Companies are preparing millennials to take on leadership roles as large numbers of baby boomers retire. Mentorship programs pair younger and older employees, allowing boomers to share their experience before leaving the workforce. Deloitte, BAE Systems, GM, and GE run knowledge-transfer initiatives to mitigate the loss of expertise as boomers retire. These programs help to develop millennials' leadership skills and encourage them to pursue long careers with their companies instead of frequently changing jobs. Effective generational knowledge-sharing is important for companies to remain competitive in an era of significant workforce transition.
If Asia's organisations are going to access enough 'value-creating' talent to capture the opportunities that are now in view, they're going to need to embrace better, smarter talent management and attraction strategies. They will need to embrace flexibility in their workforces in order to:
Fill critical skill gaps in a timely and efficient way
Keep talent engaged and retained, even across borders
Hays Journal 20 - Seven things we learnt from McAfee’s President EMEAHays
Hays Journal 20 - Seven things we learnt from McAfee’s President EMEA
In this Hays Journal article, Adam Philpott, EMEA President of cybersecurity business McAfee, discusses how his organisation is adapting its talent strategy to new technologies in order to adapt to the future of work.
Read the Hays Journal to find out more: www.hays-journal.com
This key global insights report from Kelly Services explores the concept of fostering a work environment that provides flexibility for various life stages of critical employees. Content creator Kathy Fawcett brings proprietary Kelly research to life with practical applications for organizations of all sizes.
If Asia's organisations are going to access enough 'value-creating' talent to capture the opportunities that are now in view, they're going to need to embrace better, smarter talent management and attraction strategies. They will need to embrace flexibility in their workforces in order to:
Fill critical skill gaps in a timely and efficient way
Keep talent engaged and retained, even across borders
Hays Journal 20 - Seven things we learnt from McAfee’s President EMEAHays
Hays Journal 20 - Seven things we learnt from McAfee’s President EMEA
In this Hays Journal article, Adam Philpott, EMEA President of cybersecurity business McAfee, discusses how his organisation is adapting its talent strategy to new technologies in order to adapt to the future of work.
Read the Hays Journal to find out more: www.hays-journal.com
This key global insights report from Kelly Services explores the concept of fostering a work environment that provides flexibility for various life stages of critical employees. Content creator Kathy Fawcett brings proprietary Kelly research to life with practical applications for organizations of all sizes.
With a serious talent shortage on the horizon, the insurance industry needs to become an employer of choice for the next generation. Here's how to do it.
Mar 01, 2015 | By Melissa Hillebrand
In this ebook, you will learn what innovative colleges, students, and employers are doing with their experiential practical learning to succeed in the 21st century.
Hays Journal 20 - How can organisations improve on intersectionality?Hays
Hays Journal 20 - How can organisations improve on intersectionality?
Many organisations have made good progress in improving the diversity of their businesses in recent years.
But could understanding and embracing intersectionality help them improve the experience of all employees?
Read the Hays Journal to find out more: www.hays-journal.com
Chief Diversity Officers Today: Paving the Way for Diversity & Inclusion SuccessWeber Shandwick
This workplace diversity and inclusion survey, conducted among D&I professionals at high revenue companies in the U.S., focuses on the best practices of D&I functions that are well-aligned with the overall business strategy of the company and the roles, responsibilities, and challenges facing today's Chief Diversity Officers (CDOs).
Refer to them as you please: Millennials, Gen-Y, young professionals...but these are the people that will be comprising nearly 50% of the workforce by 2020. How is your organization preparing?
Here are some facts about this new generation of human capital that businesses will need to keep in mind as they ready themselves for the biggest cultural shift in the workplace since the 60's and 70's.
Read on to find out how Nakisa's Millennial-ready software can help you prepare.
With a serious talent shortage on the horizon, the insurance industry needs to become an employer of choice for the next generation. Here's how to do it.
Mar 01, 2015 | By Melissa Hillebrand
In this ebook, you will learn what innovative colleges, students, and employers are doing with their experiential practical learning to succeed in the 21st century.
Hays Journal 20 - How can organisations improve on intersectionality?Hays
Hays Journal 20 - How can organisations improve on intersectionality?
Many organisations have made good progress in improving the diversity of their businesses in recent years.
