June2 lfws frederick_shrm_slides

Live First, Work Second: Getting Inside the Minds of the Next GenerationMolly Foley, Next Generation Consulting

Wednesday, June 1, 2011

Who is the “Live First, Work Second” next generation?How did we get here?


I must run a dry-cleaning shop so my sons can go to medical and law school, in order that their sons may study sociology and communications, so that their children can run vintage clothing stores, act in avant-garde theatre, and work in coffee shops.

Immigrant grandfather in Joseph Epstein’s Snobbery: The American Version


The next generation’s Live First, Work Second, work ethic is not some out-of-nowhere, cosmic, egotistical self-expression.


It’s a natural next step in a generation-after-generation progression of economic life in developed societies.


Maslow’s Heirarchy of Needs

Millennials

Gen X’ers

Boomers

Silents


Silents, b. 1925-1942•Turning 69-86 years old in 2011•Safety Needs•Came of age during Great Depression & WWII•Roosevelt’s “The New Deal” ensured adequate income to secure food, housing, etc.


Silent’s secured “Safety Needs” allowing Baby Boomers to set their sights higher up the hierarchy…


Baby Boomers, b. 1943-1961•Turning 51-68 years old in 2011•Belonging Needs•Came of age during Vietnam, Woodstock, MLK•First workaholics, current executives•Most believe young talent should place same importance on work as they do


In a Boomer world, everyone belongs.

This paved the way for the independent Generation X...this first “next generation”.


Generation X, b. 1962-1981•Turning 30-49 years old in 2011•Esteem Needs•First latchkey kids as both parents worked•Value independence and freedom.•Mavericks, go-it-alone mentality


In our communities, Gen Xers fierce independence has caused a dwindling of civic and social clubs - think Rotary.

At work, Gen Xers are sometimes more likely to question their leaders than follow them.


Millennials, b. 1982-2001•Turning 10-29 years old in 2011•Self-Actualization Needs•Grew up with scheduled activity-after-activity•Strong parent advocacy...”you are special”


To self-actualize, Maslow says:

Teach people to be authentic, to be aware of their inner selves and to hear their inner-feeling voices.



Teach people to transcend their cultural conditioning and become world citizens.



We should help people discover their vocations in life, their callings, fates, or destinies. This is especially focused on finding the right career and the right mate.



We should refresh consciousness, teaching people to appreciate beauty and the other good things in nature and in life.


Why does the next generation matter?


Demographics

Economics

Psychographics


1. Economics:

Shift from goods based to knowledge based economy


Founded 2005Founders: Steve Chen, Chad Hurley, Jawed KarimAge: 27, 29, 26


Founded in 2004Founder: Mark ZuckerbergAge: 20


Founded in 2006Founder: Jack DorseyAge: 30


2. Demographics

The greying of our workforce


In developed countries, the dominant factor will be...the rapid growth in the older generation, and the shrinking of the younger generation.

Peter Drucker, Managing in the Next Society


In the U.S., 10,000 people are turning the age 65 everyday.

US Bureau of Labor Statistics


-20

0

20

40

60

Age 35-44 Age 45-54 Age 55-64

52

21

-10

2010 Percentage Change of Age in US Workforce


3. Psychographics:

Next-gen chooses & lives differently


Lives First, Works SecondWhere I live is as important as where I work.


Are free agents.By the time I’m 32, I’ll have had up to nine jobs.


Tech-savvy.

Are skeptical.More people under 40 believe they will see a UFO than receive Social Security.


Tech SavvyWork that can be done over a wire can be done anywhere.Tech SavvyWork that can be done over a wire can be done anywhere.


Life online is LifeSocial world is an online world


30 is the new 20Adulthood has been pushed back


Millennials have grown up with “parent advocacy”.


60% of Millennials in their 20’s receive support from parents.


How can we attract and engage young talent?


Intentional DesignWhat if we (re)designed our workplaces & cities with the next generation of leaders in mind?


Build on your assets and invest in the amenities that matter to your target demographic.


Jobs are one of the SEVEN factors young talent weigh when choosing their place to live.


However, its the RIGHT job and RIGHT work culture that matter most to young talent...


We’ve interviewed and surveyed over 50,000 executives and young employees and here’s what we’ve learned...


