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1 For More Information: Tim Moore Generational Insights Office Cell Website: Twitter: Facebook: https://www.facebook.com/exploringthegenerations Linkedin: Copyright 2016, Generational Insights All Rights Reserved Woodworking Industry Conference 1

2 Attracting and Retaining a New Generation of Employees Tim Moore Generational Insights Copyright 2016 All rights reserved. 2

3 Copyright 2016 All rights reserved. 3

4 By United States Army [Public domain], via Wikimedia Commons By Icemanwcs (Own work) [CC BY-SA 3.0 (http://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons 4

5 5

6 Employees Tend to want to work for and with people who they like. Tend to want to work for and with people who they think are like themselves. Therefore For your new hires and employees to think that you two have things in common you must understand how they view the world. Generational perspective has a lot to do with how they view the world. 6

7 Generations Matures Baby Boomers Gen X Millennials igen/gen Z Age Birth - 18 Size of Generations in 2016 (U.S.) Matures Baby Boomers Gen X Millennials igen/gen Z 7

8 Percentages of Each Generations Workers Matures 5% Matures 1% Gen Z 7% Millennials 23% Boomers 22% Gen X 32% Boomers 40% Millennials 50% Gen X 20% A Few Things to Think About 75% Millennials by 2025 igens will begin graduating college by 2020 Upside down hierarchies 8

9 The Continuum Born Born We, Us, Team Unit, Group, Company, Nation I, Me, My Special, Unique, Different In Affluent Societies Youth Are Raised To: You re special, unique, and different from everyone else. I hope you find a good job that makes you happy. 9

10 What s Important to Matures & Boomers History Name recognition Historical & Perceived Quality Tenure Matures Baby Boomers Gen X Millennials igen/gen Z What s Important to Gen X & Millennials The individual, the ego Impact on their lives Being or becoming distinct Being different Matures Baby Boomers Gen X Millennials igen/gen Z 10

11 Baby Boomers years old 11

12 Baby Boomers: Then and Now years old 5 7 Years Ago Today Physically in workplace Organization leaders Making B to B decisions Mentally planning retirement and encore careers Still here Have to be here Likely don t want to be here 12

13 Baby Boomers Are: Worker Bees years old Workaholic Defined by their job Competitive Consumers Work long after they have to Optimistic Team players Visible signs of success 55 Million job openings in US by

14 About Baby Boomers years old 1 in 4 First turned 65 years old in ,000 will turn 65 every single day for next 13 years Change the way we look at things, and the things we look at change. Irene Ryan Age 60 in 1962 Christie Brinkley Age 60 in

15 What Boomers Value from an Employer Born You re working hard for them Offer visual signs of accomplishments Communicate using their level of technology Help them feel visionary Appeal to sense of nostalgia Help them remain young, fit, and active Born Leading and Managing Baby Boomers Boomers feel Leadership should clearly establish direction - Like meetings to discuss strategy and to catch-up with team members Baby Boomers feel leaders should focus on the big picture and then let followers work out details They are proving to be difficult mentors because they are workers, very competitive, not so good at sharing 15

16 Passing The Torch To Millennials Born As Baby Boomers Retire, More And More Millennials Are Continuing To Enter The Workforce. Millennials Will Make up 50% Of The Workforce By % of Millennials want a Mentor 65% of Millennials Say They Have Sought out Mentor For Guidance 58% of Millennials Turn To Baby Boomers, Rather Than Gen X, For Professional Advice Gen X years old 16

17 Gen X: Then and Now years old 5 7 Years Ago Today Screeners and gatekeepers for the marketplace Started to eye management positions The buyers The dealmakers who do the negotiating Not lived up to potential Rough start, now in leadership 17

18 Gen Xers Are: Most Misunderstood years old Skeptic Cynical Unhappy Unfriendly Pessimistic Entering prime earning years Biggest online shoppers and bankers Gen Xers Think and Feel Born Suffocated by so many Boomers and Millennials They re hardworking and dedicated (>50%) Not yet recovered from financial crisis 18

19 What Gen X Values from an Employer years old Independent work environment. Remote work location is good. Technology is important. Live for today but prepare for tomorrow. Have fun doing the job. Leading and Managing Generation X years old Gen X not as personally engaging as other generations with staff Gen X tends to like leaders who lead from afar Gen X sees no value in weekly meetings time is valuable, focused short meetings are better Theme for Gen X: Just Go Do it! 19

20 Millennials years old Millennials 20

21 Millennials: Then and Now years old 5 7 Years Ago Today Weren t significant enough numbers 85 million strong! Didn t warrant too much attention They re everywhere, cannot be ignored 21

22 Millennials Are Likely To: years old Move away from home Marry Have children later Get a mortgage Millennials Are Likely To: 3000+/mo 22

23 19-35 years old Millennial at 29 years old Life stage 23

24 24

25 Millennials Are: Networked Expansive networks 24 / years old Very close to parents Word of mouth Green / eco- Info, info, info Expect super-personalization What Millennials Value from an Employer Born Recognize individuality and uniqueness Leadership training & opportunities Social media is a must Be up front Immediate application / instant gratification Utilize technology Work / Life balance 25

