence and move into new markets while keeping costs down. As companies prepare to hire and onboard an increasing number of remote employees, they will need to create a positive experience. Communication, clear expectation, setting boundary, and a sense of belonging, will become more important since employees aren't working alongside each other.
Grit is here to support you on this journey. In 2020, we will continue to offer you recruitment insights and best practices. Here is to a new year and decade!
There is a lot of talk now in recruiting blogs about the coming trend of recruiting Generation Z and how exactly to approach them to be successful in terms of marketing to them and getting them to apply for jobs that were trying to fill now. Generation Z are the people that are born between 1996 and 2012, the generation coming up immediately after the Millennials. There are an estimated 61 million Generation Z people who will enter the workforce over the next few years, hence the intense interest in the recruiting community now.
Some of the crucial common characteristics of Generation Z people to keep in mind when you're recruiting, especially for example niche tech positions that you're going to be sourcing Generation Z candidates from are as follows: they are extremely tech savvy growing up with smartphones and tablets and Wi-Fi and apps and easy to access streaming media of all kinds. They are tethered to their smartphones and constantly using them more than any other generation . As a result, your recruitment efforts must focus on online branding in order to be effective with Generation Z. A quick statistics reveal that 78% of Generation Z people surveyed believe that their smartphone is their most important personal possession.
Generation Z values work-life balance, health and wellness ,and compensation packages. They also value independence and autonomy in the workplace. They are worried about global problems that are affecting society on a wide scale now and the impact of those problems on their future. They want to do work that matters in a broader sense to society work that is not just about making profit. They look for that perspective in potential employers one final note make the process of applying for your job openings easy preferably through an online and mobile-friendly application to reach them where they're at on their smartphones and keep in constant contact by text messaging to keep them engaged in the process of sourcing and hiring candidates.