Generational Differences

Will Latham Latham Consulting Group

Today

• Understand generational diversity. • Identify key characteristics of each . • Develop approaches to resolve generational differences.

Merritt-Hawkins’ Survey

• Do you think that younger doctors are as dedicated as physicians aged 50 to 65? • Do you think that younger doctors are more dedicated than physicians 50 to 65?

Latham Consulting Group www.lathamconsulting.com 1 U.S Physicians With Active License (2012)

Generations

COHORT BORN BETWEEN Traditionalists 1933 to 1945 1946 to 1964 1965 to 1980 1981 to 2000

Generational Norms

• Work style. • Preferred ways of being led. • Workplace communication. • Approaches to problem solving. • Career development. • Building, or not building, relationships.

Latham Consulting Group www.lathamconsulting.com 2 Traditionalists Big Question: Where were you when WWII ended? Core Values: On The Job: • Dedication/sacrifice Assets: • Hard work • Stable • Conformity • Detailed oriented • Law and order • Thorough Loyal • Respect for authority • • Hard working • Patience Liabilities: • Delayed reward • Inept with ambiguity and • Duty before pleasure change • Adherence to the rules • Reluctant to buck the system • Honor • Uncomfortable with conflict • Reticent when they disagree

Baby Boomers Big Question: Where were you when Kennedy was assassinated?

Core Values: On The Job: • Optimism Assets: • Service oriented • Team orientation • Driven • Personal gratification • Willing to “go the extra mile” • Health and wellness • Good at relationships • Personal Growth • Want to please • Youth Liabilities: • Uncomfortable with conflict • Work • Reluctant to go against peers • Involvement • Overly sensitive to feedback • “Who says you can’t have it all” • Judgmental of those who see things differently • Self-centered

How Boomers Differed From Their Parents Traditionalists Boomers Followed traditional roles Redefined roles; (male/female, ethnic). promoted equality. Loyal to their marriages Left unfulfilling and companies. relationships. Disciplined and patient. Sought immediate gratification. Played by the rules. Manipulated the rules to meet their own needs.

Latham Consulting Group www.lathamconsulting.com 3 Gen Xrs Big Question: Where were you when the Challenger disaster occurred? Core Values: On The Job: • Diversity Assets: • Thinking globally • Adaptable • Balance • Technoliterate • Technoliteracy • Independent • Fun • Un-intimidated by authority • Informality • Creative • Self-reliance Liabilities: • Pragmatism • Impatient • Poor people skills • Inexperienced • Cynical

How Gen Xers Differ

Boomers Xers Fight against authority. Go around authority.

Workaholics. Get a life.

Political at work. Corporate politics waste time. Nostalgia for the 1960s. Oh, God, not again!

Generation Y - Millenials Big Question: Where were you on 9/11? Core Values: On The Job: • Assets: • Share many characteristics of • Adaptable Xers. • Technoliterate • Civic minded (?). • Independent • Entrepreneurial • Teamwork. • Multitaskers • Embrace diversity. Liabilities: Optimistic. • Demanding. • • Impatient. • Adaptable to change. • Over-confident • Flexible. • Less process oriented. • Increasing narcissism. • Independent. • Too great expectations of the • Training. workplace.

Latham Consulting Group www.lathamconsulting.com 4 Defining Qualities

Baby Boomers Gen Y • Work ethic. • Technology. • Respectfulness. • Music and pop culture. • Morals. • Liberal leanings. • Superior intelligence. • Clothing.

Generation Z ?

Are You a “Cusper”?

• Right between two • Suffer from generational identity crisis. • Fill important roles as mentors, translators and mediators.

Latham Consulting Group www.lathamconsulting.com 5 Boomers Xers Millennials • Fight against • Go around • Authority? authority authority • Structured • Workaholics • “Get a life” lives • Political at work • Corporate • Liberal • Transitioning politics waste leanings time • Highly • I’ll work hard, educated but pay me • All things technology

Generational “Clash Points”

Traditionalists Boomers Xrs Millennials Career Goals Build a legacy Build a stellar Build a portable Start at the top career career. but focus on quality of life. Rewards The satisfaction of Money, title, Freedom is the Feel valued. a job well done. recognition. ultimate reward. Balance Support me in Help me balance Give me balance Value work/life shifting the everyone else and now, not when I balance? balance. find meaning. am 65. Top Values Family (46%) Family (45%) Family (67%) Family (73%) Integrity (46%) Integrity (32%) Love (32%) Love (49%) Love (26%) Love (27%) Integrity (24%) Spirituality (28%)

