Love the one youre with slide deck 061813
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Presentation on Eight Keys to Millennial Engagement in the workforce.
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Love the one youre with slide deck 061813
- 1. If You Can’t Be with the One You Love, Love the One You’re With Strategies for a Multigenerational Workplace
- 7. “In my organization, there are real differences between older and younger generations and how they approach work.” No, I've never noticed, 16% Yes, there are, but they NEVER pose challenges, 12% Yes, they SOMETIMES/ OFTEN pose challenges, 72 % Neil Howe & Reena Nadler, WHY GENERATIONS MATTER: Ten Findings from LifeCourse Research on the Workforce, Feb 28, 2012
- 11. "I see no hope for the future of our people if they are dependent on the frivolous youth of today, for they are reckless beyond words. When I was young, we were taught to be discreet, respectful of elders, but the present youth are exceedingly disrespectful and impatient.“ – Socrates, c. 400 BC
- 13. •Open-minded, expert •Sentimental •Value due process •Children of Nomad •Children in Crisis •Principled, creative •Ruthless, narcissistic •Value vision, values •Children of Hero •Children in High •Rational, Competent •Unreflective, bold •Value community •Children of Prophet •Elder in Awakening •Pragmatic •Cynical •Value liberty, survival •Children of Artist •Children in Awakening Nomad Hero ArtistProphet
- 14. Current Living Generations •Hero: GI (1901-1924), Millennial (1981-2004) •Artist: Silent (1925-1942), Homeland (2005-Present) •Prophet: Baby Boom (1943-1960) •Nomad: Generation X (1961-1980)
- 16. MILLENNIALS
- 17. Hero Generation •Selfless, rational, competent •Unreflective, mechanistic, overbold •Community, affluence, technology •Children of Prophet Generation •Young adult in Crisis, Elders in Awakening •Thomas Jefferson, John Kennedy, Walt Disney, Ronald Reagan, Mark Zuckerburg •Millennial (1982-2004), GI (1901-1924)
- 18. •Hero Generation •Born 1983 – 2004 •Politics: Clinton-Lewinsky, No Child Left Behind, relatively stable political culture, 9/11, War on Terror •Society: helicopter parents, every body gets a ribbon, zero tolerance, social media, diversity, self-esteem •Business: Technology bubble, start-ups, Facebook, Google, Apple, Netflix •Culture: focused on technology, celebrity sex tapes, “famous for being famous”, sharing
- 19. WHY YOU SHOULD CARE?
- 20. 16,000 17,000 18,000 19,000 20,000 21,000 22,000 23,000 24,000 Under 5 years 5 to 9 years 10 to 14 years 15 to 19 years 20 to 24 years 25 to 29 years 30 to 34 years 35 to 39 years 40 to 44 years 45 to 49 years 50 to 54 years 55 to 59 years 60 to 64 years 65 to 74 years 75 to 84 years 85 years and over Series 1 Baby Boomers 81 million Generation X 61 million Millennials 85 million Homeland 41 million Silent & GI 58 million
- 21. Most Developed Countries Have Labor Shortages by 2020 World Economic Forum, Stimulating Economies Through Tenant Mobility, 2010 Shortage Equilibrium Surplus
- 22. Percentage of Millennials Planning to Change Jobs When Economy Improves UNC Kenan-Flagler Business School, The Force of Gen Y, June 28, 2012, http://under30ceo.com/infographic- the-who-how-and-why-of-leading-gen-y/
- 23. Employee engagement is the extent to which employees are motivated to contribute to organizational success and are willing to apply discretionary effort to accomplishing tasks important to the achievement of organizational goals. Rudy Karsan and Kevin Kruse, WE: How to Increase Performance and Profits Through Full Engagement, 2011
- 24. ENGAGEMENT IS GOOD FOR YOUR EMPLOYEES • Mental job stress has greater impact on marriage than physical exhaustion • Work challenges make both partners more argumentative • Fathers with low job satisfaction have children who act out more at school • Employees dissatisfied at work at a BMI 0.6 higher than satisfied employees • Workers with “effective” management were 1/3 to ½ less likely to have a heart attack • Dissatisfied workers were 2.4X more likely to die of a cardiac event
