Guest article written by Kelly Andrews
We all talk, but do we really say much? Perhaps it’s that conversation by the water cooler, the whispering of the coworker across the cube, or better yet, the post on social media that tells more about your company than the values uttered every week during team meetings.
Most organizations still regard Millennials as somehow different than their Gen X or Boomer co-workers, but do these assumed differences really hold any weight in the workplace? Or are these stereotypes merely a byproduct of a business environment that looks starkly different than it did 20 years ago?
A surprising study from IBM sheds some light on the truth: Millennials, Gen X, and Boomers all share very similar opinions of the workplace.
I saw the impact of unethical behavior firsthand when I grew up in Moscow during the late 80’s and early 90’s. As a result of the establishment of the Russian Federation, private businesses were created. And during the transition, economic inequality, increased corruption, scandals, and bribery became the new norm.
I moved to the U.S. in 2006 for my own freedom and an opportunity to have more than two pairs of jeans in my wardrobe, and I immediately recognized differences both in geography and culture.
Imagine coming out of a meeting and thinking about how honestly people shared their opinions, how disagreements were met with understanding, and how you took a few tough nuggets and differing perspectives and heard everyone. What was happening was real dialogue — the kind of conversation where raw opinions can be out there and no one is judging anyone.
I can already hear you: “Not in my organization,” you say. Not in the kind of hyper-structured/way-too-polite/distrustful kind of place I work.
You have a million things to consider when investing your startup’s money. Developing your product is just the beginning. Then come the marketing, sales, and accounting considerations. But throughout all this, you can’t overlook the single most important financial consideration: your team. Your employees, after all, become part of what you sell.
In 2011, Wells Fargo was forced to pay $85 million in fines for selling higher interest rate mortgages to customers who should have qualified for lower rates, and falsifying loan applications in the process.
Not five years later, Well Fargo finds itself faced with a strikingly similar scandal. Last Thursday the bank announced that it reached an agreement with the Consumer Financial Protection Bureau (CFPB) to the tune of $185 million in fines for opening deposit accounts and transferring funds without customers’ consent. This settlement started a landslide of commentary, calls for deeper investigations, increased regulation of the banking industry and questions around how such unethical behavior might become the norm of acceptable behavior across an entire organization.
During the humid summer months of 1954, twenty-two 11 and 12-year-old boys were randomly split into two groups and taken to a 200-acre Boy Scouts of America camp in Robbers Cave State Park, Oklahoma.
Over the next few weeks, they would unknowingly be the subjects of one of the most widely known psychological studies of our time. And the ways these groups bonded and interacted with each other draw some interesting parallels to our understanding of workplace culture.
Guest article by Brooke Cade
Today, social media and other digital platforms are allowing brands a unique opportunity to connect and communicate with their customers in a way to get their voices heard. Instead of simply talking at clients, businesses can now talk with them—which, as more millennials are becoming consumers, is the best way to connect and build authentic relationships with them. Because authentic relationships are becoming more important when interacting with your customers, social media helps to open the conversation and allows companies to actively engage and strengthen those professional relationships. This is why it is important to collect as much customer data as you can through cdp (customer data platforms) to that you can strengthen your professional relationship more with your customers.
For many rapidly-growing organizations, hiring the best talent available is priority number one. But when done poorly, a poor recruiting process can cost your company more than you might expect.
A recent Harvard Business School study found that avoiding a toxic worker was worth about $12,500 in turnover costs. And according to ERE Media, it can cost even more to replace them. Entry-level employees cost between 30-50 percent of their annual salary to replace. For mid-level employees, that number climbs to upwards of 150 percent of their annual salary.
It’s happened: Millennials (by most definitions, those born between 1980 and the late 1990s) are now the largest generation in the U.S. workforce. And they’re no longer the generation waiting in the wings to become leaders—they’re already increasingly entering senior and managerial positions.
Along with this influx of young managers comes a shift in the role of manager itself. Managers are no longer only focused on making sure work gets done, but also on how and why it gets done. They are expected to be detail-oriented and strategic, to build culture and ensure productivity. And their position is also pivotal for employee engagement: A recent Gallup poll found that managers accounted for 70% of variance in employee engagement.
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