Generationally Savvy

Generational Differences - What Shaped Millennials (Gen Y), Gen Xers, Baby Boomers and Traditionalists Way of Seeing The World

  We know that it would be great if everyone saw the world the way we do, but the fact remain (until further notice) that others see the world a "little" differently especially when they are from another generation.

Press Play to Listen--->          

I sat down with a friend recently to share a little bit about the basics of the unique way Millennials, Gen Xers, Baby Boomers and Tradtionalists all see the world.  Listen in as we discuss what happens in each generations formative years from 8 to 18 that shapes how they see the world, who they trust, and what they believe in, or at least use as a strong reference point, for the rest of their lives. Anna Liotta                                                                                        

 

 

Retaining the Generations - How to Stop the Talent Revolving Door

 Understanding each generation's different career expectations and "plans" can save you serious money and vital time.

Business leaders today are grappling with a two-sided challenge.

1. How do we attract top young talent?
2. How do we retain that talent? (a question even more vital to long term success)

We all know that the investment of recruiting and acquiring a new team member can be significant. Often times those investments become even more substantial when you factor in onboarding costs and decreases in productivity that are frequently part of the game while a new team member finds their footing in the organization.

 

Becoming a fully-functioning, revenue producing, member of a team can easily take 3 to 12 to 18 months from a new hire's start date.

And now we have a new wrinkle that managers and leaders are just begining to realize. For many Millennials 12 to 18 months is about the time they are thinking about looking for a new opportunity or challenge; either at your company, or (gulp) if you're not ready to help them find it here, at the competition's.

 The reality begins to sink it...  

                We are not in Kansas anymore Toto.                                

To find out more about this, click on the audio player and listen in as I discuss the impact and opportunities of understanding the generational perspectives on careers and share some insights on how to stop the talent revolving door from decreasing your bottom line. 

Posted by Anna Liotta

What Generational Statistics Tell Us About the Need to Get Along in the Workplace

Do we really have to get along?

It’s a funny question, but one I am asked more often than you would think. Sometimes I’m asked quietly by a consulting client or sometimes it comes from a bold attendee at a keynote presentation during Q&A.

Last May, I was speaking at an insurance conference in Phoenix, Arizona and a gentleman (we’ll call him Baby Boomer Bob to protect his privacy) stood up and stated/asked with all sincerity, “I don’t like the way these Gen-Xers and Millennials act. I’ve got enough clients who are Baby Boomers. Can’t I just ignore the younger generations and do things the way I like them?”

Bob is probably speaking on behalf of a lot of you out there. It’s often true that how other generations view things and approach problems can sometimes be confusing, exasperating and well, seem completely WRONG!

	2006		2016
GENERATIONS	Ages	% of Labor Force	Ages	% of Labor Force
Traditionalists	61 - 78	15.6%	71 - 88	7.6%
Baby Boomers	42 - 60	32.4%	52 - 70	27.2%
Gen Xers	28 - 42	22.8%	38 - 52	33.2%
Millennials	7 - 27	29.2%	17 - 37	32%

Alas, if you were hoping to wait the storm out…the generational mixing pot is not going to simmer down anytime soon. I was chatting with a new friend at the Bureau of Labor and Statistics (BLS) in the Office of Occupational Statistics and Employment (whew that’s a mouthful). She shared the Labor Force report projections for 2006 -2016 and it looks like we will be together for a good long time.

Let’s take a look at the numbers of where we are now and where we are going in the next eight years. I think you’ll agree that investing in understanding other generations is going to be mission critical to your success

Currently in the workforce we have four generations actively working, often side by side.

The BLS researches the demographics and trends in 10 year segments. If we start with what things looked like in 2006 and then project out to what the 2016 mix will look like, it gives us a good preview of the generational mix on the horizon.

In 2006, our Traditionalists were 61 -78 years old and 15.6% of the active workforce. While many expected our Traditionalist to be exiting the workforce entirely the BLS projections have Traditionalists continuing to be a strong presence in 2016, contributing 7.6% to the overall labor force.