- 25. AS SMOKING A BAD BOSS IS AS BAD FOR YOU
- 26. IT’S ALSO GOOD FOR YOU • Engaged workers are 18% more productive, 12% more profitable, and 27% less prone to absenteeism. • High-engagement companies had an EPS 18% higher than competitors and had growth rates 2.6 times of low-engagement competitors. • High-engagement employees can outperform low-engagement employees in highly technical and sales positions by as much as 120%. John Fleming and Jim Asplund, Human Sigma, 2007 Hay Group, “Engage Employees and Boost Performance,” Working Paper, 2001. http://web.archive.org/web/20061123123100/http://haygroup.ca/pdf/knowledge_engaged_performance_working_paper.pdf
- 27. Engagement’s effect on key performance indicators. 22% 21% 10% -41% -41% -48% -65% -25% -37% -80% -60% -40% -20% 0% 20% 40% Profitability Productivity Customer Quality (Defects) Patient Safety Incidents Safety Incidents Low-Turnover Orgs High-Turnover Orgs. Absenteeism Gallup, State of the American Workforce: Employment Engagement Insights for US Business Leaders, 2013
- 28. EIGHT KEYS TO MILLENNIAL ENGAGEMENT •Make a diversity friendly workplace •Create loyalty through personal relationships •Take advantage of their market ethic •Mentor! Mentor! Mentor! •Set clear expectations at the start •Reward & Appreciate their efforts •Show them the keys to the mint •Help them overcome their fear of failure
- 30. Be Prepared for a More Diverse Workforce and Customer Base 72% 65% 58% 48% 39% 36% 32% 30% 9% 14% 20% 29% 36% 39% 42% 44% 19% 18% 18% 17% 17% 17% 17% 17% 3% 3% 7% 7% 8% 9% 10% 1970 1980 1990 2000 2010 2020 2030 2040 White Hispanic Black Other Source: HGAC Demographic Model Millions
- 31. Percentage of Marriages in 2010 That Were Interracial Hope Yen, Interracial Marriage In The U.S. Climbs To New High, Study Finds, Huffington Post, Feb 16, 2012, http://www.huffingtonpost.com/2012/02/16/interracial-marriage-in-us_n_1281229.html
- 32. Cumulative US College Degree Gap in Favor of Women, 1982 - 2013 US Department of Education, Digest of Educational Statistics, Table 283. Degrees conferred by degree- granting institutions, by level of degree and sex of student: Selected years, 1869-70 through 2020-21, 2011 0 1 2 3 4 5 6 7 8 9 10 Millions Bachelor’s Degrees: 4.3 million All Degrees: 9.1 million
- 33. Projected US Population Growth If Immigration and Fertility Do Not Change 200 250 300 350 400 450 1970 1980 1990 2000 2010 2020 2030 2040 2050 Millions Immigrants and Descendants since 1970 Growth from Descendants Of 1970 Residents Source: US Bureau of the Census, SUSPS Overview, http://www.susps.org/overview/numbers.html 70% of US Growth 1990 – 2050 will be From immigrants since 1970
- 34. “In every school there are the cool and popular kids, and then there are the not-so-cool kids,” he says. “Candidly, we go after the cool kids. We go after the attractive all- American kid with a great attitude and a lot of friends. A lot of people don’t belong [in our clothes], and they can’t belong. Are we exclusionary? Absolutely. Mike Jeffries, CEO Abercrombie & Fitch Quoted in Salon, January 24, 2006
- 35. -20 -15 -10 -5 0 5 10 15 22-Apr 23-Apr 24-Apr 25-Apr 26-Apr 27-Apr 28-Apr 29-Apr 30-Apr 1-May 2-May 3-May 4-May 5-May 6-May 7-May 8-May 9-May 10-May 11-May 12-May 13-May 14-May Customer Perception, Age 18-34 Abercrombie & Fitch American Eagle H & M Source: YouGov BrandIndex, May 15, 2013, http://www.brandindex.com/article/abercrombie-fitch-scores-tumble-millennials • A&F Brand ID tumbles with Millennials after comments referenced • 1Q13 Same store sales decreased 17% over last year • H&M CEO announces May 28: “I have to be honest and say that some of our models have been too skinny. That’s not OK.” Business Insider Article with Comments
- 37. BABY BOOMER PARENTING • Protecting through involvement • What’s best for the GROUP of children • Giving children what they need to be successful • Aspirational – you can do anything! • Everybody wins Adapted from Frank N. Magid Associates, The Pluralist Generation, 2012
