Growth Mindset-Gen Z-Profit What do these have in common?
Growth Mindset, What is it? Do you have it? ....This is not new a new concept, in fact more than 3 decades ago, Carol Dweck, Professor of Psychology at Stanford University, and her colleagues began to notice and study why some students were able to bounce while other students seemed devastated by what appeared to be even the most minor defeats. Since that time, she and many in the field of education and psychology have been prolific in researching and publishing on the topic of fixed mindset versus growth mindset.
Simply put, Growth Mindset is the belief that abilities and intelligence can be developed with effort, learning and persistence. We must be Continuous Learners (note: I mention it twice below - it's that important!).
Now that we have a general understanding of Growth Mindset, let's explore what it means to be Generation Z:
- Youth and young adults born in 1996 or later
- Students graduating from 4 year universities in 2018!
- While the Millennials were the last generation to recall a time without the internet, Gen Z has only known a world with it!
- Gen Z is the most sophisticated and readily "off the shelf" digitally savvy talent to hit our workforce.
- By 2020, they will be 40% of the workforce
According to a recent Gallup Student Poll, 40% of American students grades 5-12 plan to start their own business, while 24% are already learning how to start and run a business.
Do you know about Noa Mintz? She started her first business at the age of 8 providing art classes for kids, today she runs a full service child care agency in New York City. She's 17.
Have you heard about Mihir Garimella, creator of Firefly? He's developing low-cost flying robots to use as part of dangerous search and rescue or emergency response missions. He hasn't graduated from college yet.
What about Rachel Zietz, founder of Gladiator Lacrosse who in 2016 at the ripe age of 16 was projected to hit her target of 2 million USD by year end.
The list goes on and on...Is this making you scared or excited? Are you curious to understand how these bright entrepreneurs are doing this? Are you starting to wonder how you are going to attract and keep such talent in your companies and organizations? Better yet, are you even prepared to offer them something worth coming to?
As leaders within companies, to lead means we must get ahead and adequately transform our organizations and our infrastructures to attract and then retain these amazing entrepreneur spirits. We must prepare for the next generation workforce, one that doesn't learn, communicate, socialize, buy or sell, and innovate like any we've experienced thus far. And let's face it, we already have mountains to climb in order to prepare and address the high turnover and disengagement we are currently experiencing with the predecessor generation of Millennials. Just a side note, it is predicted that millennials will comprise 75% of the workforce by 2025. Their high turnover, disengagement, and relentless pursuit of purpose in their careers is already disrupting our fixed mindset leaders and companies. It's hitting the bottom line with an estimated $35 billion USD annual impact in retention costs.
In a 2016 Harvard Business Review article, Dweck wrote, "When entire companies embrace a growth mindset, their employees report feeling far more empowered and committed; they also receive far greater organizational support for collaboration and innovation."**
Who doesn't want empowered and committed employees? Name one organization that thinks collaboration and innovation wouldn't benefit them, especially when it comes to innovating and attracting talent. Surely we can all profit in one way or another by figuring this out and embracing it! Companies must approach these younger generations with a growth mindset.
1. Approach the uncertainty with boldness. We will make mistakes, but the important thing is to progress and learn and bounce and adjust.
2. See this challenge as an opportunity
3. Get to know these generations and embrace their feedback
4. Be obsessive learners, we must understand what is important and what motivates these generations with genuine interest and do something about it!
Quite frankly, if we don't make workplace breakthroughs that enable and attract such a workforce, our jobs and companies will go the way of the dinosaur!
To learn more about how Elan James can help you or your organization prepare and transform into Gen Z attractive organizations, please contact us.
Look out for our Next Blog...These Millennials are Driving Me Nuts! Why are the Boomers such Control Freaks! How to deal with Generational Conflict.
**To read Carol Dweck's full article referenced above go to: