‘when millennials take over’ by jamie notter:maddie grant - book summary by d shivakumar;...

When Millennials take over

Jamie Notter:Maddie Grant

Every 20 years or so, a new generation enters the work force, and the rest of us, quite frankly freak out about it.

Today, the Millennial generation, born between 1982 and 2004 is upsetting the apple cart with their sense of entitlement, informality and impatience.

The social internet cannot revolutionize management on its own.

Four capabilities are needed for success today and in the future for a company:DigitalClearFluidFast

Digital is about perceptual and exponential improvement of all facets of the organization using the tools and the mindsets.

Digital in the millennial world is focusing on the consumer, customer and the employee.

Digital organizations achieve a lot more by focusing internally and externally.

Clear is about an increased and more intelligent flow of information that supports innovation and problem solving.

Clear organizations are open and transparent and hence make better decisions that generate better results.

Fluid is about expanding and distributing power in a dynamic and flexible way.

Fast is about taking action at the precise moment when action is needed.

Fast organizations leap ahead of competition by releasing control in a way that dies not increase risk.

Optimism is an overarching capacity that is critical for succeeding in any kind of revolution.

If you lose your optimism, you stop doing work, you stop maintaining things, you stop putting a foot in the door.

Management is getting transformed by the decline of traditional management practices, the social internet and the millennial generation entering the workforce.

The social internet has permanently shifted the balance of power between individuals and institutions.

The more the individuals experience the social internet power, the more confused and frustrated they become trying to operate in traditional bureaucracies.

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.

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.

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.

No amount of revenue can justify jeopardizing the consumer trust in your brand.

Digital companies are constantly improving, they are committed to innovation.

The core principles of being digital are – putting the consumer/customer first, continuous improvement, learning and innovation.

Digital companies learn continuously and iterate rapidly.

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.

Sharing information makes a system more agile based on market conditions and not head office perceptions or theories.

Organization culture is the collection of words, actions, thoughts and stuff that clarifies and reinforces what a company truly values.

Is your culture by design, or default? You decide.

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)

Clarity gives you better decisions.

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.

For decision making systems to work, each team must know its own profitability and its contribution to the company.

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.

Authenticity is engaging with others that is closely aligned with your deeper identity, purpose and even destiny.

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.

In a service business you can only pick two of the three : fast, cheap and good.

Good leaders build strong relationships externally and deep in the organization.

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.

CEOs must actively choose their culture, else it will be chosen for them

Every employee has the power to shape things from his or her point. Good employees contribute positively to this journey.