- 39. I trust Mom & Dad Mom & Dad always give me good advice I listen to Mom & Dad Boss reminds of Mom & Dad I’ll listen to Boss Adapted from Nicole Lipkin and April Perrymore, Y in the Workplace: Managing the "Me First" Generation, 2010
- 40. TAKE ADVANTAGE OF THE MARKET ETHIC OF MILLENNIALS
- 41. 56% 41% 37% 0% 10% 20% 30% 40% 50% 60% Boomer Gen X Millennial Percentage who STRONGLY AGREE: "I like to be 100 percent dedicated to my organization’s mission." Neil Howe & Reena Nadler, WHY GENERATIONS MATTER: Ten Findings from LifeCourse Research on the Workforce, Feb 28, 2012
- 44. Total Non-Farm Payroll, Bureau of Labor Statistics, May 2013 0 40,000 80,000 120,000 160,000 F-48 F-52 F-56 F-60 F-64 F-68 F-72 F-76 F-80 F-84 F-88 F-92 F-96 F-00 F-04 F-08 F-12 4.5 M Boomers/year enter economy w/ 50M jobs 4.5 M Millennials/year enter economy w/ 130M jobs
- 45. 46% 36% 32% 0% 10% 20% 30% 40% 50% Boomer Gen X Millennial Percentage who DISAGREE: "I believe in working only so long as it adds value for the client or customer. Working harder or longer is pointless." Neil Howe & Reena Nadler, WHY GENERATIONS MATTER: Ten Findings from LifeCourse Research on the Workforce, Feb 28, 2012
- 46. Missed Expectations = Missed Opportunities 0 5000 10000 15000 20000 25000 30000 35000 11-Jan 11-Feb 11-Mar 11-Apr 11-May 11-Jun 11-Jul 11-Aug 11-Sep 11-Oct 11-Nov 11-Dec Anticipated Calls Cumulative Calls Opportunity Gap
- 47. Missed Opportunities & Revenue Impact Category Metric Anticipated Calls 32,700 Cumulative Calls 26,501 Missed Calls (6,199) Missed Meetings (32) Missed Deals (1/4) (8) Average Commission $30,000 Missed Revenue $(240,000)
- 50. Percentage of Millennials Who Believe Mentorship is a Key to Career Success PWC Global CEO Survey, 2011
- 51. It’s important the organization I work for has a good mentorship program. 70% 71% 81% 12% 8% 14% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Baby Boomer Generation X Millennials Importance Satisfaction LifeCourse Associates, INDEPENDENT INSURANCE AGENTS AND BROKERS: THE GENERATION GAP, 2012
- 53. SET CLEAR EXPECTATIONS AT THE START
- 54. I know what my company stands for and what makes our brand different from our competitors. 60% 46% 37% 3% 5% 9% 0% 10% 20% 30% 40% 50% 60% 70% Executive Manager Other Strongly Agree Strongly Disagree Gallup, State of the American Workforce: Employment Engagement Insights for US Business Leaders, 2013
- 55. What Every Employee Should Know • Who are our customers? • What are our products and services? • Who are our competitors, why are they a threat and what can we learn from them? • How do we measure our success? • What is our current strategy? • What history affects that strategy? • What external trends affect that strategy? • How does our organization’s structure affect the strategy? • What does our group do to support the strategy? Adapted from David DeLong and Steve Trautman, The Executive Guide to High-Impact Talent Management: Powerful Tools for Leveraging a Changing Workforce, 2010
- 56. REWARD AND APPRECIATE THEIR EFFORTS
- 59. “A soldier will fight long and hard for a bit of colored ribbon.“ – Napoleon Bonaparte
- 60. Ignoring Work is the Same as Destroying It $0.15 $0.26 $0.28 $- $0.05 $0.10 $0.15 $0.20 $0.25 $0.30 Wage Shredded Ignored Acknowledged Dan Ariely, Emir Kamenica and Drazen Prelec (2008), “Man’s Search for Meaning: The Case of Legos.” Journal of Economic Behavior and Organization. Vol. 67: 671-677.
- 61. SHOW THEM THE KEYS TO THE MINT
- 63. Skill Development Plan Adapted from David DeLong & Steve Trautman, Executive Guide to High Impact Talent Management, 2010
- 64. I like to continuously acquire new skills. 33% 59% 0% 10% 20% 30% 40% 50% 60% 70% Baby Boomers and Gen X Millennials LifeCourse Associates, INDEPENDENT INSURANCE AGENTS AND BROKERS: THE GENERATION GAP, 2012
- 65. HELP THEM OVERCOME FEAR OF FAILURE
- 69. How Your Sales People Spend Their Time Selling, 41.0 % Not Selling, 59.0 % CSO Insight, 2011
- 70. Sales call reluctance is the fear of self-promotion in professional sales.
