use recognition and reward to grow future leaders hr.com version january 24 2013
TRANSCRIPT
Use Recognition and Reward to Grow Future Leaders
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Presented by Donna Stevenson and Faye Wales
Objective
Create leadership continuity through recognition and reward
• Recognize expertise of senior leaders and reward them for their contribution
• Promote knowledge transfer between the generations in the workplace
• Motivate future leaders.
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Today – 4 Cohorts
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Traditionalists Pre 1947 5%Boomers 1947 – 1966 40%Generation X 1967 – 1980 25%Generation Y 1981 – 1995 30%
Question
To which generational cohort do you belong?
Traditionalist
Baby Boomer
Generation X
Generation Y
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2020 – 5 Cohorts
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• Traditionalists @1%
• Boomers @22%
• Generation X @ 20%
• Generation Y @ 50%
• Generation Z @ 7%
Question
What is the largest cohort in your organization?
Traditionalist
Baby Boomer
Generation X
Generation Y
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The Leadership Continuity Challenge
Expertise and knowledge drain as boomers leave
• Replace lost knowledge and lost skills.
• Use recognition and reward to foster leadership continuity.
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What each cohort seeks at work
Traditionalists Boomer Gen X Gen Y
Loyalty
Respect for authority
Sacrifice for others
Company loyalty
Competition
Self reliance
Independence
Community loyalty
Equity
Company goals Team & personal
goals
Career goals Learning and growth
Relevance
Company performance Personal &
company
performance
Personal results &
amount of fun
Learning opportunities
Speed of career
movement
For doing the job Reward for results,
recognition for
contribution
Reward for
outcomes
Rewarded for learning
and knowledge
acquisition.
Job security
Company success
Live to work.
Work defines self
worth and others’
worth. Live to
work.
Work/life balance
Work to live.
Lines between
personal and work
blurred. Pack
orientation.
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Values
Focus
Measures
Reward
Lifestyle
How the cohorts learn
Digital Immigrants Digital Natives
Linear acquisition of information Nonlinear (hyperlinked) logic of learning
Focused mainly on facts and knowledge acquisition
Focused more on learning how to learn
Guided learning Autonomous learning
Learning in specified time periods Learning 24/7
Face-to-face learning Interactive virtual learning
Learning as duty Learning as fun
Rote learning Analogical learning
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9*Conference Board of Canada, Bridging the Gaps.
How the cohorts view each other*
Current Leaders Graduates
Need to gain experience, put in the time and develop skills – want too much too soon.
Ambitious, motivated by money, statusand career – feel kept back by current managers
Performance feedback and setting clear goals as critical. Believe this is what new hires are seeking.
Value high degree of autonomy and freedom regarding how they perform their jobs. Don’t like hands-on management style.
Believe they are acting as coaches and mentors. Do not want subordinates as friends.
Seek bosses who are coaches and friends.
Value work-life balance – but believe in putting in long hours – taking work home
Value work-life balance – prefer to work within standard hours – spend more personal time at work.
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10*Ashbridge Business School, UK, Generation Y: Inside and Out and Great Expectations: Managing Generation Y.
Concerns of Senior Leaders
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Do not enjoy mentoring or
coaching
If they share their knowledge, afraid
they will no longer be required
They believe no one needs their knowledge
Not interested in giving their
knowledge away
Other
Reasons why senior leaders will not transfer their knowledge, skills and expertise to future leaders
Motivators for Senior Leaders
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Organization sees skills transfer as a
priority
They will receive reward/recognition
for doing it
Skills transfer part of retirement
planning
They get satisfaction from teaching others
Reverse mentoring in place
Other
Reasons why senior leaders will transfer their knowledge, skills and expertise to future leaders
What motivates GenY?
‘GenY have an insatiable need for development as well as a high requirement for coaching and mentoring. Early in their careers, compensation and benefits are important along with learning and development.’
From a report titled GenerationY: Inside Out by S. Honore & Dr. Schofiled, Ashbridge Business School
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Leadership Continuity
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Skills
L&D Opportunities
Career Development
Coaches and Mentors
Lifestyle Plans
Recognition and Reward
Leadership Continuity
3 step process to get you started
1. Capture the cost of lost knowledge
2. Build a knowledge transfer process
3. Implement succession planning tools.
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Leadership Continuity
Step 1 - Capture the cost of lost knowledge.
Prepare a risk assessment
Skills and knowledge lost
Skills and knowledge needed
Bottom line – today and tomorrow? BM
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16What are the top 3 skills your organization either needs to maintain or needs to develop to ensure its’ continued success?
Leadership Continuity
Step 2 - Build a knowledge transfer process.
Critical skills
Learning process
Methodologies
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Knowledge Transfer Methodologies
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CaptureSelf Capture
Education and DistillationMentoring
Social-technical MentoringPeer Assist
Leadership Transition WorkshopCommunities of Practice
Action ReviewStorytelling
PodcastRetrospectWikipedia
IMBlog
Buddy systemWebinar
Knowledge Transfer Methodologies
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CaptureSelf Capture
Education and DistillationMentoring
Social-technical MentoringPeer Assist
Leadership Transition WorkshopCommunities of Practice
Action ReviewStorytelling
PodcastRetrospectWikipedia
IMBlog
Buddy systemWebinar
Leadership Continuity
Step 3 – Implement succession
planning tools.
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Continuity of employment
Learning and development opportunities
Retirement planning
Leadership Continuity
Recognition & Reward Senior Leaders Future Leaders
Lifestyle & financial planning
X
Social-technical mentoring X X
Legacy X
Skills development X
Work life balance X X
Flexibility in working style X X
Open communication X X
Career development X
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Use Recognition and Reward to Grow Future Leaders
[email protected] www.bm2b.ca 905.662.5130 BM
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