October 2008: A Note from Jeff Mack
The Bottom Line: The X's and Y's of Business and Technology

As I begin this article, Wall Street has just finished the wildest ride that I can remember in my lifetime. And those that can remember back to October 1929 may not want to. Yet when you net it all out, here is what it looks like:

• S&P 500 Close Friday 9/12/08: 1251.70
• S&P 500 Close Friday 9/19/08: 1255.08
• One week change, 9/12 - 9/19/08: +0.27%

As we attempt to understand the complex web that has been woven between buyers and sellers, shorts and longs, winners and losers, culprits and victims, regulators and deregulators, those in the middle and those on the sidelines, it reaffirms that this is one very connected, interdependent, and confusing world filled with many opposing forces. And to be sure, many questions exist as to the extent that technology has enabled the markets of Wall Street and big business to create these wild rides.

To some, the Wall Street turbulence may seem a million miles away, and to others it might be the center of their universe. How could our perspectives be so different? Is it because of our environment or perhaps our generation? Or could it even be the degree to which we embrace technology? Or are all these factors intertwined as well?

I attended my monthly Vistage meeting this past week and our guest speaker was Philippe Cesson. He is the founder of a marketing firm in southern California and was speaking about the challenges and opportunities associated with reaching GEN X and GEN Y and the direct bearing it has on all of our businesses.

Surely you must be aware of the fact that GEN Y, born after 1980 and known for their “Live, and then Work!” mantra, grew up with technology in their hands. This includes cell phones, texting, video games, Internet, MySpace, Google, iPods, blogging, and social networks. In case you may have blinked during the last 28 years, here’s a quick entertaining snapshot of the point/counterpoint of this generation as it pertains to technology and business.

Have you noticed how optimistic, expectant and tenacious the GEN Y group generally is? Okay - if you are a baby boomer and have children you are excused from answering that last question. Have you also noticed how they want to discover the world now rather than wait until they retire (like most of us baby boomers)? Have you also noticed how they’ve got to have the latest $250 handbag, while at the same time wearing a $2 pair of flip-flops from Target? A very brand conscious group to be sure.

The GEN X crowd, loosely defined as being born somewhere between 1961 and 1980 and subscribing to the “Work to Live!” motto, did not grow up with technology, but they quickly learned to adopt it and become very accomplished with it, particularly as a business tool. However technology is not at the very core of their existence as it is for the GEN Y. The GEN X’rs are very savvy to be sure, and also bring a healthy dose of skepticism when sensing hype. Some might say they are the most productive members of the workforce, while others might say they require the most maintenance.

And then there is the beloved baby boomer group, born between 1945 and 1961, and whose core belief has always been “Live to Work!” These are the good guys, the team players, always there when you need them. They go with the flow and pretty much do what is asked of them. You might say that they aren’t wizards when it comes to technology or perhaps they don’t embrace new challenges with vigor, and that they pretty much want an 8 to 5 work environment. But hey what’s a little chink in the armor now and then amongst friends?

So what’s all this got to do with business or technology? Well frankly, everything. The reality is that most businesses need a healthy mix of all the various generations, backgrounds and work ethics in order to maintain balance, vitality and success in their operations.

It used to be that you could influence the reputation and perception of your company by publishing an appropriate brochure, perhaps occasional use of a PR firm or attendance at select trade shows. And if you wanted to recruit some baby boomer or GEN X talent to your organization, you ran a help wanted ad in the newspaper. Or maybe in the last 10 years you started trying the online job boards such as Monster.com. Guess what, the newspapers don’t work anymore because even baby boomers don’t use this medium for job hunting. And here’s a 411 scoop, the GEN Y set never has. In fact, a majority of GEN Y’rs have never even picked up a newspaper. Instead, the Internet, Blogs, social networks and Twitter have become their newspaper of choice.

If you want to propagate your company’s reputation and attract new talent and customers to your work community, you need to resonate with their community and the tools they use. You need to find ways to appeal to their heart, their wants, their passions, and their social circle. How do you do that? How do you position your company to attract the high achievers, those who are destined to make breakthroughs, the young, the seasoned, the diverse, and the impassioned? This should come as no real surprise coming from me, but the answer of course lies with technology. Granted, technology is not the end all and be all, but it is probably the most powerful tool in your arsenal.

So what are some examples of ways to use technology to reach out to this talented pool of individuals, as well as enable them to peer in to your work community? For starters, the most effective online job board at the moment seems to be Craigslist. The Craigslist classified ad service was founded in 1995 by Craig Newmark. It now receives over 2,000,000 new job postings every month and serves up nearly 10 billion page views per month. And it’s also far and away the least expensive ($25 per ad in Seattle) of all the job boards.

Beyond just posting a job, however, you want to appeal to the potential job seeker in ways that your ad and even your website cannot. One way to do that is to take advantage of the Internet-based social networks and the power of viral marketing. Many forward thinking companies are now beginning to use Facebook.com as a business tool for spreading the vibe about their company and culture.

Facebook was originally launched in February 2004 by Mark Zuckerberg while attending Harvard. It was intended as a site for college students to connect with one another and share their experiences and insights. It is now available to any one and has experienced phenomenal growth.

As a business tool, Facebook can be used to describe your workplace values and create “fans” of your company. These fans may initially be your co-workers. But then the fan network can spread to friends and family of co-workers. Then it can grow to include customers and suppliers that can provide their own testimonials and references about working with your company. And their friends and family can do likewise. When you have important events that you want to publicize, such as a job opening, or a product launch, or an open house, you can simply post the information on your Facebook site and your “fans” will be the first to hear about it. And of course that will create another round of buzz with all of your fans talking amongst one another. Get the picture?

So who’s really doing this you might ask? That’s what so surprising because it’s not just the young upstart companies that you might expect. Here’s an examples of a large well established company that is putting it to good use. In a future article I will talk about how you can create a Facebook presence for your business.

In the meantime, I would be interested in hearing feedback from you as to the extent that texting is used in your business. What are you using…AIM, Google Talk, Microsoft Windows Live Messenger, Yahoo Messenger, or Skype? Do you see its use expanding? What type of benefits is it providing your organization? With texting at the center of the most recent train wreck and tragedy in California, what are your concerns about this technology? Security, accountability and audit trail, or document retention legalities? Drop me a note at jeff@ics-support.com. I look forward to reading about your insights.