Millennials vs Generation Z: What Businesses Need to Know!

Generation Z (Gen Z) is a demographic group born after 1995. The oldest members of Gen Z are turning 21 this year, which means that some have already graduated from University. Gen Z is a much smaller demographic cohort than Gen Y (also known as millennials).

It would be easy to assume that Gen Z are just an exaggerated version of the generation that came before them, spending even more of their lives on social media, doing even more of their shopping online, and demonstrating an ever-greater collaborative nature. But Gen Z grew up in a starkly different historical context than millennials, which has given them a distinct outlook on the world.

Millennials invented Facebook, shopped from their smartphones, and moved from satellite TV to Netflix. Gen Z, meanwhile, doesn't remember life without these basics of 21st century life. Millennials came of age during a time of economic expansion and were shocked to find a diminished, difficult job market after university; whereas Gen Z sees a tough job market as the norm. They are a generation that has been shaped by the recession and are prepared to fight hard to create a stable future for themselves.

Market research has shown that compared to any generation before them, Gen Z is less trusting of brands. They have grown up in an era where information is always available via the internet, social media, etc. They can research products and brands and see other users' reviews of them online.
Gen Z are financially cautious.

They grew up hearing horror stories about how many millennials ended up living at home after university, sitting on a mountain of debt, so they tend to save more and spend less than millennials. In a recent study, 89% said they remain optimistic about their futures, which is higher than any other generation on record.

So what should you be aware of when you are thinking about hiring Gen Z employees? Gen Z wants to do work that makes a difference and has a positive impact on the world. But they’re also more concerned about job security than the generation just before them.

They were at a very impressionable age during the financial crisis. This implies Gen Z would rather develop a career in one place than hop from employer to employer.

Speech Recognition Technology

Speech recognition applications have been around for a long time but until recently haven't seen a huge uptake by the business community. With high accuracy and professional apps available for mobile devices, is voice recognition a technology that your business could make effective use of today?

Many business users may have already experienced what voice recognition can offer. Apple's Siri is already quite popular but Windows 10 users have Cortana, which moves the digital assistant to a whole new level of functionality. More importantly for today's businesses is the fact that Cortana is available on phones, tablets and desktop PCs offering a level of integration and familiarity across several devices being used across most firms.

Users can set up their systems to easily trigger voice recognition. They can use these systems to check calendars, book travel tickets or dictate rather than type. Being able to dictate at normal speaking speed and have your words accurately transcribed is a huge productivity bonus that most businesses can benefit from.

If your business requires typing the same blocks of text into numerous documents, speech recognition applications can have special commands defined that will enter these blocks of text for you. This is useful for standard clauses in contracts or email signatures.

Businesses in highly specialised sectors such as professional services or finance are in an ideal position to take advantage of what voice recognition can offer. All of the systems are learning machines - the more you use them, the more accurate they become. If your business often uses specialised terminology, voice recognition systems can learn these terms over time to ensure high levels of accuracy.

Ultimately, it's the time-saving factor that attracts businesses to voice recognition. Being able to spend less time typing and more time working on other things, is why an increasing number of businesses are adopting voice recognition into their IT systems.

What Can We Learn From Disruptive Innovation?

Disruptive innovation is a term, created by Clayton Christensen, to describe a new invention or product that alters its market. It typically refers to innovation that results in changes on a large scale. For example, the digital camera which replaced Kodak's traditional film cameras or digital streaming services which have effectively replaced CDs as the primary way to consume and listen to music.

With each innovation, there is risk taken on by the firm that introduces it and there is disruption faced by the users. The businesses that promote the new product or service innovation face uncertainty in not knowing if it will succeed since they are challenging an established market. They are introducing an alternative, which, if it catches on, will mean that users have to adjust and accept a new way of doing things.

 

So, what can we learn from disruptive innovators which we can then apply to our own businesses? For a start, not all innovation has to be on a large-scale; small changes can make all the difference. For example, process innovation could have a positive impact on the profitability and efficiency of your business. Aim to create a benefit to your business; e.g. to reduce the time it takes to produce a product or service or a new, more efficient way of delivering your end product or service to your customers.

