A Business Approach to Talent Management and Multigenerational Workforces<br />Recruitment & Retention Strategies Leading ...
2<br />Defining the Generations<br />Traditionalists<br />Born 1925-1943<br />Baby Boomers<br />Born 1944-1962<br />Genera...
3<br />Today’s Agenda<br />Introductions<br />Demographic Challenges Facing US Businesses<br />Understanding Talent Manage...
4<br />Remember Who We Were…<br />
Example Effects of Demographic Shifts Facing Sample US Industries<br />5<br />
Science & Technology: Loss of Expertise<br />Threat of lay-offs & outsourcing<br />Reduced availability of future leaders ...
7<br />Law Firms: Shortage of Talent<br />Traditionalists and Baby Boomers…<br />representing close to 50% of attorneys in...
8<br />Banks, CPA Firms & Finance: Aging Workforce<br />Pressure On Existing Talent<br />Increased sales & relationship ma...
9<br />What Is Talent Management?<br />
Talent Management refers to integrating, developing, and retaining workers to meet current and future business objectives<...
11<br />The Cost Of Employee Turnover<br />Average cost to replace 1 employee = 1.5 times their salary<br />Can be as much...
Demographics Matter!US Birthrates<br />12<br />
US Working Population (2011)<br />13<br />
US Working Population (2016)<br />14<br />
US Working Population (2021)<br />15<br />
What Will a 5% Shift Mean for Your Business?<br />5% increase in Millennial employees<br />5% increase in Millennial custo...
Planning Ahead<br />Business Strategy<br />What is the mission and purpose of your business?<br />How do you intend to acc...
Sample - High Tech Consultancy:Mission & Purpose<br />Purpose:<br />Ensure that clients can maintain 100% success with cri...
Sample - High Tech Consultancy:Workforce Trends<br />Current workforce: <br />Graying workforce means potential loss of ex...
Sample - High Tech ConsultancyGap Analysis<br />Talent gaps to be closed: <br />Single points of failure and subject matte...
21<br />What You Need To Know<br />
Meeting Challenges by Meeting Four Generations!<br />22<br />
Traditionalists (1925-1943)<br />Holders of the Keys<br />Boards & structures<br />Traditions & legacies<br />Knowledge<br...
Generation X (1963-1981)<br />Millennials (1982-2002)<br />Critical Thinkers & Innovators<br />Midlevel managers looking a...
Different generations have different expectations…<br />Common sense <br />≠ <br />Common sense<br />
Should We Be Concerned?<br />Executives that are concerned about Xers and Millennials leaving:<br />66% worry about Millen...
27<br />Many US Industries Face…<br />Reduced Tacit Knowledge Base<br />Reduced Availability Of Experienced Peers <br />In...
28<br />Take a Moment and Consider…<br />What are the generational challenges that you see coming up for your business?<br...
Looking Into the Future:Technology Impacted By & Impacting Generations<br />29<br />
It’s about adoption & comfort<br />Older generations adopt later than younger generations<br />Younger generations take te...
Retain by Focusing on Motivation & Expectations<br />An Introduction to the Language of Doors<br />
32<br />“Schedule an appointment”<br />Traditionalists (1925-1943)<br />Motivations & Expectations for Work<br />Giving ba...
33<br />“If my door is open, knock & ask if you can come in”<br />Baby Boomers (1944-1962)<br />Motivations & Expectations...
34<br />Generation X (1963-1981)<br />“Check my cubicle to see if I’m there”<br />Motivations & Expectations for Work<br /...
35<br />“Door? What door?”<br />Millennials (1982-2000)<br />Motivations & Expectations for Work<br />Meaningful opportuni...
36<br />Sample “Best Practices”<br />Home Depot--work/life balance<br />Daycare & eldercare programs<br />Pet insurance<br...
37<br />Planning Ahead Starts Now:Time to Take Action<br />
Take the Next Steps: Know Your Optimal 5% Solution<br />Know Your Components<br />Industry<br />Organization<br />People<b...
39<br />That which seems the height of absurdity in one generation often becomes the height of wisdom in another.  				~Ad...
40<br />Contact Information<br />AnnikaHylmö, Ph.D.<br />The Insight Generation<br />Phone: (310) 663-4556<br />Email:info...
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A Business Approach to Generations And Talent Management

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Moving away from standard presentations on generational diversity, we focus on what is really important: The business impact of the different expectations of the generations and the upcoming labor shortage.

