InfinityLab enhances companies ability to recruit, retain and engage staff, while gaining social impact value and finding new products.The Deloitte Millennial Survey into opinions about business’ motivations and ethics, which had trended up the past two years, retreated dramatically over 2018, as did Millennial’s sense of loyalty.
The Deloitte survey (Nov. 2017 – Jan. 2018) questioned over 10,000 millennials in 36 countries and over 1,800 Gen Z respondents in 6 countries.
Millenial’s and Gen-Z are not optimistic about Industry 4.0. Concerns suggest business leaders must prove themselves as agents of positive change.
Information on the findings and insights from the Deloitte Survey are outline below.
- A 12 week Foundation program held at InfinityLab facilities or in-house, followed by a 9 months Implementation support program,
- Seminars for staff career development – building awareness of agile innovation, the social impact sector and the nuances and complexities in running a business
- Addressing issues related to building inhouse accelerators (CTO’s are reknowned for reliability under pressure. They are not there to innovate and find new ways of doing business).
- Formalizes current models in which companies support external accelerators.
The InfinityLab program supports:
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 in the future.
As technology changes many products and business models are becoming obsolete. If companies don’t clarify their future they’re at risk of being disrupted.
In 2001 Blockbuster, the video distribution giant, asked a small visiting company what it would take to buy the company.
The founders suggested US$50m.The visitors,as the story is recounted by one of them, 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 – People, Planet and Profit
Offering InfinityLab for staff builds social capital, your reputation with staff and customers.
Quantifying the value of social impact is not easy, but it’s has been proven, across the globe, as ultimately saving cash and building real value !. InfinityLab and it’s partners are leaders in developing business cases. In particular, they are at the forefront in developing business cases for social impact and provide a service developing these business cases.
Companies are recognising that their contribution to society is respected and has real value.Many companies are already making a very real difference, building social equity and brand value.
InfinityLab is now giving organisations the opportunity to be at the forefront of emerging phenomena.
Quantifying and communicating social impact can be a challenge. InfinityLab and it’s partners have expert knowledge in this and can provide support.
4. Staff recruitment, retention & morale
A Deloitte study finds that by 2020, over 50% of staff will be Millenials (born between 1980 – 2000).
“Millennials’ confidence in business and loyalty to employers has deteriorated.
Respondents yearn for leaders whose decisions might benefit the world—and their careers”
Staff indicate that their employer having a purpose, beyond making a profit, is key to their remaining with their employer.
Offering InfinityLab for staff contributes to staff Recruitment, Retention and Morale.
Some key findings from the Deloitte Millenial Survey 2018:
Perceptions of business are declining
- The 2018 survey shows a clear, negative shift in millennials’ feelings about business’ motivations and ethics.
- Only a minority of millennials believe businesses behave ethically (48% vs 65% in 2017)
- 47% (vs 62% in 2017) believe business leaders are committed to helping improve society
- There continues to be a mismatch between what millennials believe responsible businesses should achieve and what they perceive actual priorities to be
- where matches exist, the perception is that those companies are more successful, have more stimulating work environments and do a better job of developing 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
- Employed Gen Z respondents express even less loyalty, with 61% saying they would leave within two 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 senior management teams, are diverse, and when the workplace offers higher degrees of 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 recognize 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
Shared Value – Corporate Social Responsibility (CSR)
The presentation below gives insight into the value of Shared Value and Corporate Social Responsibility (CSR):
InfinityLab is transforming society with innovation, addressing what the United nations have determined are key issues of our time
To discuss InfinityLab for your organisation please Contact us.