THRIVING IN A MULTI-GENERATIONAL WORLD - MILLENNIALS to BOOMERS

Thriving in a Multi-generational World: Leveraging Generational Diversity

Steve Dosier Abbey ZivPrincipal Consultant Global Director of Learning and Engagement Corporate Intelligence Advisors Adconion Media Group

The Paul Merage School of Business Corporate Partners Quarterly MeetingNovember 29, 2012

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AGENDA

• Purpose: To foster a better understanding of generations in the workplace and enable the leveraging of each generation’s strengths.

• Topics:– Generation Statistics

• Birth Trends• Labor Force by Age• Labor Force by Generations

– Definitions & Influencers– Millennials: Truth or Myth?– The Downside of Not Dealing with the Issue– The Upside of Addressing the Opportunity– Recommendations

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GENERATION STATISTICS

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BIRTH TRENDS

Generation “X”

MillennialsBaby Boomers

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LABOR FORCE BY GENERATION

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LABOR FORCE PROJECTIONS

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4 GENERATIONS IN THE WORKFORCE

Born: 1933 - 1945 Born: 1946 - 1964 Born: 1965 - 1980

Traditionalists Baby Boomer Generation X Generation Y

Born: 1981 - 2000

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TRADITIONALISTS: BORN 1933 – 45

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DEFINITIONS• Traditionalists / Silent Generation / Veterans:

born 1933 to 1945 – Current age = 67+– Great Depression Self-sacrificing– Rise in self-developed wealth– Patriots, World War II– Customary, strong work ethic, no nonsense– Loyal, disciplined, and knowledgeable– Married young– Communication Preference – formal memo– Motivation – Your experience is respected

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“Each generation goes further than the generation preceding it because it stands on the shoulders of that generation. You will have opportunities beyond anything we've ever known.”

—Ronald Reagan (1911 – 2004) 40th President United States

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BABY BOOMERS: BORN 1946 – 64

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DEFINITIONS

• Baby Boomers: born 1946 to 1964 – Current age = 48 to 66– Booming economy & suburban affluence– Strong nuclear families, stay-at-home moms – Competitive and hard-working– Invented the 40+ hour work week– Hold leadership positions, maintain strong

devotion to work, expect the same of subordinates

– “Do the time” before making demands / “Live to work”

– Communication Preference – in-person– Motivation – You are valued, you are needed

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“Each generation wants new symbols, new people, and new names. They want to divorce themselves from their predecessors.”

— Jim Morrison (1943 – 1971) Musician, Poet

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GENERATION “X”: BORN 1965 – 80

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DEFINITIONS

• Generation “X”: born 1965 to 1980 – Current age = 32 to 47– Saw downturn in the economy, job insecurity for parents, layoffs– Divorce on the rise; More working moms– Latchkey kids Independent and adaptable Practical– Invention of microwave meals (i.e.: “Hot Pockets”)– Don’t hold a strong level of commitment to company – They are committed to their boss and work team– Communication Preference - Direct, Immediate– Motivation: Do it your way, forget the rules

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“My generation is having its midlife crisis in its 20s.”

— Edward Norton, (born 1969) Actor

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MILLENNIALS: BORN 1981 – 2000

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• Millennials / Generation “Y” / Netgen / Echo Boomer / Entitled Generation: born 1981 to 2000 – Current age = 12 to 31– Most racially diverse generation in history – Most educated generation / very optimistic– Showered with attention / driven by high expectations

of their parents / coddled kids / sense of entitlement / merged families– “Digital Natives” / Most technology literate / assume technology – Learned to juggle tasks and interests, effective at multi-tasking– Work well in groups, prefer teams to independent work – Want flexibility in the jobs & work schedules / “Work to live”– Communication Preference – Email, Voicemail– Motivation – You will work with other bright creative people

DEFINITIONS

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“There is a mysterious cycle in human events. To some generations much is given. Of other generations much is expected. This generation of Americans has a rendezvous with destiny.”

— Franklin D. Roosevelt (1882 – 1945) 32nd President United States

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TRUTH OR MYTH?

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TRUTH OR MYTH?

“Millennials are more motivated by perks and high pay than other generations. They are interested only in material rewards, and organizations will go bankrupt trying to satisfy the Millennial’s’ desires.”MYTH!

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TRUTH OR MYTH?

“Millennials have no work ethic. They aren’t interested in their work. Their lack of commitment to an organization is also demonstrated by their lack of interest in their job.” MYTH!

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TRUTH OR MYTH?

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DOWNSIDE OF NOT LEVERAGING GENERATIONAL STRENGTHS

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THE DOWNSIDE …

• Members of each generation bring distinct sets of values, attitudes, expectations and behaviors to the workplace.

• If differences are ignored, they can grow into a source of misunderstanding and conflict.

