Tammy Erickson Video Blog

If there is one concept that dominates the mental model of the Re-Generation, it is the sense of “finite limits” – the notion that there is not an infinite amount of energy, water, money or other resources. They understand the need to make the most out of what we have – to share and to re-new. Even the youngest Re-Gens often demonstrate a powerful sense of compromise – of making trade-offs designed to meet the needs of multiple individuals. This generation will bring an important new perspective to the market and workplace over the years ahead.

Many Re-Gens grew up “improvising” – in families who staged vacations in the back yard or found other creative solutions to meet their needs when money was short. Most will be far less materialist than preceding generations. Through them, preferences for smaller homes and efficient cars will grow. They also show a marked preference for becoming entrepreneurs, for creating new things and maintaining control over their own destiny.

The Re-Gens are a generation of unconsciously competent users of mobile technology, accustomed to unlimited access to content at all times. Re-Gens “google” their questions – big or small – and find immediate answers. This short-cycle between wondering and finding information has given them confidence in their own ability to be an initiator and problem-solver. And, in their minds, their access to ‘how to’ information places them on an even par with the adults in their lives as an authority. Access, not age or position, provides them license.

Shaped by the recession, the Re-Gens will be far more fiscally conservative than the optimistic and immediate Millennials. The new generation already demonstrates an inclination to save and a reluctance to incur debt. They will be more likely to defer gratification, delaying purchases while they save the money required to buy goods outright. They also tend to see items that in the past were considered status symbols, such as homes and cars, in strictly utilitarian terms. For this generation, the preferred modes of accessing goods will include renting, borrowing, trading, and bartering. Re-Gens will look for ways to spread the cost of goods over a broader network of individuals, combining their comfort with technology and their financial caution to find creative approaches to access capital goods.

The “Re-Gens” entered their most formative years just as the global economy was entering a major recession in 2008. They are forming a mental map based on a world with finite limits and no easy answers. Already, these young people recognize that the issues of limited resources will be an important priority for their generation. Truth, conservation, tradeoffs, and balance are their themes. They will tackle the challenges of renewable energy, recycling, reducing carbon emissions, and resource limitations. This generation will show restraint and responsibility as they rethink and renew.

The next major generation is taking shape. They are our children and grandchildren, our students, our customers, and soon will be our employees and colleagues in the workplace. They are very different from the Millennials that precede them – in how they learn and get things done, whom they trust, what they value, and how they expect to live their lives. This new generation, which I call the Re-Generation, includes individuals born after 1995, those who are younger than 20 today. They have been steeped in reality, bounded by finite limits, and weaned on mobile technology. Meet the Re-Generation!

To leverage intelligence, leaders will be challenged to create environments that encourage innovation, collaboration and engagement. To meet the challenge, Erickson predicts businesses will face five major changes: in the way work is structure, the way work is integrated, how value is created, the way people who work relate to organisations, and the way leaders lead.

By the 1980’s, manufacturing was moving out of London to locations that offered lower labor costs, technology was forcing major restructuring of backroom operations, and the rising costs of pharmaceutical R&D were driving industry consolidation, all components of Wellcome’s response.

The 1950’s in London were a time of full employment and rapidly-expanding worker expectations. To meet the challenge, companies such as Lloyd’s adopted a new social contract with employees: an expectation of long-term loyalty in exchange for broad-based protection and care. Personnel departments rose to the occasion.

How did a bicycle craftsman evolve into one of England’s major automobile manufacturers? By skillfully answering the critical challenge: how to make a lot of cars, consistently and at a reasonable cost. The management approaches Morris adopted were brilliant responses to his challenge . . . but may not be what all businesses need today.

Although a genius at design, Wedgewood’s greatest challenge was establishing a resonant brand. He developed innovative marketing practices, including the first focus groups, celebrity endorsements, and retail venues to allow customers to experience the brand.

Silk weavers in the 1700’s developed management practices appropriate for the nature of the work itself – task-based arrangements that paid based on quality rather than time – and the fluctuating demand – calling for a contingent workforce.

Wool traders in the 1650’s faced the challenges of rapid changes in information asymmetry, not unlike that brought about today by the internet. They responded with innovation and branding.

In any era, the companies that stood out, that became iconic, were led by individuals or teams who succeeded in solving the most important challenge of the time. Understanding just what the challenge of the moment is – and determining the leadership approach that will address it successfully – is key, as examples drawn from English history will show.