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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.
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!
Performance Management: Is it “All or Nothing”?
Written by Buddy Hobart on August 17th, 2009
The other day I had a client ask about my comment regarding improving their organizations performance management system. They had some specific heartburn around my comment that they need to be more accessible. They felt that being more accessible would cut into their productivity and that people would take advantage of their time. After some conversation we realized she, and her organization, really had an “all or nothing” attitude. In other words, if they truly had an open door policy, then they were available 100% of the time.
While it is true that time is a finite resource, it is also true that how we INVEST out time is critical. We had our client talk to her managers and discuss these two points.
1. Do you believe “being flexible” shows a lack of discipline?
2. Do you believe that being accessible will cause you lost productivity?
We then asked her and her team to track, for one week, the amount of time they spent fixing issues due to miscommunications, lack of clarity, missed hand offs, etc. What we found was astounding. An enormous amount of time was wasted, not only by her and the team, but by all of the employees due to rework, etc.
For the next week we had her team be TRULY accessible to the employees. Their job was to offer clarification and guidance on a REAL TIME basis. We wanted them to have the opportunity to offer input while the project was moving forward, versus after completion.
The final result…..her team spent nearly 30% LESS overall time than before. Also, we did a quick survey of the employee before and after our experiment. There was a measurable positive shift in attitude and morale. Folks appreciated receiving course corrections DURING the journey, and not finding out they arrived in the wrong place after an unproductive trip!!
One final comment, our client’s workforce is mostly Baby Boomers and Gen X, with only about 25% Gen Y. Our survey did not show any difference between the groups…everyone appreciated it equally. Conclusion…..Gen Y demands what everyone wants. There is no need to treat them “special”. A good performance management process for everyone is special enough.
Recession Presents “Teachable Moment” for Gen Y
Written by Buddy Hobart on August 12th, 2009
It is my deep belief that Gen Y looks to Gen X and Baby Boomers for leadership and guidance. One need to look no further than the mountain of evidence that shows how Gen Y looks to their parents and extended family for advice on life decisions. The research shows Gen Y does this to a FAR GREATER extent than any previous generation.
That brings me to the current “teachable moment”. I think the current economic/employment situation is a perfect opportunity to help mentor and lead Gen Y. While I do not believe Gen Y expects everything for nothing, the reality is that Gen Y grew up in one of the most prosperous times in world history. Gen Y did become used to having certain things (and taking it for granted) that previous generations would have considered a MAJOR luxury. This expectation, I believe, can be misconstrued as entitlement.
I think about some conversations my Dad had with me as a kid. He thought we were really LAZY for wanting to put a second (rotary dial, I might add) phone on our THIRD floor. He could remember, and lived quite nicely thank you very much, when the phone wasn’t even in the house. How could his kids have become so soft!? Or there was the conversation we had about the possibility of having a stereo in our room, or a television. To him those were extreme luxuries, since he was a child of the depression. We were in no way ENTITLED to any of that. However, he did consent that if we EARNED it, we could buy it. (we did get the stereo and TV, but we never did get the extra phone!!) He taught us some valuable lessons with his wise guidance.
The same holds true today. Even the most prejudiced boomer against Gen Y I have ever met will at least admit that Gen Y does learn new things and is an aware group. You can believe Gen Y is AWARE of the current economic/employment challenges. As a leader, this is a great opportunity to teach Gen Y some business/economic realities. Leaders can show Gen Y how tough choices are made and that certain things previous generations of employees took for granted will no longer be provided (think 401k matches, travel budgets, 100% medical, etc). Leaders should not just announce changes, but take the time to follow a reasonable change management process. Explanation is required AND it helps educate the employees.
Taking the time to communicate and to lead will help Gen Y realize that some things they might have taken for granted are REALLY luxuries. They are no more ENTITLED to these things than I was to have a stereo in my bedroom. Gen Y will get it…..they will understand, just as we did. EVERYTHING is earned and no one is ENTITLED to even the basics, let alone luxuries. Now is the time for leaders to apply the lessons of their youth (which we learned from our parents) and use this opportunity to mentor Gen Y.
Social Responsibility: Marketing Luxury to Gen Y
Written by Buddy Hobart on July 31st, 2009
There has been a great deal written lately (such as this Business Week article titled “The Leaner Baby Boomer Economy”) about how luxury brands will suffer because Baby Boomers are pulling back on large purchases. Demographics show that Gen X does not have sufficient numbers to replace the buying power of the boomers. Marketers are turning their attention to Gen Y, who has more members than the boomers.
While this is a good idea, Gen Y is not in a position to replace boomers when it comes to $75,000 cars. While Gen Y loves luxury goods and services, Gen Y will not be able to make these big ticket purchases for quite some time. A luxury marketing strategy for Gen Y will need to focus on “affordable luxury”, not on true high end products. Things like massages and upscale restaurants may be pricey and a luxury, but at least Gen Y can save up and afford the indulgence.
A bigger concern I have is for businesses whose TARGET market is Gen Y. There is a subtle shift in Gen Y’s buying habits that should not be ignored. Gen Y has shifted their focus to more value based purchases and are making more conservative buying decisions. Why? The high unemployment rate among Gen Y is only part of the answer, not the entire answer.
Gen Y is a VERY aware group. While one of the prejudices against them is that they are self centered, the opposite is actually true. Gen Y does not believe it is “all about me”. Most (if not all) Y’ers know someone looking for work and struggling. They are AWARE or what is happening, at a very deep level. Even if they can personally afford a certain purchase, Gen Y will hesitate simply because they know that times are challenging. The purchase must not just satisfy their personal need, it must also contribute to some sort of greater good.
This is why I believe marketers who are emphasizing value, versatility and support of causes that will affect positive change will have an edge. One such example is the Thermos Hydration for All campaign that benefits charity: water. Gen Y will not spend their disposable income just because they can. In fact, Gen Y looks to boomers and X’ers for leadership. If these groups are making more conservative buying decisions, Gen Y is likely to follow.