Ssohr harnessing multigenerational workforce 21 feb2013 prof sattar bawany

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  • 1. © 2013 Centre for Executive Education www.ipma.com.sg 11TH ANNUAL HR TRANSFORMATION & SERVICE DELIVERY SUMMIT Harnessing the Potential of Multigenerational Workforce Prof Sattar Bawany CEO, Centre for Executive Education Strategic Advisor, IPMA Asia Pacific Managing Director, EDA Asia Pacific 20 – 22 February 2013 Grand Copthorne Hotel, Singapore
  • 2. 2 © 2013 Centre for Executive Education Pte Ltd www.ipma.com.sg Every morning in Asia, a tiger wakes up. It knows it must outrun the slowest deer or it will starve to death. Every morning in Asia, a deer wakes up. It knows it must run faster than the fastest tiger or it will be killed. It doesn’t matter whether you are a tiger or a deer: when the sun comes up, you’d better be running….. Are You A Tiger Or Deer?
  • 3. 3 © 2013 Centre for Executive Education Pte Ltd www.ipma.com.sg  The Centre for Executive Education (CEE) is the Executive Development Division of The International Professional Managers Association (IPMA).  IPMA is a global ‘not-for-profit’ (NPO) members organisation headquartered in Kent, UK with Regional Offices in Europe, Africa and Asia Pacific  CEE’s mission is to assist client organisation to secure a leading position in their respective market place and developing a sustainable competitive advantage through developing their key asset, intellectual capital of the people.  CEE is the Strategic Partner of Executive Development Associates Inc. (EDA) for executive coaching and custom-designed leadership development solutions to accelerate individual performance  EDA established in 1982 is a pioneer and leader in creating custom- designed learning and executive/leadership development strategies, programs and processes to help clients (many Fortune 500 companies) achieve their strategic objectives and win in the marketplace. Who We Are
  • 4. 4 © 2013 Centre for Executive Education Pte Ltd www.ipma.com.sg  CEO, The Centre for Executive Education  Strategic Advisor, IPMA Asia Pacific  Managing Director & C-Suite Coach with EDA Asia Pacific  Co-Chair of the Human Capital Committee of the American Chamber of Commerce in Singapore (AmCham Singapore).  Member of Frontier Strategy Group’s Expert Advisory Network (EAN) for Talent Management issues in Asia Pacific advising CEOs and CHROs of global and regional organisations.  Over 25 years’ international business management in executive coaching, facilitation, leadership development and training  Adjunct Professor of Strategy at Paris Graduate School of Management teaching international business strategies, leadership development and human resource courses  Previously assumed senior leadership roles with global management & HR consulting firms: DBM Asia Pacific, Mercer Human Resource Consulting, The Hay Group and Forum Corp About Your Speaker
  • 5. 5 © 2013 Centre for Executive Education Pte Ltd www.ipma.com.sg Traditionalists Baby Boomers Gen X Gen Y Career Goals Legacy Stellar Career Portable Career Parallel Careers Rewards Satisfaction of a Job Well Done Money, Title, Recognition, Corner Office Freedom Is The Ultimate Reward Work That Has Meaning Work-Life Balance Support in shifting the balance Help me balance everyone else and find meaning in myself Give me balance NOW! Not when I’m 65 Work isn’t everything. Flexibility to balance my other activities Job Changing Carries a stigma Puts you behind Is Necessary Is Expected Training I learned the hard way, you can too! Train them too much and they’ll leave The more they learn, the more they’ll stay Continuous learning is a way of life Source: Lynne C. Lancaster and David Stallman ‘When Generations Collide: Who They Are. Why They Clash. How to Solve the Generational Puzzle at Work’, 2002. Overview of Generational Differences
  • 6. 6 © 2013 Centre for Executive Education Pte Ltd www.ipma.com.sg Source: Sattar Bawany, “Unlocking the benefits of a multi-generational workforce in Singapore” published by Singapore Business Review, 24 January 2013: http://sbr.com.sg/hr-education/commentary/unlocking-benefits-multi-generational-workforce-in-singapore Multigenerational Work Perspectives Generation Years Born Work Perspectives Traditionalists 1922 - 1945 “Company loyalty” - Believed they'd work for the same company their entire career. Boomers 1946 - 1964 “Live to work” - Believe in putting in face time at the office. Women enter the workforce in large numbers. Gen Xers 1965 - 1980 “Work to live” - Believe that work should not define their lives. Dual-earner couples become the norm. Gen Yers (Millennials) 1981 - 1994 “Work my way” - Devoted to their own careers, not to their companies. Desire meaningful work. Gen Zers (Linksters) 1995 to present “Living and Working their way” - Their struggles in the work environment are tied to their youth and inexperience. Desire for change, stimulation, learning and promotion that will conflict with traditional organisational hierarchies.
