How business responds will impact on retention and consumer loyalty.
Both in the UK and in the US, many experts have noted that there has been a real change in mind-sets; one which has seen many reconsider their aspirations and redefine their idea of success is. Is it to have a stable career? Is it to live a healthy life? Is it to be wealthy? Is it to connect to some bigger purpose beyond themselves?
This is important as it will define how many will work and live their lives. It doesn’t work to the same definitions as previous generations operated.
For previous generations, the definition of success was directly related to wealth, ownership and material comforts. A shift was happening pre-pandemic as so many were disillusioned with the behaviours and mind-sets of their leaders. It has been well reported how trust has been in decline and emerging talents have not wanted to see their lives defined in the same way. Many emerging talents see success defined by personal satisfaction, a sense of belonging to a community, by how one acts with those less fortunate and a growing belief in a higher purpose.
It is no coincidence that research is stating that 65% of consumers today want to “live” in the moment.
The shift, whether one agrees with it or not, has been driven by how leadership teams have led their organisations and just how much it has left many feeling disengaged. So many leaders talk of their great works but history may well show that wealth was placed before values or principles and it has served to leave many uninspired. Experts argue that the shift began with the financial crash when so few directors lost their jobs and yet so many middle and junior management lost their jobs and the trends set in that time have continued. The pandemic has accidentally been the catalyst for a pushback.
Once again, real relationships are valued. Trust is valued as are values, principles and purpose. Emerging generations are less interested in ownership but do want to see the real change which can matter and make others proud.
Community is once again important. Friendship and relationships are important again. The world may be globally connected today but what matters to many is what is local.
So what you may ask? But it does impact directly on all businesses in the talent it is able to attract to how it will interact with consumers.
The questions all business needs to be quietly asking are:
· Do we possess strategies which do place the environment, communities and people relationships at the core?
· Our strength is our retention of talent? If isn’t then are we doing enough to retain talent?
· Do we communicate well enough with clients and consumers on our purpose and values?
· What experiences do we offer? Are they good enough?
Community is once again important. Friendship and relationships are important again. The world may be globally connected today but what matters to many is what is local. The pandemic has shrunken people’s worlds. Lockdowns made people focus on their community and neighbours in a way that had not happened for many years. People came out feeling they belonged again to something they had often not given enough time too – their neighbours and local friendship groups. They suddenly began questioning the digital world in new ways and found pride in their activities which they were doing on a local level.
It is all logical; just often not understood well enough.
For businesses, this means that building a brand that consumers and employees can be proudly part of is important. This can be easily achieved by it does need a change in communication and mind-set.