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Success Aligns Marketing and Talent Management
Written by Buddy Hobart on September 25th, 2009
Given the research we have done on Gen Y we have been asked more and more to help consult on marketing initiatives for businesses trying to attract Gen Y as consumers. In a global survey, a full 75% of corporate CEO’s believe Gen Y will have a dramatic impact on their markets. What is very frightening to me is the fact that only 54% of these companies have a plan for adapting their strategy.
There are many reasons this frightens me, but maybe the biggest is that, if businesses are slow to adapt strategy for selling their product, how slow do you think they will be in adapting to retaining new talent?! I might also submit that marketing to Gen Y will be made infinitely easier and more successful if there is a plan in place to attract and retain this cohort as employees. A business cannot truly understand its consumers’ needs if it can not even understand its employees’ needs.
I do not think it is a stretch to say these two key success factors, marketing and talent management strategies, go hand in hand. Success will depend on alignment throughout the organization.
Special G20 Edition (PT.2): Additional Impact of Gen Y on the Future
Written by Buddy Hobart on September 23rd, 2009
The G 20 coming to Pittsburgh inspired our last entry when we discussed some economic impacts Gen Y will have globally over the next few years. Recently I’ve been giving many talks to business leaders about Gen Y and have been thinking about some of the other impacts Gen Y will have for decades to come.
In my talks, I challenge the audience to address their prejudices toward Gen Y. I TRULY believe that a great deal of misinformation is out there and that many media outlets exploit the stereotypes in order to create a story. It is far easier to get an audience/reading public fired up by ranting about something than by talking about positive things and challenging those stereotypes.
I recently came across a headline that told of how Gen Y is ill prepared for retirement and lack the discipline for saving. Of course I had to read the article. Buried deep in the article it explained who they were considering as Gen Y (16-25 year olds). I was really taken back because I always assumed that every 16 year old was ready for retirement and had long mastered the discipline of saving. I also believed that by the time someone was 25 they should have already built a very sizeable nest egg. I know that by the time I was 25 I had an enormous savings account built up.
Of course I am being factious. What 16 year old has already, at least willingly, developed the habit of saving? Oh, by the way, when I was 25 I think I had about $1,200 saved.
Why don’t we see more articles about how Gen Y is excelling? Recently I read an article that debunked the myth that because of so much texting Gen Y has lost their writing skills. Andrea Lundsford, a professor at Stanford University conducted a study of writing skills and believes we are on the cusp of a writing revolution, stating “I think we’re in the midst of a literacy revolution the likes of which we haven’t seen since Greek civilization.” Lundsford argues, based on her research,that Gen Y writes far more than any generation before, using the example of how multiple tweets can quickly add up.
Why don’t we hear more about how Gen Y is taking control of their careers and self development? I do not have to search hard to find an article that says Gen Y feels entitled and is not willing to work for anything. If Gen Y is so entitled, why are there successful social networks like Brazen Careerist? Through Brazen Careerist, members of Gen Y are taking control of their careers, networking professionally, and developing extremely important skills. Taking accountability and control over one’s career is the opposite of entitlement. It shows a willingness to work for and EARN one’s successes. Ryan Paugh, community manager of Brazen Careerist offers the following explanation of how Gen Y is taking initiative through the site:
“Young professionals are choosing to manage their careers on Brazen Careerist because it’s a proactive way to level the playing field in a job market that punishes them for being less experienced.
On Brazen Careerist you’ll find active members of Generation Y sharing ideas and building a network for future success. And they’re doing it the way it’s supposed to happen – through conversations. Generation Y professionals are increasingly outgoing and proactive. In fact, on LinkedIn (where the average age is around 40) professionals are more passive by comparison.”
As the G 20 approaches, I am struck by how much GOOD Gen Y is doing and will do for decades to come. Unlike some others who believe the sky is falling because of “these kids” I am comforted by the thought Gen Y will be the leaders in my retirement. I think my future is in good hands.
Special G20 Edition: Economic Impact of Gen Y (pt.1)
Written by Buddy Hobart on September 21st, 2009
It is hard to miss in Pittsburgh…..the world is coming to town! Pittsburgh hosts the G-20 on September 24 & 25. The Group of 20 will be focusing their attention on the economy and how to sustain the recovery. Their short term challenge is to build upon the small victories the world economies have shown of late and the long term challenge is to create policies that will allow economic growth for decades to come. In the spirit of long term thinking, I wanted to address the impact Gen Y will have on the world (and the economy) for decades to come.
It is a global marketplace.
