1. Staff solutions
- Staff in transition, into meaningful new careers
- Recruiting and retaining Millennial’s and Gen-Z. These cohorts will comprise 50% of the workforce by 2020. Social impact is important to them, with the number noting that they will not join, or remain with, employers that are not contributing to society rising from 43% to 61%.
- Engaging staff, and building morale and productivity, through staff development and career enhancement – helping them understand whats required to run companies (it’s hard work and not all about “unicorns”)
2. Finding the products of tomorrow
Companies need to constantly review what products/services they’re going to be selling. As technology changes, many products become obsolete. If companies don’t clarify their future they’re at risk of being disrupted:
In 2001 Blockbuster, a video distribution giant, asked a couple of visitors what it would take to buy their company. The founders suggested US$50m and the visitors were laughed out of the room !!.
Those visitors were Reed Hastings and Marc Randolph introducing Netflix.Blockbuster ceased operations in November 2013. By mid 2018 Netflix had 130m subscribers around the world. Netflix itself has been successful due to constantly disrupting itself, to ensure relevance for it’s markets.
3. Social Responsibility
The triple bottom line is a metric used for evaluating organisations, and comprises their contribution to not only Profit but to People and the Planet.
This metric is becoming increasingly important in how existing and potential staff view organisations, and in how investors allocate funding.
Quantifying the value of supporting social impact is not easy, but support for social impact is increasingly recognised as contributing to organisational value.
InfinityLab and it’s partners can help your organisation develop, quantify and prioritise the business case for social impact
Many companies are already making a very real difference, building social equity and brand value.
4. Staff recruitment, retention & morale
The Deloitte Millennial Survey for 2018 found that by 2020, over 50% of staff will be Millenials (born between 1980 – 2000).Their confidence in business, and loyalty to employers has deteriorated, and respondents yearn for leaders whose decisions might benefit the world”. Staff indicate that their employer having a purpose, beyond making a profit, is key to their remaining.Offering InfinityLab for staff reduces costs of Recruitment, Retention and Morale.
Perceptions of business are declining
- A clear, negative shift in millennials’ feelings about business’ motivations and ethics.
- Only 48% believe businesses behave ethically compared to 65% in 2017
- 47% say leaders are committed to improving society, albeit compared to 62% in 2017
- There’s a mismatch between what millennials believe businesses should achieve and what they perceive priorities are
- Perception is that successful companies have more stimulating work environments and develop talent
Diversity and flexibility are key to loyalty
- 43% of millennials envision leaving their jobs within two years; only 28% seek to stay beyond five years
- Gen Z respondents express less loyalty, with 61% saying they will leave within 2 years if given the choice
- Attracting and retaining millennials and Gen Z respondents begins with financial rewards and workplace culture
- This is enhanced when businesses, and management are diverse, and when the workplace offers greater flexibility.
- Those less than satisfied with their pay and work flexibility are increasingly attracted to the gig economy, especially in emerging markets.
Young workers are not ready for Industry 4.0
- Millennials and Gen Z see the importance of Industry 4.0, but feel unprepared for the changes it will bring.
- 36% of millennials and 29% of Gen Z believe they have the skills and knowledge they’ll need to thrive.
- While technical skills are necessary, respondents consider building interpersonal skills, confidence and ethical behavior essential for successful business
- They want business to take a lead role in readying people for Industry 4.0
Social Impact & Shared Value #CSR
The presentation below gives insight into Social Impact, Shared Value and Corporate Social Responsibility (CSR):
InfinityLab is transforming society delivering innovation that addresses some key issues of our time
To discuss InfinityLab for your organisation please Contact us.