Boomers and Ys Shared Values and Common Ground The Bookend Generations Sylvia Ann Hewlett SHRM Thought Leaders Retreat October 6, 2009 © 2009 Center for.

Boomers and Ys

Shared Values and Common Ground

The Bookend Generations

Sylvia Ann Hewlett

SHRM Thought Leaders RetreatOctober 6, 2009

© 2009 Center for Work-Life Policy

‘Hidden Brain Drain’ Task Force

Hidden Brain Drain Research

• Off-Ramps and On-Ramps: Keeping Talented Women on the Road to Success, 2005 (Sponsors: Ernst & Young, Goldman Sachs, Lehman Brothers)

• Leadership in Your Midst: Tapping the Hidden Strengths of Minority Executives, 2005 (Sponsors: General Electric, Time Warner, Unilever)

• Extreme Jobs: The Dangerous Allure of the 70-Hour Workweek, 2006 (Sponsors: American Express, BP plc, ProLogis, UBS)

• The Athena Factor: Reversing the Brain Drain in Science, Engineering and Technology, 2008 (Sponsors: Alcoa, Cisco, Johnson & Johnson, Microsoft, Pfizer)

• Bookend Generations: Leveraging Talent and Finding Common Ground, 2009 (Sponsors: Booz Allen Hamilton, Ernst & Young, Time Warner, UBS)

Common Ground• Odyssey

• From Me to We• Work-Life Integration• Recognition Resonates• A Collaborative Workplace for Teams• Rewards Remix

Source: 2008 survey of 3,782 U.S. male and female college graduates in white-collar occupations and 2009 re-survey of 1,046 respondents from 2008 survey.

Odyssey

• 47% of Ys and 34% of Boomers want company-sponsored sabbatical leaves to pursue “odysseys”

• Of those who have taken “time out” 53% of Ys and 49% of Boomers used it to explore passions or volunteer

Gen Y Boomers

92%85%

Desire a Range of New Experiences

From Me To We

• Boomers and Ys who volunteer do so for an average of 10 hours per month

Want opportunity to give back through job

Regularly volunteer

85%

34%

84%

47%

Altruism

Gen Y Boomers

• African-American Ys (57%) are more likely to volunteer than their Caucasian (34%) peers

Work-Life Integration

• 89% of Gen Ys and 87% of Boomers say flex work options are important

• 83% of Gen Ys and 75% of Boomers say the ability to work remotely is important – most want to work one day a week outside the office

Recognition Resonates

Getting a good performance evaluation

Getting a "gold star" for a job well done

86%

66%79%

53%

Recognition Motivates

Gen Y Boomers

93% of Ys and 82% of Boomers say receiving recognition from their company/boss is important

A Collaborative Workplace for Teams

Comm

unal

are

as fo

r col

labo

ratio

n

Natur

al lig

ht

Ergon

omica

lly d

esig

ned

works

pace

84%

79%76%

79%81%

76%

Gen Y and Boomer Wish List

Gen Y Boomers

• 86% of Ys and 77% Boomers want to work in teams

Rewards Remix

• Gen Y and Boomers are motivated by more than money. Five other goals are rated equal to or more important than money

98% 92% 85% 89% 93%95%85% 84% 87% 82%

Motivators at Work

Gen Y Boomers

Going Global Gen Y Across the World

Similarities• Gen Ys in the U.S. (86%), UK (80%) and China (79%) are willing to go the extra mile for

company success.

• Ys in all three countries enjoy working with Boomers – U.S. (78%), UK (86%) and China (79%).

• The Rewards Remix is similar in the U.S., UK and China – high quality teams, a range of new experiences, flexible work arrangements and recognition from company/boss were rated equal to or more important than money in all three countries.

Differences• Chinese Ys are more likely to look to their Boomer supervisors for professional advice than

Ys in the U.S. and UK.

• Chinese Ys are more likely to live with their parents (38%), UK Ys communicate with their parents more on a daily basis (48%) and U.S. Ys (41%) lead the pack in monetary support from parents.

• UK Ys aren’t as altruistic as Ys in the U.S. and China. Only 59% rate opportunities to give back to society through their job as important (compared with 93% in China and 85%in the U.S.)

7th Inning Stretch

55-59 60-64 65-69 70+

29% 29%

13% 13%11%

25%

35%

27%

8%

17%

32%36%

Desired Age Projected Age - June 2008 Projected Age - January 2009

Growing Gap Between Desired and Projected Age of Retirement June 2008 and January 2009

Boomers are delaying retirement by 9 years –

4 more than in June 2008.*

* The number 100 was imputed for those who report they never can or will retire.

Boomers Have Complex Drivers

• 14% of Boomer don’t think they will ever retire

• 36% of Boomers project they will continue working to age 70 and beyond

Didn't s

ave e

nough for r

etirem

ent

I enjo

y m

y jo

b

My

identity

is e

ntwin

ed with

my

job

Paying fo

r adult c

hildre

n's educa

tion

39%

24%

8% 10%

Working Beyond 70

The “Kippers” Phenomenon

41%

22%

Support

• On average, Boomers who kick-in financial support give their adult children $471 per month

• African-American Boomers are more likely to contribute financial support than their Caucasian counterparts

Kids In Parents Pockets Eroding Retirement Savings

Cutting Edge Policies

Rich Menu of Flex• Citi: Alternative Work Strategy• KPMG: Flexible Futures

Opportunities to Give Back• Pfizer: Global Access• Ernst & Young: Partnership with Kiva.org

Hip Collaborative Workplace• Bloomberg: Progressive, collaborative office environment• Genzyme: Green, environmentally friendly building and work environment

Intergenerational Mentoring Programs• Time Warner: Digital Reverse Mentoring• Cisco: Legacy Leaders Network