Our CEO at MindSumo attended a conference last week and during one of the breaks he stumbled upon an interesting piece of information stemming from PwC’s 22nd CEO Survey. “According to PWC most recent CEO survey, skills that will become most valuable are:
“80% of CEOs are worried about the availability of these skills.” (PwC, 2019) So what’s a CEO to do when there’s a lack of these important skills in their current workforce or their employees responsible for these initiatives are stretched too thin, out of ideas, or simply not cutting it? How about looking externally?
In Comes Generation Z
F.O.M.O. or “fear of missing out” is nothing new and been around for some time now; this penetrates most corners of modern and Gen Z culture. Simply put, F.O.M.O. might encourage someone to attend an event they might not really feel keen to attend as opposed to doing what they REALLY want, like binging through a Netflix series; the hope is to ensure they don’t miss out on something substantial that they would have otherwise missed. It’s said that now, more than ever, F.O.M.O. is shaking up markets and a driver of the economic experience. So let’s flip the coin for a second and think about F.O.M.O. differently, from a CEO’s perspective.
So what can CEO’s do with their F.O.M.O.?
If CEO’s are nervous that problem-solving, adaptability, collaboration, leadership, creativity, and innovation are going to be hard to come by they should look no further than Gen Z for solutions and develop some degree of F.O.M.O. themselves. According to Al Ries, author of Focus: The Future of Your Company Depends on It, “The next generation product, idea, or solution almost never comes from the previous generations.” Fresh eyes often bring the best ideas. (Jenkins, R. (2018, February 12)
By 2019, Gen Z’s will be the largest age demographic group and surpass Millenials in the way of buying power. Some of the things that make Gen Z’s unique is that they’ve blossomed in an age of digital dominance, social connectivity, being globally-minded, and where they are focused on being extremely diverse individuals. All of these factors play into their mindsets being fit for businesses to tap them for innovations and insights. They can look at the same old problems in new ways or have outside the box methods of action that if implemented correctly, can be keys to a companies long term success.
Listen to the Crowd
In the 4th Industrial Revolution, tapping external sources for innovation and insights or utilizing tools to better understand ideas employees internally may be holding back will be imperative to a firms success. Having the courage and developing “F.O.M.O.” can allow a business to look outside of their organization, industry, and even their own generation to take the next step forward. Generation Z can offer a fresh perspective and are completely oblivious to any confines that have been placed around a firms innovation previously.
At MindSumo, we use our crowdsourcing platform of Gen Z’s to help organizations get over their F.O.M.O. through crowdsourced “challenges.” We’ve launched over 1,500 online projects with nearly 100 fortune 500 companies and have no plans of slowing down.
So I ask, who out there has CEO F.O.M.O.? Contact MindSumo, we’d love to help.