millennials, technology and the future ... - … · millennials, technology and the future outlook...
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MILLENNIALS, TECHNOLOGY AND THE FUTURE OUTLOOK OF
BUSINESS
A U G U S T 1 0 , 2 0 1 8
Presented by:
Nataliya Boychenko, MBA, CEBSEmployee Benefit Consultant, Shareholder
Holmes Murphy doesn’t engage in the practice of law, meaning we provide neither legal advice nor legal opinions.
While Holmes Murphy strives to help our clients maintain compliance with all laws relating to employee benefits, the information contained in this presentation is not and should not be
construed to constitute legal advice.
DISCLAIMER
holmesmurphy.com
As a shareholder and key player in Holmes Murphy’s Employee Benefits Division, Boychenko is dedicated to providing
creative solutions and tools her clients need to design their employee benefit plans. A native of Ukraine and fluent in three
languages, she has the skills necessary to communicate and implement employer sponsored benefits and initiatives to
diverse organizations.
Boychenko specializes in healthcare data analysis, healthcare reform and legal compliance, cutting edge wellness programs
as well as a full suite of employer sponsored benefit programs. Boychenko is also a Holmes Murphy shareholder.
Boychenko joined the Employee Benefits Division of Holmes Murphy in 2006. Prior to joining Holmes
Murphy, she worked for Wells Fargo in Consumer and Business account management where she held a variety of
advisory capacities involving life and health, investments and business financial services.
Boychenko is a frequent speaker on Health Care Reform topics at the local & regional industry events. She also enjoys
teaching Employee Benefits to the graduate students at Drake University as an Adjunct Professor. Boychenko earned her
bachelor’s degree in Finance and her Master’s in Business Administration at Drake University. In addition, she holds her
Certified Employee Benefit Specialist (CEBS), Group Benefits Associate (GBA), and Retirement Plan Associate (RPA)
designations.
NATALIYA BOYCHENKO, MBA, CEBSAVP, CLIENT SERVICE EB/SHAREHOLDER HOLMES MURPHY & ASSOCIATES
AGENDA
• UNDERSTANDING EMPLOYEE DEMOGRAPHICS
• INTERNATIONAL DEMOGRAPHIC IMPACT
• IMPACT OF TECHNOLOGY
• GENERATIONS AT WORK
• NEXT STEPS
• WORKING TOGETHER …
“
”
TAKEN OUT OF CONTEXT, THIS SOUNDS A LOT LIKE THE THINGS PEOPLE SAY ABOUT FUTURE GENERATIONS TODAY.
BUT REALLY, THIS QUOTE: “CHILDREN NOW LOVE LUXURY. THEY HAVE BAD MANNERS, CONTEMPT FOR AUTHORITY, DISRESPECT THEIR ELDERS, AND LOVE CHATTER IN THE PLACE OF EXERCISE” IS ATTRIBUTED TO SOCRATES IN THE 4TH CENTURY AD.
WHY IS IT IMPORTANT TO UNDERSTAND THE WORK FORCE?
• IT ’S REAL; THERE ARE 5 GENERATIONS CURRENTLY WORKING, CREATING SITUATIONS WITH BOTH OPPORTUNITIES AND CHALLENGES
• THE TWO YOUNGEST GENERATIONS WILL EQUAL 70% OF THE WORK FORCE WITHIN THE NEXT 4 YEARS.
• DO YOU KNOW YOUR WORKFORCE?
• HOLMES MURPHY & ASSOCIATES EMPLOYEES, FOR EXAMPLE, RANGE FROM AGE 18-78
PERCEPTIONS
CONFLICTS AT WORK FREQUENTLY HAVE GENERATIONAL ISSUES AS THEIR CAUSE:
• “He is not committed to his job”
• “He has a poor work ethic”
• “She doesn’t follow directions”
• “I can’t believe the way she dresses”
• “What do you mean I can’t work from home on Fridays?”
