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Presented by: Elizabeth Camara, Head of Retirement Plan Services
Lukas Eldridge, Benefits Specialist
From A to (Gen) Z Managing a multi-generational workforce
Agenda
Workforce Statistics
Common Traits Of Different Generations
Project Scenario: Multigenerational Teams
Breaking Through Stereotypes of the different generations.
Statistics of the Workforce
Note: Labor force includes those ages 16 and older who are working or looking for work. Annual averages shown. Source: Pew Research Center analysis of monthly 1994-2017 Current Population Survey (IPUMS).
Millennials become the largest generation in the labor force in 2016 U.S. labor force, in millions
Statistics In the Workforce C ont. • 56 Million Millennials • 53 Million Gen X • 41 Million boomers • 9 Million Gen Z • 3 Million Silent Generation
Millennials 35%
Gen X 33%
Boomers 25%
Silent 5%
Gen Z 2%
In 2019, the youngest Boomers are 55 and the oldest Boomers are 70!
The Silent Generation 1928-1945 (5%)
IN THEIR LIFETIMES WHAT THEY’RE LOOKING FOR WHAT THEY BRING TECHNOLOGY
EXPERIENCE COMMUNICATION
STYLE
– WWII
– Great Depression
– Advent of rock n’ roll, TV, kitchen appliances
– Mass production (automobiles)
– Ways to stay active in retirement
– Classroom style learning
– Job stability
– Knowledge
– Loyalty
– Lived through advancements in communication technology however largely outside of today’s fast-paced technology trends
– Face-to-face
– Landline telephone
– Letters
– Top down
IN THEIR LIFETIMES WHAT THEY’RE LOOKING FOR WHAT THEY BRING TECHNOLOGY
EXPERIENCE COMMUNICATION
STYLE
– The Cold War
– Post-War Boom
– Woodstock
– Apollo Moon Landings
– Civil Rights Movement
– Planning for retirement (or semi-retirement)
– Steadiness
– Rewards for hard work
– Knowledge
– Creditability
– Interpersonal skills
– Early information technology adopters
– Television, radio, newspapers and magazines
– Phone
– Face-to-face
Baby Boomers 1946-1964 (25%)
IN THEIR LIFETIMES WHAT THEY’RE LOOKING FOR WHAT THEY BRING TECHNOLOGY
EXPERIENCE COMMUNICATION
STYLE
– End of Cold War
– Fall of Berlin Wall
– Dot com Boom (and bust)
– Integration of mobile phones into everyday life
– Work-life Balance
– Training
– Frequent Feedback
– Career Pathing
– Autonomy
– Good coaches
– Independent learning & problem solving
– New ideas
– Digital immigrants
– Personal Computers
– Informal
Generation X 1965-1980 (33%)
IN THEIR LIFETIMES WHAT THEY’RE LOOKING FOR WHAT THEY BRING TECHNOLOGY
EXPERIENCE COMMUNICATION
STYLE
– 9/11 attacks
– Rise of PlayStation/Xbox
– Birth of social media
– Freedom and flexibility
– Casual Dress
– Job Development Plan
– Digital natives; mobile phone and social media’s earliest enthusiasts
– Collaboration
– High end mobile devices for personal/professional use.
– SMS, instant messenger, mobile phone calls, email
Mil lennials 1981-1997 (35%)
IN THEIR LIFETIMES WHAT THEY’RE LOOKING FOR WHAT THEY BRING TECHNOLOGY
EXPERIENCE COMMUNICATION
STYLE
– Touchscreen mobile devices
– Social media
– Energy, economic, environmental crisis
– Cloud computing
– A bright future
– Structured Flextime
– Telecommuting
– Health Prioritization
– Technophiles raised in wireless, social, and always connected world
– Smartphones, digital school work, Artificial intelligence (Alexa), wearable tech (Google Glass)
– SMS, social media, wearable tech
Generation Z Born after 1997 (2%)
The Newest Generation in the Workforce: Gen Z
Work-Life Balance – Structured Flextime – Telecommuting – Health Prioritization
High Touch, High Tech – Communication through
face-to-face meetings – Supportive Leadership – Technology as a necessity, not a bonus
Benefits of C ol laboration
• Improved Flexibility
• Engaged Employees
• Increased Productivity
• Innovative Ideas
• Increased Profitability
Team Project Scenario:
① Meet the Team
② The Task Review & enhance a procedure performed by the team.
③ Goals:
EFFICIENCY CAPACITY
Team Project Scenario: DESIGN DEVELOPMENT IMPLEMENTATION
Stage 1: Design Reaction to Change
– Resistance – Embrace
Team Communication – Collaboration tools for quick
communication (Skype, IM, Slack) – Larger face to face meetings for
updates as projects progress
Management Tip: Encourage the team to get to know each other
on a more personal level. A team building event may get collaboration flowing.
Stage 2:Development Tech Utilization
– Gen X and Millennials offer insight into procedure completed on a technical scale – Opportunity to develop new skills for other team members
When & Where Tasks Get Done – Different team members flexing their hours to get their project done – May present challenge that teammates seem to not be getting their work done
Stage 3: Implementation Organization Wide Communication
– Larger Scale Communication, how will different generations react to this change – Employees with a vast knowledge of the organization and how this will affect their
day to day
Training – Adaptation Issues, comprehension of new system/product – Variety of implementation training initiatives such as webinars, Brainsharks, in-
person training
Reverse Mentoring Former CEO of GE Jack Welch invented the concept of reverse mentoring to learn technological skills from his colleague:
• Recognition of skills gaps on both more experienced and inexperienced workers.
• Pairing a mentor with someone on the senior team to improve technological,
communication or generational skills.
• Great way to improve a relationship with either a manager and an employee or even a relationship with a different department.
Tips on retaining employees
Benefits EEs are looking for – Flexible work arrangements – Work From Home programs – Job Sharing – Unlimited PTO Programs – Sabbatical Programs
Career pathing – sharpening the saw
Get to know your employees on a personal level
C onfusion between “generation” and “life-stage”
“Differences can be masked as age-related, so something that might seem age-related isn't necessarily. A lot of the age issues aren't with a company being uncomfortable with a particular age-
group, but with particular people in an age-group not being comfortable with the company.”
— Kabir Shahani, Appature
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