The Future of The Workplace as Boomers Retire and Millennials Replace Them by Dr. Diane Hamilton
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Dr. Diane Hamilton explains the challenges employers and employees must face in her presentation: The Future of The Workplace as Boomers Retire and Millennials Replace Them
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The Future of The Workplace as Boomers Retire and Millennials Replace Them by Dr. Diane Hamilton
- 1. DIANE HAMILTON, PHD The Future of the Workplace as Boomers Leave and Younger Generations Replace Them
- 2. WHAT WE’LL TALK ABOUT TODAY •Current Workplace •Understand and Embrace Change •Future Workplace •Education, Training, and Management
- 4. GENERATIONS WORKING TOGETHER • Four Generations Working Together • Embrace Interpersonal Skills • Emotional Intelligence
- 5. BOOMERS IMPACT ON WORKPLACE • Number of Boomers • When will they retire? • What will they leave behind?
- 6. MILLENNIALS’ IMPACT ON WORKPLACE • How many are there? • Misconceptions of them. • Top 10 Words or Phrases to Mind to Describe Millennials
- 7. FAMILY FEUD GAME: MILLENNIALS: SELF-SELECTED DESCRIPTORS • Friendly 85% • Open-Minded 81% • Intelligent 80% • Responsible 73% • Thoughtful 73% • Caring 71% • Fun-Loving 65% • Independent 63% • Creative 62% • Curious 59%
- 8. DISTINGUISHING DIFFERENCES: IS THERE A CLASH? • Distinguishing Differences – Is There a Clash
- 9. BOOMERS VS. MILLENNIALS MYTH GAME • Boomers vs. Millennials Myth Game
- 10. BOOMERS VS. MILLENNIALS MYTH GAME • Myth or Truth? • Younger Generations Have No Work Ethic or are Lazy
- 11. BOOMERS VS. MILLENNIALS MYTH GAME • Myth or Truth? • Millennials Don’t Respect Authority
- 12. BOOMERS VS. MILLENNIALS MYTH GAME • Myth or Truth? • They don’t want to grow up.
- 13. BOOMERS VS. MILLENNIALS MYTH GAME • Myth or Truth? • They are tough to recruit
- 14. BOOMERS VS. MILLENNIALS MYTH GAME • Myth or Truth? • They are Self-Involved and the “Me Generation”
- 15. BOOMERS VS. MILLENNIALS MYTH GAME • Myth or Truth? • Let’s go with a Boomer possible myth – Boomers can’t retire early
- 16. BOOMERS VS. MILLENNIALS MYTH GAME • Myth or Truth? • Let’s go with another one about Boomers – Boomers are Technologically Challenged
- 17. UNDERSTAND AND EMBRACE CHANGE • Proactive Skills • New Gens • Experience May Be Useful • Communication Changes • Intergenerational Transition • Changing Leadership Styles
- 18. PROACTIVE SKILLS • Proactive Skills
- 19. NEW GENS • New Gens
- 20. EXPERIENCE MAY BE USEFUL • Experience May Be Useful
- 21. COMMUNICATION CHANGES • Communication Changes
- 23. CHANGING LEADERSHIP STYLES • Changing Leadership Styles
- 24. EMBRACING ENTREPRENEURIAL THINKING • Entrepreneurial Thinking Embraced
- 25. CHANGES IN TYPES OF JOBS • Changes in Types of Jobs Available
- 26. JOBS THAT ENDED WITH OLDER GENERATIONS • Jobs That Ended with Older Generations
- 27. DEGREE OR NOT DEGREE • That is the question • Pick and Choose • Certifications • Specialized Institutions
- 28. MANAGING FUTURE GENERATIONS • Managing Future Generations
- 29. STORING KNOWLEDGE FROM PAST GENERATIONS • Storing Knowledge from Past Generations
- 30. CONCLUSION The Key is to Have Vision
- 31. QUESTIONS
- 32. REFERENCES
Editor's Notes
- First of all we need to define some of the groups we will discuss today: Baby Boomers, Gen Xers, and Millennials. Baby Boomers were born between 1946 -1964, Gen Xers were born between 1965-1977, and Millennials were born 1978-1996
- I realize this is a busy slide; however I want to draw your eyes to the chart where you can see the number of baby boomers, gen X, and Millennials. Describe the chart.
