Date post: | 06-May-2015 |
Category: |
Business |
Upload: | centre-for-executive-education-cee |
View: | 99 times |
Download: | 0 times |
Prof Sattar Bawany, Managing Director
Merle Chen, Business Development Manager
Friday, 7 October 2011
Y Are They Different:
Harnessing the Potential of a Multi-
Generational Workforce
DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 2 2
ARE YOU A TIGER OR DEER?
Every morning in Asia, a tiger wakes up. It knows it
must outrun the slowest deer or it will starve to death.
Every morning in Asia, a deer wakes
up. It knows it must run faster than the
fastest tiger or it will be killed.
It doesn’t matter whether you are a tiger or a deer: when
the sun comes up, you’d better be running…..
DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 3 3
About DBM
A global human capital management firm
Provide career transition, coaching and talent development solutions to
private and public companies and government organisations
Over 40 years of global experience
Present in 55 countries with 230 offices
Customers include 70% of the Fortune 500 & 80% of the Global 500
Customised support for companies operating under different
conditions
Growth
M&A
Restructuring
DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 4 4
Gen Y – Y Are They Different?
DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 5 5
Agenda
Generational Diversity in Today‟s Workplace
Overview of Generational Differences:
Perceived Strengths
Common Perceptions
Communication Across Generations
Leading and Engaging Gen Y
Recommendations on Achieving Synergy
Summary and Q & A Session
DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 6 6
Changing Demographics
Increasing numbers of Gen Y entering the workforce.
Baby Boomers & Traditionalists are continuing to work for longer
tenures or are Re-engaged into the workforce.
Key findings from survey commissioned by Tripartite Alliance for
Fair Employment Practices (TAFEP), 2010:
Gen X and Gen Y make up 60% of the Singapore workforce.
Means that 40% of the Singapore workforce is over 45 years of
age.
Key to Business Success – Quality of Workforce in
sustaining high performance.
Multi-generational teams improve organisational
effectiveness and performance.
Generational Diversity in Today’s
Workforce
Adapted from: TAFEP‟s Report on „Harnessing the Potential of Singapore‟s Multi-generational Workforce‟, 2010
DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 7 7
More flexible in changing demographics
Broader insight into your customer base
Wider pool of Talent
Diverse perspectives leading to stronger
decision-making
Greater innovation and creativity
Meet the needs of diverse stakeholders
Benefits of Multi-Generational Work
Teams
Multi -generational workplaces can be a source of positive
challenge, opportunity, and significant growth if managed
effectively.
DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 8 8
Leading Multi-Generational Workforce
• ROI
• Employee
Turnover/Retention
• Employee Satisfaction/
Loyalty
• Customer
Satisfaction/Loyalty
• Rewards
• Espirit De Corps
• Flexibility
• EQ/EI Competencies
• Managerial Skills
• Leadership Styles
Organisational Results
Employee Engagement
Organisational Climate
Leadership
Effectiveness
DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 9 9
Each generation has its own characteristics; different values
and workplace concepts (E.g. Work-life balance, loyalty,
teamwork) are understood differently.
These differences can breed misunderstanding, conflict and
compromise growth.
Key is in managing these differences effectively and reducing
bias.
Multi-Generational Differences - An
issue?
Age Conditions Experience
Generational
Attributes
Source: Justine James, Sally Bibb, Simon Walker, „Global Tells How It Is‟ Summary Research Report, 2008.
DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 10 10
Source: The Straits Times, 8 April 2010
DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 11 11
Traditionalists Baby Boomers Gen X Gen Y
Career
Goals
Legacy Stellar Career Portable Career Parallel Careers
Rewards Satisfaction of
a Job Well
Done
Money, Title,
Recognition, Corner
Office
Freedom Is The
Ultimate
Reward
Work That Has
Meaning
Work-Life
Balance
Support in
shifting the
balance
Help me balance
everyone else and
find meaning in
myself
Give me
balance NOW!
Not when I‟m
65
Work isn‟t
everything.
Flexibility to
balance my other
activities
Job
Changing
Carries a
stigma
Puts you behind Is Necessary Is Expected
Training I learned the
hard way, you
can too!
Train them too much
and they‟ll leave
The more they
learn, the more
they‟ll stay
Continuous
learning is a way
of life
Overview of Generational Differences
Source: Lynne C. Lancaster and David Stillman „When Generations Collide: Who They Are. Why They Clash. How to Solve
the Generational Puzzle at Work‟, 2002.
DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 12 12
Calculate Your Current (and Future) Investment in Gen Y.
How many Gen Y employees does your organisation currently
have?
What is the average compensation for Gen Y employee at your
organisation?
Multiply the number of Gen Y employees x Your average
compensation.
Can be seen as the risk your organisation takes in
assuming Gen Y will meet your employment needs.
The better managed this investment, the lower the risk and
the better return for all involved.
Why The Focus on Gen Y?
DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 13 13
What is the average tenure for your top-performing Gen Y
employees?
What are the top three (3) reasons good employees leave
your organisation?
Food For Thought
DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 14 14
Source: “‟Y‟ Are They Different” – A Study of Gen Y at Work, Their Views and How They are Viewed, GMP & Temasek
Polytechnic, 2009
Leading Gen Y Employees
Leadership Characteristics
That Gen Y-ers Want Their
Leaders To Demonstrate
Leadership Characteristics
That Managers From The
Other Generations Believe In
Demonstrating To Gen Y-ers
1. Caring (54%) 1. Competent (54%)
2. Inspiring (45%) 2. Honest (32%)
3. Competent (44%) 3. Forward-looking (31%) *Numbers in parentheses reflect percentage of respondents who selected this as a preferred strategy.
DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 15 15
Source: “‟Y‟ Are They Different” – A Study of Gen Y at Work, Their Views and How They are Viewed, GMP & Temasek
Polytechnic, 2009
Engaging Gen Y Employees
Top Factors That Motivate Gen
Y To Stay In Organisations
Retention Strategies Most
Utilised By Organisations
1. Opportunities for Career
Advancement (63%)
1. Opportunities for Career
Advancement (43%)
2. Good Work-Life Harmony (41%) 2. Emphasis on Learning &
Development (37%)
3. Good Relationships (40%) 3. Good Compensation (24%) *Numbers in parentheses reflect percentage of respondents who selected this as a preferred strategy.
DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 16 16
AchievementDefining and
attaining goals and results
PowerInfluencing others
and having an impact
AffiliationEstablishing and
maintaining positive personal
relationships
Motives
AchievementDefining and
attaining goals and results
PowerInfluencing others
and having an impact
AffiliationEstablishing and
maintaining positive personal
relationships
Motives
Engaging Multi-Generational Employees
Source: David C. McClelland, "Methods of Measuring Human Motivation", in John W. Atkinson, ed., The Achieving Society
(Princeton, N.J.: D. Van Nostrand, 1961), pp. 41–43.
DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 17 17
Communication is key to inspire commitment
“Opportunities for Career Advancement” and “Good Relationships”
are key factors that motivate Gen Y-ers to remain in organisations.
Regular dialogue between Gen Y-er and supervisor - Start from
the first day at work.
Engage Gen Y through Coaching
Develop Coaching competency of managers to be comfortable and
confident in having conversations surrounding professional
development plans.
Encourage constant feedback and show recognition for Y-er‟s work
contribution.
Team Work „Y‟ Style
Encourage staff gatherings, social events and „mixers‟ with
workmates.
Recommendations
DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 18 18
Conclusion – Key Takeaways
Each generation brings to the table different approaches to
- Work, Interaction, and how they view business strategies.
The end result is a greater diversity and variety of opinions,
creativity and talent.
When managed effectively, a multigenerational team can
add tremendous value to your organisation.
However, as employees in the various age groups may not
naturally interact with each other, leaders may need to
make a concerted effort to facilitate collaboration and
reduce bias.
Source: Lee, Katherine Spencer „Managing a Multi-generational Workforce‟, CIO Update, June 2006
DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 19 19
If you do tomorrow what you did yesterday
Your Future is History……………
Final Thoughts…
If you do tomorrow what we’ve covered today
Your Future is Historic!!!
DBM Presentation for 3M on "'Y' Are They Different" - 7 October 2011 20 20
Visit www.dbm.com/sg/en
For
Articles
Case Studies
Networking Events
For further dialogue, contact:
Prof Sattar Bawany
Managing Director, Singapore
Email: [email protected]
LinkedIn: www.linkedin.com/in/bawany
Merle Chen
Email: [email protected]
LinkedIn: www.linkedin.com/in/merlechen
Question & Answer