The short-term thinking crisis
What is happening?
Focusing on professional development is a good place to start. It shows you’re investing in your people and putting them on a clear career path. It also empowers your teams to own their own progression – giving them control in an uncertain time.
If you have support to offer, or tough calls to make next year, be transparent about them. To build trust and togetherness in your teams, honesty is still the best policy, especially as 33% of employees say they do not trust their CEO and 31% do not trust their line manager.
And, wherever you can, reiterate your purpose. Feeling like we belong and we’re part of a team we believe in goes a long way to holding onto top talent, too. Now’s the time to think holistically about wellbeing. Money matters, but even in a cost-of-living crisis, it isn’t everything.
Remember, care isn’t one-way. When you look after your people, they’ll be more motivated to look after – and stay in – your business, too.
no more than two years
To retain employees and alleviate their stress, employers must build more certainty and purpose into work.
The expert view
Open the door to the high-potentials
Randy Marmon, Vice Chairman,
Korn Ferry Professional Search
of millennials feel it’s
Every day you're not thinking about your culture – and being intentional about it – it’s inevitable it will become diluted.
“Leaders need to create a succession plan that allows people to apply their skills so they can actually move up, because if they don’t move up in your own firm, they’re moving to another firm.”
Connecting work to a larger purpose should be a focus in 2023.
of millennials would consider
think it will be normal to work for an employer for
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Focusing on professional development is a good place to start.
Feeling like we belong and being part of a team we believe in goes a long way to holding on to top talent, too. Now’s the time to think holistically about well-being. Money does matter, but even in a cost-of-living crisis, it isn’t everything.
Remember, care isn’t one-way. When you look after your people, they’ll be more motivated to look after – and stay in – your business, too.
It shows you’re investing in your people and putting them on a clear career path.
It also empowers your teams to own their own progression – giving them control
in an uncertain time. If you have support to offer, or tough calls to make next year, be transparent about them. To build trust and togetherness in your teams, honesty is still the best policy, especially as 33% of employees say they do not trust their CEO and 31% do not trust their line manager.
And, wherever you can, reiterate your purpose.
Here’s something certain. If you’ve got baby boomers at the helm of your organization, you’ve
got a talent gap coming. Over the next year, huge swathes of that generation (aged 59-77 in
2023) will be retiring. Do you have the talent in the wings to replace them?
Gen Xers (aged 43-58) might seem like the natural next choice. But in recent years, many of
that group have been rethinking their life priorities. Nearly half are actively considering early retirement. It means the time has come for your millennials (aged 27-42) to step up. For them, retirement’s a long way off. But you may find the business they want to run is a long way from the business you have today. For this group, the short-term thinking issue we see elsewhere is reversed. The millennial leadership agenda focuses on making long-term commitments to inclusion and sustainability. 54% consider themselves climate activists. Over 60% say they’d feel more inspired
at a company with a good ESG policy – and they’d be more loyal to that company, too.
The future of work is in your millennials’ hands. How do you pave the way to keep them motivated?
When the millennials are in charge, they’ll want their organization to replace short-term quarterly targets with a longer-term focus. If you haven’t already, make connecting your work to a larger purpose your focus in 2023. And devote any resources you can to longer-term strategies, including ESG and DE&I.
First, build a business that millennials want to lead.
Revisit your leadership pipeline too.
If you invest the time and effort now, including upskilling, you’ll create a smooth transition later – and protect the future of your business.
changing careers to a sustainability-focused role
of millennials (vs. 55% of baby boomers) believe there is a
approaches to work between different generations in their organization
divide in
The traditional 9-to-5 workday has gone the way of the dinosaur. But some leaders are uncomfortable with the old ‘command and control’ models that are dying with it.
Teams enjoy the autonomy and flexibility that comes from hybrid working. Yet even though we’ve seen employees can be just as, if not more productive working from home – many managers feel uneasy when they can’t physically see what their teams are doing. They struggle keeping track of multiple remote schedules, too.
Some also say collaboration has taken a hit. The companies faring worst are the ones asking some people to return to the office and not others. Almost half (47%) of those in the office resent having to accommodate their remote colleagues’ flexibility demands. And 52% of employees suggest that the disconnect they feel
with their employer could push them to leave their roles.
But is this really an issue with hybrid working, or culture?
At its core, culture is behaviors at scale. And you unlock behaviors in your people through connection. If your teams feel isolated and disconnected, it’s culture that suffers. Yet demanding an instant return to the office isn’t the answer. 64% of respondents in our survey said going back to the office will impact their mental health negatively.
What does this mean for the future of work? Get ready to reassess your culture.
