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Page 1 Recording of this session via any media type is strictly prohibited. Page 1 Bridging the Generational Gap: Leveraging the Powerful Strength of Gen.

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Presentation on theme: "Page 1 Recording of this session via any media type is strictly prohibited. Page 1 Bridging the Generational Gap: Leveraging the Powerful Strength of Gen."— Presentation transcript:

1 Page 1 Recording of this session via any media type is strictly prohibited. Page 1 Bridging the Generational Gap: Leveraging the Powerful Strength of Gen Y Tuesday April 29, :45 PM to 3:45 PM

2 Page 2 Recording of this session via any media type is strictly prohibited. Lorilee Medders, PhD Research Professor in Risk Management, Florida State University Lorilee serves as Director of the Florida Catastrophic Storm Risk Management Center, focusing her work with graduate students on catastrophe risk management and international risk management and her work with undergraduates on decision making under uncertainty by individuals, businesses and society. She has more than 20 years teaching experience in finance, risk/ insurance and decision sciences at three universities, and has researched, lectured and conducted workshops for more than a decade on the challenges and opportunities posed by generational diversity in the business environment. Donna Thomas Senior Vice President, Marsh Donna Thomas joined Marsh in 2001 as a Client Executive/ Senior Client Advisor and is responsible for the design, marketing, implementation and servicing of property risk management programs for energy accounts in the Washington, D.C. / Baltimore office. Speakers

3 Page 3 Recording of this session via any media type is strictly prohibited. Shannon Morse Corporate Risk Manager, Engility Corporation Shannon joined Engility in July 2012 after working as Risk Manager at Booz Allen Hamilton in Washington Metro Area for 4 years. Prior to working as Risk Manager, she spent 10 years with Marsh as multiline insurance broker in Boston and Washington DC. Yelena Urcia Sr. Global Insurance Analyst, AES Corporation Yelena joined AES in May 2009 as a Global Insurance Analyst. Prior to AES, she had interned part time with the Southern Company in Atlanta, Georgia while completing her graduate and undergraduate degrees at Georgia State University. Speakers (continued)

4 Page 4 Recording of this session via any media type is strictly prohibited. What to Expect Identify Baby Boomer, Gen X, and Gen Y characteristics and the potential generational differences Provide examples of typical work scenarios involving multiple generations Learn specific strategies that will help you build a stronger company as you work with Gen Y

5 Page 5 Recording of this session via any media type is strictly prohibited. Background to the Generations Baby Boomers Generation X Generation Y

6 Page 6 Recording of this session via any media type is strictly prohibited. Background- Baby Boomers Born between 1945 and % of the US population 35% of US workers 65% are married 28% are college graduates In general, healthier and wealthier than previous generations

7 Page 7 Recording of this session via any media type is strictly prohibited. Background- Baby Boomers Competitive Idealistic Non-conformists Loyal Materialistic Focused on personal fulfillment Value titles and the corner office

8 Page 8 Recording of this session via any media type is strictly prohibited. Background- Baby Boomers Major Influences: Birth of Suburbia Vietnam JFK/MLK Television Watergate

9 Page 9 Recording of this session via any media type is strictly prohibited. Background- Generation X Born between early 1960s to early 1980s Major Influences Fall of Soviet Union Rise of personal computers Internet MTV – mass media Social Diversity Increased Divorce Rates

10 Page 10 Recording of this session via any media type is strictly prohibited. Background- Generation X Independent upbringing Emerging technology Entrepreneurial Diversity as a positive

11 Page 11 Recording of this session via any media type is strictly prohibited. Background- Generation X Dislikes micromanagement Learns through hands-on experience Adapts well to using new and changing technology- though not necessarily comfortable as a producer of technology content Expects and values emphasis on respect in the workplace

12 Page 12 Recording of this session via any media type is strictly prohibited. Background- Generation Y Born between early 1980s to early 2000s Major Influences Terrorism Events - 9/11, Columbine, etc. Social Media The Great Recession

13 Page 13 Recording of this session via any media type is strictly prohibited. Background- Generation Y Helicopter Parents/ Child Focused Lives Busy/Scheduled Lives Born into Information Age

14 Page 14 Recording of this session via any media type is strictly prohibited. Background- Generation Y Protagonist Identity – “follow your passion” Good at Multitasking and Teamwork Technologically Savvy

15 Page 15 Recording of this session via any media type is strictly prohibited. What are the Potential Differences? Life Purpose and Values Hierarchy/ Transparency and Access to Information Work and Family Life Access to Technology/Social Media Ethics

16 Page 16 Recording of this session via any media type is strictly prohibited. What are the Real Differences? The Evidence from Research is Somewhat Mixed Pew Research Center PricewaterhouseCoopers Center for Creative Leadership The Institutes Others

17 Page 17 Recording of this session via any media type is strictly prohibited. What are the Real Differences? How a Millennial May Differ with respect to Life Purpose and Values Cause/purpose driven High expectations of self Strong sense of family/community Not as religious as prior generations are, or were at the same age More comfortable with diversity than were prior generations at the same age

18 Page 18 Recording of this session via any media type is strictly prohibited. What are the Real Differences? How a Millennial May Differ with respect to Hierarchy/ Transparency and Access Question askers Desire to be included in information exchanges Want immediate responsibility Resistant to authority?

19 Page 19 Recording of this session via any media type is strictly prohibited. What are the Real Differences? How a Millennial May Differ with respect to Work and Family Life Seek not just a balance but a mix between work and personal life (social, community and personal development) High expectations of self and employer Want to be valued for individuality and outcomes rather than for presence, punctuality, appearance and activity Want to learn transferable skills Money oriented? Entitled / self absorbed?

