Revised and Updated by Seth Preston on: September 26, 2019
On any given day, the modern business world undergoes innumerable changes. So, as a company, how does your profit grow in a turbulent climate? There’s contributing factors that show how the modern business world is dynamic as ever.
According to The Futures Company, the following can be ascertained from modern business culture:
- Organizational culture is more important than strategy
- Intrinsic values are becoming more important than extrinsic values, for both customers and employees
- Connection is the key to both driving down cost and driving up customer engagement
Let’s take a closer look at what they mean.
ORGANIZATIONAL CULTURE OVER STRATEGY
Environment is proven to drive interest and affect the overall success of the business. Workplace culture has taken hold on how a potential or current employee views their workplace. The modern employee is more interested in being associated with a business that has an intriguing culture, opposed to how their actions get things done. Strategy is a visual environment, and that historically was a prevalent preference for employees and customers. We have since dipped into the lower portion of what is known as Edward T. Hall’s Cultural Iceberg Model.
What lies beneath the surface is the idea of organizational culture in the workplace.
INTRINSIC OVER EXTRINSIC
De Beers chairman Nicky Oppenheimer will tell you that a diamond is “intrinsically worthless”, but we buy them for our family and friends anyway. Why? What we know about diamonds is cause for celebration, love, and congratulations. They are an extrinsic reward. They are monetary. These values are slipping away in what makes a business valuable to employees and customers. We are motivated in today’s modern business culture to belong in that culture. They strive to find a purpose or become a resource.
“The big change, sitting across all of this, is from extrinsic values to intrinsic values, and this is true of both your customers and your staff. Mounting evidence shows that we are moving away from the late 20th century consumer driven world, where extrinsic values were celebrated and promoted, to a world of internally-driven values.” The Futures Company
CONNECTION IS THE KEY
One would assume that our world’s connectivity is rising with the advent of mobile internet technology. That may be true, but a workplace that had insufficient practices before this came to light will use those same practices with technology. Connections within the workplace and for the customer base is pivotal for business growth. How will the business use technology to connect with its employees? Programs like Skype and Slack exist for communication among peers, but can also be used for inter-company correspondence.
Trial Runners is a growing company. Success and growth can be obtained by embracing the turbulent nature of the modern business. According to Edward T. Hall, “we will be underwater for the foreseeable future, embracing the culture of a workplace over the strategy.” In this instance, that is a fine place to be.
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