But could understanding and embracing intersectionality help them improve the experience of all employees?
Read the Hays Journal to find out more: www.hays-journal.com
Chief Diversity Officers Today: Paving the Way for Diversity & Inclusion SuccessWeber Shandwick
This workplace diversity and inclusion survey, conducted among D&I professionals at high revenue companies in the U.S., focuses on the best practices of D&I functions that are well-aligned with the overall business strategy of the company and the roles, responsibilities, and challenges facing today's Chief Diversity Officers (CDOs).
Refer to them as you please: Millennials, Gen-Y, young professionals...but these are the people that will be comprising nearly 50% of the workforce by 2020. How is your organization preparing?
Here are some facts about this new generation of human capital that businesses will need to keep in mind as they ready themselves for the biggest cultural shift in the workplace since the 60's and 70's.
Read on to find out how Nakisa's Millennial-ready software can help you prepare.
The insurance industry is facing a looming crisis – a rapidly aging workforce. According to the US Bureau of Labor Statistics, the number of insurance professionals aged 55 years and older has increased 74 percent in the last ten years; by 2018, a quarter of insurance industry employees will be within five to ten years of retirement. Moreover, by 2017, one in every three US employees will be a Millennial, and Millennials will comprise 75 percent of the global workforce by 2025
Unit VI Homework Use the CSU Online Library and look up the ar.docxmarilucorr
Unit VI Homework
Use the CSU Online Library and look up the article “Baby Boomers Seek New Ways to Escape Career Claustrophobia” through the ABI/INFORM Complete database (from June 24, 2003). Use this article to help write a two-page memo outlining your recommendations for developing managers who are stuck in their jobs or feel underutilized. Use Microsoft Word to create your memo. You can use a memo template or create your own memo.
Be sure to cite all the sources used according to APA format.
IN THE LEAD: Baby Boomers Seek New Ways to Escape Career Claustrophobia
falseBy Carol Hymowitz. Wall Street Journal, Eastern edition; New York, N.Y. [New York, N.Y] 24 June 2003: B.1
ONE OF THE BIGGEST concerns for managers in their 40s and 50s, besides job security, is the lack of opportunities for advancement. There are so many baby boomers that the scramble for seats at the top is highly competitive. Even worse, the usual competition from younger people is tougher than ever as companies promote ambitious employees even in their 20s who are gaining technical and global experience very early in life.
The result is that many baby boomers feel underutilized and stuck in jobs they already have mastered years before they plan to retire. "Lots of companies pigeonhole people in their 40s and older as only being good at one particular thing," says Dory Hollander, an executive career coach in Arlington, Va. "They figure why take a chance on them for something new when they can get someone younger; but then they end up with managers who feel career claustrophobia."
A few companies recognize the need to motivate all their employees and are grappling with ways to challenge their baby-boomer managers. They encourage those they don't promote to make lateral moves that will broaden their experience. They also are receptive to veterans who raise their hands for very different assignments than they have had in the past. "If you don't keep people fresh and growing," Ms. Hollander warns, "they become stagnant."
AT GENERAL ELECTRIC, baby-boomer managers are encouraged to take advantage of the greater personal mobility they may have when their children leave home or they are more settled. "Suddenly they come to a stage when they may have more flexibility to take a foreign assignment or do something they couldn't at a younger age," says Susan Peters, vice president, executive development. Her staff actively recruits seasoned managers for jobs overseas.
One 50-something manager who spent most of his career in the U.S., transferred to a post in Budapest three years ago after his children were grown. Recently, he moved again to China, where he helps local employees understand GE procedures and culture. "The opportunities for growth in China are enormous but you can't establish a work force there overnight," says Ms. Peters. "We need seasoned people."
Other veteran GE managers are tapped to help integrate newly acquired businesses. They are well-suited for the task ...
A crisis of shortages and gaps in talent at U.S. companies is gathering on the horizon. The coming wave of retiring business executives at companies in the developed world, extreme shortages in the numbers of their replacements, looming
gaps in the talent and skills of these replacements, global competition for talent, and falling birthrates in the developed world are some of the key forces acting together. This crisis is powerful, it will radically change companies, and the effects will be felt for a very long time.
Future of Work: 2015-2020: Unleashing You. Making the Future Work. Now.Bill Jensen
Groundbreaking global study:
Rather than add to all the hype...