By 2025 nearly 75% of the world’s workforce will be Gen Y. This is not just a North American trend….it is a GLOBAL issue. Not only will organizations need to adapt their leadership styles to attract and retain the best talent, marketing departments will need to adapt their messages to attract and retain Gen Y consumers. It stands to reason that if 75% of the working population is Gen Y, then this cohort will also be the largest consumer group. When the last of the Baby Boomers are 61 (in 2025) the last of Gen Y will only be 30.
Gen Y already realizes it is a global market place. They have been buying imported goods their entire lives. The current economy is trying to grow while every G-20 country’s exports are shrinking. This is a very difficult equation to overcome….no country really has enough consumers to sustain its’ economy with just a domestic market. (China may be the exception, but Chinese consumers are historically frugal and save vs spend). The question companies should be asking themselves is “what products will resonate with Gen Y?”
Gen Y will gravitate to products that are good for, or at least do not harm, the environment. Over the top luxury goods will not resonate with Gen Y. Why drive a luxury car that gets 14 miles to the gallon? That is not a statement Gen Y wants to make. Are the products made humanly? Are human rights respected in the manufacturing countries? Does the manufacturer give back to the community and world at large? Gen Y will begin to pay even more attention to these questions as they move farther along in their careers and as consumers.
Volunteerism as economic engine
Gen Y already volunteers at rates never seen before from previous generations. As they age and move deeper into their careers, I do not see this changing. I believe Gen Y will begin to have this built into their employers’ policies to allow for continued time off, even without pay, to volunteer for causes. In my travels it is rare to find a roomful of ’20-somethings’ where no one has studied or volunteered abroad. In fact, it is more common that the majority of the room has spent some time in very serious volunteer activities, both in the US and in another country.
More focus on social causes will not only make the world a “better place” in the short term, but it will lead to more economic development in the long term, just look at what Charity:Water is doing in Africa right now. By providing clean water to the residents of those areas, they are able to begin to build a more normally functioning society, without being crippled by the diseases and daily demands that they faced in the past. This leads to further improvements in infrastructure and greater life expectancies, both of which position these areas as a destination for inward investment.
Gen Y’s volunteer activities are not just a feel good exercise. The intent is to change the world. While part of that is purely altruistic, the other part is also commercial. Gen Y has been consumers their entire lives and they know the power of money and purchasing decisions. Through their efforts in making the world a better place, they will also shift the world’s economic forces.
By 2025 this group, making up 75% of the worlds work force, will be well on their way of achieving their collective vision of making the world a better place.
Why Turnover Will Always Be a Cost of Doing Business
Written by Buddy Hobart on September 18th, 2009
Recently, I’ve shared a few thoughts from Herb on hiring Gen Y, and including Gen Y in everyday business activities. Below are some of his additional thoughts on recruitment and retention, specifically in regards to turnover:
“Even if you achieve the culture that accepts Gen Y and promotes their full integration and you have aware managers who are promoting good recruitment and retention practices, you are still going to have more turnover today than you did with other generations. Therefore, it is important to have an accurate assessment when someone leaves the organization as to the reason why, and it has to be built into the regular cost of doing business. You can improve your retention, but at no time, especially at this point in history, will you be able to achieve perfect retention. Expecting otherwise, is unrealistic.”
How to Include Gen Y in Business Activities
Written by Buddy Hobart on September 17th, 2009
Last week, I shared some thoughts that Herb had expressed regarding the hiring of Gen Y employees. Below are some additional thoughts from Herb that came from that conversation. Herb addresses some ways that he includes Gen Y workers in everyday workplace activities:
“I want to include them in meetings, lunches, trips, where they don’t have the direct or immediate responsibility. They can tag along so they can meet people, listen, learn, and once again feel like they have a future in the company. If it connects to the Gen Y’ers vision and personal goals, it enhances ownership. Include them. If you’re going to lunch with another upper level manager, or it you are going to a meeting, have them sit in and listen so they can give some of their thoughts afterward. If I have a talented person, both kinds of exposure help him/her feel good and to learn.”
Keep in Touch with Gen Y
Written by Buddy Hobart on September 14th, 2009
Keep in touch with candidates who turn down your offer and take another job elsewhere. Your ongoing interest in them may pay off if their new job doesn’t live up to expectations. Since most Gen Y’ers change jobs in a year or two, you may have another shot at them, and you will already have laid down the groundwork.
