THE CHANGING LANDSCAPE OF TALENT Generation Y

The Generations In the war for talent the rules of engagement have changed! Generation Y advancing up the ranks and Baby Boomers refusing to retire has shifted the composition of the workforce. They are redefining what constitutes a great place to work. Generation Y born 1979 through 1994 Baby boomers born 1946 through 1964 HBR July-August 2009, Sylvia Ann Hewlett, Laura Sherbin, and Karen Sumberg, The Center for Work Life Policy, New York

What Gen Y and Boomers want Survey outcomes: – People, especially Generation Y and Baby Boomers are looking for a “remixed” set of rewards Flexible work arrangements The opportunity to give back to society Are more important than the size of the pay package! – It means for talent managers Letting go of cash as the prime motivator Redefining incentives – difficult but non-financial rewards tend to be less expensive and more options can be laid out

Non Financial Rewards Survey outcomes – Managers experimenting with a range of nonfinancial rewards How to use time as currency A green workplace as a retention tool UBS – graduate new hires can postpone their arrival for a year CVS/pharmacy – Snowbird program Time Warner – Digital reverse mentoring.

The benefits for the company The pay off – UBS trims payroll costs in the near term while keeping hold of talent that it invested in recruiting and it will need when the company improves – CVS mobilises employees to match the seasonal migration of its customers – Time Warner enjoys the immeasurable benefits of a more market attuned leadership team – A new breed of employer – one that respects educated workers increasing desires for flexibility, growth, connectivity, and a chance to give back

Gen Y and Boomers common wants Generation Y and Baby Boomers common themes: – Odyssey – time out to explore passions, hobbies and good works – Shared Vision and Values – Achieving balance with flex and remote working – Mentoring and generation jumping – “Kippers” and velcro relationships

Generation Y and Baby Boomers common themes: – Rewards mix – for both these groups – a great team, challenging assignments, a range of new experiences and explicit performance evaluation and recognition are at least as important as money! Gen Y and Boomers common wants

The New Attractive Workplace? Five crucial elements for the new attractive workplace design: 1.Modularity – the chunking of work that allows Boomers to scale back their hours and breadth of control but still tackle the sophisticated tasks that their years of experience equip them to handle

The New Attractive Workplace? Five crucial elements for the new attractive workplace design: 2.Flexibility – can come in many forms Citigroup – Alternative Work Solutions program – has successfully maintained productivity while allowing people to work where and how they want Best Buy – Results-Only Work Environment – people are held accountable for results not the particular hours they keep at the office

The New Attractive Workplace? Five crucial elements for the new attractive workplace design: 3.Opportunities to give back – UBS gap year program Ernst & Young Corporate responsibility Fellows Program - which allows employees to use their accounting and managerial skills to help entrepreneurs in parts of the world where management capabilities are scarce

The New Attractive Workplace? Five crucial elements for the new attractive workplace design: 4.Progressive policies – a progressive work environment Genzyme’s eco friendly building bespeaks a commitment to the planet’s health that its people can point to with pride Bloomberg’s office environment – designed to foster collaboration and innovation – many open spaces keep people circulating so that they can have the informal chance encounters that often spark ideas

The New Attractive Workplace? Five crucial elements for the new attractive workplace design: 5.Intergenerational mentoring – Time warner Cisco – the Legacy Leaders Network for Boomers and the New Hire Network have partnered. Both groups learn from the cross pollination Booz Allen - Hello.bah – an innovative information and social networking site – it connects employees that spend a lot of time away from company offices – improving information flow and forging intergenerational relationships