By Lisa Purichia
Partner, Director of Accounting & Retirement Plan Services
[email protected]
For the first time in history, there are five generations of talent in the workforce. Considering this unprecedented phenomenon along with the current labor shortage, the definition of a successful business is now more varied and malleable than ever before. Employees born in 1945 obviously have a vastly different vision of success than those from Generation Z (born in 2001).
As a leader, it’s in your hands to not only define success but effectively communicate that to your team members. Your communication must have clarity of purpose and include your mission, core values and connection to the community, among other things.
Be prepared to address what you might not expect when collaborating with team members on a mutual vision for success. For example, while you may focus more on revenue and profitability (yes, very important!), younger professionals might lean toward measuring the value of a business based on its community outreach and impact. To which local charities do you donate and for whom do you encourage employees to perform community service? How do you publicly encourage diversity in the workplace?
Outreach and diversity are two of the many metrics you can use to clearly define success. Other metrics that this multigenerational workforce emphasizes include net profit, corporate culture and team engagement. In regard to the latter, do you have a true TEAM or merely a group of employees? What can you do to form a stronger team?
If employee engagement and morale are down, maybe you can be more flexible with the work schedule and allow them more time to work remotely. Or maybe they’ll thrive with more time together in the office.
The faster you identify the metrics that most clearly define success, the faster you will know whether you’re making progress in your eyes and those of your team members. Above all, regardless of their generation, they look toward a confident leader with a clear vision.
If we can assist you further with achieving success in your business or personal affairs, please contact Lisa Purichia at (317) 608-6693 or email [email protected].