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Marc Belaiche Toronto Entrepreneurs Strategies for Employee Retention May 2012 Presentation
- 1. Strategies for Employee Retention in Changing Demographics Marc Belaiche, CA President TorontoJobs.ca 1
- 2. Agenda • 4 Generations in the Workplace • Characteristics of Generations • 10 Ways to Increase Retention • Conclusion/Questions 2
- 3. 4 Generations in Workplace •Veterans – 65+ years old •Baby Boomers – 45-65 years old •Generation X – 30-45 years old •Generation Y – 15-30 years old •Next Generation Z – less than 15 years old 3
- 4. Veterans - Characteristics •Disciplined •Respect for authority •More of an individual approach •Face-to-face interaction •Duty before fun •Work is obligation •Follows rules 4
- 5. Baby Boomers - Characteristics •Era of optimism, opportunity •Workaholics •Love meetings •Money/Title/Recognition is important •Doesn’t balance work/family well •Personal fulfillment from work 5
- 6. Gen X - Characteristics •Both parents work/Rising divorce rates •Downsizings •Challenge •Balance family/work •Use Technology •Not as quick to job hop 6
- 7. Gen Y - Characteristics •Technologically proficient •Fast learners •Multi-task •Participate/group •Balance family/work •Don’t job hop 7
- 8. Gen Y - Characteristics 8
- 9. Gen X - Characteristics 9
- 10. Top Ten Ways to Work Better Between Generations 10
- 11. 10 Ways to Work Better Between Generations 1. Feedback 11
- 12. 10 Ways to Work Better Between Generations 2. Embrace technology 12
- 13. 10 Ways to Work Better Between Generations “I wish I could spend a half an hour showing my (old) boss tips on EXCEL” Quote from a Generation Y 13
- 14. 10 Ways to Work Better Between Generations GM, GE – Younger employees teaching older employees – email, computers 14
- 15. 10 Ways to Work Better Between Generations 3. Set up teams/allow for independence 15
- 16. 10 Ways to Work Better Between Generations 4. Provide tools 16
- 17. 10 Ways to Work Better Between Generations 5. Be flexible – benefits, hours, rewards, etc. (Survey) 17
- 18. 10 Ways to Work Better Between Generations 38% of Canadian CEOs …. incentivize younger workers differently than others (46% globally) Source: PWC CEO Survey 2011 18
- 19. 10 Ways to Work Better Between Generations 6. Set rules and expectations – e.g. Office Manual 19
- 20. 10 Ways to Work Better Between Generations 7. Communicate 20
- 21. 10 Ways to Work Better Between Generations “These kids come in here thinking they know everything…” Quote from a Baby Boomer 21
- 22. 10 Ways to Work Better Between Generations 8. Challenge 22
- 23. 10 Ways to Work Better Between Generations 9. Ask for feedback – How can we work better? 23
- 24. 10 Ways to Work Better Between Generations 10. Give multiple projects/deadlines 24
- 25. 10 Ways to Work Better Between Generations “Every generation imagines itself to be more intelligent than the one that went before it, and wiser than the one that comes after it.” George Orwell 25
- 26. “My Generation” The Song The Who – 1965 Green Day – 1992 Limp Bizkit - 2000 Oasis – 2002 Hilary Duff – 2004 26
- 27. Conclusion •Understand and acknowledge differences •Adapt to generations •Manage differently •Boomers won’t leave/Generation mix •Offer various rewards •Communicate! 27
- 28. 28
- 30. Thank-you Marc Belaiche, C.A. President TorontoJobs.ca Marc.Belaiche@TorontoJobs.ca 905-566-5627x2873 30