  • 7. 7 © 2013 Centre for Executive Education Pte Ltd www.ipma.com.sg  Baby Boomers are retiring at the rate of one every eight seconds  The vast majority of organizational leaders are Baby Boomers with the most typical age being 58 years old.  There are 11% fewer Gen Xers than Baby Boomers  Generation Y (twenty-five and under) will not be management/leadership material for years to come EDA Research: The New Realities
  • 8. 8 © 2013 Centre for Executive Education Pte Ltd www.ipma.com.sg Source: The Straits Times, 8 April 2010
  • 9. 9 © 2013 Centre for Executive Education Pte Ltd www.ipma.com.sg  Changing Demographics  Increasing numbers of Gen Y entering the workforce.  Baby Boomers & Traditionalists are continuing to work for longer tenures or are Re-engaged into the workforce.  Alliance for Fair Employment Practices (TAFEP), 2010:  Gen X and Gen Y make up 60% of the Singapore workforce.  Means that 40% of the Singapore workforce is over 45 years of age.  Multi-generational teams improve organizational effectiveness and performance. Adapted from: TAFEP’s Report on ‘Harnessing the Potential of Singapore’s Multi-generational Workforce’, 2010 http://www.fairemployment.sg/assets/files/Publications/Publication%20-%20Harnessing%20the%20Potential% 20of%20Singapore's%20Multi-Generational%20Workforce.pdf Generational Diversity in Today’s Workforce
  • 10. 10 © 2013 Centre for Executive Education Pte Ltd www.ipma.com.sg  More flexible in changing demographics  Broader insight into your customer base  Wider pool of Talent  Diverse perspectives leading to stronger decision-making  Greater innovation and creativity  Meet the needs of diverse stakeholders Multigenerational workplaces can be a source of positive challenge, opportunity, and significant growth if managed effectively. Benefits of Multigenerational Teams
  • 11. 11 © 2013 Centre for Executive Education Pte Ltd www.ipma.com.sg How Does the Multi-Generational Workforce Impact Employers? HR professionals can play a strategic role by partnering with their Business Leaders in meeting the needs of their employees.  Are there specific business units that have a higher percentage of baby boomers set to retire in the next 10 years?  What are some possible flexible work options that will simultaneously attract all generations while encouraging Traditionalists and Boomers to remain employed and play key roles in knowledge transfer, leadership development, and mentoring of younger workers?  How can Human Resources professionals coach managers to maximize the performance of each generation?  What specific tactics are HR professionals using to attract the ‘best and brightest’ of the Gen Y employees that might differ from strategies used for other generations?
  • 12. 12 © 2013 Centre for Executive Education Pte Ltd www.ipma.com.sg Source: “’Y’ Are They Different” – A Study of Gen Y at Work, Their Views and How They are Viewed, Published by GMP & Temasek Polytechnic, 2009 Leadership Characteristics That Gen Y-ers Want Their Leaders To Demonstrate Leadership Characteristics That Managers From The Other Generations Believe In Demonstrating To Gen Y-ers 1. Caring (54%) 1. Competent (54%) 2. Inspiring (45%) 2. Honest (32%) 3. Competent (44%) 3. Forward-looking (31%) *Numbers in parentheses reflect percentage of respondents who selected this as a preferred strategy. http://www.gmprecruit.com/resource_hub/..%5Cpdf%5CResourceHub%5Cgeny_press.pdf Leading Gen Y Employees
  • 13. 13 © 2013 Centre for Executive Education Pte Ltd www.ipma.com.sg Top Factors That Motivate Gen Y To Stay In Organizations Retention Strategies Most Utilized By Organizations 1. Opportunities for Career Advancement (63%) 1. Opportunities for Career Advancement (43%) 2. Good Work-Life Harmony (41%) 2. Emphasis on Learning & Development (37%) 3. Good Relationships (40%) 3. Good Compensation (24%) *Numbers in parentheses reflect percentage of respondents who selected this as a preferred strategy. Engaging Gen Y Employees
  • 14. 14 © 2013 Centre for Executive Education Pte Ltd www.ipma.com.sg  Calculate Your Current (and Future) Investment in Gen Y:  How many Gen Y employees does your organisation currently have?  What is the average compensation for Gen Y employee at your organisation?  Multiply the number of Gen Y employees x Your average compensation.  Can be seen as the risk your organisation takes in assuming Gen Y will meet your employment needs.  The better managed this investment, the lower the risk and the better return for all involved. Exercise: Managing the ROI on Gen Y?