The Baby Boomer wave entered the workforce with a big splash in the 1970’s. With high fertility rates and record levels of women participating in the labor force, we saw rapid growth of the labor pool until 1999. In 2006 the Boomers, 42 to 60 years old, filled 32.4% of the labor force.  However, they will not be moving into retirement as quickly as their predecessors. In 2016, Baby Boomers are projected to fill 27.2%, of the work force more than doubling Traditionalists participation rates at this stage of their working life.

A number of trends reported by the BLS are going to keep Baby Boomers active in the workforce:

• Increase in the number of individuals living longer, healthier lives
• Higher levels of education resulting in people participating in the workforce longer,
•  A move away from defined benefit pension plans toward defined contribution plans which gives workers more incentive to remain working and contributing longer.

And if these three were not enough, many Baby Boomers will be putting off their retirement for all of these reasons combined with the devastating impact of the current economic crisis on their retirement funds value.

Generation X began to enter the Baby Boomer dominated workforce as youths in the 1980’s with limited success. In 2006, at ages 28 – 42, Gen X squarely shared the prime age-worker stage with mid to late Baby Boomers as 22.8% of the workforce. In 2016, Gen X will briefly become the majority shareholder making up 33.2% of the work force. Gen Xers will be 38 to 52 years old leaders and prime age workers and bridging the abyss between senior Baby Boomers and energetic, innovative Millennial rising stars.

Our Millennials (Gen Y) have entered the workforce at a slower pace than any other generation. A number of factors impacting their entrance include: personal choices, rising family incomes, competition for available jobs, and increased numbers of young people attending and staying in school longer. In 2006, the Millennials were 7 – 27 years of age and filled 29.2% of the workforce. By 2016, they will be 17 – 37 years of age and make up 32% of the workforce.

Bottom line, the workforce is currently and will continue to be an “age diverse” mix of four generations. Organizations seeking to leverage the knowledge of senior workers and capture the energy and optimism of the younger generations will be smart to invest in understanding the way each generation prefers to learn, lead, communicate and work to get the job done. Or you could just wait and see if it all works out, but I wouldn’t recommend it…

Playing Their Song: “The Art of Generationally Savvy Selling”TM

^{February 9, 1964, the Beatles appeared on "The Ed Sullivan Show" sending thousands of Baby Boomers (born 1946-1964) across America into screaming convulsions, and bewildering millions of Traditionalist (born before 1946) parents.}

It’s common knowledge that the music of one generation does not necessarily appeal to the tastes and sensibilities of the next generation. Each generation has unique perspectives on what is appealing and what is "raunchy music". Because there’s really no right or wrong end of the argument when it comes to art appreciation, music has been created to suit each generation’s ear.

A business "art form" that has similar nuances of generational tastes and preferences, but is often overlooked at best, or expensively mismanaged at worse is "The Art of Generationally Savvy Selling"TM. Each generation has distinct opinions on how they like to be "sold" or "advised" in their purchases of anything from stocks to socks.

A major mistake many companies and business leaders make is training their people to sell or advise in a fixed generational style. "What?" you say, "I didn’t even know I was selling in a generational style." Exactly my point; usually sales trainers and advisors are unaware of the generational style they are training or working with because it’s often their own personal generational style, or the style preference of the management member who designed the training.

It’s no longer sufficient to have a "one sales approach fits all" and expect it to appeal to every generation. Each generation has a very different process and gestation cycle that they go through in deciding who they like and trust and with whom they want to do business. In order to "make the sale", "acquire the new client", or "bring new assets under management," advisors, sales executives and business development people need to be facile in the generational codesTM of the person they seek to attract as a new client or customer.

Let me give you an example…

Baby Boomer Jane, Executive, Vice-President in a large professional services company, wants to set up a meeting with high networth Gen Xer Max. Baby Boomer Jane repeatedly telephones Gen Xer Max and finally catches him when his administrator patches her through to his cell.

Jane asks if it’s a good time, and Max says, "I’ve got five minutes right now." Jane thinks to herself, "That’s not nearly enough time to do justice to my work," so she responds, "How about scheduling lunch sometime soon?"

Max inwardly groans, "No, not another networking lunch." He tightly replies, "If you can come to my office, I can carve out 20 minutes in two weeks." Jane thinks, "We’ll only have time to get to know one another. I wish we could meet socially to get to know each other, but at least it’s a start." Jane responds, "Great, that works for me."

