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Greater China Talent Management Summit 2011
“Definition of Success - What's the Aspiration of Young Definition of Success - What's the Aspiration of Young People"People"
July 8, 2011
1. Survey Objectives2. Grouping of Working Population3. Survey Findings
4. Survey Conclusions5. Literature Review
6. Definition of Success
Agenda
3
1. Survey Objectives To help employers understand Generation Y on their
characteristics and preferences at workplace
To develop appropriate strategies and tactics to work effectively with Generation Y
To exploit Generation Y’s talents for future business development
Sources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD AllianceSources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD Alliance
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2. Grouping of Working Population
1922 1945 1964 1980 1994
Silent Generation
Baby Boomer Generation
X
Generation Y
Generation Z
Aged 16-29 Aged 15 or below Aged 30-45 Aged 46-64 Aged 65 or above
Sources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD AllianceSources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD Alliance
5
3. Survey Findings4.2 Recruitment and Retention Ranking and mean scores of attributes which Generation Y would look for when they choose/stay in a job
Ranking Scale: 1 = most important5 = least important
Sources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD AllianceSources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD Alliance
Ranking Employers Mean Working Gen-Y Mean
1st Monetary compensation and benefits
1.81Monetary compensation and benefits
2.30
2nd
Clear and achievable career pathway
2.55Clear and achievable career pathway
2.93
3rd Interests and fun 3.10 Job security 3.20
4th Professional advancement 3.24 Professional advancement 3.21
5th Flexible timetable 3.43 Interests and fun 3.43
6th Job security 4.27 Flexible timetable 4.56
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Employers Working Generation Y
% %
Directive mentor 21% 14%
Supportive mentor 26% 48%
Collaborative mentor 44% 27%
Achievement-oriented mentor 9% 11%
4.3 Mentoring
Style of mentor which Generation Y would prefer
3. Survey Findings (cont’d)
Sources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD AllianceSources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD Alliance
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4.3 Mentoring
Style of mentor which Generation Y would prefer (cont’d)
3. Survey Findings (cont’d)
Definition of the four mentoring styles:
• A directive mentor: Gives all the instructions and rules
• A supportive mentor: Offers help when you need according to the situation
• A collaborative mentor: Allows you to have much freedom in work
• An achievement-oriented mentor: Provides ongoing feedback
Sources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD AllianceSources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD Alliance
8
4.4 Characteristics of Generation Y at Workplace Mean score of characteristics rated by respondents
Mean score of Characteristics Employers Working Gen-Y
They want to participate in the decision made related to their work.
3.89 4.37
They are more adaptable to different working environment
3.21 4.31
They want to have more instant response when communicating with the others
4.14 4.30
They want to choose their working hours flexibly 4.49 3.92
3. Survey Findings (cont’d)
Ranking Scale:
1 = Totally disagree6 = Totally agree
Sources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD AllianceSources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD Alliance
9
4.4 Characteristics of Generation Y at Workplace Mean score of characteristics rated by respondents
Ranking Employers Mean Working Gen-Y Mean
1st They want to choose their working hours flexibly
4.49 They want to participate in the decision made related to their work.
4.37
2nd They want to have more instant response when communicating with the others
4.14 They are more adaptable to different working environment
4.31
3rd They want to participate in the decision made related to their work.
3.89 They want to have more instant response when communicating with the others
4.30
4th They are more adaptable to different working environment
3.21 They want to choose their working hours flexibly
3.92
3. Survey Findings (cont’d)
Sources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD AllianceSources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD Alliance
Ranking Scale:
1 = Totally disagree6 = Totally agree
10
4.4 Characteristics of Generation Y at Workplace
Top five adjectives respondents used to describe Generation Y at workplace
Ranking Employers Working Generation Y
1st Self-centered Creative
2nd Impatient Energetic
3rd Creative Self-centered
4th Lazy Hard-working
5th Irresponsible Enjoy freedom
3. Survey Findings (cont’d)
Sources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD AllianceSources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD Alliance
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4.5 Motivation and Rewards
Comparison of employers’, working and non-working Generation Y’s view on rewards which can motivate Generation Y to improve at workplace
Rewards Employers Working Gen- Y
% %
Satisfactory performance in their job 29% 40%
Freedom at work execution 23% 12%
Money and title recognition 44% 43%
More meaningful work given 4% 5%
3. Survey Findings (cont’d)
Sources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD AllianceSources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD Alliance
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4. Survey Conclusions
Both employers and Generation Y think Generation Y are creative. However, employers comment that Generation Y are self-centered, impatient and irresponsible while Generation Y think they are hardworking and energetic
Since Generation Y employees seek more ownership of their job, they want to participate in the decision making process
Generation Y employees are at the start of their career, they desire more support and guidance from employers
Apart from money and title recognition, job satisfaction, learning opportunities and exposure from work are effective ways to motivate Generation Y
Sources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD AllianceSources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD Alliance
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5. Literature Review
Sources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD AllianceSources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD Alliance
Reference Information Kathleen Shaputis, The Crowded Nest Syndrome: Surviving the Return of Adult Children,
Clutter Fairy Publishing, 2004