- You will notice more of a focus on Millennials than Gen X in this discussion. This is because of the large impact they have on the workplace. According to HRMC.com, “By 2014, Millennials (ages 18-35) will make up 36% of the workforce (75% by 2025). To those who buy into the common perceptions of millennials -- they're entitled, self-absorbed, lacking commitment/loyalty -- this must be highly unsettling. Particularly from the perspective of senior management looking to build an invested, focused, competitive workforce.” Millennial Myths vs. Reality: How to Engage and Hire Next Gen Talent. http://www.hrmc.com/white-papers/millennial-myths-vs-reality-how-to-engage-and-hire-next-gen-talent.aspx
- Let’s play a little Family Feud. The AMP Agency questioned Millennials to get the top 10 phrases or adjectives that they believed best described them. What were the top five answers to the survey? The survey says: Friendly 85% Open-Minded 81% Intelligent 80% Responsible 73% Thoughtful 73% Caring 71% Fun-Loving 65% Independent 63% Creative 62% Curious 59% Millennial Myths vs. Reality: How to Engage and Hire Next Gen Talent. http://www.hrmc.com/white-papers/millennial-myths-vs-reality-how-to-engage-and-hire-next-gen-talent.aspx
- Based on the number of articles about myths about boomers and Millennials, it appears this is a real issue.
- To help dispel some of those rumors, let’s take a look at them by playing a little game.
- This can go either way … but we’ll go with myth for now. According to Cameron Marston, a consultant who specializes in multigenerational communications and marketing, “Millennials have a self-centered work ethic. This is not necessarily the negative it may seem at first. Millennial employees are dedicated to completing their task well. They have not been raised in a way that demands them to look around see what should be done next.” (Marston, n.d.) The challenge may be to better understand what makes Millennials driven. It might be important to meet them on their terms rather than force feeding them to act in way people have always acted. As far as lazy, their lack of concern for the future may come across as not motivated. Younger generations may not have long-thinking processes. Millennials may be more motivated if they see long-term goals in smaller intermediate goals. The HR Management Center had some advice as to how to engage Millennials. One good tip was to align their jobs with their passion. It may be important to appeal to their entrepreneurial mindset. This group wants to be the next Elon Musk. Marston, C. (n.d.). Myths About Millennials: Understand the Myths to Retain the Millennials. Retrieved from http://humanresources.about.com/od/managementtips/a/millennial_myth.htm
- We’ll have to give this a qualified myth. According to Cameron Marston, a consultant who specializes in multigenerational communications and marketing, Millennials require a reason to respect it. You can’t just tell them the answer is “because you should.” Marston, C. (n.d.). Myths About Millennials: Understand the Myths to Retain the Millennials. Retrieved from http://humanresources.about.com/od/managementtips/a/millennial_myth.htm They may have different values.
- This is a matter of perception … so we can give this a myth. Younger generations are getting married later, having children later, and move at a slower pace. Some may blame boomers for coddling them. Perhaps they saw how their parents worked so hard that they don’t want to have the same situation. Marston, C. (n.d.). Myths About Millennials: Understand the Myths to Retain the Millennials. Retrieved from http://humanresources.about.com/od/managementtips/a/millennial_myth.htm
- You might have thought they were all myths; this one is more on the accurate end. The hiring process may take longer and has frustrated some in the recruiting business. According to the Human Resource Management Center (a candidate acquisition provider), “the process normally spams 6 to 8 weeks.” Millennial Myths vs. Reality: How to Engage and Hire Next Gen Talent. http://www.hrmc.com/white-papers/millennial-myths-vs-reality-how-to-engage-and-hire-next-gen-talent.aspx
- The Washington Post had an article where they sited a 2012 study that found “that three quarters of young people surveyed gave to charity in 2011, and 63% volunteer for a cause”. A Pew Study also found that “84% of 18-29-year-olds said adult children should be financially responsible for their elderly parents.” I don’t know about you; but that was good enough for me to give them a truth! I’m going to send that statistic to my girls just in case when we get out of here. But then again, the book Generation Me was pretty popular. So that one may be up in the air.
