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Gen Y as Retail Customer and Employee

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Presentation "Gen Y as the Retail Customer and Employee" at Network of Executive Women conference in Dallas, Texas, October 13, 2009, with Jayne O'Donnell, USA Today retail reporter and author of "Gen …

Presentation "Gen Y as the Retail Customer and Employee" at Network of Executive Women conference in Dallas, Texas, October 13, 2009, with Jayne O'Donnell, USA Today retail reporter and author of "Gen BuY."

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    Gen Yers As Retail Ambassadors Presented by Jayne O’Donnell, USA TODAY retail reporter; co-author, Gen BuY: How Tweens, Teens and Twenty-somethings are Revolutionizing Retail
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    Why Gen Y is the Most Important Consumer to Attract:
    • Feel greater love of and connection to shopping and brands than older shoppers.
    • Haven’t notched back spending as much as their parents and other older shoppers.
    • Greatly influence what their parents and others buy.
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    Why Gen Y is the Most Important Consumer to Attract:
    • Have parents who are less apt to cut back on purchases for kids than for themselves.
    • Because their spending will top baby boomers’ by 2015!
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    Why happy Gen Y employees can help create happy Gen Y customers
    • When they can claim some ownership in products, ideas and ads, they will authentically become viral marketers.
    • Young consumers look to each other for advice already so will want to turn to Gen Y workers.
    • If they’re happy with your products, your customers are more likely to be too
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    What works with Gen Y Only 45% of Gen Yers were bothered by untrained salespeople while more than 60% of those over 30 were.
    • Listen to them. That’s really, really listen.
    • Give them the chance to personalize their work attire.
    • Make the store environment one that’s fun to be in.
    • Empower them to connect with consumers on and off-line.
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    Leading retail examples
    • Book and video stores : Were way ahead of the curve with showcasing their often-young employees’ recommendations. Smart teen retailers will post their employees’ wish lists or pictures of them posing in or with their favorite store product.
    • Macy’s : CEO talks regularly with 20-something employees to get their opinions; find out where they’re shopping and why it’s not at Macy’s or Bloomingdales’ when it isn’t.
    • American Apparel : Employees blog and pose, often provocatively, on the company’s website in the company’s fashions. Boomers may wince but it works.
    • Karmaloop : Pays commission to customers who help sell their apparel and accessories; those on staff help the company keep abreast – and ahead of – the trends.
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    Summary Gen Yers live in homes – or did – that involve them in decision making. They expect the same at work. Their advice will strengthen your bond with young consumers who are the most important to attract because of their discretionary dollars and influence over household purchases. Stores and sites with engaged Gen Y employees, atmospheres and products that are truly “new” and marketing campaigns that involve Gen Y will win. Brands and stores that work to connect with Gen Y all year will thrive at the holiday season – and beyond.
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    Gen Yers as Employees: The opportunity, the challenge…and the risk Presented by Leah A. Reynolds, Generational talent expert, former national lead, Generational Talent Strategies, Deloitte Consulting LLP
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    Generation Y: The opportunity
    • Anxious to contribute and take on responsibility
    • Eager to advance, ready to take on tough challenges and work toward ambitious goals
    • Expect competitive pay but highly value meaningful development opportunities
    • Full of fresh insight on how to reach their peers
    • Diverse, global-minded, willing to collaborate
  • 13. Mainstream Innovative Old School New School
    • Bordered territories
    • Leaders rule
    • Command and control
    • Vertical, bureaucratic hierarchies
    • Authority trickles down
    • Work-centric
    • Credentials & titles
    • Information is hoarded
    • Entrenched institutions
    • Financial rewards
    • Virtual cyberspace
    • Leaders serve
    • Respect & influence are earned
    • Flat, horizontal systems
    • Authority trickles up
    • Blending of work & life
    • Contributions & ideas
    • Information is shared
    • Voice & wisdom of the masses
    • Intrinsic rewards
  • 14. Integrated with talent management systems Corporate Ladder Corporate Lattice
    • Traditional hierarchy
    • Singular path upward
    • Move up or stop moving
    • Work-vs-life balance
    • Fits traditional family structure
    • Assumes employee needs remain the same over time
    • Multiple paths upward or across
    • Move faster, slower, change directions
    • Career-life fit
    • Adjusts as employee needs change over time
    • More conducive to matrix approach
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    Generation Y: The challenge
    • Foster a culture of respect that extends to all employees, regardless of age or level in the organization
    • Examine the career development and mentoring opportunities offered to younger employees
    • Redesign performance management and rewards systems to encourage rapid development of Gen Y talent and to create new incentives for seasoned workers to act as mentors to young talent
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    Generation Y: The risk
    • The energy, insight and high tech know-how of Gen Y is essential for all high-performing 21 st Century organizations
      • Maximize contribution of each individual
      • Find new ways to improve efficiency
    • Organizations that don’t “get it” risk becoming irrelevant and obsolete
      • What if one of your competitors adapts before you do?
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