Millennials, Culture and Strategy Go ‘Hand-in-Hand’

With all the indicators pointing to the world heading toward an economic slow-down (maybe even a recession), I am running into a lot of organizations these days where they still haven’t figured out that the world has changed. They are so behind, they think they are first in the race to win business and grow profits…

Culture vs Strategy

These companies are still of the belief that strategy is more important than culture. They haven’t yet figured out that Millennials are powerful, savvy and make up the biggest demographic group in history. They also haven’t figured out that the same Millennials are more connected, more educated, more disruptive, innovative and entrepreneurial than any other group.

To become a magnet for attracting and retaining top talent, and to win in business today, and in the foreseeable rocky future, successful businesses are building their strategies around a culture that will drive higher levels of customer connection, which will drive more revenue which will drive profit. But… culture has to be front and centre in the crafting of a strategy to do that.

Linking Culture to Strategy

The big front and centre pieces that you have to get crystal clear, and that link culture to strategy are:

• Clear core values. Not just fancy words on the Boardroom wall but real tangible guiding principles that act as a GPS system for the team and individual behaviours in the business. Millennials, more than any other generation in history, are looking to connect with a ‘tribe’ that believes the same things they do.

When you are identifying your Core Values, do not make the fatal error of having more than five. Ideally, you should have three. People remember three better than any other number (think grocery list… I guarantee that if you go to the grocery store to pick up more than three items, you will need a list).

Next, bring your Core Values to life! Tell stories. Catch people living your values. Immediately take corrective action on values violations.

• Clear Purpose. Forget your Mission Statement. Most organizations do not understand the power of ‘Why’ and come up with long, boring and complicated Mission Statements. Focus instead on clear and simple Purpose Statements. Millennials want a ‘cause’ that they can connect with; it’s like a magnet for recruiting top talent.

Great companies have gotten really, really clear about their purpose. Disney: “Bring joy.” Virgin: “Doing well by doing good.” Don’t get cute and wordy with your purpose. And remember… making a profit is not a purpose; it is an outcome.

Once you get really clear on Core Values and Purpose, the rest of your strategy will fall in place naturally.

Robert Murray is a Vancouver, BC based Business Strategy Consultant, #1 Best Selling Author, International Keynote Speaker, and TEC Top Speaker of the Year for 2018. For further advice, insight and inspiration on how to unlock your inner leader, follow Robert on Twitter, LinkedIn, and Facebook.

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