  • 15. 15 © 2013 Centre for Executive Education Pte Ltd www.ipma.com.sg Bringing a New Type of Language to the Workplace  Your gf is getto lol  Rofl nah she’s cool  Lol coolies ttyl gtg pos Your girlfriend is lower class laugh out loud Rolling on the floor… Laugh out loud, stay cool, talk to you later, got to go, parents over (my) shoulder
  • 16. 16 © 2013 Centre for Executive Education Pte Ltd www.ipma.com.sg Generation Z: The digital natives Students today are all “native speakers” of the digital language of computers, video games, instantaneous communication, and the Internet. Students today are all “native speakers” of the digital language of computers, video games, instantaneous communication, and the Internet. Source: Marc Prensky, “Digital Natives, Digital Immigrants” (2001)
  • 17. 17 © 2013 Centre for Executive Education Pte Ltd www.ipma.com.sg  The Linkster Generation (those born after 1995) is the one just entering the workforce now. Like any other generation, it brings its own mindset into the workforce.  Linksters primarily work part-time while attending school.  They are called Linksters because no other generation has ever been so linked to each other and to the world through technology. Their struggles in the work environment are tied to their youth and inexperience.  They are complete digital natives and cannot function without communicating through social media.  Desire for change, stimulation, learning and promotion that will conflict with traditional organisational hierarchies. Source: Generations, Inc., by Meagan Johnson and Larry Johnson. 2010, AMACOM. Gen Z or The Linksters
  • 18. 18 © 2013 Centre for Executive Education Pte Ltd www.ipma.com.sg  Get them into a routine that they can master.  Generation Z will be unlike Baby Boomers, who are often loyal to a firm. They don’t expect jobs for life and will move onto the next job, similar to Generation Y.  Managers of Generation Z employees will have to be prepared to give regular feedback that tells them they are making a difference to the organisation  Development and work/life balance are more important than financial reward, with both Gen Y & Z being committed to their own personal learning and development. Source: Edge Online Future of work - Employees 3.0: Managing Generation Z published on 28 August 2012 http://www.i-l-m.com/edge/managing_generation_Z.aspx Managing Gen Z
  • 19. 19 © 2013 Centre for Executive Education Pte Ltd www.ipma.com.sg
  • 20. 20 © 2013 Centre for Executive Education Pte Ltd www.ipma.com.sg • Profitability/ROI • Cost Optimisation • Employee Turnover / Retention • Employee Satisfaction • Employee Loyalty • Policy on CSR, Sabbatical • Rewards and Flexibility • Culture, Espirit De Corps • EQ Level & EI Competencies • Servant Leadership/Level 5 • Leadership Styles Organisational Results Talent Engagement Organisational Climate Leadership Effectiveness Customer Loyalty • Customer Satisfaction • Service Value/ Relationship Bawany, S. (2011) “Ways to achieve Organisational Success: Role of Leaders in Engaging the Multi-Generational Workforce” published by Singapore Business Review, 1st November 2011. http://sbr.com.sg/hreducation/commentary/ways-achieve-incredible-organizational-success-0 Engaging Your Multi-Gen Talent
  • 21. 21 © 2013 Centre for Executive Education Pte Ltd www.ipma.com.sg Conclusion: Strategic Tips  Build team spirit by talking about the generational issues to depersonalize the conflict that arises due to the differences.  Recognize and celebrate the differences.  Over communicate. Seek to understand and only then to be understood.  Engage through Managerial Coaching  Encourage constant feedback and show recognition for Y-er’s & Z-er’s contribution  “Opportunities for Career Advancement” and “Good Relationships” are key factors  Learn to use technology – it is here to stay!
  • 22. 22 © 2013 Centre for Executive Education Pte Ltd www.ipma.com.sg http://www.youtube.com/watch?v=03o1JZ7c7gI Video: Leading Multigenerational Team
  • 23. 23 © 2013 Centre for Executive Education Pte Ltd www.ipma.com.sg If you do tomorrow what you did yesterday Your Future is History…………… If you do tomorrow what we’ve covered today Your Future is Historic!!! Final Thoughts
  • 24. 24 © 2013 Centre for Executive Education Pte Ltd www.ipma.com.sg Prof Sattar Bawany CEO, Centre for Executive Education & Strategic Advisor, IPMA Asia Pacific Email: sattar.bawany@ipma.com.sg LinkedIn: www.linkedin.com/in/bawany Facebook: www.facebook.com/ipma.singapore Twitter: www.twitter.com/sattarbawany Skype: sattar.bawany Keeping in Touch on Social Media