Two weeks later Jane shows up in Max’s office ready to get to know Max and share about her philosophy, approach and vision for serving her clients. Max has just returned from back to back road trips, working on a client proposal till 2 am and dropping off the kids at daycare at 7am. He’s ready to get to the bottom line of what Jane has to offer.

Jane sees a picture of Max’s kids on his desk and opens up the conversation by asking Max how old are your kids?" Max says succinctly, "Five and two." Jane continues on to ask more about his family and other "relationship developing questions". Max is desperately watching the 20 minutes slide by and thinking, "Would she just get to the bottom line? What does she have to offer me? I don’t want to swap personal stories and anecdotes. I want to know what she can offer me. She’s an expert; now I’d like to see some expertise."

Twenty-five minutes have passed and Max interrupts Jane’s current anecdote illustrating her passion for client service to say, "I’m sorry, I have another appointment waiting." Jane attempts to make a follow-up meeting, perhaps over coffee, but Max can’t get her out the door fast enough.

As Jane walks away she is thinking, "I can’t believe how abruptly he ended the meeting. I thought we were really getting to know each other." Max is thinking, "Why couldn’t she just get to the bottom-line of what she could offer me. I know she is an expert; I did my due diligence before the meeting. Why did she waste 25 minutes of my time with small talk and her ‘approach to client service’? If I didn’t think she’d deliver good client service, why would I have talked to her in the first place?"

What we have here is "a failure to communicate" generationally. Max wanted to get to the bottom line of what Jane had to offer, not get to know her personal life and philosophy. Jane was trying to build a strong interpersonal relationship, something Max desperately tries to avoid, or at least reserves for people who have demonstrated their value first and a reason to trust them.

Who was using the right approach? Actually the more useful question is, "Who was trying to attract the other person to use their services?" Baby Boomer Jane wanted Gen Xer Max to engage her services. When you seek to attract, grow or retain someone, YOU, (a.k.a. Jane in this story) the person selling or advising need to shift from YOUR generational default style to work in the other person’s (a.k.a. Max in this story) generational style.

When you effectively communicate and interact in the generational style of your prospect through the four stages of the Sales Cycle, you will have a distinct competitive advantage.

To learn more about each generation’s style and what they look like in the Sales Cycle check out the Four Part Series on "The Art of Generationally Savvy Selling"TM coming in my Generationally Savvy Newsletter.

^{By Anna Liotta}

Business Leaders - Ignore at your Peril the Lessons of "The Brand Called Obama"

Often times leaders want to know, how do I communicate my message and initiatives in a way that will activate Xers and Millennials wholehearted participation?

The April 2008 Fast Company article "The Brand Called Obama" by Ellen McGirt illuminates how Obama has employeed inclusive rhetoric, authentic calls to action, and leveraged social media tools to connect with the younger generations in their generation style.

McGirt asserts, "The promotion of the brand called Obama is a case study of where the American marketplace-and, potentially, the global one - is moving."

Whether you agree politically with the platform and policies of Barack Obama, as a manager, leader or co-worker in today's marketplace you will be impacted by the bar of expectation he is setting for today and tomorrow's leaders.

Craig Newmark, the Founder of Craigslist captures the essence of Obama's use of a new way of thinking called "adaptive leadership," by saying "I see him as a leader rather than a boss." A leader, he notes, gets people to do things on their own, through inspiration, respect, and trust. "A boss can order you to do things, sure, but you do them because it's part of the contract."

Take a moment to check out this article. Whether Barack Obama wins his party's nomination, a difference has been made in the leadership and business landscape that Americans will be feeling for years to come.

By Anna Liotta

Generation X "Box" and Beyond - Part 2 of 2

The gamer generation has, in an important way, grown up in a different reality than the rest of us. The billions of dollar and hours they have spent in the virtual worlds has shaped how they relate and influenced their belief of what they should do to "make it" in "the world".

Part II - The WAY IT IS in the Gamer World

How People Relate

• It’s all about competition - You're always competing; even if you collaborate with others, there is some character or score to beat.
• Relationships are structured - To make the game work, everyone must play a role such as competitor/ally, or boss/subordinate.
• We are all alone - The gaming experience is basically solitary, even if played in groups.
• Young people rule - Young people dominate gaming. No attention is paid to elders. Paying your dues takes a short time.
• People are simple - Their skill may be complex, multi-dimensional, and user-configurable, but their personality types and behaviors are simple.

