Use recognition and reward to grow future leaders hr.com version january 24 2013

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With the number of cohorts in the workplace, it is challenging to align current leaders' needs with those of future leaders. This presentation lays out the tools, processes and practices best used to encourage alignment between the cohorts.

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  • Use recognition and reward to grow future leaders hr.com version january 24 2013

    1. 1. Use Recognition and Reward BM2B - Matching Talent to Needto Grow Future LeadersPresented by Donna Stevenson and Faye Wales 1
    2. 2. ObjectiveCreate leadership continuity through recognitionand reward BM2B - Matching Talent to Need • Recognize expertise of senior leaders and reward them for their contribution • Promote knowledge transfer between the generations in the workplace • Motivate future leaders. 2
    3. 3. Today – 4 CohortsTraditionalists Pre 1947 5%Boomers 1947 – 1966 40%Generation X 1967 – 1980 25%Generation Y 1981 – 1995 30% BM2B - Matching Talent to Need 3
    4. 4. QuestionTo which generational cohort do you belong? Traditionalist BM2B - Matching Talent to Need Baby Boomer Generation X Generation Y 4
    5. 5. 2020 – 5 Cohorts • Traditionalists @1% • Boomers @22% BM2B - Matching Talent to Need • Generation X @ 20% • Generation Y @ 50% • Generation Z @ 7% 5
    6. 6. QuestionWhat is the largest cohort in your organization? Traditionalist BM2B - Matching Talent to Need Baby Boomer Generation X Generation Y 6
    7. 7. The Leadership Continuity ChallengeExpertise and knowledge drain as boomers leave BM2B - Matching Talent to Need • Replace lost knowledge and lost skills. • Use recognition and reward to foster leadership continuity. 7
    8. 8. What each cohort seeks at work Traditionalists Boomer Gen X Gen Y Loyalty Company loyalty Self reliance Community loyalty Respect for authority Competition Independence EquityValues Sacrifice for others Company goals Team & personal Career goals Learning and growth BM2B - Matching Talent to NeedFocus goals Relevance Company performance Personal & Personal results & Learning opportunities company amount of fun Speed of careerMeasures performance movement For doing the job Reward for results, Reward for Rewarded for learning recognition for outcomes and knowledgeReward contribution acquisition. Job security Work defines self Work/life balance Lines between Company success worth and others’ Work to live. personal and workLifestyle Live to work. worth. Live to blurred. Pack 8 work. orientation.
    9. 9. How the cohorts learn Digital Immigrants Digital NativesLinear acquisition of information Nonlinear (hyperlinked) logic of learningFocused mainly on facts and Focused more on learning how toknowledge acquisition learn BM2B - Matching Talent to NeedGuided learning Autonomous learningLearning in specified time periods Learning 24/7Face-to-face learning Interactive virtual learningLearning as duty Learning as funRote learning Analogical learning*Conference Board of Canada, Bridging the Gaps. 9
    10. 10. How the cohorts view each other* Current Leaders GraduatesNeed to gain experience, put in the time Ambitious, motivated by money, statusand develop skills – want too much too and career – feel kept back by currentsoon. managersPerformance feedback and setting clear Value high degree of autonomy andgoals as critical. Believe this is what freedom regarding how they perform BM2B - Matching Talent to Neednew hires are seeking. their jobs. Don’t like hands-on management style.Believe they are acting as coaches and Seek bosses who are coaches andmentors. Do not want subordinates as friends.friends.Value work-life balance – but believe in Value work-life balance – prefer to workputting in long hours – taking work within standard hours – spend morehome personal time at work. 10 *Ashbridge Business School, UK, Generation Y: Inside and Out and Great Expectations: Managing Generation Y.
    11. 11. Concerns of Senior Leaders Reasons why senior leaders will not transfer their knowledge, skills and expertise to future leaders6050 BM2B - Matching Talent to Need40302010 0 Do not enjoy If they share their They believe no one Not interested in Other mentoring or knowledge, afraid needs their giving their coaching they will no longer be required knowledge knowledge away 11
    12. 12. Motivators for Senior Leaders Reasons why senior leaders will transfer their knowledge, skills and expertise to future leaders8070 BM2B - Matching Talent to Need605040302010 0 Organization sees They will receive Skills transfer part They get Reverse mentoring Other skills transfer as a priority reward/recognition for doing it of retirement planning satisfaction from teaching others in place 12
    13. 13. What motivates GenY?‘GenY have an insatiable need for development aswell as a high requirement for coaching andmentoring. Early in their careers, compensation BM2B - Matching Talent to Needand benefits are important along with learningand development.’From a report titled GenerationY: Inside Out by S. Honore & Dr. Schofiled, Ashbridge Business School 13
    14. 14. Leadership Continuity Skills BM2B - Matching Talent to Need L&D Lifestyle Plans OpportunitiesRecognitionand Reward Coaches and Career Mentors Development 14
    15. 15. Leadership Continuity 3 step process to get you started BM2B - Matching Talent to Need1. Capture the cost of lost knowledge2. Build a knowledge transfer process3. Implement succession planning tools. 15
    16. 16. Leadership Continuity Step 1 - Capture the cost of lost knowledge. BM2B - Matching Talent to Need Prepare a risk assessment  Skills and knowledge lost  Skills and knowledge needed  Bottom line – today and tomorrow?What are the top 3 skills your organization either needs to maintain or needs to 16develop to ensure its’ continued success?
    17. 17. Leadership Continuity Step 2 - Build a knowledge transfer process. BM2B - Matching Talent to Need  Critical skills  Learning process  Methodologies 17
    18. 18. Knowledge Transfer Methodologies Capture Self Capture Education and Distillation Mentoring Social-technical Mentoring Peer Assist Leadership Transition Workshop BM2B - Matching Talent to Need Communities of Practice Action Review Storytelling Podcast Retrospect Wikipedia IM Blog Buddy system Webinar 18
    19. 19. Knowledge Transfer Methodologies Capture Self Capture Education and Distillation Mentoring Social-technical Mentoring Peer Assist Leadership Transition Workshop BM2B - Matching Talent to Need Communities of Practice Action Review Storytelling Podcast Retrospect Wikipedia IM Blog Buddy system Webinar 19
    20. 20. Leadership Continuity Step 3 – Implement succession planning tools. BM2B - Matching Talent to Need  Continuity of employment  Learning and development opportunities  Retirement planning 20
    21. 21. Leadership Continuity Alignment BM2B - Matching Talent to Need 21
    22. 22. Leadership Continuity Recognition & Reward Senior Leaders Future LeadersLifestyle & financial XplanningSocial-technical mentoring X X BM2B - Matching Talent to NeedLegacy XSkills development XWork life balance X XFlexibility in working style X XOpen communication X XCareer development X 22
    23. 23. This is your ‘Demographic gift’ - BM2B - Matching Talent to Need OPEN IT! 23
    24. 24. Use Recognition and Rewardto Grow Future Leaders BM2B - Matching Talent to Needmatch@bm2b.ca www.bm2b.ca 905.662.5130 24

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