The Secret Formula For New-gen Entrepreneurs That Helps Build and Inspire Great Workplace Cultures
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
The entrepreneurial culture is alive and strong in the newest members of the workforce; especially Millennial, who have been successfully churning out positive results and helping improve workplace cultures through new ideas, innovation and technology.
New-gen entrepreneurs tend to prioritize workplace cultures that allow every employee a fair chance to voice their ideas, regardless of the hierarchy. Therefore, it becomes a challenge for these entrepreneurs to balance transparency in open workplace culture and consistently keep themselves up to date on changes and keep improving their capabilities. Usually smaller organizations, they need to be a bit more cautious while catering to their customers and shareholders that they don’t miss out on their own employees’ basic expectations.
It is widely accepted (and proven by results) that great company culture is no longer a nice to have for our people- it is an important factor similar to the salary and benefits offered. No matter how big or small the company is, every employee seeks appreciation and inspiration for the efforts they put in for the company. Companies must consider a complete end-to-end employee experience, which can go a long way to raise business objectives, retain talent and instil within people a purpose. It is really about seeing each other as fellow human beings and respecting each other’s work. It is inspiring to see how great companies have owned this culture and are focusing on making culture a critical part of their business.
Leaders are now looking at how to create workplace cultures that can withstand the uncertainty of changing business modules, an ever-increasing diverse workforce, the flood of new technology, and the disconnectedness that results. Why? Because great workplace cultures create incredible advantages—they attract talent, mobilize innovation, develop strong leaders and become the organization’s muscle memory for ongoing success. A great workplace culture creates the connection every employee craves. The six essential elements of great workplace culture – purpose, opportunity, success, appreciation, wellbeing, and leadership. are discussed at large in our recent global research study on workplace culture:
1. New-gen entrepreneurs must allow their employees to see, hear and feel the influence of their work by making their purpose clear. It is seen through our research that Millennials and Gen Z, in particular, are drawn towards organizations with a strong purpose. They are more likely to work for and stay with companies that have a clearly defined purpose, meaningful opportunities and loyalty to individual leaders.
2. Opportunity for employees today means providing the ability to grow, develop, and contribute. Employees want to feel heard and valued. They want to do challenging work, to try new things, to work on special projects, in short, enabling continuous learning.
Our research shows over half (52 per cent) of Gen Z employees prefer variety in their day-to-day job over a promotion, and many employees see things like influencing decisions and being involved in special projects with key influencers as a critical component of opportunity.
3. Make sure the success achieved by the organization is not restricted to a select few and is felt by everyone who plays a part in it. This motivates and fuels employees with confidence that comes from being on a winning team.
Our data show only 47 per cent of Baby Boomers and 50 per cent of Generation X feel success at work, while 61 per cent of Gen Z and Millennial employees say they experience workplace success.
4. In our research report, we have seen significant differences between generations when it comes to Appreciation. Generation Z scores highest with 80 per cent feeling appreciated. Millennial, Generation X and Baby Boomer employees score considerably lower. Appreciation is more than a mere ‘thank you’ as it should be used a connection between coworkers and leaders for performing great work with the organization. Some companies do consider compensation and benefits as a contributor to a feeling of appreciation, yet things like autonomy, trust, responsibility, interactions with others, and authentic and sincere recognition are still considered to be more impactful.
5. Organizations can no longer define wellbeing as simply the physical or financial health of an employee. Initiatives must encompass social and emotional dimensions to truly prioritize individual wellness. Physical wellbeing is important, however, organizations have an opportunity to make a substantial impact on workplace culture by expanding programs to address emotional and social needs as well.
6. Leadership is one of the most important elements of building a great workplace culture. Leaders influence and provide support for purpose, opportunity, success, appreciation, and a sense of wellbeing. Leaders at all levels must be aligned with the organization’s purpose and consciously work to build trust. When leaders are positive influencers of great work they have the incredible potential to build a strong, positive culture filled with trust, connection, innovation, and loyalty. It all starts with them.
Let’s never forget it is our team members who make it possible for any company or entrepreneur to move toward success. Let’s go about creating cultures that inspire them to do so.