Generational Issues

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A presentation of the 4 generations that currently make up today\'s workforce.

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Generational Issues

  1. 1. Managing Across the Generations BY: Peter A. Margaritis, CPA
  2. 2. Managing Across the Generations
  3. 3. The Generations <ul><li>The Veterans: 1922-1943 </li></ul><ul><ul><li>52 million people </li></ul></ul><ul><li>The Baby Boomers: 1943-1964 </li></ul><ul><ul><li>73 million people </li></ul></ul><ul><li>Generation X: 1965-1980 </li></ul><ul><ul><li>60 million people </li></ul></ul><ul><li>The Millennials (Gen Y): 1980-2000 </li></ul><ul><ul><li>70 million people </li></ul></ul>
  4. 4. The Veterans (1922-1943) <ul><li>52 million </li></ul><ul><li>62 years and older </li></ul><ul><li>Responsible for much of this country’s greatest achievements </li></ul><ul><li>Hold the majority of this nation’s wealth </li></ul>
  5. 5. Veterans: Influential Events <ul><li>Stock Market Crashes </li></ul><ul><li>U.S. Depression </li></ul><ul><li>The New Deal </li></ul><ul><li>Social Security </li></ul><ul><li>Korean War </li></ul><ul><li>D-Day in Normandy </li></ul><ul><li>Pearl Harbor </li></ul>
  6. 6. The Veterans: Core Values <ul><li>Dedication </li></ul><ul><li>Hard work </li></ul><ul><li>Conformity </li></ul><ul><li>Law and Order </li></ul><ul><li>Patience </li></ul><ul><li>Sacrifice </li></ul><ul><li>Rarely used “I” or “Me” in the workplace. It was all about the company </li></ul>
  7. 7. The Baby Boomers (1943-1964) <ul><li>73.2 million strong </li></ul><ul><li>Ages 45-61 </li></ul><ul><li>Defining culture for the past 4 decades </li></ul>
  8. 8. The Baby Boomers: Defining Moments <ul><li>McCarthy hearings </li></ul><ul><li>Rosa Parks </li></ul><ul><li>First nuclear power plant </li></ul><ul><li>Elvis appears on Ed Sullivan - swiveling hips are censored </li></ul><ul><li>Barbie Doll is born </li></ul><ul><li>Kennedy Elected & Assassinated </li></ul><ul><li>“ I have a Dream Speech” </li></ul><ul><li>Vietnam War </li></ul><ul><li>Haight – Asbury District, San Francisco </li></ul>
  9. 9. The Hippie Movement <ul><li>Anti-war protest </li></ul><ul><ul><li>It ain't me, it ain't me, I ain't no military son.  Creedence Clearwater Revival (Fortunate Son) </li></ul></ul><ul><li>The Summer of Love: San Francisco, 1967 </li></ul><ul><ul><li>Made up my mind to make a new start.  Going to California with an aching in my heart.  Someone told me there's a girl out there  With love in her eyes and flowers in her hair.  Led Zeppelin (Goin' to California) </li></ul></ul><ul><li>The Democratic Convention: Chicago 1968 </li></ul><ul><li>Woodstock 1969 </li></ul><ul><ul><li>The New York State Freeway's closed, man. Far out!  Arlo Guthrie at Woodstock </li></ul></ul><ul><li>Kent State Massacre, 1970 </li></ul><ul><ul><li>Tin soldiers and Nixon coming, we're finally on our own. Crosby, Stills, Nash & Young (Ohio) </li></ul></ul>
  10. 10. Baby Boomers: Core Values <ul><li>Optimism </li></ul><ul><li>Team orientation </li></ul><ul><li>Personal gratification </li></ul><ul><li>Health </li></ul><ul><li>Work, Work, Work </li></ul><ul><li>Involvement </li></ul><ul><li>Wellness </li></ul>
  11. 11. Boomer Work Ethic <ul><li>Follow the rules, learn to fit in, and stay in line. </li></ul><ul><li>Large supply of workers – easily replaced </li></ul><ul><li>Work harder and longer to keep job </li></ul><ul><li>Took work home </li></ul><ul><li>Work ethic defined by number of hours worked daily or weekly </li></ul><ul><li>Coined the term workaholic </li></ul><ul><li>Seat time – highly visible </li></ul>
  12. 12. The Gen X Perspective (1964-1980) <ul><li>60.1 million </li></ul><ul><li>Ages 26-45 </li></ul><ul><li>This generation was the first of the latchkey kids </li></ul><ul><li>Saw parents both committed heavily either to work or if mom stayed home…the community </li></ul><ul><li>The first generation predicted not to do better financially then their parents </li></ul>
  13. 13. The Gen Xers: Influential Moments <ul><li>Arab terrorist at Munich </li></ul><ul><li>Watergate - Nixon </li></ul><ul><li>Energy crisis </li></ul><ul><li>Three Mile Island </li></ul><ul><li>US corporations begin massive layoffs </li></ul><ul><li>Iran holds 66 Americans hostage </li></ul><ul><li>John Lennon is killed </li></ul><ul><li>Challenger disaster </li></ul>
  14. 14. The Gen Xers:Core Values <ul><li>Diversity </li></ul><ul><li>Thinking globally </li></ul><ul><li>Balance </li></ul><ul><li>Technoliteracy </li></ul><ul><li>Fun </li></ul><ul><li>Informality </li></ul><ul><li>Self-reliance and pragmatism </li></ul>
  15. 15. The Gen X: Generational Personality <ul><li>A sense of balance </li></ul><ul><li>A non-traditional orientation about time and space </li></ul><ul><li>Live-Aid, Farm-Aid, We are the World </li></ul>