We studied what it will take to make the future actually work.
Among top findings:
• Our leaders are holding back the future
• Engagement, as we view it now, is so horribly incomplete that it is dangerous!
• Get ready for super-sized personal accountability!
Study sponsor: The Jensen Group, Search for a Simpler Way
For more: http://www.simplerwork.com
#futureofwork
The Boomer Leader Legacy (BLL) process is for HR experts and leaders who are succession planning for leadership continuity - as the boomers exit the workforce.
Do you believe that your organization is developing the talent it needs to reach business objectives and meet future challenges? If not, you are not alone. This white paper will show you how successful succession plans are more than filling out forms. They are real, living programs that combine learning and development opportunities and experiential learning to prepare leaders at all levels for tomorrow’s business challenges.If you, as a learning and development professional, don’t have succession planning on your radar, you should.
Organizational Management and the role of HRM from different perspectivesAkashSharma618775
The present paper consists of 6 different parts. The first part is a portfolio where reflection on career
aspirations and developments needs are been illustrated. More specific details on the general labour market are
been discussed followed by career goals and development needs. The second part is a discussion on the
management challenges that managers are face in order to achieve organizational goals. More specific there is
been a discussion considering the corporate mission and the organizational culture, structure considering also
people management. The third part is about the employee perspective. There is a discussion regarding the
motivation theories, the employee stress and how can a leader or a manager empower the staff. The forth part of
this paper is a discussion about the wider Environmental Factors that affect the development of an Organization
today. Factors such as economy, political and sociological are been discussed evaluating a company’s strategy. At
the last chapter there is a discussion about the HRM department and how important it is for a company,
considered as a chain between the organization and its employees.
Josh Bersin’s HR Predictions for 2014. Building a Strong Talent Pipeline for ...Sage HR
Employers will be challenged to attract, retain and develop people in 2014. Organizations will need bold, innovative talent and human resources strategies to compete for skills amidst a global economy recovery. As retention concerns mount, organizations will focus on building a passionate, highly-engaged workforce.
Josh Bersin will expand on these challenges and more in Predictions for 2014: Building a Strong Talent Pipeline for the Global Economic Recovery. Available now to Bersin WhatWorks® members and on a complimentary basis to non-members, this annual report provides a preview of business, training and talent management developments in 2014.
VISIT HR BLOG -> cake.hr/blog
There are too many candidates out there. Social networking platforms. Referrals. Job fairs. Mobile apps. Where do you even begin?
With all of the different options to choose from, what’s best for your team? What strategies are the top brands leveraging across these channels? We tapped experts from various industries to get their take on upcoming HR trends in 2018.
J U N E 8 , 2 0 1 7!3 Trends That Will Disrupt Your .docxchristiandean12115
J U N E 8 , 2 0 1 7
!
3 Trends That Will Disrupt Your Workplace
Forever
by Andrew Dugan and Bailey Nelson
Story Highlights
Many millennials don't stay with their company for the long term
The AI revolution is here, and leaders are unprepared for it
Amid many changes, workplace planning and forecasting are increasingly vital
The "future of work" has become a much-hyped topic as change permeates the U.S. workplace.
Millennials view work in markedly different ways than the generations before them did, and
technology and artificial intelligence (AI) are rewriting workflows.
Understandably, these rapid changes leave leaders wondering: What will workplaces look like in the
future, and how are those differences affecting my workplace now?
Leaders are smart to ask these questions because with change comes the need to adapt -- and
leaders don't want to find out the hard way that their workplace management strategies are no
longer effective.
Gallup has been studying the American workplace for decades. Our recent research has uncovered
three disruptive workplace trends that demand leaders' focus and innovative strategies sooner
rather than later:
1. Millennials now represent the largest generation in the U.S. workforce -- and many don't
stay with their company for the long term.
For most employers, millennials now outnumber employees from the Generation X and baby
boomer generations. Millennial workers have a lot to offer, including more diversity, tech savviness
and a fresh perspective. The trick is getting them to stay with your company.
Gallup's 2016 How Millennials Want to Work and Live report revealed that 21% of millennials -- more
than three times the number of non-millennials -- switched jobs in the last year. Gallup also found
that only half of millennials strongly agree that they plan to be working at their current company in
one year.