• “We had to earn it; He’s just got his hand out”
• “She doesn’t understand the computer systems”
PERCEPTIONS, NOT ADDRESSED, CAN CREATE:
• RESENTMENT
• JEALOUSY
• LOSS OF MORALE
• FEELINGS OF ALIENATION
• DISCRIMINATION SUITS
• LACK OF PRODUCTIVITY
THE CHALLENGE
“MANAGING MULTIGENERATIONAL WORKFORCES IS AN ART IN ITSELF. YOUNG WORKERS WANT TO MAKE A QUICK IMPACT, THE MIDDLE GENERATION NEEDS TO BELIEVE IN THE MISSION AND OLDER EMPLOYEES DON’T LIKE AMBIVALENCE.”
H a r v a r d B u s i n e s s S c h o o l “ W o r k i n g K n o w l e d g e n e w s l e t t e r , 1 7 A p r i l 2 0 0 6 : “ C a n y o u m a n a g e d i f f e r e n t g e n e r a t i o n s ? ”
SO WHAT ARE THE GENERATIONS IN OUR CURRENT WORKFORCE?
REMINDER:
• CUT-OFF POINTS AND AGES ARE NOT AN EXACT SCIENCE
• THEY ARE S IMPLY TOOLS TO ANALYZE HOW AGE GROUPS EXPERIENCE THE WORLD AROUND THEM, BASED ON:
• SOCIAL
• ECONOMICAL
• POLITICAL
• AND TECHNOLOGICAL FACTORS
- PEW RESEARCH CENTER
13
TRADITIONALISTS
• ALSO KNOWN AS “THE S ILENT GENERATION”
• BORN IN 1928-1945 (73-90)
• US POPULATION 50 MILL ION
• LOYAL, CAUTIOUS, FORMAL, PROUD
• 8% OF THE WORKFORCE
• TRAIN THEM ONE-ON-ONE
• OFFER THEM MENTOR OPPORTUNITIES
• MANY NOW ARE VOLUNTEERS ; G IVE THEM A JOB T ITLE
• SHOW THEM THAT YOU VALUE THEIR EXPERTISE AND
CONTRIBUTION
• #1 COMPLAINT? NO ONE ASKS THEIR OPINION!
- Pew Research Center
BOOMERS
• B O R N 1 9 4 6 - 196 4 ( U S P O P U L A T I O N 7 6 M I L L IO N ) ( 5 4 - 7 2 )
• O P T I MI S T IC , S E L F - F O C U S E D , C O M P E T I T IV E , F O R E V E R Y O U N G .
• 3 0 % O F T H E W O R K F O RC E
• O V E R 7 0 % W I L L S T A Y O N P A S T T R A D I T IO NA L R E T I R E M E N T A G E
• W O R K W E L L W I T H O T H E R S , M A N A G E R S R U N N I NG Y O U R O R G A N I Z A T IO N T O D A Y
• C A R E E R O R I E N T E D
• T V B E C A M E D O M I N A NT D U R I N G T H I S E R A
• L O V E “ T H E G O O D L I F E ”
• W A N T P E R F O R M A NCE F E E D B A C K
• # 1 C O M P L A IN T ? A G E D I S C R I MINA T IO N
GEN X
• B O R N 1 9 6 5 - 198 0 ( U S P O P U L A T I O N 4 6 M I L L IO N ) ( 3 8 - 5 3 )
• I N D E P E N D E N T , S K E P T I C A L , T E C H P I O N E E R S
• 1 7 % O F T H E U . S . P O P U L A T IO N
• T E L L M E W H A T Y O U W A N T
• ‘ G I V E M E T H E T O O L S ! ’
• T H E N E X T L E A D E R S
• L E A V E M E A L O N E !