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THE DOWNSIDE …“I don’t need a Gen Y’er texting instead of building business relationships!”– 68% of Boomers feel that “younger

people” do not have as strong a work ethic as they do.

– 32% of Gen X’ers believe that the “younger generation” lacks a good work ethic

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

– “Gen X, Gen Y and the Baby Boomers: Workplace Generation Wars” by Steff Gelston (January 2008)

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“Each generation imagines itself to be more intelligent than the one that went before it, and wiser than the one that comes after it.”

— George Orwell (1903 – 1950) Author

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UPSIDE OF ADDRESSING GENERATIONAL STRENGTHS

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THE UPSIDE…• Synchronized generations bring strength to an organization

– Built-in mentoring — practical way to fill skill gaps, inexperienced members learn how to avoid “old mistakes” and make new ones, experienced members learn how to envision solutions outside their comfort zone.

– Active engagement — reduces the risk of “group think” by encouraging dynamic thinking whereby everyone openly questions and validates the team’s thought process.

– Increased innovation and creativity — a diverse mix of perspectives will foster new ways of looking at solutions and opportunities giving your organization a competitive advantage.

– Better communication — Help each other understand each generation’s uniqueness and communicate better with co-workers, partners, and clients.

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THE UPSIDE…• Millennial Strengths — They are…

– Uniquely tapped into a key demographic– Experienced– Untethered and flexible– Energetic– Status quo is boring. Innovation is it.– Adaptable and willing to learn.– Comfortable with technology and willing

to teach.– Multi-tasking.– Collaborative by training.– Interested in more than just a paycheck.

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RECOMMENDATIONS

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RECOMMENDATIONS FOR EMPLOYERS

• Provide structure, leadership and guidance. • Measure on results, not time spent on the job.• Encourage the Millennial's self-assuredness,

"can-do" attitude, and positive self-image. • Take advantage of the Millennial's comfort

level with teams. Encourage them to join. • Listen to the millennial employee. • Millennial employees are up for a challenge

and change. They are multi-taskers on a scale you’ve never seen before.

• Take advantage of your millennial employee’s computer, cell phone, and electronic literacy.

• Provide a life-work balanced workplace. • Provide a fun, employee-centered workplace.

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RECOMMENDATIONS FOR LEADERS

• Allow for a collaborative, participatory environment.• Involve others in the big picture.• Offer to be a mentor.• Create custom career paths.• Remember how the previous

generation misunderstood you.• Encourage skills development.• Provide an opportunity to learn by

doing. Situational fluency.• Develop interactive training.• Understand and respect other perspectives.• Allow for flexible, personalized work environments.• Prepare to hand-off to the next generation of leaders.

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RECOMMENDATIONS FOR MILLENNIALS

• Understand and respect other perspectives.• Share your success and enable others.• Use technology to make your job easier.• Strive to understand the system.• Seek out mentors.• Set goals. Take risks.• Ask to be involved.• Be willing to compromise.• Volunteer, Invest, Network.• Smile.• If all else fails, wear a suit!

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THANK YOU!

• Steve Dosier– Principal Consultant– Corporate Intelligence Advisors– 714.536.4871– [email protected]

• Abbey Ziv– Global Director of Learning and Engagement– Adconion Media Group– 310.382.5573 – [email protected]

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APPENDIX – REFERENCES

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REFERENCES• PRIVATE ORGANIZATIONS

– AARP– The Corporate Executive Board– The Gallup Organization– Lee Hecht Harrison– PricewaterhouseCoopers– The Center for Creative Leadership

• GOVERNMENT ORGANIZATIONS– Centers for Disease Control– Congressional Budget Office– Department of Labor, Bureau of Labor Statistics– Social Security Administration

• PERIODICALS– BusinessWeek– CIO Magazine (Oct 2007), Management

Techniques for Bringing Out the Best in Gen “Y” by Deborah Gilburg

– CNN.COM– Forbes

• BOOKS– Gen X, Gen Y and the Baby Boomers: Workplace

Generation Wars by Steff Gelston (Jan 2008)– Generations: The History of America's Future,

1584 to 2069 by William Strauss and Neil Howe (Sep 1992)

– The M-Factor: How the Millennial Generation is Rocking the Workplace by Lynne C. Lancaster and David Stillman (Apr 2010)

– The Trophy Kids Grow Up: How the Millennial Generation is Shaking Up the Workplace by Ron Alsop (Oct 2008)

– When Generations Collide: Who They Are. Why They Clash. How to Solve the Generational Puzzle at Work by Lynne C. Lancaster and David Stillman (Mar 2003)

– Millennials Rising: The Next Great Generation, Neil Howe and William Strauss (Sep 2005)

– X Saves the World: How Generation X Got the Shaft but Can Still Keep Everything from Sucking by Jeff Gordinier (Jan 2009)