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Generations at Work Talkin’ ‘Bout My Generation: Implementing Changes to Adapt To Hawaii’s Evolving Workforce Presented by Accuity LLP Agenda o Why is it important to understand generations? o Results of Local Company Survey o Tips to address the top 3 multi-generational issues o Working across the generations TALKIN’ ‘BOUT MY GENERATION Why is it important to understand generations? The Future is Here…….. o Understanding different generational perspectives improves engagement and productivity o The cost of turnover is steep o Majority of Baby Boomers will reach retirement age in 10 years o Gen Y and Gen Z will make up 66% of the US workforce by 2030 5 GENERATIONS @ WORK #embracegenerationaldifferences Organizations that understand and embrace generational differences quicker grow stronger, innovate more quickly, and create a competitive advantage for themselves. Kauai Molokai 105 Local Company 23% 8% Maui 2018 Survey respondents 23% Oahu 83% Lanai Hawaii 3% 28% Across six islands * Some respondents are located on multiple islands and mainland states # of 1 - 50 51 - 100 101 - 200 201 - 500 > 500 Total Of varying sizes employees Responses 53 14 14 10 14 105 Top 5: Health Services, Finance/Insurance/Real Estate, In 15 different industries Professional/Business Services, Social Services and Other (includes nonprofit) Local Company Survey Respondents - Employees by Generation SILENT GEN BABY BOOMERS GEN X GEN Y GEN Z Before 1946 1946 - 1964 1965 - 1980 1981 - 1995 1996 - Present Age 74 and up Age 55 – 73 Age 39 - 54 Age 24 - 38 Age 0 - 23 2% 32% 34% 28% 4% US Labor Force Projection for 2030 by Generation 0% 9% 25% 33% 33% * Data from Department of Labor, WSJ.com have mostly Baby Boomers in senior 56% 43% 66% leadership have older, have 30% or experienced Only 1 more Baby employees who 43% Boomers + have difficulty observed no have difficulty generational attracting and Silent working with/relating to differences recruiting Generation in younger in the members of Gen Y, Gen Z or both their workforce generations workplace LOCAL CO. SURVEY QUICK STATS Do you feel that your organization is facing challenges related to multi- generational differences in the workplace? 57% Yes 35% No 8% Other You observed the following differences: Communication styles & View and use preferences – 90% Technology – 87% Work habits – 84% Values – 76% Job benefits and perks – 64% The Top 3 Multi-Generational Challenges Faced by Respondents 1. Training managers to be more “coaches” than “bosses” 2. Getting leadership to communicate the direction and goals of the company and how individuals fit into the bigger picture 3. Streamlining and updating business processes to be more efficient and competitive CHALLENGE #1 Training managers to be more “COACHES” than “BOSSES” Myth: A high performing individual makes a good manager and coach Millennials don’t want to be 59% of millennials say learning told what to do; they want and growing are extremely to understand why they important to them need to do it All generations want more The need for recognition is feedback and are more engaged universal but the delivery when managers help set isn’t one-size-fits-all performance goals GENERATIONAL INSIGHTS The #1 worry Messages that for students at 43% recognize and 71% the start of said a work articulate selected their careers culture that is potential to “clearly defines is not being “friendly, goals and adequately inclusive, achieve expectations” prepared or inspiring” is a ranked #1 as as a top performing poorly top criterion for most motivating attribute of an at their job an employer or inspiring ideal boss HAWAII STUDENTS TELL US #trending Turn Your Managers into Coaches Listens a lot Talks a lot Asks Tells Prevents Fixes Explores Coach Presumes Seeks commitment Seeks control Challenges VS Orders Works with Works on Puts process first Puts product first Seeks result Wants reasons Takes responsibility Assigns blame Boss Makes contact Keeps distance Turn Your Managers into Coaches 2 Practical Tips Survey Feedback 1. New Manager Training “Managers use old school 2. Schedule Regular 1-on-1 Check-ins method of ‘I show you what with team to do and you do it’” “More experienced employees do not know how We have two ears and one mouth to communicate and motivate” so that we can listen twice as much as we speak Epictetus, 50 AD – 135 AD Messages That Motivate Boomers Millennials o You are a good role model You and your coworkers can help make an impact o You are important to our o success o You will work with other bright, creative people You have exceeded my expectations o Your perspective and o contribution is valued and needed Gen X Gen Z I appreciate how you o This assignment is going to be challenging, but I took ownership of the o think you are ready for it and I will help you along assignment and got the way the job done CHALLENGE #2 Getting leadership to “COMMUNICATE” the direction