  16. 16. The Millennials (Gen Y) <ul><li>Born after 1980 </li></ul><ul><li>69.7 million of them </li></ul><ul><li>25 and younger </li></ul><ul><li>Many see these individuals as the next “Greatest Generation” </li></ul><ul><li>Studies have shown a marked resemblance to the veterans with respect to values </li></ul>
  17. 17. The Unique World <ul><li>They study the 60’s as history, with no nostalgia. </li></ul><ul><li>They have no memory of the Cold War </li></ul><ul><li>The Tonight Show has always been hosted by Jay Leno </li></ul><ul><li>Popcorn has always been cooked in the microwave </li></ul><ul><li>If you tell them that they sound like a broken record, they’ll ask, “What’s a record?” </li></ul>
  18. 18. Millennials Influential Moments <ul><li>Events and Trends: </li></ul><ul><ul><li>Oklahoma City bombing </li></ul></ul><ul><ul><li>Colombine Shootings </li></ul></ul><ul><ul><li>Princess Di’s Death </li></ul></ul><ul><ul><li>Mark McGuire/Sammy Sosa </li></ul></ul><ul><ul><li>Clinton/Lewinsky </li></ul></ul><ul><ul><li>September 11, 2001 </li></ul></ul>
  19. 19. The Millennials: Core Values <ul><li>Optimism </li></ul><ul><li>Civic Duty </li></ul><ul><li>Confidence </li></ul><ul><li>Achievement </li></ul><ul><li>Sociability </li></ul><ul><li>Morality </li></ul><ul><li>Street Smarts </li></ul><ul><li>Diversity </li></ul>
  20. 20.   What its been like growing up <ul><li>1 in 4 lives in single-parent household </li></ul><ul><li>3 in 4 have working mothers </li></ul><ul><li>Raised in dual income families </li></ul><ul><li>Raised during years of unique wealth in this country – have known only comfort and prosperity </li></ul><ul><li>Raised by parents who wanted their children to be their friend </li></ul>
  21. 21. Your New Hires <ul><li>They come to your organization more than $20,000 in tuition debt </li></ul><ul><li>They get 7 hours of sleep a night but need more </li></ul><ul><li>They average 3.5 hours a day online, mostly in social activities </li></ul><ul><li>They listen to an average of 2.5 hours of music each day </li></ul><ul><li>They average more than 2 hours a day on the cell phone, mostly in social activities </li></ul><ul><li>They are the one’s that were considered “Baby On Board”, “Precious Cargo”, etc… </li></ul>
  22. 22. Where the Conflict Surfaces - VBXM <ul><li>Role of the manager </li></ul><ul><li>Employer/employee loyalty </li></ul><ul><li>What constitutes a good day’s work </li></ul><ul><li>Communication </li></ul><ul><li>Criteria for leadership </li></ul>
  23. 23. Lifestyle Differences <ul><li>V: work hard, save $$, 2 week vacation </li></ul><ul><li>B: work hard, play hard, spend hard & talk about it </li></ul><ul><li>X: work hard if it doesn’t interfere, worry about $$, save $$ </li></ul><ul><li>M: good grades, work hard, save $$, make others pay </li></ul>
  24. 24. Work vs. Lifestyle <ul><li>V: work first </li></ul><ul><li>B: work first </li></ul><ul><li>X: life first </li></ul><ul><li>M: lifestyle first </li></ul>
  25. 25. Loyalty <ul><li>V: loyal to employer </li></ul><ul><li>B: loyal to employer </li></ul><ul><li>X: loyal to skills, individuals </li></ul><ul><li>M: loyal to skills, individuals </li></ul>
  26. 26. Workplace Snapshot – Gen X & Millennials <ul><li>Measure work ethic by getting the job done, not by how many hours you work a week. </li></ul><ul><li>Time is a commodity </li></ul><ul><li>Cynical of meetings </li></ul><ul><li>Unimpressed by receiving “hardware” as a recognition tool </li></ul><ul><li>Believe that work can and should be fun </li></ul>
  27. 27. Change the Ladder to Lattice <ul><li>Change the “Up or Out” culture </li></ul><ul><li>Allow more of a “lattice” culture </li></ul><ul><li>Begin to adopt Mass Career Customization philosophy </li></ul><ul><li>Does it work for you? </li></ul>
  28. 29. Sources <ul><li>Generations at Work: Zemke, Raines and Filipczak </li></ul><ul><li>Beyond Generation X: Claire Raines </li></ul><ul><li>Naked Management: Mark Muchnick </li></ul><ul><li>X’ers, Boomers and Other Strangers: Raines </li></ul><ul><li>Millennials Go to College: Howe & Strauss </li></ul><ul><li>Geeks & Geezers: Warren Bennis & Robert Thomas </li></ul><ul><li>Managing Different Generations Requires New Skills, Insightful Leadership”, M M Kennedy, The Physician Executive </li></ul><ul><li>Communicating Total Rewards to the Generations: Leah Reynolds </li></ul><ul><li>Motivating Across Generations: D. Stauffer HBR </li></ul><ul><li>Motivating The “What’s In It For Me?” Workforce: Cam Marston </li></ul><ul><li>Comedy at The Edge: Richard Zoglin </li></ul><ul><li>Mass Career Customization. Aligning the Workplace with Today's Nontraditional Workforce: Cathy Benko, Anne C. Weisberg </li></ul>

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