- That is unfortunately a myth for many who would like to retire. According to AARP, “Very few boomers are planning to stop working entirely when they reach retirement age – only 11%”
- According to AARP, “Contrary to many assumptions, Boomers were in the workforce during the evolution of computers, email and the internet. Some 82% of Boomers use the Internet and 64% have been online.”
- For those of you who have not yet read Stephen Covey’s timeless book about the 7 Habits of Highly Successful People, I highly recommend it. The very first chapter is about being proactive. I have taught many foresight and change-based courses where we get into the importance of being proactive to change. The old, and over-used quote from Yogi Berra about “if you don’t know where you are going, you will end up somewhere else” is over-used for a reason. Planning and goal-setting continue to be an important and popular topic. Younger generations may prefer not to think as far ahead as boomers; however, if they do not have foresight, in an innovative highly changing world, those leaders may find themselves at the helm of a company like Blockbuster where they allowed Netflix to eat their lunch.
- As new generations take over and boomers disappear, it may seem like everyone is very similar. However, that is not necessarily the case. Each person still has his or her own unique personality preferences. I think we may see more personality testing in future workplaces. I have worked for companies where a personality test was required. I have even worked for one where they had us put our personality test results on our cubicle. We used this as a guide for how to interact with one another.
- As boomers finally are able to retire, we will lose their expertise and years of experience. However, thanks to the Internet, nothing ever really goes away. We can capture expertise and advise and publish it online for many future generations’ benefits.
- The Internet has definitely changed how we share our ideas and communicate. Everything happens so much more quickly now. If any of you have not read the World is Flat, I highly recommend that book as well. The author’s point is that the Internet has made everyone so much more connected that it has opened up opportunities for people like never before. Think of the mom and pop businesses out in a small town. In the past, they had very few options. That same business can have a global connection.
- For leaders who must go forward into this brave new world, there will be an intergenerational transition.
- Leadership style has changed. Just look at the show Mad Men. I can remember those times. What worked then, doesn’t even come close to flying now. The next generation of leaders will have to embrace change and work with a workforce that has different expectations than past workforces.
- Many companies have already begun to embrace entrepreneurial thinking. Google, Uber, Tessla … the list goes on and on. Some think that we may be headed for another tech bubble burst. The companies that remain standing will have learned to embrace entrepreneurial thinking while spending wisely and having foresight. The ones who may not be around are those who
- Because of all of these new ways of thinking and embracing entrepreneurial-minded employees, there will be changes in the types of jobs available. Those who might have gone out and started their own companies may now help mega companies become even greater. The leaders of these companies see value in these employees and pay for that value. Here are some jobs that may be around in the future and were never even considered when I entered the workplace:
- Out with the old and in with the new. As these new jobs become available, think about some of the jobs that may no longer exist. My generation saw the following jobs disappear:
- With all of these changes, what will happen with education? That is an interesting debate. We may see more universities offer à la carte programs. Some universities may become more focused. I met with the author of the marketing book “ “ and he told me the future of education would be for universities to pick a type of student and have their curriculum dedicated just to that type. We may see a different value placed on certification programs. We definitely have seen more emphasis placed on online learning. MOOCs really put the spotlight on online education. For those of you who do not know what a MOOC is, it stands for Massive Open Online Courses. Some major universities like Harvard and others have offered some free courses. The sustainability of that type of education is still unknown. However, it did help pave the way for online education to be embraced by those who might have misunderstood it in the past.
- With all of this change and improved education, future generations will require strong leadership.
- Thanks to the Internet, we can access so many different generations’ vast knowledge. The trick will be to know what information is the most useful. Only time will tell if we run into information overload. The key will be to have leaders who can recognize the most important data and have the foresight to use it.
- So in conclusion, tomorrow’s leader will need to have a strong vision. As we discussed earlier, Millennials will be in charge. They have a very creative and open-minded way of thinking. With hope, they will take the best of what boomers have shared and lead future generations to an even brighter future.
- Does anyone have any questions?