Is your culture aligned to 2023’s biggest business challenges? Does it give people the space to grow to their fullest potential – no matter where they’re working from? If it doesn’t, redefine it to work in a hybrid world. Find ways for teams to virtually support each other and build togetherness, even when they’re apart. That said, firms and managers need to communicate far better boundaries for those working at home, defining workdays either around hours or around specific goals that need to be accomplished.
and 63% of baby boomers
to align their values with their employers’
of Gen Z believes their
generation can influence working culture
Mark Richardson Senior Client Partner, Korn Ferry Organization Strategy
important
vs. 65% of Gen Z
The expert view
The expert view
Sarah Jensen Clayton, Senior Client Partner,
Korn Ferry Culture & Change
“Nearly all of the conditions that create psychological safety are compromised in a remote/hybrid environment. What do your people need to feel safe, connected and heard no matter where they’re working from?”
Over-index on psychological safety
The expert view
The expert view
Aram Lulla, Division President
Korn Ferry Professional Search
“Leaders need to create a succession plan that
allows people to apply their skills so they can actually move up, because if they don’t move up in your
own firm, they’re moving to another firm.”
Open the door to the high-potentials
The expert view
Terri Henderson, Senior Client Partner,
Korn Ferry Global Leadership Development Outsourcing
“The future of work is about creating an experience within an organization that provides a career pathway. Why else would someone choose to stay at your company?”
Paint a picture of the future
The expert view
Andrea Walsh,
Korn Ferry Global ESG & Sustainability Leader
“A successful ESG strategy is one that’s fully embedded in the way you’re developing your skills and your talent, along with how you’re developing and fostering your culture.”
Embed ESG in your culture
The expert view
Aram Lulla, Division President
Korn Ferry Professional Search
"The firms that win are those who “don’t just
invite millennials into conversations but also give
them authority to own outcomes”
Create opportunities for ownership
The expert view
Terri Henderson, Senior Client Partner,
Korn Ferry Global Leadership Development Outsourcing
“Chart leadership career paths by asking questions:
‘Where are they now? How do they fit in the organization?
What does their trajectory look like?’”
Meet millennials where they are
The expert view
A renewed focus on culture
#3
A renewed focus on culture
#3
Get set for the future of work
Moving up
millennials
Moving up millennials
#2
Get set for the future of work
Fix short-term thinking
with a long-term outlook
#1
Get set for the future of work
Get set for the future of work
Get set for the future of work
Mark Richardson, Senior Client Partner,
Korn Ferry Organization Strategy
“Leaders can address their perceived lack of control by creating conditions for intrinsic motivation to shine through. That begins by giving everyone clarity around roles,responsibilities, and accountabilities, wherever they might be working.”
Co-create a culture vision with your people
Margie Warrell, PhD, Senior Client Partner,
Korn Ferry Leadership Development and Organization Strategy
"Invite input, for example ask: ‘I’m not exactly
sure how we’re going to do this, and I invite
you to help me in figuring this out.’”
Give space for others to show up
Sarah Jensen Clayton, Senior Client Partner,
Korn Ferry Culture & Change
“Team collaboration is one of the biggest drivers for culture setting, culture shaping and culture building. It’s in teams and in the context of ‘real work’ that we test our values, assumptions and perception of norms.”
Don’t let individual work replace teamwork
Fix short-term thinking with a long-term outlook
Skyrocketing inflation is changing the way people think about the future of work. Our study showed that almost half (44%) of us now think about our careers in terms of months, not years. And many employees (82%) say they’d leave their job for one that offered a higher salary or better benefits. Employees are voting with their feet. We know constantly increasing wages isn’t a sustainable solution. So, what can leaders do to hold on to top talent?
Moving up millennials
A renewed focus on culture
Get set for the future of work
Fix short-term thinking
with a long-term outlook
#1
Fix short-term thinking
with a long-term outlook
#1
Get set for the future of work
#2
Moving up
millennials
#2
Get set for the future of work
A renewed focus on culture
#3
Get set for the future of work
#1
Fix short-term thinking with a long-term outlook
Get set for the future of work
#1
Fix short-term thinking
with a long-term outlook
#1
Fix short-term thinking
with a long-term outlook
Skyrocketing inflation is changing the way people think about the future of work. Our study showed that almost half (44%) of us now think about our careers in terms of months, not years. And many employees (82%) say they’d leave their job for one that offered a higher salary or better benefits. Employees are voting with their feet. We know constantly increasing wages isn’t a sustainable solution. So, what can leaders do to hold on to top talent?
Focusing on professional development is a good place to start.
It shows you’re investing in your people and putting them on a clear career path. It also empowers your teams to own their own progression – giving them control in an uncertain time. If you have support to offer, or tough calls to make next year, be transparent about them. To build trust and togetherness in your teams, honesty is still the best policy, especially as 33% of employees say they do not trust their CEO and 31% do not trust their line manager.
To retain employees and alleviate their stress, employers must build more certainty and purpose into work.
no more than two years
think it will be normal to work for an employer for
Terri Henderson, Senior Client Partner,
Korn Ferry Global Leadership Development Outsourcing
“The future of work is about creating an experience within an organization that provides a career pathway. Why else would someone choose to stay at your company?”