Ron Alsop, The Trophy Kids Grow Up: How the Millennial Generation is Shaking Up the Workplace, Jossey-Bass, October 13, 2008
Don Taspcott, Grown Up Digital: How the Net Generation is Changing Your World, McGraw-Hill, 2008
Peter Sheahan, Generation Y: Thriving and Surviving with Generation Y at Work, Hardie Grant Books, 2005
Misti Burmeister, From Boomers To Bloggers: Success Strategies Across Generations, Synergy Press, LLC, 2008
Nicole A. Lipkin, Y in the Workplace: Managing the "Me First" Generation, Career Press, 2009 Bruce Tulgan, Not Everyone Gets a Trophy: How to Manage Generation Y, Jossey-Bass, 2009 《四代香港人》呂大樂著 香港進一步多媒體有限公司出版
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Comparisons of the Lifestyles of Multi - Generation
Silent Generation (1922 – 1945)
Baby Boomer(1946 – 1964)
Generation X(1965 – 1980)
Generation Y(1981 – 1994)
Generation Z( After 1994)
Core Values
Respect authority
“Duty before self”
Disciplined
Optimism
Community involvement
Independence
Skeptical of authority
Adaptability
Democracy
Confidence
Fun
Pluralism
Efficiency
Social justice
Individualism
5. Literature Review (cont’d)
Sources :Hammill, Greg. (2005). Mixing and Managing Four Generations of Employees. Peter Sheahan, Generation Y: Thriving and Surviving with Generation Y at Work, Hardie Grant Books, 2005
Sources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD AllianceSources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD Alliance
15
Silent Generation(1922 – 1945)
Baby Boomer(1946 – 1964)
Generation X(1965 – 1980)
Generation Y(1981 – 1994)
Generation Z( After 1994)
Dealing with Money
For saving
Pay cash
Conservative
For saving
Cautious Earn to spend
Buy now, pay later
Wise about money management
Money-savvy
Comparisons of the Lifestyles of Multi – Generation (cont’d)
5. Literature Review (cont’d)
Sources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD AllianceSources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD Alliance
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Work Ethic
Value hard work
Respect authority
Adhere to rules
Value job status
Workaholic
Desire quality
Desire clear structure and direction
Question authority
Adaptable to changes
Desire autonomy
Emphasize job significance
Do not believe in career and formal studies
Desire instant results
Silent Generation (1922 – 1945)
Baby Boomer(1946 – 1964)
Generation X(1965 – 1980)
Generation Y (1981 – 1994)
Generation Z(After 1994)
5. Literature Review (cont’d)
Generational Working Styles
Sources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD AllianceSources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD Alliance
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Silent Generation (1922 – 1945)
Baby Boomer (1946 – 1964)
Generation X(1965 – 1980)
Generation Y (1981 – 1994)
Generation Z (After 1994)
Work Values
Obligation
Duty before fun
Exciting adventure
Ambitious
Difficult challenge
Means to fulfill goal
Fun in work
Do not value professions
Generational Working Styles (cont’d)
5. Literature Review (cont’d)
Sources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD AllianceSources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD Alliance
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Silent Generation (1922 – 1945)
Baby Boomer (1946 – 1964)
Generation X (1965 – 1980)
Generation Y(1981 – 1994)
Generation Z(After 1994)
Career Goal
Build a legacy
Seek for job security and stability
Build a stellar career
Seek for job status
Build a career that can use skills and experience
Seek for personal development
Build multi tasking careers
Generational Working Styles (cont’d)
5. Literature Review (cont’d)
Sources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD AllianceSources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD Alliance
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Preferred Communication MethodsSilent Generation (1922 – 1945)
Baby Boomer(1946 – 1964)
Generation X(1965 – 1980)
Generation Y (1981 – 1994)
Generation Z(After 1994)
Communication Style
Formal
One on one
Personal contact
Call at anytime
Expect ongoing feedback
Short messages
More informal
Instant
Rely on the virtual world
Resist verbal and face-to-face communication
Instant
5. Literature Review (cont’d)
Sources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD AllianceSources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD Alliance
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Silent Generation (1922 – 1945)
Baby Boomer(1946 – 1964)
Generation X(1965 – 1980)
Generation Y(1981 – 1994)
Generation Z(After 1994)
Communication Media
Phones
Write memo
Mailed letter
Cell phones Cell phones
Internet
3G / 4G Cell phones/E-mail
Corridor conversations
Internet
Instant messaging
Social interaction websites
Preferred Communication Methods (cont’d)
5. Literature Review (cont’d)
Sources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD AllianceSources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD Alliance
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Silent Generation (1922 – 1945)
Baby Boomer (1946 – 1964)
Generation X(1965 – 1980)
Generation Y (1981 – 1994)
Generation Z(After 1994)
Message preferred
Reserved
Polite
More personal Short and direct
Concise action words
Use abbreviations
Online message
Preferred Communication Methods (cont’d)
5. Literature Review (cont’d)
Sources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD AllianceSources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD Alliance
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Silent Generation (1922 – 1945)
Baby Boomer(1946 – 1964)
Generation X(1965 – 1980)
Generation Y(1981 – 1994)
Generation Z(After 1994)
Motivating style
Clear and logical
Love encourage-ment
Ask for their reactions and opinions
Be more like a coach, less of a boss
Being friends with them
Rewards Satisfaction in a job well done
Money and title recognition as rewards
Freedom is the best reward
Meaningful work
Meaningful, challenging work
Motivators
5. Literature Review (cont’d)
Sources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD AllianceSources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD Alliance
6. Definition of Success
Work life balance
“Chasing Day Light”
Legacies
Value and meaning
Life influences life
Sources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD AllianceSources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD Alliance
6. Definition of Success (cont’d)
Count our Blessing
Stewardship of Affluence
Stewardship of Influence
Sources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD AllianceSources : Survey conducted by Tamty McGill Consultants International Ltd. on behalf of CPD Alliance
25Hon. Paul M. P. ChanHon. Paul M. P. Chan
Thank You!www.paulmpchan.hkwww.paulmpchan.hk
Phone: 2894-6188Phone: 2894-6188Email: [email protected]: [email protected]