Boomers, Gen Xers, Millennials and More: Engaging Today's Multigenerational Workforce To Fuel Economic Growth

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Boomers, Gen X’ers, Millennials and More: Engaging Today’s Multigenerational Workforce To Fuel Economic Growth

A Roadmap for Opportunity in 2014:

December 11, 2013 Find us before you search.SM


Looking Ahead at Your Priorities for the New Year

The resource for achieving your greatest potential as an organization in 2014 is also the source ofyour biggest performance risks

This resource is your workforce.


The Improving Talent Economy

Buyer’s Market For Talent

Seller’s Market For Talent

Market Equilibrium

Momentum


A Word About Our American Workforce

The U.S. workforce is more multigenerational and more diverse than it has ever been


Why the Workforce Wants New Hampshire

Exceptionally well-educated workforce

Business-friendly environment

Unadjusted unemployment rate of 5.0 vs national rate of 7.0 (Oct. 2013)

NH employment projected to grow 1% per year through 2020

Nationally recognized high-quality of living


Today’s Workforce Demographics

Mature/World War II/”Greatest” Generation (born 1922 – 1946) – current age 68+: 55m

Baby Boomers (born 1946 – 1964) – current ages 49 to 67: 77.3 million

Generation X (born 1965 – 1980) – current ages 33 to 48: 51 million

Generation Y/ ’Millennials’ – (born 1981 – 1994) – current age 19 to 32: 75 million

Generation Z/’Digital Natives’/’#generation’ – still being defined

Key Point: Each of these segments of our workforce bring discernibly different life experiences to our organizations


Mature/World War II/”Greatest” Generation

Also called “Traditionalists” or the “Silent” Generation

Grew up during Great Depression, were children during or fought in World War II

Most men were the breadwinners, most women with kids at home to care for them

Desired job security

Married earlier than later generations (Men at average age of 23, women at 20)

Notables: Queen Elizabeth II, Mikhail Gorbachev, John McCain


“Baby Boom” Generation

Born during spike in child births after World War II, largest generation/economic group

Grew up during Civil Rights Movement, Cold War, also saw JFK, MLK, Vietnam, Moon

Grew up during Great Depression, were children during or fought in World War II

Committed to social causes, challenging conventions or things seen as “broken”

Work ethic measured in hours worked – coined the term “workaholic”

A journey from being free spirits (Woodstock) to being “empty nesters”

10,000 will turn 65 today and every day for the next 16 years

Notables: Bono, Tom Hanks, Wayne Gretzky, Jimmy Buffett, Elton John, King Abdullah


Generation X/Gen X

Labeled “X” by Hungarian photographer Robert Capa, a.k.a. MTV Generation

Grew up amid the largest divorce rates in American history, “latch key kids,” self-reliant

AIDS, Chernobyl, Space Shuttle Challenger disaster, fall of the Berlin Wall

MTV, Star Wars, Brady Bunch, and “Introduction to Computers”

From “slackers” to a critical demographic for organizational leadership

Higher levels of college education

Notables: Brooke Shields, Kiefer Sutherland, Celine Dion, Brett Favre, Ichiro Suzuki


Generation Y/‘Millennials’

Grew up with tech, labeled the “entitled generation” – raised in dual-income families

Second-generation college students, bearing significant college debt loads

OKC bombing, O.J. Simpson trial, Columbine, Y2K

Disillusioned with some institutions, have grown up in increasingly diverse society

Putting more focus on work/life balance – for themselves and others

Work to live, versus living to work; will follow leaders who inspire; life-long learners

Notables: Mark Zuckerberg, Justin Bieber, Lady Gaga, Selena Gomez

References: Pew Research Center, Catalyst, USA Today, http://extension.missouri.edu/extcouncil/documents/ecyl/Meet-the-generations.pdf, Trinity.edu, Wikipedia, http://www.marstoncomm.com/matures.html; http://merrillassociates.com/; http://apps.americanbar.org/lpm/lpt/articles/mgt08044.html; http://www.rosettathurman.com/2010/; http://pewsocialtrends.org/; http://en.wikipedia.org/wiki/Generation_Z

http://extension.missouri.edu/extcouncil/documents/ecyl/Meet-the-generations.pdf

http://extension.missouri.edu/extcouncil/documents/ecyl/Meet-the-generations.pdf


Don’t Make the Mistake I Made

Don’t let prejudices or assumptions based on your experience get in the way

Not everyone fits into the “demographic box” you may be inclined to see them in. Don’t assume people’s values, behaviors, preferences align with their peer group.

It’s important to view your workforce not as a single, static group of people but rather, as groups of people and individuals with different life and professional experiences

To all – equity and fair treatment – but not the same treatment of everyone


Today’s Generational Trend Lines

Some Baby Boomers extended their careers 5 years ago to rebuild retirement nest eggs and/or to hold onto their employer-sponsored healthcare coverage

The battle to recruit, retain, promote Gen X into senior management is about to begin

People across the workforce have been hunkered down during a historic downturn in the economy. They are already looking. Be prepared for their departure.

Shift underway from Leadership to “Servant Leadership”

“Social connections” keeping people highly informed in their current roles, but also providing the network connections to ensure smooth career transitions later

Recruiters are getting busy again – high performers at all levels will be in demand


Why Engagement Matters Most

An “Engaged Workforce” and “Engaged Leaders” are your biggest performance levers and our biggest drivers of economic growth

Engagement is really a measure of discretionary productivity, energy, effort, and alignment with and commitment to organizational goals

Engagement is something you can influence as a leader

Is the key to economic output, organizational profitability, morale, and becoming an employer of choice/talent magnet

There is no “one-way” to engage your entire workforce. You have to know what’s important to individuals


Signs You May Have An Engagement Issue

Employees race to their cars at the end of the day

You’re convinced that you’re surrounded by incompetence

The reviews of your organization and its leaders are in and they’re not good…

You’re employees aren’t referring people they know/respect for new/vacant roles

You haven’t given out raises in a few years or haven’t awarded performance bonuses

You’ve had to downsize in recent years, engage in layoffs

People are coming and going and you really don’t understand for what reasons

You’re not engaging with employees individually/directly

You’re watching good people leave, and maybe head straight to your competitors


McCool’s Rules For Creating Talent ROI

Hire for attitude and culture fit

Promote from within even if that means stretching someone’s abilities

Recruiting for management, executive and Board roles is “arguably the most important task in the world of business…” You have to get it right the first time.

But you will make hiring mistakes. Timely and effective firing can preserve your culture, morale, performance, profitability, sustainability

A clear view of strategy and goals is key, but the thoughtful assignment of roles and accountabilities to individuals on your team is critical to achieve your goals

Great leaders create their own successors. As a leader, you have to create opportunities for others. After all, we’re not self-made men and women.

Talent Management, Talent Development, Recruiting, Mentoring and Succession aren’t just HR’s business. They’re everyone’s business.


Seizing Opportunity in 2014

The resource for achieving your greatest potential as an organization in 2014 is also the source ofyour biggest performance risks.

Remember, this resource is your workforce.


Who you’re with makes all the difference…

Life is short.

When you’re working with people who share the same objectives, you’re enriched by the experience.

And it makes the journey a lot more fun, too.


Your Challenge for 2014

Do something new or different to engage your people, like:

Do lunch with an employee you’ve never seen outside work and who might least expect your invitation

Be a mentor

Make ‘Thank You’ part of your everyday vocabulary in the workplace

Don’t ask employees to take on something more/new until after you’ve done the same for them

Remember, when it comes to your workforce, you reap what you sow!


Thank You

Find us before you search.SM

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Web: www.TheMcCoolGroup.com

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