The Business Of Generations 11 10 09

Is your organization

Is your organization

prepared

prepared ??

2

Oops!

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The Three Generations at Work

TraditionalistsVeterans

BoomersGen X

Latchkey KidsSandwich

Gen YMillennials

Echo Boomers

1920-1940 1946-1964 1965-1979 1980-1994

80 Million 50 Million 76 Million

35% of workforce >60% of workforce

Fastest growing segment of workforce

Work first

Live to work Lines between work and life blur

Work to Live Work to afford to live

Live, then work Squeeze work in after living

56% of all current national leaders are Baby Boomers

77.5 Million people, according to AARP will be vacating the work

force in the next five years. (2008)

There are only 46 million people coming in behind them as potential replacements

These numbers reflect why the business community needs to be concerned about losing critical historical knowledge

“A Generation is shaped by the events and circumstances its members experience at certain phases of life, beginning with childhood. Common generational traits initially develop as a result of social attitudes toward children and child rearing norms at the time.”

- William Straus and Neil Howe Authors of Generations and 13th Gen

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Their Events & Circumstances

History & Events Boomers Gen X Gen Y

Era American High ConsciousnessRevolution

Culture Wars & Roaring 90’s

Presidents Truman to Kennedy LBJ to Carter Regan to Clinton

Confrontations Abroad Korea to Cuba Vietnam to Iran Iraq to Kosovo

Economy Affluent Society Stagflation Long Boom

Popular Phrases Cold War Great Society Morning Again

Ask Not Hell No! Kinder, Gentler

I Have A Dream Limits to Growth Family Values

Their Influences…Their World

Society & Culture Boomers Gen X Gen YChild Nurture Relaxing Under protective Tightening

Family Policy Priority

Needs of Community Needs of Adults Needs of Children

School Emphasis Excellence Liberation Standards

Gender Role Gap Wide Narrowing Narrow

Racial Goal Integration Assertion Diversity

Income Equality Rising Peaking Falling

Popular Culture Homogenizing Confrontational Fragmenting

Born circa (1946 – 1964) 76 Million There are two categories of Boomers

Baby Boomer #1 (1946 – 1955) Baby Boomer #2 (1956 – 1964)

Boomers at Work• Very loyal

• Will work required hours

• Process and quality focused

• Won’t try to jump the career queue

• Abide by the hierarchy of corporate structure

What Boomers Want?•Viewed as valued and needed•Respect for their skills, knowledge and potential•Flexible goals and guidelines•Flexible scheduling•Rich benefits•Technology training

Averaging 3–5 years in any one organization

Received very little formal training in the work place, learned on the fly

Will not sell their souls to the job 24/7 Work/life balance over money and

career advancement Moving in and out of the workforce to

accommodate kids and outside interests

Frequently distrusting corporate motives

Gen X at Work• Technologically savvy• Willing to embrace change• Efficient and results focused• Desires responsibility and autonomy• Demands feedback• Socially conscious• Wants a fun/social workplace

What Gen X Wants• Responsibility and autonomy• Feed back in terms of praise, but without sugarcoating the negative• Offer core hours and respect time off• A company with a social conscience• A fun workplace• Training and increased responsibility as a reward

◚ Fortune Magazine referred to Gen Y as the highest maintenance, but potentially the highest performing generation in history

◚ Viewed as entitled

◚ Outspoken

◚ Inability to take criticism

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Gen Y at Work• Super tech savvy• New levels of productivity• Competitive• Embrace change• Demand improvement• Comfortable with a global workplace• Use social media and friends network

What Gen Y Wants• Great relationship with their manager• Strong individual/corporate value alignment• Open communication about workplace policies • Mobility• Access to technology• Multitasking environment• Immediate gratification and feedback• Structure and supervision• Transparency

Ryan Healy's post in May 2009, "10 Ways Generation Y Will Change the Workplace."

They will:

1. Hold only productive meetings 2. Shorten the work day 3. Bring back the administrative assistants (to relieve Gen Y of minutia) 4. Redefine retirement (many short "retirements" along a career path) 5. Find real mentors 6. Restore respect to the HR Department 7. Promote based on emotional intelligence 8. Continue to value what our parents have to offer 9. Enjoy higher starting salaries10. Re-invent the performance review

68% of Baby Boomers feel “younger people” don’t have as strong a work ethic as they do and that makes doing their own work harder, and 32% of Gen X-ers believe the “younger generation” lacks a good work ethic which is a problem

◚ 13% of Gen Y-ers say the difference in work ethic across the generations causes friction. They believe they have a good work ethic for which they’re not given credit.

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Each Generation believes their work ethics are fine, while flash points are erupting….

The Challenges ….

Merging generations to breed success Creating a collaborative workforce Creating business growth thru positive behavioral change Remembering that age defines a demographic not a person

The issues for the organization:

Financial – cost of transitioning, lost revenue from talent loss or underutilizationPeople & Performance – getting the most out of talent, reinforcing behaviors that support openness and morale, willingness to address generational differences Leadership – transparent, sets clear objectives, and is seen as "fair" to both older and younger workersGovernance-related – workable policies, flexibility, best practices that are consistent with stated values

The issues for individuals are:Psychological – identity, self-esteem, denial, etcCareer – a fulfilling next phaseEconomic – lifestyle, securityHealth/fitness – maintaining itLegacy – contributions: both financial and through involvement

Give perks with status

Recognize the quality of their work

Respect the work ethic, acknowledge the long hours but don’t endorse it

Manage them by process, but make sure the process leads to the desired results

Lots of projects

Constant constructive feedback

Tell less-coach more

Provide time to pursue other interests

invest in technology

Invest in their development

Manage by results, not by process

Be highly aware of values as drivers

Know personal goals and blend them with organizations goals

Equality is paramount, ability & performance are the only acceptable measures

Provide constant skill development

Assign senior staff to mentor

Multi-task them

Boomers Gen X Gen Y

Generational Retention Challenges

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Are your managers prepared to Are your managers prepared to lead ?lead ?

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1. The Generations and the Attitude Revolution, Christina Scheiner, Effective Professional Institute, LLC, 2007

2. 10 Generational Truths, Josephine Rossi, T & D Magazine, November 20073. Generations at Work, Ron Zemke, Claire Raines and Bob Filipczak, Executive

Book Summaries, April 20004. Getting to Know Generation X, NAS Recruitment Communications5. New Learning Strategies for Generation X, Bettina Lankard Brown, ERIC

Clearinghouse on Adult Career and Vocational Education, 20096. Coaching Generation X, Terri Nagle, Center for Coaching and Mentoring Inc.,

20077. Generation X: Stepping Up to the Leadership Plate, Deborah Gilburg,

www.cio.com8. Generation Y at a Glance, NAS Recruitment Communications9. Working with Generation Y and Z, www.itistimetogetalife.com, September 200710.Generation Y – The Millennial Generation, Julie Coates, Generational Learning

Styles, 200711.Boomers, Gen-Xers & Millennials: Understanding the New Students, Diana

Oblinger, Educause Review, July/August 200312.What Gen Y Really Wants, Penelope Trunk, Time Magazine, July 5, 2007 13. growing up digital…how the generation is changing your world, Tapscott 2009

Generations Source Generations Source ReferencesReferences

20 Cabot Boulevard, Suite 300Mansfield, MA 02048

t. 508.923.0918c. 508.972.2775

[email protected]

www.heritagehillpartners.com

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Norman W. GauthierManaging Partner