Why Hire Gen Y
Written by Buddy Hobart on September 10th, 2009
I was chatting with Herb recently, and he offered the following perspective in regards to hiring a Gen Y candidate:
“Sometimes we gain a real advantage by hiring a Gen Y employee who may not have a great deal of experience or past performance to evaluate, but at the same time doesn’t have well established bad habits or even that many preconceived ideas about what the job should be. As a result, we’ll be able to help them develop desirable habits and set expectations. They don’t have as much to compare to, so we can really help set their compass in a desirable way without having to worry about a lot of preconceived ideas, expectations and in the worst case, bad habits.”
Strategic Planning to Attract Gen Y Benefits Everyone!
Written by Buddy Hobart on September 8th, 2009
Last week we completed a corporate strategic plan for one of our clients. They are a 100 year old company and have grown tremendously over the past several years. Their goal is to continue this growth and triple the size of their business over the next three years.
During the planning process the conversation about Gen Y came up as a strategic initiative. Our client realizes that in order to grow they will need to attack some aggressive recruiting and retention strategies. This is really the first time that we had a client who made this a stand alone initiative. Over the years we have had many clients focus on talent acquisition, but this is the first time a client is focusing solely on Gen Y. In the past this was usually buried under a broader goal.
A recent article written by Business 24/7 stated that by 2025 over 75% of the global workforce will be Gen Y! The last of the baby boomers (1964) will be 61 in 2025. While Gen X will fill in the leadership and experience gap, there simply are not enough of them to make up for the retiring baby boomers. Gen Y will be called upon to fill in, even in locations and positions where they may not be ready or have the requisite experience.
Our client seemed to deeply understand this demographic reality. Not only are they focused on recruiting the right talent, they are also focusing on TRAINING their talent for this eventuality. ALSO, our client realizes how CRITICAL it will be to give the proper time and attention to their Gen X leaders. In a very short time experienced Gen X talent will be in HIGH DEMAND. If an organization wants to retain their best performers, the time to start is now.
Fortunately, these two initiatives do not have to be separate. The right performance management tools for Gen Y are also the right tools for Gen X (and Boomers!). Gen Y only wants what every generation of work wants. The good news is that Gen Y will force this positive change.
Gen X is the Middle Child
Written by Buddy Hobart on September 4th, 2009
The other day I wrote abut a client who is working on their Gen Y and Gen X talent pool. After that entry I began to listen more closely to what our clients were saying about Gen X. I realized that, in some cases, Gen X is treated much like the middle child in a large family. They are not the “first born” with all of the status that comes with that position, nor are they the “baby of the family” with the attention that position often gets. In some ways Gen X feels left out.
I think this is a critical mistake. Over the next 15-20 years Gen X talent will be in HUGE demand. The companies who adapt to this statistical certainty now will be the firms who are able to recruit and retain the best of Gen X. Ask yourself these 4 key questions.
- How are we training Gen X?
- Do we have a solid succession plan in place?
- How are we recognizing and rewarding Gen X (as well as all of our employees)?
- Are we overlooking our Gen X talent and taking them for granted?
I believe the companies who address this now will be the ones who keep the best of the best. Be proactive, don’t wait until the “rebellious middle child” decides to move away from the family.
How Gen Y Can Better Work with Baby Boomers
Written by Buddy Hobart on September 2nd, 2009
I had the good fortune of addressing a group of management trainees the other day. My guess is the average age of the room was 25. It was a very interesting opportunity to talk about Gen Y TO Gen Y.
Gen Y Now tries to help Gen X and Baby Boomer leaders understand the leadership strategies necessary to recruit and retain Gen Y. Most of my time lately has been talking to these experienced leaders, so talking to the next generation of leaders was a bit of a shift.
One thing I learned for sure is…..Gen Y can be as prejudiced toward us as we are toward them! Our book challenges our prejudices, and I spent a great deal of time in my talk challenging the Gen Y audience on THEIR prejudices. Just like Gen Y is not WRONG for doing things differently, neither are boomers and X’ers wrong for the way they view the world. Different is not wrong. Different is, quite simply, different.
I challenged the Y’er audience to…
- Try to understand the X’er and Boomer perspective.
- Realize how it developed and that it did not develop overnight.
- Do not think it is your job to “fix” your boss. (in the book we discuss that Gen Y does not need to be fixed…and neither do their bosses!)
- Be a leader and LEAD change. Simply pointing out that a change is necessary is not leading change.
- Do not “live down” to low expectations. Display the work ethic and commitment that got you this far.
One of the biggest hurdles for businesses over the next few years will be getting each generation to realize that different is not wrong. Sometimes, different is GREAT!