boomers, gen xers, millennials and more: engaging today's multigenerational workforce to fuel...
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© 2013 The McCool Group LLC All Rights Reserved excluding graphics, event sponsor logos and research references
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
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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.
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The Improving Talent Economy
Buyer’s Market For Talent
Seller’s Market For Talent
Market Equilibrium
Momentum
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A Word About Our American Workforce
The U.S. workforce is more multigenerational and more diverse than it has ever been
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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
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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
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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
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“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
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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
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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
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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
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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
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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
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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
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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.
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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.
© 2013 The McCool Group LLC All Rights Reserved excluding graphics, event sponsor logos and research references
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.
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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!
© 2013 The McCool Group LLC All Rights Reserved excluding graphics, event sponsor logos and research references
Thank You
Find us before you search.SM
Phone: (603) 673 4656
E-mail: Joe@TheMcCoolGroup.com
Web: www.TheMcCoolGroup.com
LinkedIn: www.linkedin.com/in/joemccool
Skype: jd_mccool
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