Greetings. Bryce Biggs, Strategy Lead at YourBigPic. Here to talk to you about pivoting your business in response to the new generations entering the marketplace and the workplace. Also, about how our Wicked Challenges™ framework can help you pivot effectively.
Pivoting has traditionally been seen as the preserve of startups. However, even large companies like Unilever have had to conduct significant pivots to stay on track in recent years.
To pivot means that you fundamentally change direction when you realize your current offering is not meeting the marketplaces needs. Another sign you need to pivot is when the processes you use to serve your marketplace are no longer working effectively.
A significant driver of change is a new generation of people known as Gen Z. They are now a powerful force in the marketplace and workplace. They were born between 1996 and 2000. They currently make up some 20% of the UK workforce, and this percentage will rise steadily in the coming decade.
Gen Z is seen as being independent, entrepreneurial, and competitive. They prefer in-person communication in the workplace, which is interesting, given their heavy use of digital media. They are more educated than previous generations. One in two has a degree.
They are very mobile in terms of their way of life. It is projected that they will have eighteen jobs, six different careers, and live in fifteen different houses during their lifetime. They are visually oriented, live in an open book world, and value working with others rather than working independently.
Hot on the heels of Gen Z is Gen Alpha. They were born between 2010 and 2024. They are the first fully digital generation globally, and their education will be quite different from ours. They will experience a visual first-hand learning method rather than a traditional structured auditory one. They will grow up interacting with AI and robots and humans.
By the year 2030 they will make up 11% of the workforce. In that year, the most significant workforce group will be Gen Z, who will make up 34% of the working population. Gen Alpha is seen as global, digital, social, mobile, and visual. They are going to be a quite different generation in terms of their views on business ethics, sustainability, and environmental responsibility.
We believe that our Wicked Challenges™ approach and interactive six lens framework can help you: frame it, innovate it, resource it, collaborate it, measure it and iterate it.
We look forward to the possibility of collaborating with you and your team and taking your organization forward through undertaking significant pivots. Thank you.