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  • Bit rot, or bit decay, is a colloquial computing term used either to describe gradual decay of storage media or to facetiously describe the spontaneous degradation of a software program over time. The latter use of the term implies that software can literally wear out or rust like a physical tool. More commonly, bit rot refers to the decay of physical storage media.The term &quot;bit rot&quot; is often used to refer to dormant code rot, i.e. the fact that dormant (unused or little-used) code gradually decays in correctness as a result of interface changes in active code that is called from the dormant code.
  • A Business Approach to Generations And Talent Management

    1. 1. A Business Approach to Talent Management and Multigenerational Workforces<br />Recruitment & Retention Strategies Leading into the Future<br />AnnikaHylmö, Ph.D.<br />Ahylmo@mac.com<br />
    2. 2. 2<br />Defining the Generations<br />Traditionalists<br />Born 1925-1943<br />Baby Boomers<br />Born 1944-1962<br />Generation X<br />Born 1963-1981<br />Millennials <br />Born 1982-2000<br />
    3. 3. 3<br />Today’s Agenda<br />Introductions<br />Demographic Challenges Facing US Businesses<br />Understanding Talent Management for Your Business<br />Defining the Generations<br />Café Discussion: What This Means for Your Business<br />Generational Motivations and Expectations, incl. Technology<br />Café Discussion: What You Need to Do<br />Taking Action - Next Steps & Opportunities<br />
    4. 4. 4<br />Remember Who We Were…<br />
    5. 5. Example Effects of Demographic Shifts Facing Sample US Industries<br />5<br />
    6. 6. Science & Technology: Loss of Expertise<br />Threat of lay-offs & outsourcing<br />Reduced availability of future leaders (Generation X & Millennials)<br />Increased pressure on existing leaders (Baby Boomers & Generation X)<br />Increased pressure on in-house expertise & excellence<br />A need for both technical & management skills (Baby Boomers & Generation X)<br />Lack of junior people positioned to take over (Generation X & Millennials)<br />Challenges of immigration laws<br />Motivation & turnover<br />Failure to understand motivation reduces productivity<br />Turnover costs will continue to skyrocket<br />Organizational need to adapt to new technologies <br />Resistance to implementation<br />6<br />
    7. 7. 7<br />Law Firms: Shortage of Talent<br />Traditionalists and Baby Boomers…<br />representing close to 50% of attorneys in the US<br />will retire or change careers in record numbers<br />The Pending Shortage of Generation X Lawyers <br />Significant setbacks to firms’ succession plans <br />Millennials Challenging “Workaholic” Cultures <br />Publicly ranking of firms on the internet by<br />Diversity<br />Billable hour<br />Pro bono participation metrics <br />
    8. 8. 8<br />Banks, CPA Firms & Finance: Aging Workforce<br />Pressure On Existing Talent<br />Increased sales & relationship management skills<br />Changing delivery of financial services<br />Increasing Demands For Talent<br />Increased regulation <br />Consolidation <br />Increasing Shortages Of Qualified Workers<br />Training cutbacks in late 1990’s and early 2000’s<br />Negative perceptions of Banking of Securities industry<br />A Graying Workforce<br />60% of CPA firms have pre-retirement age owners (55-62)<br />By 2020, 75% of all CPAs will be eligible to retire<br />Only 21% of all firms have a succession plan<br />
    9. 9. 9<br />What Is Talent Management?<br />
    10. 10. Talent Management refers to integrating, developing, and retaining workers to meet current and future business objectives<br />
    11. 11. 11<br />The Cost Of Employee Turnover<br />Average cost to replace 1 employee = 1.5 times their salary<br />Can be as much as 5 times their salary<br />Skilled employees are more expensive to replace than entry level employees<br />Loss of employees in key demographics reflecting customer bases can mean lost opportunities and market shares<br />It’s All About Profitability<br /># of Employees x Attrition Rate (%) x$ = ???<br />Right Management<br />
    12. 12. Demographics Matter!US Birthrates<br />12<br />
    13. 13. US Working Population (2011)<br />13<br />
    14. 14. US Working Population (2016)<br />14<br />
    15. 15. US Working Population (2021)<br />15<br />
