The X Factor Managing The X Factor Managing the Gen whY? Herdthe Gen whY? Herd

Hong KongNovember 2010

ContentsContents Introduction Different Generational Expectations Generational Views On Career What Gen whY? want from a Career Managing Gen whY?’s Career How to “fit” Gen whY? into a multi-

generational workforce Key Motivators for Gen whY? What Gen whY? want from their Leaders Characteristics of Effective, Inspiring Leaders Conclusion

IntroductionIntroduction

The War for Talent has changed indefinitely to a new war, The War for Resources, due to:A growing skills shortage in all developed economiesDeclining birth rates in all countries, except third world countriesGlobalisationRapidly changing advances in technologyDifferent expectations of the different generations of workplaces and leaders

Different Generational Different Generational ExpectationsExpectations

There are currently 4 generations in the workplace:

Veterans, born prior to 1946 Baby Boomers, born 1946 – 1964 Generation X, born 1965 – 1979 Generation Y, born 1980 – 1995

Each generation has different values, different expectations of organisations and their leaders and a different view of career management and development

Generational Views On Generational Views On CareerCareer

Baby Boomers One, maybe two, different careers Generally in the same, or a related industry /

profession Think in 5 – 10 year time frames

Generation X At least 3 distinct careers Open to working in different industries and different

types of businesses Will work for more than 12 employers Self employed by choice at least once Will work overseas at least once Think in 3 – 5 year time frames

Generational Views On Generational Views On CareerCareer

Generation whY? At least 5 distinct careers, 2 of which will

be before they are 30 years old Open to working in the private sector,

public service and not-for-profit organisations

Will work for more then 29 employers Self employed by choice more than once Will work overseas at least twice Think in 2 -3 year time frames

What Generation whY? What Generation whY? want from a Careerwant from a Career

New challenges with greater freedom and choices

Different jobs in different industries Career advancement and progression Engagement, and recognition of

contributions Developing new skills, including life skills Job satisfaction, fun and “ to be

entertained”

Managing Generation Managing Generation whY?’s CareerwhY?’s Career

In their careers, Gen Y want: To do work that adds value To do something that makes a

difference to the business To work for an organisation that makes a

contribution to the broader community

To be part of an inclusive, winning team

To learn new skills and have new “experiences”

Key Motivators for Key Motivators for Generation whY? Globally at Generation whY? Globally at

WorkWork Inspiring leadership A supportive environment which

encourages new ideas and creativity Regular, constructive feedback Mentoring by older manages who like

and respect young people Access to training and development Access to up-to-date technology Flexibility

Key Motivators for Hong Key Motivators for Hong Kong Generation whY? at Kong Generation whY? at

WorkWork

An open, empowering and creative workplace culture

Work Life Balance Caring and supportive team environment Job security Remuneration

Key Motivators for Hong Kong Key Motivators for Hong Kong Generation whY? Civil ServantsGeneration whY? Civil Servants

Remuneration Job security Promotion opportunities Work Life Balance Inspiring leaders Meaningful work

How to “fit” Gen whY? into a How to “fit” Gen whY? into a Multi-Generational WorkforceMulti-Generational Workforce

Educate all managers and leaders on what motivates each generation

Older managers need to be more adaptable and inclusive

Enable flexibility for Gen Y to help balance work and other commitments

Listen to the ideas and requests of Gen Y Develop targeted training & development

programs for Gen Y e.g. communication skills and conflict resolution

Mentoring programs for Gen Y

What Generation Y want What Generation Y want from their Leadersfrom their Leaders

Gen Y identified the following characteristics of what a good leader means to them:A good listenerAn effective communicatorTreats all employees with respectLeads by examplePatient and tolerant of differenceEncouraging and supportiveGives regular feedback on good performance, and areas for improvementMore of a mentor and coach, less of a bossInclusive and collaborative

Effective & Inspiring Effective & Inspiring LeadershipLeadership

Highly effective leaders have been found to have the following common characteristics:An appetite for learning & developing othersAre change enablersCoach peopleCommunicate through listeningAre courageousHave integrityInspire and motivate peopleLead by exampleValue diversity

ConclusionConclusion

“Never hire or promote in your own image. Its foolish to replicate your strength and idiotic to replicate your weakness. It is essential to employ, trust, and reward those whose perspective, ability, and

judgment are radically different from yours. It is also rare, for it requires uncommon

humility, tolerance, and wisdom.”

Dee Hock

Leadership Revelations: An Australian Perspective