People Profit

The evidence behind Next Companies® shows that people-centered practices can be profitable, and that profitable

businesses can be people-centered.Wednesday, June 1, 2011

What do you want your employees to be “homesick” for?

Six Dimensions of Engagement

51


TrustWednesday, June 1, 2011

We are who we say we are!Wednesday, June 1, 2011

Trust in the workplace means...Managers believe employees want to be productive.

Employees are enthusiastic and passionate about their work and the company’s mission.

People cooperate and collaborate, leading to positive workplace interactions, higher profits, and greater productivity.


ManagementMy manager gets the best work out of everyone on our team.


In their groundbreaking research outlined in First Break All The Rules, authors Buckingham and Coffman state: Talented employees need great managers.

How long an employee stays and their productivity is determined by their relationship with their immediate supervisor


In our research among 20-40 year olds, when asked, “Why did you leave your last job?” the most common responses all fall into one category:

bad management


Trust and ManagementThe Foundation of a Next Company


Life-Work BalanceI can have a life and a career.


People under 40 are twice as likely to rate Life-Work Balance as their number one.


When asked what their “ideal hours” would be, most Millennials (67%) chose 40 hours per week.

NGC Panelist Survey 2009


For Millennials, Life-Work Balance means:

1) Flexible hours (e.g. compressed work week)

2) A fair and reasonable workload

3) The option to work from home


RewardsI am rewarded - with pay, perks(benefits), and pats on the back(recognition) - in line with my contribution.


Surprise them by noticing


DevelopmentI am expected and encouraged to learn and grow.


In terms of DEVELOPMENT...Challenging, non-repetitive work

Opportunities to assume leadership roles on projects

Employer support to pursue training, advanced degrees or certifications


At Google, employees are encouraged to work 20% of their time outside of their job description.


Connection I feel that I am a part of something bigger.


In terms of CONNECTION...Working for a company whose values and mission resonate with my own

Having pride in my job and my company

Working in a team environment


Trust

Life-Work Balance

Development

Rewards

Connection

Management


Importance of dimensions based on Life-stage


Age & Gender

Years of experience in field

Years of experience in organization

# and age of children

# and age of adult dependents

Martial status

Supervisor status

Employment status of spouse/partner

Race/ethnicity

Income


Younger, less experienced workers value life-work balance & development more.


Men favor rewards & women favor balance more.


Life-work balance is significantly more important for parents with young children.


Top 3 Young Talent Magnets:Compensation / Rewards

Flexible Schedules / LWB

Learning Opportunities / Development


Tips for recruiting the next generation


Think beyond college job fairs:


Visiting a location and getting to feel what it would be like to work and live in that atmosphere. Meeting people that I would be working with. Emphasizing how the company is involved in the community.

27-year-old female


Quality of place plays a key role in your recruitment efforts.Capitalize on your community’s distinctiveness


Seven Indexes to measure quality of place


COST OF LIFESTYLECan I afford to live here?

Cost of LifestyleCan I afford to live and play here?


EarningThe quality and diversity of job and career opportunities.


VitalityDoes the community value a healthy lifestyle?


LearningIs this a “smart” community, and one that values ongoing education?


Around TownHow easy is it to get around - and in and out of - town?


After HoursWhat’s there to do after work, and on weekends?


Social CapitalDoes the community engage all people?


INDEX VALUE PERCEPTION + / -

COST OF LIFESTYLE 98% 78% -20%

EARNING 96% 52% -44%

VITALITY 93% 63% -30%

AROUND TOWN 91% 75% -16%

LEARNING 91% 73% -18%

SOCIAL CAPITAL 87% 48% -39%

AFTER HOURS 87% 63% -24%

Young Talent Ranking of Indexes


BottomlineGreat talent drives economic prosperity.

Talent clusters in the cities & regions that have the assets and amenities they value and the companies that value them.


Look at the...Policies

Attitudes

Behaviors

Social Networks

How do you embrace the LFWS mindset?


[email protected]

Twitter: mfoleyngc

Resource Page: http://tinyurl.com/LFWS-FrederickSHRM


http://www.nextgenerationconsulting.com/next

http://www.nextgenerationconsulting.com/next

mailto:[email protected]

mailto:[email protected]

http://tinyurl.com/LFWS-FrederickSHRM

http://tinyurl.com/LFWS-FrederickSHRM

June2 lfws frederick_shrm_slides

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