The sharing economy is here to stay, as seen by the success of companies like Uber and Airbnb. Customers can now get services that are more readily available and more reasonably priced. What about the calibre of these fresh products, though?

Today, you may chat for free with a customer on the other side of the globe using WhatsApp, Skype, or Google Hangouts, rideshare with Uber, eat at someone else’s place using Cookapp, rent out your spare rooms on Airbnb, and more. A few years ago, sharing a book before its publication would have never occurred to you, but today, many businesses provide their e-books for free or advertise free chapters.

Even conferences and excellent expert speeches may now be accessed for free thanks to websites like Ted Talks and a few online webinars.

Sharing resources and providing more cheap goods to more clients are at the heart of all these new businesses and methods. People are starting to crave human interaction again in today’s hyperconnected society, and in-person relationships and deeper alliances are growing in popularity. The youngest generation of consumers, the millennials (also known as generation Y), who were born between 1980 and the early 2000s, prefer services that are specifically designed to match their individual needs. For instance, Millennials choose boutique apartment-style lodgings where they can speak with the owner, enjoy handmade pancakes, or share a family room over five-star hotels where you don’t always get to speak to the manager.

Contentment at work

It turns out that Millennials seek a variety of exciting work experiences and are looking for very diverse things in a career. According to a study published in the Harvard Business Review, content workers are 31% more productive, generate 37% greater revenue, and are 3X more creative. According to Gallup research, retail locations with better employee life satisfaction generated $21 more per square foot of space than the other locations, bringing $32 million in extra revenues to the chain as a whole.

The desire to work for organisations whose culture aligns with their own is one of the characteristics that set Millennials apart. Lean and Six Sigma implementation initiatives can aid us in this endeavour, but we must be mindful of the demands of millennials to ensure that they truly embrace the quality culture. There are several peer-to-peer business options available, but for these ventures to remain viable, high-quality goods and services are still essential. According to a new Pew Research Center analysis of U.S. Census Bureau data, more than one in three American employees now are Millennials (adults aged 18 to 34 in 2015). This year, they surpassed Generation X to become the largest single group of the American workforce.

Excellent must be ingrained in the culture of any organisation that provides a service or manufactures goods in order to promote quality practises.

The reinforcement of behaviours is crucial in the construction of a culture since optimal practises are typically learned through doing, which takes time to establish. All businesses already have a culture in place, but sometimes that culture may not be the ideal one to meet the goals outlined in yearly plans or to thrive in the new economy, necessitating the learning and promotion of new habits.