But compared with those from other generations, millennials are as satisfied or more satisfied with
nearly all aspects of their job. Gallup uncovered this trend in a recent analysis of three overarching
job aspects: the tangible rewards a job brings, the demands a job imposes on a person and the
opportunities a job offers.
Satisfaction With Aspects of Job, by Generation
% saying "completely satisfied" with aspect of job
Gen Xers and baby boomers Millennials
% %
TANGIBLE REWARDS
Vacation time 61 52
Health insurance benefits 40 44
Retirement plan company offers 39 43
Amount of money you earn 32 34
DEMANDS JOB REQUIRES
On-the-job stress 30 28
Amount of work required of you 53 56
Flexibility of your hours 65 59
OPPORTUNITY JOB OFFERS
Chances for promotion 43 40
http://www.gallup.com/reports/199961/state-american-workplace-report-2017.aspx?utm_source=gbj&utm_medium=copy&utm_content=20170608-gbj
http://www.gallup.com/businessjournal/194204/millennials-job-hoppers-not.aspx?&utm_source=link_newsv9&utm_campaign=item_211799&utm_medium=copy
http://www.gallup.com/reports/189830/millennials-work-liv.
Similar to Bloomberg Article-Knowledge Transfer-Jan2016 (20)
Implementing communities of practice in a matrix organizationAndrew Muras, PMP
Presented at ASEM's (American Society of Engineering Management) annual conference in October 2014. It's based on work done at Pearl Harbor Naval Shipyards.
Improving Performance through Knowledge Management and CollaborationAndrew Muras, PMP
Presentation given at Performance Support Symposium; using knowledge management, social learning and collaboration for improving individual and organizational performance
1. As Boomers Retire, Companies Prepare
Millennials for Leadership Roles
Companies are working to ensure millennials are prepared to step into leadership roles.
Illustration: Kris Mukai
Vikram Ravinder was a little nervous as he faced the board members of Chicago nonprofit Bunker Labs
in a conference room in early December. The 29-year-old Deloitte senior consultant for strategy and
operations was pitching a plan that might help Bunker secure funding for a program enabling veterans to
become entrepreneurs.
Ravinder developed the pitch, under Deloitte’s pro bono program, with his mentor, Jonathan Copulsky,
the company’s chief marketing and chief content officer. The two meet regularly as part of a push to
have senior managers train junior employees. Copulsky, who will retire in June 2017 when he reaches
the company’s mandatory retirement age of 62, has mentored several younger Deloitte executives. “I
was able to put this guy in a position, give him enough ‘got your back,’ but also give him the freedom
that he could be successful and coach him as opposed to directing him,” Copulsky says.
Reprints
January 21, 2016 — 2:58 PM CST
Jeff Green
JeffAGreen
Page 1 of 9As Boomers Retire, Companies Prepare Millennials for Leadership Roles - Bloomberg B...
1/21/2016http://www.bloomberg.com/news/articles/2016-01-21/as-boomers-retire-companies-prepar...
2. Ravinder’s presentation helped the nonprofit secure new funding. “I see how he approaches clients,”
Ravinder says of Copulsky. “Millennials bring data and analytics, but boomers have experience they can
rely on when the data isn’t sufficient.”
“Millennials bring data and analytics, but boomers have
experience they can rely on when data isn’t
sufficient.” —Vikram Ravinder, Deloitte senior
consultant
Companies from Deloitte to defense contractor BAE Systems, General Motors, and General Electric are
scrambling to ensure millions of younger managers from the so-called millennial generation—those
born from roughly 1981 to 1997—are ready to step into leadership roles as baby boomers bow out of the
workforce. About 10,000 reach retirement age every day. “Many large, older companies are caught up in
a tsunami of baby boomers retiring and are unaware of how much tribal knowledge they are taking with
them,” says Dorothy Leonard, professor emeritus at Harvard Business School. Leonard’s firm, Leonard-
Barton Group, developed knowledge-transfer programs at several GE divisions and at the nonprofit
Educational Testing Service.
Until last year, boomers made up the largest portion of the U.S. population, and Generation X
represented the biggest share of the workforce. Now millennials lead in both categories: They hold about
20 percent of all management jobs, up from 3 percent in 2005, according to U.S. Bureau of Labor
Statistics data.
