‘When Millennials Take Over’ by Jamie Notter:Maddie Grant - Book Summary by D Shivakumar;...
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Transcript of ‘When Millennials Take Over’ by Jamie Notter:Maddie Grant - Book Summary by D Shivakumar;...
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When Millennials take over
Jamie Notter:Maddie Grant
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Every 20 years or so, a new generation enters the work force, and the rest of us, quite frankly freak out about it.
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Today, the Millennial generation, born between 1982 and 2004 is upsetting the apple cart with their sense of entitlement, informality and impatience.
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The social internet cannot revolutionize management on its own.
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Four capabilities are needed for success today and in the future for a company:DigitalClearFluidFast
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Digital is about perceptual and exponential improvement of all facets of the organization using the tools and the mindsets.
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Digital in the millennial world is focusing on the consumer, customer and the employee.
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Digital organizations achieve a lot more by focusing internally and externally.
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Clear is about an increased and more intelligent flow of information that supports innovation and problem solving.
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Clear organizations are open and transparent and hence make better decisions that generate better results.
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Fluid is about expanding and distributing power in a dynamic and flexible way.
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Fast is about taking action at the precise moment when action is needed.
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Fast organizations leap ahead of competition by releasing control in a way that dies not increase risk.
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Optimism is an overarching capacity that is critical for succeeding in any kind of revolution.
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If you lose your optimism, you stop doing work, you stop maintaining things, you stop putting a foot in the door.
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Management is getting transformed by the decline of traditional management practices, the social internet and the millennial generation entering the workforce.
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The social internet has permanently shifted the balance of power between individuals and institutions.
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The more the individuals experience the social internet power, the more confused and frustrated they become trying to operate in traditional bureaucracies.
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The silent generation worked through world war 2 and the great depression. They valued security, delayed reward, and not bucking the system. They love command and control.
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The baby boomers grew up in a period of social upheaval and revolution. They tend to value teamwork, group efforts, long hours, optimism and making a difference.
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The Millennials are not the first generation to be frustrated by bureaucracy and hierarchy, but, they are the first generation that has tools to work around the bureaucracy and hierarchy.
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No amount of revenue can justify jeopardizing the consumer trust in your brand.
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Digital companies are constantly improving, they are committed to innovation.
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The core principles of being digital are – putting the consumer/customer first, continuous improvement, learning and innovation.
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Digital companies learn continuously and iterate rapidly.
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When you share more information, you put it in the hands of people who can use it and also raise the capability in the organization.
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Sharing information makes a system more agile based on market conditions and not head office perceptions or theories.
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Organization culture is the collection of words, actions, thoughts and stuff that clarifies and reinforces what a company truly values.
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Is your culture by design, or default? You decide.
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Organizational decisions are based on 1. Quality of decision making2.Speed of decision making3.Yield of decision making(converting into action) and 4.Effort(how much effort goes into making decisions)
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Clarity gives you better decisions.
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Hierarchies in a company provide one benefit- they reduce cognitive load since we know who is going to make the decision. A hierarchy pre determines certain aspects of our organizational lives.
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For decision making systems to work, each team must know its own profitability and its contribution to the company.
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There are not many organizations where the CEOs presence would not be immediately detected and identified by strangers. It is a rare CEO who lets the debate flow without making it a ego issue.
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Authenticity is engaging with others that is closely aligned with your deeper identity, purpose and even destiny.
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When people are confident that their co workers are who they profess to be , then it becomes easier to speak the truth, challenge each other and tackle the tough issues.
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In a service business you can only pick two of the three : fast, cheap and good.
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Good leaders build strong relationships externally and deep in the organization.
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Leaders must focus on elements that build trust and should learn to let go since that enables speed. Every leader who micro manages reduces speed in the organization.
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CEOs must actively choose their culture, else it will be chosen for them
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Every employee has the power to shape things from his or her point. Good employees contribute positively to this journey.