Generational Diversity:

Transcription

1 Generational Diversity: Part 2: New Workplace Dynamics and the Millennial Generation Scott H. Span, MSOD President, Tolero Solutions January 2013 Presented for MCCC Small Business Committee

2 Who We Are Tolero Solutions is an independent organizational improvement consultancy We specialize in facilitating sustainable growth by developing people and organizations to be more effective, productive, and profitable. Tolero Solutions assists our client s via: Improving organizational effectiveness and efficiency Increasing employee engagement and retention improving the ability to deliver Equipping leaders and teams with skills to enhance interpersonal relations, enhance job performance, and excel in in their roles At Tolero Solutions we focus on: Helping you to clarify your strategic intent and define and execute goals, culture and organizational design (size and shape) your vision, Focusing and aligning the mindset and increasing the performance of your leaders, managers and employees Developing the capability of your people and your organization and helping you facilitate positive changes contributing to long term sustainability Phone: info@tolerosolutions.com Web: 2

3 Tolero Solutions Value Proposition Tolero Solutions is your collaborative partner in improvement Our approach is to first understand what it is you want to achieve. We then use our toolbox combined with your knowledge about your organizations history, culture, policies, and strategy to tailor a specific, practical and customized, work based solution to achieve your goals. We support people and organizations as they change and develop. By designing and implementing enduring solutions, Tolero Solutions enables leaders, teams and individuals to identify and navigate priorities; collaborate for success, and accelerate and achieve sustainable results. Tolero Solutions role is to raise awareness and highlight the pitfalls and impediments, and to find and facilitate solutions for positive change and sustainable growth. Tolero Solutions expertise lies in showing how the potential of people and processes within an organization can be harnessed to transform performance and culture. Tolero Solutions leaves our clients embracing change and fostering innovation and sustainable growth, enabling them to be more successful, stronger and better equipped to drive and thrive in an ever changing environment. 3

4 Primary Services: Small Business & Start-up Solutions If you re an entrepreneur working on growing your start-up or small business you probably have a lot on your plate right now. But are you focused on the long term? OurSmall Business & Start-up Solutionshelp clients go beyond just creating a business plan. Strategic Planning & Process Improvement Recruitment, Retention & Engagement Organization Design & Development Leadership & Team Performance Customized for the budget and environment of emerging businesses 4

5 Why Look at Generational Diversity? Benefits: Increased teamwork and productivity Full engagement Less frustration in the workplace More effective communication More effective motivational efforts Appreciation for similarities Groups of people born around the same time will have similar characteristics because certain social, cultural, economic and technological environments remain relatively consistent for pockets of time.. It is the different perception of the world and the way it works, formed in response to our environment, that creates differences between one generation and another. -Peter Sheahan, Generation Y: Thriving and Surviving with Generation Y at Work, (Australia, 2005)

6 Those Millennials 6

7 Gen Y / Millennials (born since 1979) Key Defining events: Afghanistan and Iraq War, War on Terror, Fall of the Berlin Wall, Oklahoma City Bombing, Video gaming, Social Networking (myspace, IM, Text, ), Anthrax, OJ Simpson, School Violence, Widespread Use of Technology (internet, music downloads, cell phones, cable) Strongly impacted by the economic prosperity of the 1990 s Children of Soccer moms and Little League dads; viewed as coddled and confident Parents are strong advocates, including into college and workforce Most medicated generation Highly educated, creative, resourceful, believe they can do anything Technically very savvy Aware socially, environmentally, ethically Lifestyle very important Expect purpose and meaning in their life Entering the workforce today - Gen Y and Millennials share similar characteristics - 7

8 A Closer Look at Gen Y & Millennials Looking for work/life balance, flex work, virtual work; want control Do not want to be defined by their job Easily bored, impatient At work, expect new challenges, promotion opportunities, constant change, and FUN Like to feel empowered and have real responsibility Want to be coached and nurtured (but not overly directed or controlled) Need expectations to be clear and to be held accountable Need to feel a sense of belonging, to be involved; need a personal connection and to be treated as an individual Need fair compensation, to be treated fairly, recognized and valued Want their employer to increase their employability and invest in development Want to do 'cutting edge' work Place high value on having a competent manager Motivation is very individual, one size fits all will not work 8

9 Urgency for Understanding Someone in America's Baby Boomer Generation turns 60 every 10 minutes. For the first time in modern history, workplace demographics now span four generations, meaning that 20-year-old new hires can find themselves working side-by-side with colleagues who are older than they are by 50 years (or even more). Of America's entire workforce holding executive and managerial positions, 19% will be eligible to retire in But, a McKinsey Global Institute statistic shows that with the economic slowdown, professionals and workers will have to continue working until they reach 70 years old in order to keep the same standard of living. By 2014, nearly one-third of the total U.S. workforce (32%) will be age 50 or older. Couple this with the fact that Millennial s make up 22% of the workforce and by 2014 will represent 47% of the workforce- that means we will continue to have four generations in the workforce for some time. 9

10 Workforce Statistics: The Fastest Growing Group Most rapid growing workforce demographic Huge entrepreneurs. Make them happy or they ll become your competitor 10

