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What Does a Gen Yer Want?,Presented by: Jennifer Brown, Jennifer Brown Consulting Liz Wamai, Merrill Lynch Sharon Klun, Accenture Work/Life Congress,Context is Key,Each generations attitudes and beliefs are formed by cultural shifts, influential public personalities, and technological changes These differences play out in the workplace, where there are currently four generations interacting constantly,Who are the Generations?,Traditionalists born before 1946 Baby Boomers born 1946-1964 Gen Xers born 1965-1980 Gen Yers born after 1980,Influences,Traditionalists,Loyal put aside individual needs to work towards common goals Leadership top down approach, military style Work paternalistic, company took care of employees Goal build a legacy, leave something behind Reward job security, plaques, employee of the month, satisfaction of job well done Work philosophy paying dues is the natural order of things,Baby Boomers,Optimistic good education, jobs, opportunity Leadership by consensus Change civil rights, womens rights Competitive “Me” generation Greatest invention TV Rewards money, title, seniority, corner office,Generation X,Skepticism Leadership - competence Media cable TV, VCRs, video games, cell phones, personal computer Resourceful, independent Rewards freedom and balance, transferable benefits, portable retirement, flexible leave Career independence, self-manage,Generation Y,Feel empowered to change environment; wont give respect just based on rank Value being “cutting edge” versus “having experience” Value diversity and change “Portable” skills Work place, hours, and teammates at their discretion Focus on life/work balance,Traditionalist/Baby Boomer Perspective,The young people of today have an attitude problem They want everything on their own terms They dont understand that they have to pay their dues They have barely started the job and they expect to be sent to some expensive training program They work the minimum hours and then go home They have a short attention span Im doing more parenting than managing They dress too casually for the workplace,Generation X and Y Perspective,I dont like being stuck in a cubicle with nothing to do The guy that hired me hardly ever makes contact My skills havent been tested I dont want to be locked in a dead-end job Nobody asks me for my opinion Nobody recognizes my contributions,What Can We Learn From Yers?,Multi-tasking skills Decision-making agility Evaluation of risk and managing dilemmas Flexibility and persistence in face of change High skills in social networking and team activities,Institutionalizing Generational Diversity With four generations in the workforce, a different cultural work experience is beginning to take shape. As such, Merrill Lynch is developing a holistic approach to leveraging the unique characteristics, values and skills. These programs include: Parents Day GoLearn! Blackberry Training Uncommon Threads: Four Generations in the Workplace training Redesigned Analyst and Associate Development Program Future Generation of Leaders: Profiles of Women in Leadership Future Generation of Leaders: Sophomore Rotation Program Networks: Young Professionals and Womens Associates Leadership Connection Reverse mentoring; Parenting Pals,Gen Y Merrill Lynch Programs,Program or Initiative Structure and Design Our suite of programs is outlined individually so that you may get a full flavor of our offerings. Parents Day Our premier initiative, Parents Day, is a “Bring Your Parents to Work Day“ that recognizes the influence that extended family members (often “helicopter parents”) bring to bear on a students choice of industry, firm and work location. This program is focused on family members who are unfamiliar with financial services and anxious about their child working in New York City. The event provides welcome assurances and first-hand familiarity.,Gen Y Merrill Lynch Programs,Awareness and Development Programs A) GoLearn! Blackberry Training B) UnCommon Threads: Four Generations in the Workplace C) Newly Designed Analyst and Associate Banker Development Program D) Profiles of Women in Leadership Conference E) Global Markets & Investment Banking (GMI) Sophomore Rotation Program,Gen Y Merrill Lynch Programs,Employee Engagement (Networks) A) The Young Professionals Network B) The Womens Associates Leadership Connection (WALC) C) Employee Engagement: Reverse Mentoring D) Employee Engagement: Parenting Pals Measures of Success/Key Metrics: Diversity Scorecards- demographics, performance management, recruiting, advancements, productivity, change behavior metrics Level 1-4 Learning Evaluation for learning and development programs Employee Surveys- 40+ questions Session evaluations Anecdotes- comments,Gen Y Merrill Lynch Programs,Gen Y Merrill Lynch Programs,Summary of Participants Impacted by Generational Diversity Efforts Parents Day: 38 Analyst Day 60 New! Blackberry Training: GoLearn! 