Paint a picture of the future
Aram Lulla, Division President
Korn Ferry Professional Search
“Leaders need to create a succession plan that allows people to apply their skills so they can actually move up, because if they don’t move
up in yourown firm, they’re moving to another firm.”
Open the door to the high-potentials
Terri Henderson, Senior Client Partner,
Korn Ferry Global Leadership Development Outsourcing
“The future of work is about creating an experience within an organization that provides a career pathway. Why else would someone choose to stay at your company?”
Paint a picture of the future
The expert view
To retain employees and alleviate their stress, employers must build more certainty and purpose into work.
Aram Lulla, Division President
Korn Ferry Professional Search
"The firms that win are
those who “don’t just
invite millennials into conversations but also
give them authority to
own outcomes”
Create opportunities for ownership
Terri Henderson, Senior Client Partner,
Korn Ferry Global Leadership Development Outsourcing
“Chart leadership career paths by asking questions:
‘Where are they now? How do they fit in the organization?
What does their trajectory look like?’”
Meet millennials where they are
The expert view
Connecting work to a larger purpose should be a focus in 2023.
If you invest the time and effort now, including upskilling, you’ll create a smooth transition later – and protect the future of your business.
Revisit your leadership pipeline too.
When the millennials are in charge, they’ll want their organization to replace short-term quarterly targets with a longer-term focus. If you haven’t already, make connecting your work to a larger purpose your focus in 2023. And devote any resources you can to longer-term strategies, including ESG and DE&I.
First, build a business that millennials want to lead.
Here’s something certain. If you’ve got baby boomers
at the helm of your organization, you’ve got a talent gap coming. Over the next year, huge swathes of that generation (aged 59-77 in 2023) will be retiring. Do
you have the talent in the wings to replace them?
Gen Xers (aged 43-58) might seem like the natural next choice. But in recent years, many of that group have been rethinking their life priorities. Nearly half are actively considering early retirement. It means the time has come for your millennials (aged 27-42) to step up. For them, retirement’s a long way off. But you may find the business they want to run is a long way from the business you have today. For this group, the short-term thinking issue we see elsewhere is reversed. The millennial leadership agenda focuses on making long-term commitments to inclusion and sustainability. 54% consider themselves climate activists. Over 60% say they’d feel more inspired at a company with a good ESG policy – and they’d be more loyal to that company, too.
The future of work is in your millennials’ hands. How do you pave the way to keep them motivated?
Moving up millennials
Is your culture aligned to 2023’s biggest business challenges? Does it give people the space to grow to their fullest potential – no matter where they’re working from?
If it doesn’t, redefine it to work in a hybrid world. Find
ways for teams to virtually support each other and build togetherness, even when they’re apart. That said, firms
and managers need to communicate far better boundaries for those working at home, defining workdays either around hours or around specific goals that need to
be accomplished.
What does this mean for the future of work? Get ready to reassess your culture.
At its core, culture is behaviors at scale. And you unlock behaviors in your people through connection. If your teams feel isolated and disconnected, it’s culture that suffers. Yet demanding an instant return to the office isn’t the answer. 64% of respondents in our survey said going back to the office will impact their mental health negatively.
But is this really an issue with hybrid working, or culture?
The traditional 9-to-5 workday has gone the way of the dinosaur. But some leaders are uncomfortable with the old ‘command and control’ models that are dying with it.
Teams enjoy the autonomy and flexibility that comes from hybrid working. Yet even though we’ve seen employees can be just as, if not more productive working from home – many managers feel uneasy when they can’t physically
see what their teams are doing. They struggle keeping track of multiple remote schedules, too.
Some also say collaboration has taken a hit. The companies faring worst are the ones asking some people to return to the office and not others. Almost half (47%) of those in
the office resent having to accommodate their remote colleagues’ flexibility demands. And 52% of employees suggest that the disconnect they feel with their employer could push them to leave their roles.
A renewed focus on culture
Mark Richardson, Senior Client Partner,
Korn Ferry Organization Strategy
“Leaders can address their perceived lack of control by creating conditions for intrinsic motivation to shine through. That begins by giving everyone clarity around roles,responsibilities, and accountabilities, wherever they might be working.”
Co-create a culture vision
with your people
Sarah Jensen Clayton, Senior Client Partner,
Korn Ferry Culture & Change
“Team collaboration is one of the biggest drivers for culture setting, culture shaping and culture building. It’s in teams and in the context of ‘real work’ that we test our values, assumptions and perception of norms.”
Don’t let individual work
replace teamwork
Margie Warrell, PhD, Senior Client Partner,
Korn Ferry Leadership Development and Organization Strategy
"Invite input, for example
ask: ‘I’m not exactly sure
how we’re going to do
this, and I invite you to
help me in figuring
this out.’”
Give space for others
to show up
Download the eBook
Learn how to challenge short-term thinking in the future of work here.
Learn how to prepare for millennials leading the workplace of the future here.
Learn how to craft the workplace culture of tomorrow here.
Learn how to challenge short-term thinking in the future of work here.
Learn how to prepare for millennials leading the workplace of the future here.