8: Generations in the workplace

What are differences between older millennials and younger millennials?

Older millennials: - Tech-savvy: 2-screens - Communicate with text - Tolerance - Immature - Now focused - Share stuff - Optimists - Low confidence - Want to be discovered Younger millennials: - Tech-innate: 5-screens - Communicate with images - Togetherness - Mature - Future focused - Make stuff - Realists - Humility - Want to work for success

Traditionalists/Silents (1925-42)

The Lucky Few...a small sandwich generation known as children of crisis. Kept their heads down, played by the rules and worked within the system. They married and had babies at younger ages than any other generation. Signed up early for the defined-benefit pension plans of their era and retired with security. The last of their cohort reached 67 in 2007. Never occupied the White House. Became the most educated, healthiest and wealthiest generation of elders we have known. Today, they are the economic anchor of many families.

What are the shared expectations of leaders?

- Lead by example - Accessible - Help others see how their roles contribute to the organization - Act as a coach and mentor - Challenge others and holds others accountable

What is trending in younger millennials?

- 1 in 2 will be university educated - Intend to change the world/entrepreneurship in their DNA - Educated in public schools with mainstreamed classrooms and differentiated instruction - Mature and in control (measured by significant downward trends in substance abuse and teen pregnancy) - 50% upward trend in multi-racial children since 2000 (a population that tends to be high-achieving) - Live in multi-generational households - Have an 8-second attention span - 11% diagnosed with ADHD - Think spatially and in 4D but lack situational awareness - Speak in symbols and communicate using images - Communicate with speed and agility (rapid fire communication) - View social media as a research tool - Do NOT want to be tracked (know how to avoid surveillance)

What are the shared expectations of employer by Baby Boomers x Millennials?

- Challenging projects - Competitive compensation - Opportunities or advancement, and chances to learn and grow in their jobs - Fair treatment - Work-life balance

What are the generations in order from oldest to newest?

1) Greatest 2) Traditionalist/Silent 3) Baby Boomer 4) Generation X 5) Millennial/Gen Y 6) Homeland/Gen Z

What are the four universal needs across generations (Baby Boomers x Millennials)?

1) Respect: #1 among all generations 2) Competence: knowledge, skills and experience valued by employer 3) Connection: opportunities to collaborate with coworkers 4) Autonomy: the opportunity to work independently, yet within guidelines, in pursuit of shared goals

Generation X (1961-81)

Another sandwich generation, born in a child-unfriendly time. Rising divorce rates and broken down schools created single parent families and underprotected latch key kids. Xers learned to trust themselves and their instincts instead of adults and institutions. They are the most dynamic generation of entrepreneurs in our history, and the most protective generation of parents. Focus on bottom-line results with a goal of financial prosperity, but entered the job market during massive corporate layoffs and brutal recession. Before and after the recession, they have been punished in the stock and real estate markets and have been slowest to recover from the Great Recession. Lease likely to be prepared for retirement due to the timing of economic turmoil. Even Millennials, who have more time to recover, will be better off.

Millennials (1982-2004)

Came of age with growth in technological sophistication and constant stimulation. As children, they became an overly protected generation with tremendous adult attention and helicopter parenting. Collectively they have a sense of being special. Economic and career prospects have been totally dominated by the Great Recession and many have been unable to find secure, salaried positions. Today, their lives are on hold as many have put off marriage, babies, car purchases and relocation. They are risk averse, often jobless, well-educated but buried in student loan debt. Yet they remain optimistic. They continue to trust older adults and the government.

Baby Boomers (1943-60)

Experienced everything from hippies to yuppies. Older Boomers knew economic prosperity, suburban affluence and strong nuclear families. Younger Boomers got into more trouble, graduated less often and married later or not at all. Became well known for cultivating the "self" and were careless about material wealth. They instead chose to divide the world into right and wrong, good and bad. Have been known as individualistic risk-takers who pushed on everything from drug-use, STDs, and crime to the resulting life-style related diseases. Retiring later with less money, they want to be near their adult kids (away from their peers), and would rather hand down strong values than material inheritance.

Why do generations differ?

Generations are shaped by key events and circumstances according to whichever stage of life its members occupy at the time of the event. The nature and timing of experiences shape attitudes, and influence core beliefs and behaviors.

What is the workplace reputation of millennials?

Net-centric team player. Known for their confidence, teachability, and strong team skills. Many older workers regard them as coddled, risk-averse and lacking in initiative. With their rising institutional trust, they are placing new focus on stable long-term career paths.