“I, Management, take thee, Social Media, for the Betterment of my Future Workplace!”

For 50-60 years, “the way businesses are managed has hardly changed at all”, according to Gary Hamel (Gary Hamel on the Future of Management, 2011).  The principles, tools and methods that currently exist were created for a different time in history, a socio-economic structure of the past, which doesn’t work well in today’s world. This needs to change.

Gary Hamel goes on to state that -

• We’re encountering new status quo where the “internet connections, data storage, mobile devices… are changing at an exponential rate”.
• Companies have to be innovative and creative all the time, every day to manage “hyper-competition” so they can stay in the game as barriers of entry come down. They have to defend their margins and position in the market place.
• Gaining knowledge advantage in a world where differentiation is getting harder, by focusing on people with the gifts of initiative, creativity and passion.

Companies that make progress in these 3 areas - be more adaptable, more innovative and more engaging place to work, will survive the next ten years and beyond.

So how can this process be accelerated to gain a competitive advantage?

• Put “employees first, customers second”, and implement “reverse accountability” where employees create internal tickets about their boss or about a project, when finding difficulties in getting answers.
• ”Challenge management dogma” which does not apply to today’s work style.
• ”Learn from the fringe” because the future happens on the fringe, i.e. web! The web is not feudalistic like management is. “It’s a global operating system for innovation.”  

There’s a need to incorporate the values of the web into management value – “openness, meritocracy, flexibility, collaboration”, in order to be adaptable, innovative and engaging, like the web.

Management models were built to serve a century old purpose, far removed from what today’s business world is about. Companies need to be built for human being, and to be fit for tackling the ever changing future.

http://www.youtube.com/watch?v=K3-_IY66tpI

So while management works out the ‘kinks’ in their overall model, and while the millennial’s future is really already here, what are they to do if management autocracies, stemming from the late 1800’s, are yet to change to an “egalitarian form of management and governance” to accommodate the new world of “ubiquitous communications capability” (Changing Face Of Management, 2012)? Enter Entrepreneurship!

“Why Millennials Should Become Entrepreneurs Now”

Mike Pugh’s article (Why Millennials Should Become Entrepreneurs Now, 2014) with the same title, points out that the Working 9-to-5 status quo is not appealing to the millennials (as it did for Dolly Parton and her generation!). They would rather work flexible hours or build their own companies. In fact 54% of this generation is either wanting to or has started their own business. 

Here’s the rationale for this career path.

• “Mobile Technology, cloud computing, online tools for communication and collaboration” including WiFi and building a customer base using social media, are accessible to this “hyper-connected, hyper-informed” group, and allows for businesses to be conducted anywhere and at any time, to keep up with global demands.  This infrastructure eliminates the need for physical space, making virtual office a reality.
• Marketing a product or service can be implemented effectively using a search engine optimized (SEO) website, social media services like Facebook, Twitter, Pinterest, and advertising through existing off-line streams (budget permitting) and online services like banner ads and Google AdWords (budget friendly).
• Current job market isn’t as robust as before based on double digit unemployment among the youth and due to phasing out of traditional jobs.

One such example is journalism which has seen a “digital resurrection” into online media (Digital Resurrection, 2014). This is mainly because 1/3^rd of Americans mainly watch news online, half of whom are aged 18 to 29 years. The focus is on original articles which need seasoned journalists, yet keeping the participatory essence. Nevertheless, newsrooms continue to see job cuts, and the big 3 US cable news channels lost 11% of their prime-time combined audience in 2013.

Another example of working flexible hours is Kate Bruce’s blog – Kate On-Air (Kate On-Air, 2014), where this 25 year old works out on her lunch hour, then checks email on her iPad and responds to them, to then spend time reading radio and marketing articles, in addition to prep-ing for her radio show. She indicates that her boss trusts her to permit this working schedule, where she would stay late or work from home to make up the time, without abusing the trusted relationship. This is indicative of work-life balance that millennials seek as part of their career at any organization.

If you’re interested to know if the shoe fits, check out the 12 signs you could be an entrepreneur (12 Surprising Signs You Could Be an Entrepreneur, 2012), and do go over the comments too; they’re priceless!

Just remember MarkCuban’s pointers (Mark Cuban: What Entrepreneurs Need to Know Before Starting a Business, 2012) before starting a business -

• “Everyone has ideas.” You need to do the work to get the job done.
• “No sales, no company.”
• “Hard work and smart work has a greater impact on results than being passionate about something.”

In conclusion, “the Millennial generation represents the future of economic, political, and social life as well as the future of business….our future leaders, consumers, agents of change and hold the key to global prosperity”, according to Deloitte (Deloitte's Millennial Innovation Survey, 2013). Management & leaders need to improve issues surrounding “trust in business” and “realize the opportunities” involving technology and social media, “set by the Millennial generation.”

References:

Gary Hamel on the Future of Management. (2011, May 20). Retrieved from YouTube: http://www.youtube.com/watch?v=K3-_IY66tpI

12 Surprising Signs You Could Be an Entrepreneur. (2012, October 28). Retrieved from Entrepreneur: http://www.entrepreneur.com/article/224791

Changing Face Of Management. (2012, October 25). Retrieved from YouTube: https://www.youtube.com/watch?v=ZS832rJSxN4

Mark Cuban: What Entrepreneurs Need to Know Before Starting a Business. (2012, December 26). Retrieved from Entrepreneur: http://www.entrepreneur.com/blog/225357

Deloitte's Millennial Innovation Survey. (2013, January). Retrieved from Canadian Millennials - An Abacus Data Practice: http://canadianmillennials.ca/2013/10/28/deloittes-millennial-innovation-survey/

Digital Resurrection. (2014, March 29). Retrieved from The Economist: http://www.economist.com/news/united-states/21599784-some-moderately-good-news-news-industry-digital-resurrection?fsrc=rss|ust&utm_source=twitterfeed&utm_medium=twitter

Kate On-Air. (2014, March 28). Retrieved from Blogger.com: http://kateonairblog.blogspot.ca/2014/03/amanda-langs-power-of-why.html?m=1

Why Millennials Should Become Entrepreneurs Now. (2014, January 16). Retrieved from Entrepreneur: http://www.entrepreneur.com/article/230886