We are seeing a huge paradigm shift in corporate business culture where companies are embracing the mindset of Millennials – flexibility, culture fit, community, collaboration and team versus the “way it’s always been is the way we are going to be.” In fact, I believe that shift is our new normal.
My family and I just returned from a trip to Vietnam and Cambodia. While I possess a fairly extensive record of international travel, this was my first trip to Southeast Asia. Each trip to a foreign country possesses its own remarkable aspects but the idea of visiting countries as “foreign” as Vietnam and Cambodia came with both excitement, as well as trepidation. Let me just start by saying, it was fantastic! The people, the culture, the history, the food, all of it.
For the first time in history, four generations are working side-by-side in the workforce, including the Traditionalists, Baby Boomers, Gen Xers and Gen Ys (or the much talked about Millennial Generation) and it’s expected that number could rise to five generations by 2020. Many current leaders are on the brink of retiring in record numbers, and it’s estimated that around 66% of all U.S. businesses are owned by Baby Boomers.
A McKinsey study found that more than 90% of CEOs planned to increase investment in leadership development because they saw it as the most important human-capital issue their organizations faced. And for good reason – strong leadership in an organization not only drives results but is critical to a company’s success and overall health.