Strategic decision making in todays business world

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Strategic decision making in todays business
world

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Strategic decision making

• What makes todays business world different?
• The Basics of decision making
• Todays work force
• Employee numbers
• How to get the best out of each generation
• Todays Economy
• How should we best tackle decision making today

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• What makes todays business world different?
• Access to information
• Electronic commerce
• Global base/focus
• Electronic processing
• The work force
• The economy

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• Decision making
• Have a vision
• Set goals, plan
• Check progress, successes failures
• Managing as a concept
• Leadership how does it fit with management

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• Todays work force
• Baby Boomers possibly at the top of your
  organisation
• 1946-1964, aged 62-44
• Competitive and hard working
• 2005 45 of workforce
• Very focused on personal goals and achievement
• Get it done at all costs attitude
• 76 million

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Gen X

• Generation X possibly in middle management now
• 1965-1976, aged 43-32
• Job hopping
• an organisation is a place to
• learn new skills
• build experience
• Springboard to the next opportunity
• Independent, must clearly understand what is
  expected of them but -

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Gen X

• They need you to leave them alone to do the job
  in their own way and inn their own time
• Unlikely to be loyal to a company
• But may be loyal to
• a project
• a team
• a boss that they like

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Gen X

• They need to be challenged in their work
• Need a balance between work and their personal
  life
• They dont live to work, they work to live
• 41 million

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Gen Y

• Generation Y still quite early in their working
  life
• 1977-1998, aged 31-10
• Generation Y not
• Very high standards and expectations
• Used to meeting high expectations of them
• Digital natives, cell phones, e-mail, u-tube,
  face book

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Gen Y

• Multitasking
• More interested in flexibility and freedom than
  ladder climbing
• They want money but not at the penalty of
• good work hours
• a good work climate
• an opportunity to learn and grow
• They prefer to work in groups

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Gen Y

• They are tolerant of authority and diversity
• They are civil minded and intellectually curious
• They want stability and probably wont job hop as
  much as Gen X
• 75 million

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• Employee numbers
• Baby Boomers 76 million, 62-44
• Gen X 41 Million, 43-32
• Gen Y 75 million, 31-10
• Knowledge and experience will become rare, ten or
  less years ago employees were abundant.
• Employees will become resource poor, this is
  already happening, they will become even rarer
  than they are today but the effect is already
  here we are already experiencing this - except it
  is going to get worse.

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• Getting the best out of each generation
• Baby Boomers
• Ask them what will keep them, they like to be
  asked but you have to respond to their response
• They have passion
• need meaningful work and lives
• Ask them what gives them passion

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Keeping Baby Boomers

• They need enrichment
• Keep them at their cutting edge
• Teach them new things, they still want to learn
• Rewards
• Notice them, thank them for their dedication and
  commitment
• Recognise the differences between them Gen X and
  Y, value their loyalty and commitment
• They want you to acknowledge that they are
  different to Gen X Y

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Keeping Baby Boomers

• They dont want to be labelled as too old for the
  job because they are not and you will need them
• Unlike Gen X, if BBs dont experience these
  things in their work they will congregate in the
  tea room and complain about you. They are less
  likely to give you everything but they are
  unlikely to leave you because of this.

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Keeping Gen X

• Perhaps the most challenging group with regard to
  retention
• Career
• Need to be challenged and learning
• Need to help them to develop new skills
• Need to help them to identify career options
  within your organisation

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Keeping Gen X

• Information
• Keep them informed, they need to be in the loop
• Communicate early, honestly and often
• Communicate using their preferred method,
  probably e-mail but also face to face
• Space
• Provide flexibility, freedom and work/life
  balance
• Do not micromanage them
• Find out what kind of freedom they value
• If they dont have these things they will leave
  you in search of these things with another
  organisation

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Keeping Gen Y

• Opportunities
• They need to exercise their intellectual
  curiosity
• They work best in teams
• They can co-create their next assignment or
  promotional opportunity for the organisation
• Ensure that they have the technology that they
  are used to, remember they grew up with
  technology, they depend upon it

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Keeping Gen Y

• Truth
• Give them regular and honest feedback, their life
  has already evolved around schedules, tests,
  input from school, tutors, parents etc. They need
  more feedback than just an annual review
• Goals
• Need to create stretch goals
• They want multiple career options
• A sense of job security
• Reward them when they achieve, in ways that
  matter to them recognition, a day off, a bonus,
  the latest technology

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• Todays Economy
• Increased labour costs
• Inflationary pricing
• Fuel doesnt just effect our hip pocket every
  time that we stop and fill the tank in our car,
  it drives prices up across the board. Groceries
  cost more, mortgage interest rates are going up
  the cost of housing and rental properties are
  going up
• Housing prices, real estate costs generally but
  not just domestic market business premises,
  factories, retail rents as well

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• What do we need to consider to best tackle
  decision making today
• Employees will become a rare resource
• the need to understand them, what they are like
  and what turns them on is incredibly important in
  any strategic decision making that you undertake
  today.
• Price increases
• In the current market you have to keep an eye on
  your own price. If you dont increase your costs
  you will go broke as your costs increase around
  you with increases in the price of supplies and
  labour.

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Decision making today

• Globalisation
• Talked about a lot in recent years, do big
  industry leaders that have a resource surplus
  come to Australia and buy out what to them are
  smaller firms. Does Australia's industry end up
  being dominated by these multinational giants
  with which we cannot compete.
• Even Toowoomba is subject to a mini version of
  globalisation. Do, what we see as giants from
  Brisbane, Sydney, Melbourne take over Toowoomba
  based industry. Do they even come here and
  compete with greater resources than ours and
  change Toowoomba or even the country Qld market
  place. This may be happening already.

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Decision making today

• Technology
• Since we are faced with scarce employment
  resources plus a world where industry, the
  economy, will be based on Gen X Y who grew up
  with technology, it is destined to dominate the
  work place
• When you consider the simple concept of a
  computer, a machine that can process transactions
  at incredible speed, machines that have opened up
  the world through the internet. It is also going
  to assist us to deal with the scarcity of
  employees

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• Summary
• The world is changing, you need to understand
  this, use it to your advantage or you will become
  a victim of it rather than enjoying the
  experience.

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