Y Are They Different:
Harnessing the Potential of a MultiGenerational Workforce
Prof Sattar Bawany, Managing Director
Merl...
ARE YOU A TIGER OR DEER?
Every morning in Asia, a deer wakes
up. It knows it must run faster than the
fastest tiger or it ...
About DBM


A global human capital management firm


Provide career transition, coaching and talent development solution...
Gen Y – Y Are They Different?

DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011

4
Agenda


Generational Diversity in Today‟s Workplace



Overview of Generational Differences:


Perceived Strengths


...
Generational Diversity in Today’s
Workforce


Changing Demographics





Increasing numbers of Gen Y entering the work...
Benefits of Multi-Generational Work
Teams


More flexible in changing demographics



Broader insight into your customer...
Leading Multi-Generational Workforce
Organisational Results

• ROI
• Employee
Turnover/Retention

Employee Engagement

• E...
Multi-Generational Differences - An
issue?
Age

Conditions

Experience

Generational
Attributes



Each generation has it...
Source: The Straits Times, 8 April 2010
DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011

10
Overview of Generational Differences
Traditionalists

Baby Boomers

Gen X

Gen Y

Career
Goals

Legacy

Stellar Career

Po...
Why The Focus on Gen Y?


Calculate Your Current (and Future) Investment in Gen Y.






What is the average compensat...
Food For Thought



What is the average tenure for your top-performing Gen Y
employees?
What are the top three (3) reaso...
Leading Gen Y Employees
Leadership Characteristics Leadership Characteristics
That Gen Y-ers Want Their That Managers From...
Engaging Gen Y Employees
Top Factors That Motivate Gen Retention Strategies Most
Y To Stay In Organisations
Utilised By Or...
Engaging Multi-Generational Employees
Achievement
Defining and
attaining goals
and results

Motives
Power
Influencing othe...
Recommendations


Communication is key to inspire commitment






Engage Gen Y through Coaching






“Opportuniti...
Conclusion – Key Takeaways


Each generation brings to the table different approaches to
- Work, Interaction, and how the...
Final Thoughts…
If you do tomorrow what you did yesterday

Your Future is History……………

If you do tomorrow what we’ve cove...
Question & Answer
Visit www.dbm.com/sg/en
For
Articles
Case Studies

Networking Events
For further dialogue, contact:
Prof...
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Key Note Presentation on 'Y are they different' for 3M 7 Oct 2011