What You Should Do

• Rebel - Edginess and attitude are dominant elements of the culture.
• Be a hero - You always get the star's role; that is the only way to succeed or get satisfaction.
• Bond with people who share your game experience, not your national or cultural background - It's a very global world, in design, consuption, and characters. It creates an expectation of diversity in business life as well.
• Make your own way in the world - Leaders are irrelevant and often evil; ignore them.
• Tune out and have fun - When reality is boring, you hop into the game world. The whole experience of gaming is escapist.

Along with these new "rules' of engagement and gaming come expectations about what the workplace will be like i.e. diverse, fair, immediately interactive and welcoming to the new ideas and creations of the newest member on the team.

Business leaders looking to attract, grow and retain younger talent need to ask themselves, "Are we ready and willing to play the game?"

 

By Anna Liotta

Generation X "Box" and Beyond - Part I of 2

If you’ve been reading along, it’s no surprise to you that each generation has unique forces in their lives shaping the way they make decisions and approach the world.

One of the major forces impacting the way Gen Xers and Millennials see business and beyond, is growing up in the time of video games.

The rules surrounding games create a world and reality that departs from the "business as usual" model of what we know today as Corporate America. Although it may seem to Baby Boomers and Traditionalists that "games are games" and business and play should not be confused, the rules of gaming are filtering into the way Xers and Millennials make daily business decisions. 

In "Got Game" published by Harvard Business School Press, we see how being a “Gamer” has influenced Gen Xers and Millennials systematic approach to working and learning.

Drawing on the work in "Got Game" by Beck and Wade the following rules illustrate the lessons games are "teaching" Xers and Millennials about "the world".

Part I

• The Individual's Role
• How The World Works

Part II

• What You Should Do
• How People Relate

Part I - The WAY IT IS in Gamer World

The Individual's Role

·         You’re the star - you are the center of attention of every game.

·         You’re the boss - the world is very responsive to your every choice and wish.

·         You’re the customer and the customer is always right - the experience is design for your satisfaction and entertainment; the opponents are tough, but never too tough.

·         You’re an expert - you have the experience of getting really, really good at something.

·         You’re a tough guy - you can't be hurt - no matter how many crashes and spills you take.

How The World Works

·         There’s always an answer - you might be frustrated for a while, but keep trying - it's there.

·         Everything is possible - you do amazing things and see other players defeat hundreds of bad guys single handedly.

·         The world is a logical, human-friendly place - games are basically fair. Events may be random, but not inexplicable.

·         Trial and error is almost always the best plan - It's the only way to advance in most games.

·         Things are (unrealistically) simple - you can figure a game out, completely. Games are built on models. Even complex models can be figured out.

These rules set-up the player to feel that high-risk and jumping headlong into uncertainty are the ways to win the game. The more you "die trying" or "crash and burn" the faster you develop mastery.

Check back for Part II  on - How People Relate & What You Should Do.

 

By Anna Liotta

Shift Happens Video - The Impact of the Future

Often times as we go through our day to day lives it can be difficult to imagine how the future will really be different than today. We know that global forces are impacting us more than every before, but we ask, "Will that really make a significant difference in my lifetime?".

Here is a video clip that helps paint the picture a little more vividly about the coming reality and the generations that will witness and participate in it.

By Anna Liotta

A Pool vs a Puddle - Paid Time Off (PTO) vs Rainy Day Funds

The paternalistic model the US workforce has operated under for the last "century" is finding challenges coming at it from many directions.

A big area under siege is the benefit of vacation days and paid time off.

Traditionalists and Baby Boomers have operated under this paternalistic model that monitored employees' time off. These generations have been accustomed to following strict guidelines as to what constitutes vacation time or sick leave. In exchange they have benefited from being able to accrue unused sick day for years with the idea that they will stockpile them and use them for a "rainy day". If that rainy day never comes, they can usually cash in accrued time on the back end of their careers, having used the value of all those days as a sort of investment plan.

