Yesterday I formally announced the results of our survey on leadership and careers in a business world that is radically changing. A wake-up call for executives, these findings show that only those companies focusing on great performance and the best use of talent will thrive in the current environment.
Virtually every leader can take more aggressive steps to grow their companies, innovate, and engage their staffs. Leaders need to be more than inspiring – encouraging business and functional reinvention, purposeful collaboration, and new ways to engage with their customers.
Methodology
Through a confidential questionnaire, over 320 leaders and managers evaluated the extent to which members of their leadership team are successfully taking specific actions, such as launching bold new strategies for growth. Respondents were asked to evaluate factors that affect their personal career satisfaction, growth, and marketability, the future of their company or industry, as well as their own leadership effectiveness. A final section focused on attitudes about the contributions of Gen Y, i.e. the Millennials.
Ramping up Growth, Innovation and Reinvention
Senior leaders can clearly do more at a time when business innovation and reinvention are crucial to the growth of the developed economies. Only 50% of respondents believe their company’s leadership team is launching new strategies for growth or developing innovative ways of doing business. Even fewer – only 45% – believe that their leadership team provides sufficient resources to promote growth and innovation.
Respondents say that their top leaders are focused on keeping their businesses sought after and relevant in the marketplace. However, they are less focused on building great organizations and leaders: only 41% say that their leadership team creates an inspiring work environment; and 42% say top leaders are taking sufficient steps to develop leaders at all levels
Participants in the survey are motivated by the challenges of leading. The majority (73%) see themselves as leaders or future leaders in their industry. They are extremely motivated by the importance of their work, having autonomy and responsibility, and contributing to visible initiatives for change. Managers and leaders alike want to do more; especially the difficult work that stretches their abilities and makes their businesses successful (84%).
Unprecedented Uncertainty and Personal Angst
Career satisfaction scores are lower than expected, portending difficulties in retaining top talent once the job market improves. Only 54% are satisfied with their jobs, and only 36% say there will be sufficient opportunities to advance in their current companies. Only 43% believe they are well-paid for their contributions.
Respondents are largely pessimistic, even fealful, about the impact of government intervention on business performance and their careers. The majority also expect their company or industry to undergo radical change in the near-term.
Learning to Lead Gen Y
Older generations are very skeptical about the contribution and values of Gen Y, the youngest entrants to the workplace. Only 23% say that Gen Y makes their business better, 17% say Gen Y workers share the values of senior leaders, 54% believe that Gen Y has unrealistic aspirations. Only 20% say that Gen Y puts the organization’s priorities ahead of their own.
Leaders say that their companies can benefit greatly from Gen Y’s special strengths: their experience with new and social media, their skills in technology, their ability to multi-task under pressure, and their commitment to make the world a better place.
From my own experience, Generation Y believes they can do anything they want to. The consummate challenge is getting them to want to. A Gen Y team worked with me on a study of innovative leaders. I was shocked to find that their values and aspirations are closely aligned with those of the leaders we interviewed. That speaks well for the future of business and the capabilities of this younger group.
Contact me at (914) 725-0033 or roz@rozcourtney.com if you would like more information about the survey and new leadership approaches to drive growth, results and truly innovative businesses.
