A Millennial Movement has been happening for the past five years, known as the “The Freedom Economy” (a term coined by Greg Pesci, CEO of Spera), where work is being outsourced to freelancers, entrepreneurs, consultants, experts and specialists.
Interestingly, this virtual model is:
- More productive
- and cheaper
1. Human Capital > Money
In the freedom economy, people are your biggest asset. Invest in them. Believe in them.
The industrial model is gone. People are more than machines. Those who build long-term relationships — rather than transactional relationships — with their employees will win.
2. Emotional-Intelligence > Economic Intelligence
In the freedom economy, emotional intelligence is more important than economic intelligence.
Working with people is how you win.
3. Collaboration > Hierarchy
In the freedom economy, outdated hierarchical systems no longer work. Instead of “shifting the responsibility” up the management ladder, flatter structures empower employees to make decisions and feel responsible for the company’s success.
And that’s exactly what Millennials want. They want to use their skills to make a difference. According to Self-Determination Theory, popularized in Dan Pink’s book Drive, autonomy is one of the primary drivers of quality and meaningful work.
4. Meaning and Purpose > Material Rewards
In the freedom economy, you can’t get people excited to work purely for material gains. That worked in previous generations. But today, people want to be a part of something meaningful.
95% of success is based on selection, in picking the right people. In order to hire and keep the best talent, you’ll need shared values and character.
Employees need to have “it” in their heart’s — the mission and values of the company need to sink deep. It needs to be part of who they are. Hence, Steve Jobs’ criteria for hiring, “Are they going to fall in love with Apple? Because if they fall in love with Apple, everything else will take care of itself.”
5. Leaders > Followers
In the freedom economy, everyone is a leader. Everyone!
You need everyone to be a leader because the world is changing to fast. Rather than training someone in one skill, employees need to be agile. Thus, everyone needs to be viewed and treated as a leader, because roles and responsibilities will always be in flux.
Hence, human capital is your greatest asset. Train your people will, treat them with respect and understand them, collaborate with and empower them, and they will thrive.
If your biggest goal is to help your employees succeed, you will succeed.
Everyone needs to embrace the Millennial movement. Live in the now, or your business will go extinct.
This is also great news for people like me who count ourselves as social creatures more than ones made for the books/math/memorising for exams. You go, Millenials! WHOOO.