• W A N T T O B E C H A L L E N G E D
• C O M P U T E R R E V O L U T IO N
• L E D T H E D O T - C O M B O O M
• T H E R E I S A N ‘ I ’ I N T E A M W O R K
• # 1 C O M P L A IN T ? O F F IC E P O L I T IC S
N O T E : M I C R O MA NA G E T H E M A N D L O S E T H E I R L O Y A L T Y
MILLENNIALS
• A L S O C A L L E D “ G E N Y ”
• B O R N 1 9 8 1 - 1 9 9 6 ( U S P O P U L A T I O N 8 3 M I L L I O N )
• ( A G E 2 2 - 3 7 )
• S E L F - E X P R E S S I V E , G R O U P - O R I E N T E D , G L O B A L , T E C H -D E P E N D E N T
• T H I S I S T H E L A R G E S T G E N E R A T I O N A M E R I C A H A S E V E R S E E N
• 4 5 % O F U . S . P O P U L A T I O N
• ‘ N O N E W S I S B A D N E W S ’
• I N T E R N E T I S A W A Y O F L I F E
• F E E D B A C K I S E S S E N T I A L
• D I G I T A L N A T I V E S – L I T T L E D I F F E R E N C E B E T W E E N W O R K A N D P E R S O N A L L I F E
• T H I S G E N E R A T I O N E X P E R I E N C E D A N D C O M P R E H E N D S 9 / 1 1
• T H E Y A L S O F O U N D T H E I R W A Y T H R O U G H T H E 2 0 0 8 R E C E S S I O N .
# 1 C O M P L A I N T ? H E A R I N G Y O U S A Y , “ W H E N I W A S Y O U R A G E . . . ”
- Pew Research Center
NEXT: ???
• B O R N 1 9 9 7 - P R E S E N T ( 1 - 2 1 )
• A L S O K N O W N A S G E N Z , i G E N , G E N 2 0 2 0 , P O S T -M I L L E N NIA L S , L I N K S T E R S , O R N E X T E R S
• “ G E N Z ” T E R M I N O L O G Y S E E M S T O B E D I S A P P E A R I NG
• 1 8 % O F T H E W O R L D P O P U L A T IO N
• W O U L D B E 1 0 Y E A R S O L D W H E N T H E F I R S T i P H O N EW A S I N T R O D U CE D ( M I L L E N NIA L S R E M E M B E R L A N D L I N E S , T O U C H T O N E A N D R O T A R Y D I A L P H O N E S )
• I N T E R N S H IPS & P A R T - T I ME
• # 1 C O M P L A IN T ? B E I N G G R O U N D E D
N O T E : M O S T A R E S T I L L I N S C H O O L , W O R K W I T H T H E I R S C H E D U L E S … T H E Y A R E O U R F U T U R E
QUESTIONS TO CONSIDER
• WHAT MOTIVATES INDIVIDUALS AT WORK?
• AT HOME?
• WHAT INFLUENCES DECISIONS?
• WHAT DOES WORK-LIFE BALANCE MEAN?
• HOW CAN YOU INCORPORATE THESE INSIGHTS INTO HOW YOUR ORGANIZATION OPERATES?
TECHNOLOGY CAN’ T BE OVERLOOKED
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-Hartford’s Tech At Work Survey May 2016
The Har tford’s Tech @ Work Sur vey, May 2016
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HOW TO DO IT: MANAGING 5GENERATIONS IN THE WORKPLACE
T R A D I T I O NA L I S T S :
• Believe in hierarchical management, and have a strong work ethic and loyalty. They may be slow to adapt to new technology.
B O O M E R S :
• More reserved communication style, value traditional instructor-led courses or self-learning tools; believe top qualities in a manager are being ethical, fair & consistent
G E N - X :
• View change as a vehicle for opportunity, embrace a hands-off management policy, tend to have entrepreneurial spirit and are results-oriented
Sources: Diversified Services, The Balance, Robert Half, Forbes, Fortune, and Harvard Business Review
M I L L E N NIA L S :
• Looking to be coached or mentored, prefer collaborative and technology centered training. Aligning with company values is key for this generation.
