Managing Generational Diversity How to get the most out of each person on your team

Agenda Why is this so Important? Generational Demographics Generational Traits Concepts, Ideas, & Best Practices Discussion

The competition for top-tier talent is still fierce

Generations work side by side, which could cause issues

Productivity is linked to work environment

Stakeholders are from all generations

Generational Demographics Baby Boomers Generation X Generation Y

Baby Boomers 45 to 63 Years of Age U.S. Population: 78 Million Traits: Work Centric Self-Centered Political Not Budget Minded Disillusioned Youthful Identity Team Players Competitive Still Learning

Generation X 32 to 44 Years of Age U.S. Population: 53 Million Traits: Entrepreneurial Self-Reliant Pragmatic Work/Life Balance Desires Development Cynical Impatient “My Way” Less Loyal

11 to 31 Years of Age U.S. Population: 84 Million Traits: Self- Absorbed Short Attention Span Entitlement Attitude Inexperienced Tech-Savvy Generation Y Non-Conformist Sponges for Learning Life over Work Multi-Taskers

So Here’s the Big Issue…

Largest Workplace Demographic Shift in Decades In 2010: 40% of the workforce will be of retirement age, but now many will not be retirement ready There will be a 20 – 30% drop in 30 – 45 year olds

Largest Workplace Demographic Shift in Decades Since 2000, 80% of new businesses are started by Gen X “Interesting Work” is the top priority 62.5% of those under 30

Largest Workplace Demographic Shift in Decades Until recently… 2 Leave – 1 Enters But now – 1 Leaves - 2 Stay – 1 enters – a bunch try to enter

Largest Workplace Demographic Shift in Decades Older Baby Boomers are Hanging Around

Largest Workplace Demographic Shift in Decades Most Gen Xers will look for a new job when the economy recovers

Largest Workplace Demographic Shift in Decades Gen Y workers can’t relate to older workers and can struggle with professional maturity early in their careers

This Creates… A shrinking knowledge base in high performing Baby Boomers that are retiring.

Those late, loyal Baby Boomers that stay to recover financially but are not high performing, can bottle neck the upward mobility of high performing Gen Xers This Creates…

With a shortfall of Gen Xers, combined with their lack of upward mobility for high performers, there is a great chance they will take flight when the opportunities arise – this will create a leadership vacuum. This Creates…

A comfortable place for average performing young Baby Boomers or Gen Xers in the specialist and lower-level manager positions that can’t, or don’t desire to, move up – leaving you with no intermediate-term bench strength. This Creates…

Many young Gen Y are not ready to step up yet. And…

Generation X 63% agree it is important to be well- insured when it comes to life insurance 72% say they are saving for a child’s education 53% expect to be a primary caregiver to an aging parent or relative 61% are very concerned about managing day-to-day expenses

59% agree that this recession could be a big opportunity for them 58% use one or more loyalty programs 91% value staying in touch with friends using social networks 17% use social networks to flirt Generation Y 72% use social networks to plan events and get togethers

Communications Learning Environments Motivation Management Strategies Retention Strategies Best Practices Ideas

Communication

Baby Boomers Personal Information = Rewards

Gen X Direct Straight Forward Results Oriented

Gen Y Personal Goal-Oriented Motivational Positive

Generation X 49% of white collar Gen Xers say they work on vacation They currently lead in: Coupon Clipping Paying Down Debt Skipping Entertainment Expenses

How they like to learn

Over 50 Lots of Love: Facilitated Classroom No Love: Technology Based Learning Collaboration Independent Study

Lots of Love: Collaboration – Communities of Practice No Love: Technology Based Learning

Gen Y Lots of Love: Technology Based Learning No Love: Facilitated Classroom

Baby Boomers 60% don’t agree upon when to retire 42% are at odds with their post retirement lifestyle 67% enjoying reading blogs and listening to podcasts 59% have joined social networking sites 35% watch and post videos online

Motivation

Baby Boomers Position – Power – Prestige Perks of the Position Associations and Networking with Peers Long Term Benefits “We Need You”

Gen X Flexibility Opportunities for Collaboration/Teamwork Give them choices Provide recognition that they want “Do It Your Way”

Gen Y Flexibility – when & where they work Challenging Work Change and Variety of Work Connect Actions to Personal Career Goals “What Are Your Goals?”

Baby Boomers 48% agree they will have more money when the economy recovers 43% agree that they will come out of the recession in a better place when it started 54% have a 401K 49% have a traditional pension plan 28% are concerned about staying productive in retirement

Generation X Want advertising that… Shows mom having fun with kids Makes me laugh Tugs at my heartstrings Acknowledges my multitasking Helps me be healthier

Management Strategies

Transparency in Communications Respect Generational Values Consistently Engage – not “Set & Forget” Remain Flexible Tailor programs to each generation

Retention

Rotational Model Boomers – find the place they can be needed Gen X – provide choices – Internal Audit, Business Unit, etc. Gen Y – Rotate to their goals – keep it interesting

Career Development Boomers – classes and conferences Gen X – Task Forces and Teams Gen Y – TBL – based on their goals

Career Development Boomers – Classes and Networking Gen X – Task Forces and Teams Gen Y – TBL – based on their goals

Other Retention Strategies Boomers – Sabbaticals & Phased Offramping Gen X – Education & Flexible Schedules Gen Y – Telecommuting On-Boarding

27% are actively seeking to enroll in programs for budgeting – mint.com 87% recycle 80% are reducing water usage 84% actively turn off lights 73% use energy efficient light bulbs Generation Y 74% believe they can make a difference in helping the Earth

Best Practices

Be inclusive in decisions Support continuing education Reward managers for retention Reward performance and productivity Limit or eliminate upward bottlenecks Horizontal career options Succession Planning

Best Practices Utilize mentoring programs Flexible scheduling (when & where) Wide variety of benefits Transparent Communications Foster trust, respect, equality, & integrity Always be building a bench