Boldly go where other generations have not gone before
For the first time in history, we have up to five generations in the workplace. All generations want the same thing: to be respected, recognized, and rewarded for our work. The difference between them is the form factor that motivates us. Preceding generations have put the current reward and recognition systems in place. That creates a clash at work and at home with the succeeding generations who are doing most of the actual work while others are mostly in senior roles. Disengaged workers are less innovative, less likely to stay long term, and focus more on output than business value, decreasing the company’s agility. We’ll share stories of how we created adaptable reward and recognition systems that foster incentives for every generation, increasing engagement from all sections of our workforce. Mun-Wai Chung JF Unson
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Boldly go where other generations have not gone before
- 1. Boldly Go Where Other Generations Have Not Gone Before Mun-Wai Chung, JF Unson 21 November, 2020
- 2. Mun-Wai Chung ● https://munwaic.com ● mw@munwaic.com ● https://www.linkedin.com/in/munwaic/ JF Unson ● https://www.jfunson.com ● jfu@jfunson.com ● https://www.linkedin.com/in/jfunson
- 4. For the first time in history up to 5 generations in the workforce Traditionalist (Silent): 1925 - 1945 Baby Boomers: 1946 - 1964 Generation X: 1965 - 1980 Generation Y: 1981 - 2000 Generation Z: 2001 - 2020
- 6. Longnecker & Associates, HR Virtual Summit, 2019
- 7. Gen Y (Millennials) 20 - 39 yo 35% Gen X 40 - 55 yo 33% Baby Boomers 56 - 74 yo 25% Gen Z < 20 yo 5% Silent2% Purdue University Global Research Pew Research Center Current US Workforce
- 8. Gen Y (Millennials) 20 - 39 yo 35% Gen X 40 - 55 yo 33% Baby Boomers 56 - 74 yo 25% Gen Z < 20 yo 5% Silent2% Purdue University Global Research Pew Research Center Current US Workforce
- 9. So, how do we create a reward & recognition system that is adaptable enough for all generations?
- 10. Our Stories The iron rule of nature is: you get what you reward - Charles T. Munger
- 11. Takeaways ● Key question: “What does it take to get the product into the customer’s hand?” ● Tailor to the teams ● Replicate the pattern across teams and up the levels ● Be creative with the rewards, keep them fresh Roles & Responsibilities Remapped Levels & Growth Paths Redefined People Vested & Engaged
- 12. You now have an adaptable and agile reward & recognition system that satisfies all generations & levels. One of Mun-Wai’s Grammys
- 13. Conclusion Radical Approach ● Remap roles & responsibilities ● Redefine levels & growth paths ● Re-look at organization structure ● Agile Finance Cautious Approach ● Based on purpose and values ● Be creative, keep it fresh ● Tailor to the teams ● Try small before going big ● Trust needed at impact level
- 15. Is it really all about generations?
- 16. Mun-Wai Chung ● https://munwaic.com ● mw@munwaic.com ● https://www.linkedin.com/in/mun-wai/ JF Unson ● https://www.jfunson.com ● jfu@jfunson.com ● https://www.linkedin.com/in/jfunson
- 17. Thank You!