26 Born Leading and Managing Millennials Leadership should focus on setting broad and challenging targets, broken into short timelines for achievement. Millennials feel good leadership is creative and inclusive As they mature, older Millennials are turning out to be some of the best TEAM players Copyright 2016 All rights reserved. 26

27 recruit - manage - retain Businesses judged on: Quality of products & services Employee satisfaction Customer satisfaction 2016 Deloitte Millennial Survey 27

28 Baby Boomers Gen X Millennials Core Values of Generations Value Me & My Effort Teamwork Persistence Decisiveness Progress Tenacity Commitment Dependability Baby Boomers 28

29 Core Values of Generations Generation X Respect Me & My Independence Independence Freedom Flexibility Individualism Organization Work / Life Balance Tolerance Core Values of Generations Millennials Value Me and My Expertise Community Originality Empathy Creativity Achievement Cooperation Openness Adventurousness 29

30 Core Values of Generations Baby Boomers Generation X Millennials Value Me & My Effort Respect Me & My Independence Value Me and My Expertise Teamwork Persistence Decisiveness Progress Tenacity Commitment Dependability Independence Freedom Flexibility Individualism Organization Work / Life Balance Tolerance Community Originality Empathy Creativity Achievement Cooperation Openness Adventurousness The Deloitte Millennial Survey 2016 The Deloitte Millennial Survey 2016 Winning over the next generation of leaders Businesses must adjust how they nurture loyalty among Millennials or risk losing a large percentage of their workforces. Two-thirds of Millennials express a desire to leave their organizations by

31 To attract and retain talent your business needs to show Millennials that it is innovative and in tune with their world view. It is clear that Millennials want to innovate and businesses should be listening. Fostering this culture will help retain high preforming talent and drive growth. Millennials, in general, express little loyalty to their current employers and many are planning near-term exits. 31

32 Millennials: 25% hoping for a new job this year. 44% within two years. 2/3 by Chief complaints about the workplace: 1) Underutilized 2)Not being developed as leaders 32

33 Business has no ambition beyond profit Not what a business should be focused on. Top "wants" in a job: 1. Pay & benefits 2. Work / Life balance 3. Leadership training & opportunities 4. Flexible work / Flexible hours 5. Sense of meaning from work 6. Professional development 7. Work s impact on society 8. Quality of product / services 9.Strong sense of purpose 10.International travel 11.Fast growing / dynamic workplace / industry 12.Leading, admired company 13.Current / latest technology 14.Leader s reputation 2016 Deloitte Millennial Survey 33

34 Recruiting tips <36 YRSOLD Optimistic, motivational mantras Focusing on what employees are allowed to do and should do, not what they are restricted from doing. The mantras beg questions from those on the outside. What does that mean? What does that look like? They re perfect for social media exposure. Fast is better than slow. Do no harm, only good. It s best to do one thing really, really well. Create Fun and a Little Weirdness Do More with Less Be Passionate and Determined Be Humble 34

35 Recruiting - Gen X & Millennials Focus on what is coming for employees, not where you ve come from. Bulleted list of what they ll learn in the first week. Skills and attitudes that can go with them throughout their life / career. How you teach and train: Classroom? One on one? Mentors? Manuals? Who trains? Workplace peers? Direct interaction with the managers? High Gain get to know you questions <36 YRSOLD What s the biggest compliment you ve ever received? Tell me the story. Whose responsibility is it to keep you current in the workplace? What s your greatest accomplishment? Your greatest award? 35

36 First Impressions on the Job <36 YRSOLD Be careful what you say. Deliberately define how they ll become successful: contribute, perform, produce, participate." You re not a friend. You re very interested in their success but you re not a friend. DON T: Welcome. I hope you ll be happy here. If there s anything I can do for you please let me know. Agendas, Syllabi, Itineraries First six weeks outlined day by day - what they ll do, what they ll learn, who they ll learn it with. <36 YRSOLD Highlight exposure opportunities to senior leadership. Mentors, buddies? Who and how selected? Group meetings - How often? Who leads? Topics? Who picks? How does learning happen? Classroom, online, etc. 36

37 Retaining Tips <36 YRSOLD Having groups begin at the same time creates loyalty and bonding amongst each new herd. Reinforce that you provide frequent feedback all along the way to ensure they re getting the attention they seek. To create buzz for yourself: Feature your Millennial new-hires and interns. Show what they re doing and how they re influencing your company. Illustrate your leadership training and get them to comment on it. Initiate mentor programs (those with mentors are more than 2x likely to stay 5+ yrs) 37

38 igen / Gen Z Birth - 18 years old Copyright 2016 All rights reserved. 38

39 igen / Gen Z Estimates Birth - 18 years old 17+ jobs 15+ different places >50% college educated Top 4 Take Aways Matures Baby Boomers Gen X Millennials igen/gen Z Talk One about size history, does not fit all Talk about them, Life their stages will happen company, Deliberately brand, define & tenure how future, new hires their will importance at become older ages successful New hires first six weeks outlined day by day Provide mentors 39

40 Are you attracting and retaining a new generation in the most effective way? For More Information: Tim Moore Generational Insights Office Cell Website: Twitter: Facebook: https://www.facebook.com/exploringthegenerations Linkedin: Copyright 2016, Generational Insights All Rights Reserved 40

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