GE runs programs in its GE Hitachi Nuclear Energy and GE Transportation units, among others.
Retaining technical knowledge and capabilities is a focus, says GE Global Research spokesman Todd
Alhart. ETS set up knowledge-sharing partnerships between key personnel and colleagues within the
same departments, to “deepen bench depth,” according to Candyce Wright-Citrone, a Develop Core
Competencies Consultant in ETS’s Chief Learning Office Group. Action plans, based on individual
learning goals established for participating employees, are followed over several months. GM uses
educational training and mentorships to help bridge the generation gap. It wants its leaders to function
more as coaches, the automaker has said. And Bank of America has a so-called onboarding program to
help new executives adapt to the corporate culture and learn from senior executives.
Page 2 of 9As Boomers Retire, Companies Prepare Millennials for Leadership Roles - Bloomberg B...
1/21/2016http://www.bloomberg.com/news/articles/2016-01-21/as-boomers-retire-companies-prepar...
3. “In the next 10 to 15 years, we’re going to have the greatest transfer of knowledge that’s ever taken
place,” says Chip Espinoza, director of organization psychology at Concordia University Irvine. An
effective way to handle the shift, he says, is for a company to create relationships between the
generations.
“It’s clearly an emerging area that everyone is dealing with,” says Mike Preston, Deloitte’s chief talent
officer. Within a decade, maybe sooner, he says, there will be no boomers in Deloitte’s top management.
BAE, a multinational defense and aerospace company, similarly has been preparing for the retirement
cliff for several years, says Andrew Muras, the company’s advanced learning manager. BAE adapted a
NASA program developed a decade ago when the U.S. space agency started to lose expertise from the
lunar landings as senior engineers retired. Realizing it would need that knowledge for missions to Mars,
the agency asked engineers who’d worked on the Apollo mission to share what they knew in meetings
with new engineers.
When BAE learns that an employee with deep institutional knowledge plans to retire, whether in a few
months or a couple of years, a knowledge-transfer group of about a half-dozen people of varying ages
working in the same area is formed. The teams meet regularly over months to talk and exchange advice.
Page 3 of 9As Boomers Retire, Companies Prepare Millennials for Leadership Roles - Bloomberg B...
1/21/2016http://www.bloomberg.com/news/articles/2016-01-21/as-boomers-retire-companies-prepar...
4. Younger workers elicit tips, and in some cases older ones gradually hand off tasks to junior employees.
The program began as a pilot in 2013; during the past two years, BAE has expanded it across the
company. It eventually wants to hold as many as 60 sessions a year.
One manager who’s scheduled to retire in April demoted himself in the process and now works as an
assistant to an employee who recently joined the company from the U.S. Navy to do the job the manager
once held. According to Muras, the two worked together on a bid to handle maintenance and repairs on
an amphibious ship for the Navy, a contract the older worker had run for 11 years. The contract has
since been renewed, with the newer employee overseeing the work.
BAE has quantified the payoff of its knowledge-transfer efforts by looking at variables such as direct
and indirect costs and productivity. “We’re saving on average between $120,000 to $180,000” per
project, Muras says. Devoting more time preparing millennials for leadership roles may also encourage
them to stay with the company. The median tenure of workers age 25-34 is about three years, compared
with 10.4 years for workers age 55-64, according to BLS data.
Catie Perrella, 26, who coordinates parts production for the F-15 Eagle fighter jet, is part of BAE’s
leadership development program. “You can take knowledge from position to position,” says Perrella,
who joined the company in 2011 and is enrolled in an MBA program at Boston University. “I’ve had a
lot of friends who leave a company after two or three years, but BAE has so many opportunities within
the same walls,” she says, that she can advance her career by staying put.
The bottom line: Companies that don’t plan for generational management shifts risk falling behind and
losing out to their competitors.
Before it's here, it's on the Bloomberg Terminal.
• Baby Boomers • Millennials • Markets • General Electric Co
Page 4 of 9As Boomers Retire, Companies Prepare Millennials for Leadership Roles - Bloomberg B...
1/21/2016http://www.bloomberg.com/news/articles/2016-01-21/as-boomers-retire-companies-prepar...