2100 Uncommon Threads: Four Generations in the Workplace Training 1280 Newly Designed Analyst and Associate Development Program 870 Future Generation of Leaders: Profiles of Women in Leadership 1025 Future Generation of Leaders: GMI Sophomore Rotation Program 12 Employee Networks 160 Total Participants 6,052 Total Projected Participants Year End 2007 12,452,Motivating Generation Y Sharon Klun, Accenture,Why Understand Generational Differences?,Employees of different generations bring different values, attitudes toward work, work styles, job satisfaction criteria, engagement beliefs, learning styles, expectations, and levels of commitment to the workplace Motivational tools, rewards, recognition, and retention tools will look different for each employee Organizations that understand this basic principle will have the competitive edge.,The workforce is becoming more work/life focused 22% of Baby Boomers are work-centric compared with 12% to 13% of Gen X and Gen Y 41% of Baby Boomers are family-centric compared with 50% of Gen X and 52% of Gen Y Men (in dual-earner couples with children) spend 1 hour per week more sharing chores and 1 hour per day more with their child 38% are somewhat or very likely to find a new job this year 83% of Accenture employees say their ability to manage work/life impacts their commitment to stay (Work/Life Accenture Survey),US Workforce Trends,Research on Gen Y,Gen X and Gen Y women and men work very hard but they do not want to advance into jobs with more responsibility. In 1992, 57% wanted more responsibility. In 2002, numbers had dropped to 36%. (G&G study) Both men and women are looking for greater balance in their lives for different reasons: Equal numbers of men and women in Gen X and Y value flexibility and career on/off ramps (SHRM study) Work/Life balance is among the most important factors in job satisfaction with Gen X and Gen Y employees.,Accenture Work/Life Survey Executive Summary,Work-life Balance and Career 83% indicated that the ability to balance work and life impacts their commitment to stay with Accenture Future Leave and Career Flexibility 32% have turned down a role in the past 2 years or considered leaving due to work-life balance concerns 71% said wellness is priority but managing stress and burn-out is secondary Equal between genders Flexibility 81% reported satisfaction would significantly increase with additional time and location flexibility 61% indicate sabbaticals (career flexibility) as one of the top 5 most favored resources 70% of those who are working flexibly indicated they would be likely or highly probable to leave if they could not have that flexibility,Snapshot of Generation Y,1980 2000 Most educated, most socially and environmentally aware Approx 50% raised by divorced parents 2 working parents coddled and confident Most available $ in their youth - economic prosperity of parents Get now pay later? Global awareness - mass media Have watched more TV than any other generation Always contactable Can multi-task and requires it for job satisfaction Rights and entitlements high expectations for job and life Dual-centric or Family-centric Have better mental health and life satisfaction Events/Experiences School Shooting, Oklahoma City, Technology, Child Focused World No recollection of Regan and always have known AIDS,Motivational Strategies for Gen Y,Be highly aware of personal values and drivers (corporate citizenship) Corporate values and personal goals must align Work/Life balance is VERY important will sacrifice promotions for lifestyle Flexible work environment Independence as to where and when work is done Personal values reflect desire to balance social and career interests Constant skill-development is essential to keep them engaged Want to be part of a team but virtual team Multiple work assignments can multi-task like no generation before them 9 to 5? Their life is in sound-bites,Future Leave A Self-Funded Sabbatical,Future Leave offers a short-term career off and on ramp to address work/life balance needs. As an alternative to the traditional leave of absence, it also provides: Security of benefits continuation at employee rates The option of budgeting for time away by setting up a second direct deposit account Assurance that you can return to work Ability to pre-select a time in the future to be away,Future Leave Eligibility,Consulting, Services
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