    16. 16. What Will a 5% Shift Mean for Your Business?<br />5% increase in Millennial employees<br />5% increase in Millennial customers<br />5% increase or decrease in Generation X employees<br />5% increase or decrease in Generation X customers<br />5% decrease in Boomer employees<br />5% decrease in Boomer clients<br />5% increase in Boomer customers<br />
    17. 17. Planning Ahead<br />Business Strategy<br />What is the mission and purpose of your business?<br />How do you intend to accomplish your goals?<br />What do your business environment and industry look like?<br />Workforce Trends<br />What does your current workforce look like?<br />What does your future talent supply and demand look like?<br />Gap Analysis<br />What talent gaps do you need to close?<br />What strategies do you have to close the gaps?<br />17<br />
    18. 18. Sample - High Tech Consultancy:Mission & Purpose<br />Purpose:<br />Ensure that clients can maintain 100% success with critical projects<br />How goals are accomplished<br />Highly specialized expertise partners to clients <br />Offer continuity while client personnel changes<br />Business environment<br />Government contracts and private sector overlaps<br />Single source suppliers<br />Long-term projects supporting continuously changing technologies<br />
    19. 19. Sample - High Tech Consultancy:Workforce Trends<br />Current workforce: <br />Graying workforce means potential loss of expertise<br />Lacking mid-level managers <br />A strong incoming cadre of younger employees<br />Future workforce supply & demand: <br />Shortage of Science/Technology/Engineering/Math (STEM) graduates<br />Increasing competition for talent from other sectors<br />
    20. 20. Sample - High Tech ConsultancyGap Analysis<br />Talent gaps to be closed: <br />Single points of failure and subject matter experts en route to retirement<br />Mid-level managers taking over when current upper-levels retire in coming 10 years<br />Ensuring ongoing pipeline of knowledge<br />Strategies: <br />Knowledge transfer, mentoring, recruitment & retention, and more…<br />
    21. 21. 21<br />What You Need To Know<br />
    22. 22. Meeting Challenges by Meeting Four Generations!<br />22<br />
    23. 23. Traditionalists (1925-1943)<br />Holders of the Keys<br />Boards & structures<br />Traditions & legacies<br />Knowledge<br />Influences Growing Up…<br />Silver screen & radio<br />GI Bill<br />Growth of suburbia<br />Play clothes & school clothes<br />IT…<br />Punch cards<br />Magnetic tape & disks<br />FORTRAN & COBOL<br />Baby Boomers (1944-1962)<br />Leaders of the Pack<br />Experienced strategic managers <br />Competitive edge<br />Optimists<br />Influences Growing Up…<br />Little League & Halloween<br />Television & rock radio<br />Vietnam War<br />Women’s & civil rights<br />“Summer of Love”<br />Space exploration<br />Credit cards<br />IT…<br />Integrated circuits<br />Semiconductors<br />MS-DOS<br />23<br />
    24. 24. Generation X (1963-1981)<br />Millennials (1982-2002)<br />Critical Thinkers & Innovators<br />Midlevel managers looking at a glass ceiling<br />Flexibility & independence<br />Work & family/friends balance<br />Influences Growing Up…<br />Divorces & recessions<br />Corporate downsizing<br />AIDS<br />Failure of technology & astronauts as victims<br />MTV--“Video killed the radio star”<br />IT…<br />IBM & Apple PCs<br />Floppy disks<br />Internet<br />Computer viruses<br />24<br />Emerging Leaders<br />Optimism & confidence<br />Diversity<br />Teamwork & participation<br />Positive feedback<br />Variety & multitasking<br />Flexibility & virtual work<br />Influences Growing Up…<br />Technology is given<br />Constant coaching<br />Girl power, green movement<br />War in the Middle East<br />FaceBook, Twitter, YouTube, Digg<br />IT…<br />Laptops, tablets & iPods<br />Avatars & wikis<br />Cloud computing<br />
    25. 25. Different generations have different expectations…<br />Common sense <br />≠ <br />Common sense<br />
    26. 26. Should We Be Concerned?<br />Executives that are concerned about Xers and Millennials leaving:<br />66% worry about Millennials<br />49% worry about Generation Xers<br />Who actually plans on leaving when the economy turns?<br />54% of Millennials<br />25% expect to stay for life (December, 2009, up from 14% in 2008)<br />63% of Generation Xers<br />50% of Boomers<br />48% of Traditionalists<br />Deloitte; Fidelity<br />
    27. 27. 27<br />Many US Industries Face…<br />Reduced Tacit Knowledge Base<br />Reduced Availability Of Experienced Peers <br />Increased Occurrence Of Errors, Mistakes, And Oversights<br />Increased Workloads <br />Increased Stress Levels At Work And At Home - Burnout<br />Productivity, Profitability, Effectiveness, Sustainability<br />