20 Page 20 Recording of this session via any media type is strictly prohibited. What are the Real Differences? How a Millennial May Differ with respect to Use of Technology/Social Media Definitively more text and social media friendly than older cohorts Do not necessarily want technology to drive their professional development View technology as a tool for flexibility and creativity Older Gen Y’ers not very different from Gen X but younger Gen Y’ers may be entirely different

21 Page 21 Recording of this session via any media type is strictly prohibited. What are the Real Differences? Use of Technology/Social Media Research strongly indicates that individuals who have grown up with high speed computing and social media actually may have different brain strengths from the rest of us The advantage: Incredible ability to take in lots of information and catalog it The disadvantage: Difficulty making “executive decisions”

22 Page 22 Recording of this session via any media type is strictly prohibited. What are the Real Differences? How a Millennial May Differ with respect to Trust and Ethics A higher percent do not generally trust others than older cohorts today, but no higher % than for Gen X’ers at same age Loyalty is to specific people and ideas, not to organizations A higher percent think it is okay to “game” the system than older cohorts

23 Page 23 Recording of this session via any media type is strictly prohibited. What are the Real Differences? Trust and Ethics One Gen Y’er put it like this: “Our generation takes an absolute beating in public perception…, but when it comes to actual arrogance, we don't have a thing on the Baby Boomers, who are so stuffed with self-importance that they can't shut up about their accomplishments (both real and imagined) to this day. Considering how broken the system in America is in favor of the rich, I don't think it's an unreasonable response to want to game that system. ‘I don't want to work hard’ could just as easily mean, ‘I don't want to work hard only to find 20 years later that I've been abused by an insurmountable, unethical power structure.’ I don't need a new car, or a fancy smartphone, or a nice house; I just don't want to work my a#% off and get completely #$%^ed despite it.” ~Anonymous Gen Y blogger

24 Page 24 Recording of this session via any media type is strictly prohibited. Situational Scenarios

25 Page 25 Recording of this session via any media type is strictly prohibited. Building a Stronger Company Encourage teamwork Flatten the internal perception of the organization Keep formality to a minimum Provide frequent individual feedback, with a focus on development Break big projects into smaller pieces Allow (even encourage) the mix of social life in work life Train them in decision making and conflict resolution Consider moving more intuitive introverts into management positions

26 Page 26 Recording of this session via any media type is strictly prohibited. Building a Stronger Company Teamwork Create teams for projects and allow the team to allocate work across members Avoid a sense of internal competition, except in cases where competition is positive (“best new idea”) Create cohort teams for professional development, with a mix of departments and talents represented

27 Page 27 Recording of this session via any media type is strictly prohibited. Building a Stronger Company Flatten the Organization’s Internal Perception Have company core values and communicate them clearly in every project Be as transparent as is reasonable, especially with respect to work opportunities and pay Invite everyone who participates on a project to meetings related to the project Allow everyone “teaching and learning” opportunities Encourage “grassroots” project genesis and growth

28 Page 28 Recording of this session via any media type is strictly prohibited. Building a Stronger Company Keep Formality to a Minimum Keep in-person, formal meetings to a minimum Encourage questions and other input from anyone and everyone Allow casual attire except when formality is important to a success

29 Page 29 Recording of this session via any media type is strictly prohibited. Building a Stronger Company Frequent Individual Feedback Communicate regularly, both favorable and unfavorable feedback Be demanding (accountability is critical) Use the need to give unfavorable feedback as a professional and/or personal development opportunity Custom fit feedback to the individual and their individual contributions as well as that of their team

30 Page 30 Recording of this session via any media type is strictly prohibited. Building a Stronger Company Break Big Projects into Smaller Pieces Smaller bits allow for autonomy (and learning from mistakes) without costing lots of time and money Smaller bits make frequent feedback possible Smaller bits help develop a sense of success and self confidence Accountability is critical

31 Page 31 Recording of this session via any media type is strictly prohibited. Building a Stronger Company Social and Work Life Mix Encourage friendships to develop Include families in company-sponsored events Create relationship building opportunities/events Allow, even encourage, play at work Sponsor, participate and/or recognize participation in community/civic causes Be sensitive to family stress and pressures

32 Page 32 Recording of this session via any media type is strictly prohibited. Building a Stronger Company Decisions and Conflict Resolution Training Training on these fronts can be especially successful in groups of mixed generations Spend considerable time on critical thinking skills and ethics Train for success using a “values and discernment” approach

33 Page 33 Recording of this session via any media type is strictly prohibited. Building a Stronger Company Intuitive Introverted Managers Vision driven and capable of easily flexing between leadership and support activities Good listeners, inviting questions and other input Decisive and demanding Develop high potential intuitive introverts with good organizational skills who are values driven (e.g., the MBTI INFJ) and logic driven (e.g., the MBTI INTJ) for management of ideas, systems and/or people

34 Page 34 Recording of this session via any media type is strictly prohibited. Contact Information Dr. Lorilee Medders Research Faculty, Florida State University Donna Thomas Senior Vice President, Marsh Shannon Morse Corporate Risk Manager, Engility Corporation Yelena Urcia Sr. Global Insurance Analyst, AES Corporation

35 Page 35 Recording of this session via any media type is strictly prohibited. KEEP THIS SLIDE FOR EVALUATION INFORMATION/MOBILE APP ETC. Please complete the session survey on the RIMS14 mobile application.


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