Source: Lancaster and Stillman (2002)

Generational “Clash Points”

Traditionalists Boomers Xrs Millennials Job Changing Job changing Job changing puts Job changing is Committed and carries a stigma. you behind. necessary. loyal when dedicated to an idea, cause or product, but likely to switch. Training I learned the hard Train ‘em too The more they Prefer on-the-job way – you can much and they learn, the more training. too! will leave. they stay. Feedback No news is good Feedback once a “Sorry to Want immediate news. year with lots of interrupt, but how and continuous documentation. am I doing?” feedback.

Source: Lancaster and Stillman (2002)

Latham Consulting Group www.lathamconsulting.com 6 Approaches to Conflict

Assertive

Competing Collaborating

Compromising

Avoiding Accommodating

Passive

Uncooperative Cooperative

Conflict Continuum

Mean-Spirited Constructive Destructive Artificial Personal Harmony Attacks Ideal Conflict Point

Vision • What is your preferred future? • What does the group intend to become? • Looking out 5 to 10 years: – What services and specialties do you plan to offer? – What geographic region do you intend to serve? – How many locations are you likely to have? – How big will the group become? Will you grow to fill the service needs of the market, or will you set an upper end limit on the number of physicians in the group? – What type of relations will you have with others? Will we remain an independent group? – What benefits do you hope to provide for the owners and employees ?

Latham Consulting Group www.lathamconsulting.com 7 Inter-Generational Conflict

• Call • Compensation systems/overhead • Alternative Work schedules • Recruitment

Call

• Specific criteria for eligibility? • Economic penalty? • Voting rights? • Start clock ticking towards retirement? • Minimum call pools?

Compensation Systems

• Will everyone slow down? • Less work = Less Production = Less Compensation • Fixed and variable costs.

Latham Consulting Group www.lathamconsulting.com 8 Alternative Work Plans • Goal – why are we doing this (recruitment, retention)? • Entry – what are the requirements to enter the program? • Rights and Responsibilities – do AWP participants continue as voting shareholders? 1-2 years to retire. • Valuation – how much does participating in the program cost? • Benefits – how does participating affect benefits? • Prioritization – who gets priority in participating in the program (first come, first serve, tenure, “bumping,” limit to number in program, notice etc.)?

Recruitment

• “We want you to have a life.” • Meritocracy. • Humane – fun and relaxed place to work. • Technological innovator.

Decision-Making

1. How will the group make decisions? 2. What is expected of each physician once the group has made a decision? 3. What are the options if a physician doesn’t like a decision?

Latham Consulting Group www.lathamconsulting.com 9 Managing Different Generations

• Education. • Facilitate mentoring. • Accommodate different learning styles. • Open up the office. • Toss out routines. • Avoid blanket communication policy. • Don’t confuse character issues with generational traits.

Latham Consulting Group www.lathamconsulting.com 10

Professional Profile

Will Latham, CPA, MBA

Mr. Latham is President of Latham Consulting Group, a consulting firm that helps medical group physicians make decisions, resolve conflict, and move forward. For more than twenty-five years Mr. Latham has assisted medical groups in the following areas:

• Strategy and Planning: Facilitation of the development of strategic, long- range plans to assist in direction-setting for the organization and improve physician relations.

• Governance and Organizational Effectiveness: Design and development of governance structure, physician/administrative team-building, and resolution of physician conflict.

• Mergers, Alliances and Networks: Facilitation of group merger planning, negotiation and operational implementation, group practice formation, and evaluation of integration opportunities.

During his 35 year professional career Mr. Latham has held responsible positions with a “big four” international certified public accounting firm and has provided consulting services to a broad range of professional and service-oriented companies. For over twenty-five years Mr. Latham has focused his efforts on serving the healthcare industry, primarily medical groups.

Mr. Latham is a graduate of Lenoir-Rhyne University with a Bachelor of Arts degree in Business with emphasis in Accounting, and of the University of North Carolina at Charlotte with a Master of Business Administration (MBA) Degree. He is an Associate Member of the Medical Group Management Association and has served on the MBA Advisory Committee at the University of North Carolina at Charlotte. Mr. Latham is a frequent speaker at national and regional conferences.

Latham Consulting Group www.lathamconsulting.com