    28. 28. 28<br />Take a Moment and Consider…<br />What are the generational challenges that you see coming up for your business?<br />What are the implications of not doing anything?<br />
    29. 29. Looking Into the Future:Technology Impacted By & Impacting Generations<br />29<br />
    30. 30. It’s about adoption & comfort<br />Older generations adopt later than younger generations<br />Younger generations take technology & portability for granted<br />Older generations have less patience with technological “hick-ups”<br />Younger generations assume that glitches are part of beta versions<br />
    31. 31. Retain by Focusing on Motivation & Expectations<br />An Introduction to the Language of Doors<br />
    32. 32. 32<br />“Schedule an appointment”<br />Traditionalists (1925-1943)<br />Motivations & Expectations for Work<br />Giving back & creating a legacy <br />Mentoring others & knowledge transfer<br />Adjusted schedules & project based employment<br />Formal & Structured Communication<br />Limited phone conversations<br />Structured meetings & hard copy record keeping<br />Respect for tenure & knowledge<br />Maintain professional &personal boundaries<br />Professional attire for work<br />
    33. 33. 33<br />“If my door is open, knock & ask if you can come in”<br />Baby Boomers (1944-1962)<br />Motivations & Expectations for Work<br />Work often means going to a physical office<br />Money & prestige<br />Professional identity & career development<br />Career, employment & retirement alternatives – many have years left on the job<br />Mostly Formal Communication<br />Hard copies & structured emails<br />Formal decisions made in meetings<br />Informal political interactions in hallways<br />Structured feedback at designated intervals<br />Professional attire for work<br />
    34. 34. 34<br />Generation X (1963-1981)<br />“Check my cubicle to see if I’m there”<br />Motivations & Expectations for Work<br />Autonomy, independence, & balance<br />Reward for results, not face-time<br />Skill development offset lack of career opportunities<br />Networked organizations as opposed to silos<br />Remote & virtual work enabled by cloud technology<br />More Informal Communication<br />Focused meetings only as needed<br />Frequent feedback & rewards<br />Soft copies shared as emailed attachments<br />Online professional networking, some social<br />Prefer “Casual Friday” dress every day<br />
    35. 35. 35<br />“Door? What door?”<br />Millennials (1982-2000)<br />Motivations & Expectations for Work<br />Meaningful opportunities for participation<br />Rapid promotions & multiple jobs<br />Mentoring & feedback<br />Learning to be skilled at work & growing into leadership positions<br />Just in time innovation<br />Digital information sharing using collaboration platforms<br />Informal Communication<br />Continuous anytime, anywhere, anyway<br />Inclusion in meetings<br />Immediate feedback & recognition<br />Encouragement during critical feedback<br />Informal attire for work<br />
    36. 36. 36<br />Sample “Best Practices”<br />Home Depot--work/life balance<br />Daycare & eldercare programs<br />Pet insurance<br />FoxEntertainment--focus on relationships<br />Catered take-home dinner delivered to desks<br />Ongoing engagement relationship with college career services<br />Procter &Gamble--multidirectional mentoring<br />Fellowship program for doctoral candidates with P&G mentor<br />Reverse mentoring programs<br />Google--internal connections<br />Internal FaceBook connecting all “Googlers”<br />Free food & snacks distributed throughout workplace<br />
    37. 37. 37<br />Planning Ahead Starts Now:Time to Take Action<br />
    38. 38. Take the Next Steps: Know Your Optimal 5% Solution<br />Know Your Components<br />Industry<br />Organization<br />People<br />Generations<br />Get Help With Your 5% Solution<br />Needs assessment to establish benchmarks<br />Customized strategic solutions<br />Utilize existing resources <br />Maximize efforts<br />38<br />
    39. 39. 39<br />That which seems the height of absurdity in one generation often becomes the height of wisdom in another. ~Adlai Stevenson<br />
    40. 40. 40<br />Contact Information<br />AnnikaHylmö, Ph.D.<br />The Insight Generation<br />Phone: (310) 663-4556<br />Email:info@insightgeneration.com<br />Web: www.insightgeneration.com<br />

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