1. Transparency - Especially because of Social Media, but also from the ubiquity of information available to us in general, companies can't hide behind their billboards any longer.
2. Dissolution of the Business/Ethics Divide - Fact is, there never was such a thing as "business ethics" separate unto itself: there has always been just ethics. People are getting that now, finally. As with transparency, this trend has only begun to take effect. Just wait!
3. Employee Mobility - Once thought only to benefit companies, the end of employment for life is also giving employees more power, because they have begun voting with their feet: if an employer rules by Twentieth-Century standards, the best talent won't stick around for long. And unlike a generation ago, there is no career penalty paid for what was formerly seen as disloyalty.
These three trends are all leading us toward the same conclusions:
* Workers: People want to work for ethical companies. In the new century, ethical behavior has turned into a competitive advantage for attracting and keeping talent.
* Consumers: People want to buy from ethical companies. So doing the right thing in business has actually become a competitive advantage in the marketplace.
* Investors: As this change continues to develop, we'll see ever-more investors choosing to grow their money with ethical companies because it pays them a higher return. This has already begun, as I'll relate in a future post.
Enlightened Self-Interest. It's here to stay. Welcome to the 21st Century!
*****
This is part 2 of a 5-part series to kick off the rededication of this blog. Your comments are not only requested, but - in the spirit of collaboration that is a hallmark of this exciting new century - they are essential to the development of these ideas.
Great post Ted, I love the new direction you are taking your blog! In just two posts you have already shed so much light on the new ways of doing business in the Twentieth Century.
ReplyDeleteI’m really interested in how the changing business landscape is affecting how businesses attract, retain and motivate talent and it is fascinating that you have listed employee mobility amongst your trends. I find it really interesting that employees are getting more power to move around and choose the business that they want to be associated with, just like consumers. I hadn’t considered this a great deal before, but now you have shed some light it makes a lot of sense.
Thanks for sharing two enlightening posts and keep up the excellent work!
Ted, I read this post and then your first in a series and I want to say again, that you have a beautiful and succinct way of presenting important ideas and changes. Like Jed, I am incredibly interested in the employee component of this change in business, work and consumerism. I love the idea of "Employee Mobility" as a trend that's shaping business. I hadn't thought of it that way at all (although I knew good business attracted and motivated good employees).
ReplyDeleteWow am I excited for what's to come here!
@OKL
Ted,
ReplyDeleteOf the three you identified above, I would say employee mobility is probably will have the most impact. As a former Big 4 consultant, I wonder how much of a threat these guys see this as. As the US economy is solidly rooted in knowledge, as long as one has a brain and a little guts, nobody needs the big logo behind them any more. And the low barriers of entry on the web, the long tail is creating huge upside opportunities for the little guy without the big wallet behind them. Mobility is a part of a bigger category of employee empowerment. This tred is going to accelerate as Gen (whatever is now coming into the workforce) have zero tolerance for hierarcy and bad corporate behavior. They will take their brains and make it a mission to kick the crap out of that big company in the marketplace. Bigger (giving some the justification for behaving badly) is no longer better.
EXCELLENT POST!!
I really enjoyed this post, mostly because I don't think enough people are talking about the fact that all three (employees, consumers, investors) are looking to work for companies that are doing good work, ethically. When I read this post, I personally also thought of a GreenBiz article I recently read (http://www.greenbiz.com/blog/2010/06/24/verge-new-era-sustainability#ixzz0rsBX1bJk) about how companies are shifting more toward a business model that relies on societal value creation--quite a concept! Business that benefits both sides, for the long-term. =)
ReplyDeleteGreat series overall, too.
Kelly
@140care / @kellyalysia
Very helpful thank you - specially the bits about transparency & good ethics
ReplyDeleteThanks for this clear and insightful discussion of the 21st century workforce. I am encouraged by the emphasis on ethics, especially your point that ethics cannot be compartmentalized between the business and the personal. I'm looking forward to future blogs!
ReplyDelete