Presentation on theme: "Managing a Multigenerational Workforce. 5/2/2015 2 In past, relatively stable organizational model for career advancement Today, organizations come in."— Presentation transcript:
Managing a Multigenerational Workforce
5/2/ In past, relatively stable organizational model for career advancement Today, organizations come in many sizes, types, shapes Career paths vary (average 25 year old is expected to experience anywhere from 3-5 careers in lifetime) Work-life expectations have changed with the generations In past, relatively stable organizational model for career advancement Today, organizations come in many sizes, types, shapes Career paths vary (average 25 year old is expected to experience anywhere from 3-5 careers in lifetime) Work-life expectations have changed with the generations Why Are Things Different?
5/2/ Points to Keep in Mind! Common experiences of each generation frequently define their assumptions and perspectives BUT Never generalize from a few to the whole - there are ALWAYS exceptions Common experiences of each generation frequently define their assumptions and perspectives BUT Never generalize from a few to the whole - there are ALWAYS exceptions
5/2/ Traditionalists Born between 1900 and 1945 Loyal -- often found to have worked for only one employer. Many of the men have military background and are comfortable with a top-down management style. May be motivated by recognition in doing a job well done. Exhibit a strong work ethic that was shaped by the Great Depression with an “onward and upward” attitude.
5/2/ Baby-Boomers Born between 1946 and 1964 Typically respond to symbols of recognition: enhanced titles, more money, special perks such as parking spaces, and other status symbols or symbols of peer recognition. Optimistic and idealistic. As result of their large numbers, tend to be extremely competitive Realize that they have spent too much of their time working / may want to add more balance to their lives / may feel new generations need to put “their time in.”
5/2/ Generation X –Born between 1965 and 1980 –Typically have little trust in the system. –Freedom is often perceived as ultimate work reward –Want training that enhances their skills, and portability of benefits retirement that can be taken elsewhere. –Characterized by skepticism, self focus, lack of loyalty to employer. –Has seen scandal effect of every institution from the stock market to the presidency/ divorce rate tripled during their lifetimes; informality and fun/work as a means to an end and not an end in and of itself
5/2/ Generation Y/ Millennial Born between 1981 and 1999 –One in three is not Caucasian –Two in four come from a single parent home –Four in five have working mothers Perceived as wanting to make a difference and knowing that their work has value If they question authority, it’s usually for “moral” reasons Characteristics include sociability, civic duty, and morality. Born with technology / adept at multitasking Grown up with group work, athletics and team sports, and personal recognition
5/2/ Workplace Conflict Often have generational issues at core even though identified as personal: –“She has a poor work ethic” –“He is not committed to his job” Differing styles: team work vs. individual Newer generations “branded” as less motivated –Do not understand why “lateness” is viewed as a bad thing by a boomer for example –Generation Y very committed to balancing work and family
HR Challenges Age Diversity increases complexity of recruiting, training and motivating workers War for Talent Question: Is there a way HR professionals can Satisfy all generations working together in the same workplace And, reap the benefits of their unique experiences and new skills ? 5/2/2015 9
Recruitment & Retention Baby boomers Gen X Gen Y / Millennial Career development is key Chance to make real impact Money minor enticement Status conscious Skeptical of job security offers Easy to change jobs Financial rewards is expected Want to do what they want Value balance & moderation Flexible Schedules Lots of time off 5/2/
Compensation & Benefits Baby Boomers : ( Salary + long term savings retirement options ) Gen X & Y : ( Immediate compensation ) Income Baby Boomers : Disability cover, long-term care Gen X & Y : Disability cover & life insurance Benefits Baby Boomers : already have long paid time off Gen X&Y : Value paid time off most Paid Time Off Gen X : Devised the work-life balance concept Most generations appreciate work-life balance Gen X & Y : Thrive on work-life balance Work-Life Balance 5/2/
Learning Baby Boomers: –Traditional training – Classroom –Focus on area of specialty, technology Gen X : –Technology based learning –Focus on breadth rather than specific area – leadership skills Gen Y : –Learning appeals most to this Gen –Part of the compensation package –Tech. based self learning –Continual learning to further their careers 5/2/
Gartner HCM program review Tool kit 5/2/ Integrate the multi- generational workforce Understand the changing demographic context Assess and plan for a multi- generational mix Review sourcing strategies for a mixed workforce Blended multi- generational mix The blended multi-generational workforce framework Gartner EXP HR Research – Q1 2007
5/2/ Private or public as thanks for building high expertise Refresher in expectations and gain awareness of younger colleagues Stimulating work that recognizes high expertise Enables women to create a predictable routine Competitive current/ retirement medical. Maximum employer contributions to savings. Recognition Diversity training Employee involvement Work/life benefits Employee insurance/savings benefits Public to increase opportunities of advancement To understand changes in the workforce mix To be noticed and given better opportunities Efficient organized work life that balances with family life. More time at home. Contribution options. Family health coverage. Public to show contribution Help to bring age awareness to high level of ethnic/culture diversity To contribute and be valued and heard Shorter time at work balanced by working off hours at home Low contribution. Opt out for cash refunds at time of resignation Expectations by generation Baby Boomers Policy/ program Generation XGeneration Y Gartner EXP HR Research – Q1 2007
5/2/ Interactive. Clear hierarchy. Meet the expectations of others who depend on the work Fairness is key. Compromise merit pay just to survive Cynical. Minimize time spent on it. Classroom/group style. Like to be mentors. Build deep expertise in area of knowledge Culture Compensation Performance management Training and development New opportunities, innovation, risk with rewards to match Competitive and key to retention To demonstrate successes and negotiate rewards E-learning that supports breadth and depth with tests to demonstrate ability On the job learning and open forums to add value. Interesting work with minimal supervision. Year-on-year high end improvement Feedback and opportunity to discuss learning opportunities Low profile with emphasis on self directed learning, breadth of learning and fun, such as video games Expectations by generation Baby Boomers Policy/ program Generation XGeneration Y Gartner EXP HR Research – Q1 2007
5/2/ Differences between the Generations (*Eric Chester, Employing Generation Y) TopicBoomersGen XGen Y Loyalty to Employer I can work my way to the top I’ll work if I have to Jobs are a dime a dozen Respecting Elders Is automatic Is polite Just because they are older - no way! TrainingTell me what to do Show me HOW to do it WHY do I need to learn this?
5/2/ General Guidelines Identify your own generational assumptions: –What do I believe are the most important attributes of an employee? –How loyal do I believe an employee should be to an organization? –What balance do I maintain between my work and personal life? –Do I feel most comfortable with people of a certain age group at work?
Managing multi-generation workforce Ensure open communication – appeal to all generations Respect the different values held by different age groups Encourage generational partnerships and collaboration Remain flexible 5/2/
5/2/ Lessons To Keep In Mind There is more diversity than just generational diversity We are all more similar than different We can learn from each other - everyone brings something to the table Everyone wants to succeed