11 Jobs & Employment Or Unemployment For December 2012 the unemployment rate for year olds at 11.5%, while the overall unemployment rate sits at 7.8% If you factor in those young people who have simply given up looking for work, the rate is actually 16.3% 89% of Americans ages say the current state of the economy is impacting their day-to-day lives 43% of year olds have reduced their grocery/food budgets and 26% changed their living situation. 38% are not buying their own place, 31% not starting a family, and 26% not paying off student loans or other debt Nearly 60% of Americans doubt that the next generation will live better than their parents, according to a recent Gallup poll. 11

12 Recruitment & Retention Lifecycle 12

13 Negative Recruitment & Retention Lifecycle Not offered: Lack of trust and safety, lack of targeted increase in competencies Out the door: Employee leaves the company Unclear: No understanding of culture, role, responsibilities expectations and style Not offered or untimely: Negative assumption, lack of opportunity for growth and development Don t assess: Feelings of not being valued, competent or significant Under utilized: Lack of trust and safety, lack of targeted increase in competencies Not targeted: Unprepared, overwhelmed and potentially unsuccessful 13

14 Top 10 Ways To Engage Millennials: See Handout 14

15 Recruiting Gen Y/Millennials Discuss personal goals and how company can support Treat recruits as customers Use technology speed up the process Be prepared for their desire to include peers and parents in process What s in it for me? Communicate mutual value proposition 15

16 Work / Life Balance Gen Y/Millennials Expect balance Have interests outside of work Willing to sacrifice promotions for lifestyle Want to leverage technology to provide flexibility 16

17 Training Gen Y/Millennials Enjoy learning and challange Training reduces stress Want virtual learning as well as coaching and guidance 17

18 Coaching & Feedback Gen Y/Millennials Need structure and supervision, but do not want to be directed or micromanaged Need hands on mentor and coaching Want visibility with senior personnel and 2 way communication 18

19 Culture & Rewards Gen Y/Millennials Use personal touch Understand individual drivers, don t like to be treated like one of many Reward with out of box benefits Support community involvement/corporate citizenship 19

20 Summary and Recommendations Understand and appreciate the differences between the generations Develop cross generational dialogue and seek to understand Strive for the positive Recruitment & Retention Lifecycle Provide coaching and training at all levels not just to leaders Conduct targeted surveys and focus groups of a cross section of your workforce to obtain additional demographic data to help customize strategies Understand what drives your people and then tailor what you do (performance feedback, recognition, rewards, mentoring) Leverage what works Provide connections with leaders and personal touch Listen and TAKE ACTION on feedback from surveys or site visits Offer opportunities to influence outcomes that affect them Vigorously support flexibility, virtual work, and community involvement COMMUNICATE! 20

21 Conclusion " people want a life and Generation Y are calling for it the loudest. When they don't get it, they talk with their feet Generation Y: Thriving and Surviving with Generation Y at Work by Peter Sheahan What questions do you have? 21

22 Contact Information Scott H. Span, MSOD President Tolero Solutions Organizational Improvement & Strategy Consulting Facilitating Sustainable Growth Phone: Twitter: SSpanTolero LinkedIn: Facebook: 22

23 Want to Read More?

24 Sources Espinoza, Chip. Managing the Millennials. Wiley Collins, J. (2001). Good to Great. New York. Harper Collins Seashore, C.N., Seashore, E.W., & Weinberg, G.M. (1992). What Did You Say? The Art of Giving and Receiving Feedback. Columbia, MD: Bingham House Books. Lancaster, Lynne. When Generations Collide. Collins Publishing Pew Research Center. The Millennials: Confident. Connected. Open to Change. Feb Sujansky, Joanne. Keeping the Millennials. Wiley Zemke, Ron. Generations at Work. AMA Publications Infographics: The Future of Millennial Careers research study, by the Career Advisory Board, DeVry University, and conducted by Harris Interactive and Online Graduate Programs.com

25 Take Aways 25

26 Generational Similarities All to often we only focus on differences when working with diversity Certain fundamental human needs, similarities, exist amongst all generations and demographics: Competence Significance Communication (feeling heard) Trust Valued 26

27 Motivators Traditionalists Allow time to complete their duty ; invoke the face to face approach (The satisfaction of a job well done) Baby Boomers Allow opportunities to build consensus amidst co-workers and demonstrate their levels of expertise (Money, title, recognition, the corner office) Gen Xers Allow them to prioritize projects as they see fit (Freedom) Millennials Offer training and challenging assignments at a fast pace (Work that has meaning)

28 Work Preferences Traditionalists Boomers Gen X Gen Y Environment Discipline, Hard work and Teamwork Individual Success, wealth and loyalty Opportunity to contribute, autonomy and move quickly Fun, fast paced, virtual, learn rapidly and make a difference Style Seniority, rules driven Corporation driven Question the norm Entrepreneurial Value Expertise and Experience Want their hard work valued Want the company to value their contributions Want to value their own contributions Time Timeliness Face Time Results driven Virtual Hours 9-5 Dusk to Dawn What do you mean 8-6? Work until work is done Drivers To Build a Life To Build a BETTER Life Work to Live Better To live a purposeful Life 28

29 How They See the World

30 Cross Generational View 30

31 Examples of Differences