G E N E R AT I O N Z ( 2 0 2 0) :
• Accustomed to change, and expects it in the workplace; they value in-person interactions, and look for feedback on a frequent, ongoing basis
Sources: Diversified Services, The Balance, Robert Half, Forbes, Fortune, and Harvard Business Review
HOW TO DO IT: MANAGING 5 GENERATIONS IN THE
WORKPLACE CONTINUED
HOW TO GET GENERATIONS WORKING EFFECTIVELY TOGETHER
1 . S H O W C A S E K N O W L E D G E
• MAKE IT CLEAR THAT EVERY EMPLOYEE HAS SOMETHING TO TEACH, AND SOMETHING TO LEARN
• CREATE INFORMAL SETTINGS WHERE EMPLOYEES CAN SHARE THEIR EXPERTISE TO ONE ANOTHER
2 . G E N E R AT I O NA L T R A I N I NG
• PROVIDE TRAINING ON WHO THE GENERATIONS ARE, MOTIVATORS FOR EACHONE, AND HOW TO WORK TOGETHER
• TRAINING CREATES AWARENESS, AND BUILDS EMPATHY
3 . A F F I N IT Y G RO U P S
• LAUNCH A GROUP FORMED AROUND SHARED INTERESTS, AND MAKE ALL GENERATIONS WELCOME
• CROSS-GENERATIONAL CONTACT IS IMPORTANT TO DIMINISH MISCONCEPTIONS IN EMPLOYEES’ MINDS
4 . R E V E R S E M E N TO RI NG
• A LEARNING RELATIONSHIP WHERE THE MENTOR IS YOUNGER THAN THE MENTEE
• CREATE TWO-WAY CONVERSATIONS WHERE BOTH PARTIES CAN LEARN, AND SEE THE VALUE THE OTHER BRINGS TO THE WORKPLACE
5 . T E A M - B U IL D IN G AC T I V I T IE S
• ACCORDING TO A 2015 POLL BY THE TO GO GAME, 88% OF MILLENNIALS AND 76% OF BABY BOOMERS FELT TEAM BUILDING WAS WORTH THE TIME & EFFORT
• EFFECTIVE ACTIVITIES SHOULD BE COLLABORATIVE, MEANINGFUL, DYNAMIC, AND INNOVATIVE.
• EFFECTIVE TEAM-BUILDING HELPS CULTIVATE STRONGER CONNECTIONS, THAT HELP TEAMS COMMUNICATE BETTER, AND MAKE DECISIONS FASTER.
CONTINUED
6 . F L AT T E N H I E R A RC H Y
• FOR LEADERS TO OPTIMIZE THEIR DIVERSE, MULTI-GENERATIONAL TEAMS, THEY NEED TO INCREASE COLLABORATION AND OWNERSHIP.
• A FLATTER HIERARCHY BUILDS TRUST ACROSS GENERATIONS, AND ENABLESEACH GENERATION TO UNDERSTAND THE VALUE OF THEIR COLLEAGUES’ CONTRIBUTIONS
7 . E N H A N C E T E C H N O LO G Y
• ENHANCE TECHNOLOGY TO OPTIMIZE MILLENNIALS WITHOUT OVERWHELMING OR ALIENATING OTHER GENERATIONS, WHO ARE USED TO EXISTING PROCESSES.
• THIS REPRESENTS AN OPPORTUNITY FOR MILLENNIALS TO REVERSE MENTORPREVIOUS GENERATIONS ON THE NEW PROCESS, AND BEST PRACTICES FOR DAILY WORKFLOW.
8 . CO N D U C T R E G U L A R E M P LOYE E S U R V E YS
• OBTAIN FEEDBACK ON EMPLOYEE ENGAGEMENT, BENEFITS, AND OVERALL EMPLOYEE SATISFACTION IN THE WORKPLACE.
CONTINUED
THINGS TO THINK ABOUT:
• ECONOMIC CHANGES
• TECHNOLOGY REVOLUTION
• SYSTEMS SECURITY
• WORKSPACE CHANGES
• EMPLOYEE COMMUNICATION STYLE
• VIRTUAL EMPLOYEES
• EMPLOYEE TRAINING AND DEVELOPMENT
• LEADERSHIP PLANNING
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