 

As with any innovative development, your employees will probably see a disruption to their day job. Perhaps they have to learn a new way of doing things or even learn how to use a completely new system. The business is taking a risk in changing what has always worked and the employees may be unsure as to how the changes will impact them. They will need time to become accustomed to new ways of working and this could create a degree of disruption across the firm. 

 

That said, with appropriate training and change management processes, you should be able to ensure that your new innovations are adopted quickly and with minimum fuss. And as with any change in business, success is all about planning.

 

What is Management Coaching? How does it work?

Coaching - NOT an implication of failure

In the past, coaching was not offered as a benefit but mandated to those who were failing to achieve their workplace goals. The term "coaching" was synonymous with "remedial training" and carried an implication of failure. Fortunately, those days have passed and savvy business leaders and HR professionals have realised that coaching can be a great benefit for high performers.

Traditionally employers have turned to training programmes to develop talented employee’s skills. However in recent years that trend has been shifting towards a newer tool for talent management: management coaching.

What is Management Coaching?

Technically the term "management coaching" applies to the act of coaching C-level employees; but more recently this type of support has been offered to mid-level managers and high potential employees across firms. Regardless of the intended audience, the goals are largely the same - to improve the effectiveness and enhance the performance of the individual, with the intent of improving the business as a whole.

How does it work?

The core value of coaching is in its ability to focus on the specific needs of the individual as viewed through the lens of their firm’s ecosystem. While training can develop general skills such as time management or planning, coaching allows the manager to focus on the exact challenges of their personal environment, and to develop targeted strategies to overcome them. This combination of the trusted adviser relationship and intense focus on applicable skills makes coaching one of the fastest and most effective tools in resolving workplace performance issues.

A further benefit of management coaching is its focus on the development of skills by the individual being coached. Rather than forming a dependent relationship where the manager must always rely on (and have access to) their mentor, an effective coach will work to reduce the amount their client depends on them, thus building confidence and self-sufficiency in the recipient of the coaching.

GROW Model for Coaching

Some coaches employ the Goal, Reality, Options and Will (GROW) model. By defining the goal, accounting for the current realities of the environment in which the individual operates, finding options to achieve the goal and then applying the individual's will or commitment to complete the process, coaches can lead managers through a structured process to achieve their targets.

Other coaches use a holistic model to incorporate aspects of self-awareness and personal growth into the process of developing the manager's leadership abilities.

What is Flexible Working? What are the Business Benefits?

The businesses that will thrive today and tomorrow are those that can be truly flexible. Businesses that are embracing flexible working can use it to help cut costs, attract talent and radically improve productivity.

Technology has changed the way we communicate and it is currently changing the way we work. Gone are the days when office workers spent every working moment in a cubicle or at a desk. The rise of digital communication tools, collaboration apps and productivity suites, coupled with the benefits of the 'always on' nature of the web, have set the modern business free.

Flexible working is the natural evolution of work in the brave new digital world. Today, businesses large and small can operate anytime, anywhere.

What do we really mean by Flexible Working?

Essentially, it means freeing up your employees to work in the way that suits them best. That can mean mobile working via a smartphone or laptop, working from different locations thanks to remote access to the business network, holding meetings through video conferencing, home-working and flexi-time, which allows staff to tweak their working hours. Underpinning it all is the technology that helps your team to work in a way that suits them best, from any location.

Benefits for business

By putting the technology and processes in place to facilitate flexible working, rigid and old-fashioned infrastructure can be overhauled, allowing businesses to install more efficient systems. Flexible working can also be invaluable in both staff recruitment and retention, especially for those with family commitments. Beyond parents, flexible working can help keep work/life balance in check for all employees, as they have the right systems and technologies in place to better manage their workload.

By cutting the time your staff spend travelling and by giving them the tools they need to work on the go when they do travel, dead time is converted back into productive time. These hours add up. And it's not just businesses that benefit, people do too. The boost to morale and productivity generated by scrapping an employee's commute or their endless travel to and from meetings cannot be underestimated.

-PJ 
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