  1. 1. Y Are They Different: Harnessing the Potential of a MultiGenerational Workforce Prof Sattar Bawany, Managing Director Merle Chen, Business Development Manager Friday, 7 October 2011
  2. 2. ARE YOU A TIGER OR DEER? Every morning in Asia, a deer wakes up. It knows it must run faster than the fastest tiger or it will be killed. Every morning in Asia, a tiger wakes up. It knows it must outrun the slowest deer or it will starve to death. It doesn’t matter whether you are a tiger or a deer: when the sun comes up, you’d better be running….. DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 2
  3. 3. About DBM  A global human capital management firm  Provide career transition, coaching and talent development solutions to private and public companies and government organisations   Present in 55 countries with 230 offices   Over 40 years of global experience Customers include 70% of the Fortune 500 & 80% of the Global 500 Customised support for companies operating under different conditions  Growth  M&A  Restructuring DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 3
  4. 4. Gen Y – Y Are They Different? DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 4
  5. 5. Agenda  Generational Diversity in Today‟s Workplace  Overview of Generational Differences:  Perceived Strengths  Common Perceptions  Communication Across Generations  Leading and Engaging Gen Y  Recommendations on Achieving Synergy  Summary and Q & A Session DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 5
  6. 6. Generational Diversity in Today’s Workforce  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. Key findings from survey commissioned by Tripartite 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. Key to Business Success – Quality of Workforce in sustaining high performance.  Multi-generational teams improve organisational effectiveness and performance.  Adapted from: TAFEP‟s Report on „Harnessing the Potential of Singapore‟s Multi-generational Workforce‟, 2010 DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 6
  7. 7. Benefits of Multi-Generational Work Teams  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 Multi -generational workplaces can be a source of positive challenge, opportunity, and significant growth if managed effectively. DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 7
  8. 8. Leading Multi-Generational Workforce Organisational Results • ROI • Employee Turnover/Retention Employee Engagement • Employee Satisfaction/ Loyalty • Customer Satisfaction/Loyalty Organisational Climate • Rewards • Espirit De Corps • Flexibility Leadership Effectiveness DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 • EQ/EI Competencies • Managerial Skills • Leadership Styles 8
  9. 9. Multi-Generational Differences - An issue? Age Conditions Experience Generational Attributes  Each generation has its own characteristics; different values and workplace concepts (E.g. Work-life balance, loyalty, teamwork) are understood differently.  These differences can breed misunderstanding, conflict and compromise growth.  Key is in managing these differences effectively and reducing bias. Source: Justine James, Sally Bibb, Simon Walker, „Global Tells How It Is‟ Summary Research Report, 2008. DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 9
  10. 10. Source: The Straits Times, 8 April 2010 DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 10
  11. 11. Overview of Generational Differences 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 The more they and they‟ll leave learn, the more they‟ll stay Continuous learning is a way of life Source: Lynne C. Lancaster and David Stillman „When Generations Collide: Who They Are. Why They Clash. How to Solve the Generational Puzzle at Work‟, 2002. DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 11
  12. 12. Why The Focus on Gen Y?  Calculate Your Current (and Future) Investment in Gen Y.    What is the average compensation for Gen Y employee at your organisation?   How many Gen Y employees does your organisation currently have? 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. DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 12
  13. 13. Food For Thought   What is the average tenure for your top-performing Gen Y employees? What are the top three (3) reasons good employees leave your organisation? DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 13
  14. 14. Leading Gen Y Employees Leadership Characteristics Leadership Characteristics That Gen Y-ers Want Their That Managers From The Leaders To Demonstrate 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. Source: “‟Y‟ Are They Different” – A Study of Gen Y at Work, Their Views and How They are Viewed, GMP & Temasek Polytechnic, 2009 DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 14
  15. 15. Engaging Gen Y Employees Top Factors That Motivate Gen Retention Strategies Most Y To Stay In Organisations Utilised By Organisations 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. Source: “‟Y‟ Are They Different” – A Study of Gen Y at Work, Their Views and How They are Viewed, GMP & Temasek Polytechnic, 2009 DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 15
  16. 16. Engaging Multi-Generational Employees Achievement Defining and attaining goals and results Motives Power Influencing others and having an impact Affiliation Establishing and maintaining positive personal relationships Source: David C. McClelland, "Methods of Measuring Human Motivation", in John W. Atkinson, ed., The Achieving Society (Princeton, N.J.: D. Van Nostrand, 1961), pp. 41–43. DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 16
  17. 17. Recommendations  Communication is key to inspire commitment    Engage Gen Y through Coaching    “Opportunities for Career Advancement” and “Good Relationships” are key factors that motivate Gen Y-ers to remain in organisations. Regular dialogue between Gen Y-er and supervisor - Start from the first day at work. Develop Coaching competency of managers to be comfortable and confident in having conversations surrounding professional development plans. Encourage constant feedback and show recognition for Y-er‟s work contribution. Team Work „Y‟ Style  Encourage staff gatherings, social events and „mixers‟ with workmates. DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 17
  18. 18. Conclusion – Key Takeaways  Each generation brings to the table different approaches to - Work, Interaction, and how they view business strategies.  The end result is a greater diversity and variety of opinions, creativity and talent.  When managed effectively, a multigenerational team can add tremendous value to your organisation.  However, as employees in the various age groups may not naturally interact with each other, leaders may need to make a concerted effort to facilitate collaboration and reduce bias. Source: Lee, Katherine Spencer „Managing a Multi-generational Workforce‟, CIO Update, June 2006 DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 18
  19. 19. Final Thoughts… 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!!! DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 19
  20. 20. Question & Answer Visit www.dbm.com/sg/en For Articles Case Studies Networking Events For further dialogue, contact: Prof Sattar Bawany Managing Director, Singapore Email: sbawany@dbm.com LinkedIn: www.linkedin.com/in/bawany Merle Chen Email: mchen@dbm.com LinkedIn: www.linkedin.com/in/merlechen DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 20

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