Attitude #1: Be tech-savvy – and willing to experiment
Both Airbnb and Twitter are founded and operated by Millennials who are obsessed with technology. Research has shown this generation is not only more tech-savvy, many of its members are also unattached. These workers seem to have more bandwidth for challenging work and some are even prepared to postpone family life – for now.
So it would not be controversial to also suggest that Millennials have more energy and enthusiasm for innovation at this stage of their lives, and demand it from their bosses.
Attitude #2: Help workers grow up by up-skilling
Both companies have built workplace cultures that appeal to a broader base of values and not just money. Here are some big clues on how they’ve done it from recent surveys conducted by Deloitte and PwC:
- More autonomy
- More flexibility
- More personal and professional development
- More opportunities to multi-skill
- More meaning – the work they do, and the contribution they make to the world
Since Millennials have a desire to grow and keep developing, prospective employers should find ways to offer these benefits – through the roles themselves – as well as through education and training opportunities that the business provides.
Attitude #3: Disrupt established markets
The founders of Airbnb made no secret that they’d settle for nothing less than shaking up the entire hotel industry to take a big slice of the $500 billion global market.In their view, competing hotels and other short-term accommodation providers were really only differentiated by price and luxury level – much like department stores are.Instead, Airbnb built a new source of supply in the market from ordinary people’s spare rooms and weekenders.Five years ago the company had 13 employees working from a residential apartment in San Francisco. Now it's a global powerhouse with more than 800 employees – a mainstream operator by any measure – that has expanded the possibilities for private hotels and the plethora of individuals with property.If you are a hotel or hospitality industry operator, Airbnb presents a case study in generational shift in buying behaviour.
Attitude #4: If you can’t do it, hire someone who can
Founders bring a certain set of skills to the venture which is critical at that start-up point, but then those skills may not be suited to guiding the business through massive growth while juggling the sometimes-competing needs of staff and stakeholders.In market circles Twitter disappointed investors for some time. When the company went public its goal was to be the next Facebook, which meant growing its user base as fast as it could, and then figuring out how to turn users into revenue.Most start-ups are focused on acquiring new customers, but then there is also a need to develop ongoing relationships with those customers. Here teamwork is vital. While acquiring customers is a sales job and keeping them is an organisational effort, founder leaders may not be skilled in building processes and team leading.In 2010 Twitter’s founder CEO Evan Williams announced he was taking a break for paternity leave and then wanted to focus on what he does best: product strategy. His replacement, Dick Costolo, is a man ten years his senior, who gained a reputation for strong operational leadership while driving several dotcom start-ups to acquisition by much bigger companies.Hiring in a new CEO can be a bitter-sweet decision at a personal level, but as Twitter illustrates it can be a mandatory one to meet the challenges of a technology-driven world.