and goals of the company and how individuals fit into the bigger picture Myth: Leaders have all the answers and always know what to say Communicating Purpose The NASA Janitor and JFK During a visit to the NASA space center in 1962, President John F. Kennedy noticed a janitor sweeping the floor. He interrupted his tour, walked over to the man and said, “Hi, I’m Jack Kennedy. What is it that you do here?” “Well, Mr. President,” the janitor responded, “I’m helping put a man on the moon.” Improve Company Communication 2 Practical Tips Survey Feedback 1. Leadership that shares and “…The Gen X and Gen Y want to inspires know what is going on, are used to 2. Solicit employee feedback getting answers and gaining through engagement surveys information immediately. Baby Boomers struggle to understand the “need” for this. Gen X and Gen Y want to feel included in 91% of employees say communication issues solutions.” prevent leaders from being effective Interact Communications Consultancy, 2015 Appreciating Diversity in Communication and Technology Boomers Gen X Gen Y Gen Z Face-to-face or phone Desire more face-to- o o Phone or email, face- o Instant messages, o o Relationship and to-face for tough texts, emails, and face, in person business intertwined decisions (time face-to-face conversations Worry technology Less lengthy meetings o permitting) o Value technology for o replacing human View technology as o Direct & its connection to o interaction straightforward overall goals core to stay connected and to communication o Tech-savvy, can be work efficiently o Techno-literate but impatient with those worry about being who aren’t outpaced by younger colleagues CHALLENGE #3 Streamlining and updating business processes to be more “EFFICIENT” and “COMPETITIVE” Myth: Streamlining business processes requires investment in new technology Millennials are willing to try Millennials are problem solvers; new things, challenge they want to improve things, not processes, and think just keep things the same differently about a situation 59% of boomers are ready to learn Only believe that boomers 10% new skills or completely retrain in are the generation that best order to remain employable in the displays adaptability. future. GENERATIONAL INSIGHTS Streamlining and Updating Business Processes 2 Practical Tips Survey Feedback 1. Identify your “It’s always been done this way” processes “[It’s hard to change] how things 2. Look for timing opportunities to have ‘always been done’ to document existing processes procedures and processes that work for the company now” “Leaders are resistant to streamlining and making process more efficient” What are different generations looking for in a workplace? Boomers Gen X Gen Y Gen Z Job security o o Independence o Purpose o Purpose Loyalty o o Financial success o Meaningful work o Immediate value Fairness and respect o o Good for career o Mentors o Financial Stability Make a difference and o o Sense of o Opportunities to o Multiple projects, contribute accomplishment develop and grow multi-tasking Flexibility o o Make an impact o Connections (to each o Efficiency o Flexibility other, the company, o Automation the world) o Diversity o Flexibility o Need to work on: face- o Fair pay to-face interaction and critical thinking Commonalities: Motivation, recognition, flexibility, making an impact Working on Cross-Generational Teams Boomers Gen X Gen Y Gen Z Ask them for advice and Let them work with Give them stretch o o o Provide role models and o guidance based on their more independence coaching assignments extensive experience Outline and define goals Be clear about next o o Treat their ideas and o clearly; provide them steps and expectations o Let them make a feedback respectfully difference and with as much Let them know that they o Give them opportunities o contribute to new information as you can to shine and improve on are valued Advice for Gen Z initiatives o Advice for Gen X their communication o Managers: Share Employees: Learn from o Advice for Boomer skills Managers: Listen to constructive feedback positive and negative o Advice for Gen Y your team; don’t be with Gen Y and Gen Employees: Change in examples. Technology intimidated by change or Z. Don’t expect them to an organization takes isn’t always the best technology. be able to figure things time. Find respectful solution. out on their own. ways of introducing ideas. Working as a New Associate on an Audit Team Partner (Baby Manager Senior Associate New Associate Boomer/Gen X) (Gen X/Y) (Gen Y) (Gen Y/Z) Be respectful and Treat their ideas and When given guidance and o o o Utilize seniors as a o courteous. Most partners feedback respectfully. resource to get directions, take notes! were raised in a Work efficiently - time is o Similar to partners, they acclimated and learn o hierarchical structure and feel that they’ve worked about the firm and the valuable and money.
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