The Rainy Day model works if you stay at one organization and retire there but does not work out so well for the younger generations. Xers tenures range from 3 - 5 years and Millennials typically are 12 months to 36 months if they make it past the 4 month (hump).

But to compound the issues we have a core difference on philosophy between the generations about the purpose of these days.

Traditionalists' have perceived their careers as their legacy work. They were shaped by the Great Depression and World War II and felt fortunate to have a job. They were loyal to the organization and the organization was loyal in return. Traditionalist had every expectation to retire with the same organization they started their career at. A Traditionalist often measured their work ethic by years of service, and weeks (even months) of accrued, unused sick leave that could potentially be cashed in when he/she retired. Taking time off was seen as a lack of commitment to the team and the organization.

Baby Boomers followed along in this model to a degree. Taking their designated vacation time became the norm, and actually a tangible demonstration of their level in the organization. However for the most part the use of sick days was still strongly discouraged and a 60+ hour work week became the expected instead of the exception.

Xers personally felt the impact of this work-centric living and parenting. They tried it out personally during the Dot.com era, but have decided that it's not worth harming their health. They want to be available for their children now - not when they are 60. They don't want to make up lies and subterfuge just to go on their child's field trip, or take a mental health day.

Millennials have fast paced varied schedules and work is only one piece of their puzzle. They don't want to live in fear that "The Man" is watching their days off and asking if they were really sick. They want to be able to take a "pool" of flexible days and disperse them as needed.

Many organizations are finding that this flexible approach not only works for the Millennials and Xers, but also for their time-starved Baby Boomer colleagues as well.

By Anna Liotta

Benefits, Rewards and Perks - The Concierge Lifestyle - Part 1 of 7

"How do I create balance between my passion to do good work and my commitment to have a balanced life?" It's the question being asked by today's workplace. No matter what generation you belong to, with the speed of today's marketplace, you feel like there's just not enough time to get it all done.

"Time is our most valuable resource" is the battle cry in today's workforce, and with increasing frequency employees are turning to their places of employment to seek support in finding the solution. One way employers are meeting this need is through the benefits, rewards and perks that create Category I -

The Concierge Lifestyle

Companies work hard to attract and retain top talent, but the best companies recognize you also have to work hard to keep top talent as well. Some employers are addressing this by creating contemporary benefits to tackle the time issue by saying ...

"No time to go out and get it? We'll bring it to you!"

Employers are bringing on-site the services and perks we want and need but can't find the time to get to:

• Massage Therapists
• Chiropractors
• On-site Coffee Baristas
• Free Lunches and more... drinks, snacks, soft drinks, water, popcorn, etc.
• Dental
• Doctor
• Yoga
• Car wash/detailing

Others are helping you schedule your appointments and make your reservations through the virtual Personal Assistant Services. It cuts down on lost productivity time of employees surfing for services and waiting on hold.

Personal Assistant Services include:

• Movies/Ticket Purchases
• Theater Tickets
• Shipping/Mailing Services
• Restaurant Reservations
• Travel Planning

To prevent lost time in employees going off-site to run chores, employers are having service providers come to campus to pick-up your personal chores:

• Dry cleaning - pick-up and delivery
• Shopping for employee grocery lists (Costco runs)
• Alterations
• Laundry pick-up

While our Traditionalists may frown at the seeming decadence, for the most part they also had a "wife" at home covering these duties. With the increase of single-parent households and two-working parents, our Baby Boomers are getting on board and enrolled in these options faster than you might imagined especially as service providers find ways to make it cost efficient, or at no cost to the business owner.

Sandwiched between aging parents, boomerang children and demanding jobs, Boomers welcome anything that takes one of the To Do's off their very full plate.

While Boomers enjoy it, X-ers are craving it. X-ers are struggling to establish a life-style career where they have balance between work and family. X-ers welcome and often choose to work for companies for less pay that provide these benefits and support. Plus, X-er's tenure at companies with progressive perks is higher, thus creating savings for companies through lower turnover costs and increased satisfaction.

Millennials expect it, demand it and keep moving until they find it.

While this is not the whole equation of what attracts and retains, it's a vital piece that employers must address or deal with the "fall-out".

Stay tuned and find out more in Category II of VII.

By Anna Liotta