- 73. Call Objections Worksheet Type of Objection Example Where it Comes From Answers “Now is not agood time.” Short on time or prospect doesn't see value or benefit. When is agood time? If no good time ask when not to call. “Too soon; 3 years left on my lease.” Prospect doesn't see the value or benefit. Qualify prospect size - satisfaction with current building. For the right prospect, we can help now. “Too busy.” Short on time or prospect doesn't see value or benefit. When is agood time? If no good time ask when not to call. Ask if they have concerns to address so you are prepared for the meeting. “Call me back…” Unanswered obejction. When is agood time? If no good time ask when not to call. Ask if they have concerns to address so you are prepared for the meeting. “Get to the point.” Short on time; or you may be waffling. Give quick summary of benefits and ask for an appt for more detail. “How longwill it take?” Unanswered obejction. Set ashort period of time and give quick summary of benefits. Ask if they have any concerns about space, etc. “Waste of time.” Prospect doesn't see the value or benefit. Ask if they want abenefit that you are offering, give them some case studies detailingbenefit. “I already have abroker.” Prospect has abroker or doesn't trust you. Who is it? What are they doing? Why did you select this broker? When was the last time you talked with them? “I handle the lease myself.” Doesn't understand value or hidinganother objection. What are you doingto renew the lease? Educate the prospect, offer to team up. “I’m talkingwith other brokers.” Prospect has abroker or doesn't trust you. When are you lookingto make adecision? What criteria are you using? Do they have experience in this area? What other concerns do you have that need to be addressed? “I have family/afriend in the business.” Prospect doesn't trust you. What kind of real estate do they practice?When was the last time you talked with them about this? Can we work with them?Offer areferral fee. “I always use the same guy/you’re not as good as my guy/etc” Doesn't trust you or doesn't understand value, also may have been introduced to another broker by atrusted advisor. Offer asecond opinion, see if you can offer increased service level, ask what they like about the broker and why they selected them. Noteson Objections TimeCompetition 1Q2011 Brainstorming Seminar
- 74. EIGHT KEYS TO MILLENNIAL ENGAGEMENT •Make a diversity friendly workplace •Create loyalty through personal relationships •Take advantage of their market ethic •Mentor! Mentor! Mentor! •Set clear expectations at the start •Reward & Appreciate their efforts •Show them the keys to the mint •Help them overcome their fear of failure
- 75. You should feel the greatest satisfaction if one day your subordinate can do your job better than you ever did, not disparaging. For this is the ultimate in achievement …. The next generation must be more than ready to fill our shoes; they must be ready to run faster in them. -Lieutenant Col. Om Prakash, 87th Flying Training Squadron commander
- 76. LOVE THE ONE YOU’RE WITH SCOTT DAVIS 2429 Bissonnet St Ste 526 Houston, Texas 77005 My Blog: www.scottdaviscre.info tisona@scottdaviscre.info 832-304-3478
Notas del editor
- Why can’t we all just get along?
- Real Estate brokerage model
- I see no hope for the future of our people if they are dependent on the frivolous youth of today, for they are reckless beyond words. When I was young, we were taught to be discreet, respectful of elders, but the present youth are exceedingly disrespectful and impatient.“ – Socrates, 400 BC
- Millienials are part of a pattern
- “We attended schools eviscerated by budget cuts in an era when kids weren’t a priority; now many schools have better computers than some offices.” Ted Rall, 1994 http://www.rall.com/rallblog/searchablearchives/essays/marketing-madness-a-postmortem-for-generation-x
- Why are we even talking about this? – because there are not enough 35-45 year olds to replace your currently retiring employees and leaders.
- It’s not just a problem in the US – it’s a problem across most of the developed world. All of the countries in red show a skills gap by 2020. The gaps reflected in this chart are based solely on numbers – the gaps widen when you consider qualitative issues like job mismatch and employability.If that’s not enough to scare you, there are a couple of other statistics that should. In 2011, a study by the Manpower Group showed that 52% of employers had difficulty filling positions because of talent shortages. That’s partly because of the last graph. Drilling down the problem is as much inflexibility as anything else; Peter Cappelli of the Wall Street Journal says “With an abundance of workers to choose from, employers are demanding more of job candidates than ever before. They want prospective workers to be able to fill a role right away, without any training or ramp-up time.” So the qualified workers you want are not there in the labor force. And right now companies are concluding, in the words of Robert Goldfarb of the New York Times: “Let them grow up on someone else’s payroll.” That strategy can work, but the economy is shifting, even if it’s imperceptively slow. CareerBuilder surveys they showed that last year 54% of companies reported they were hiring recent college grads, up from just 43% in 2009. Of companies hiring, 29% said they were paying more than the year before. So you’re going to have more competition to get the best grads. The other shift that’s going to limit your strategy is that people are quitting jobs again. The BLS prepares a report called the Job Openings and Labor Turnover Survey – and the April report showed that more people are now changing jobs than at any time since 2008, and that the numbers have jumped dramatically over the last few months. To recap – the replacement employees you need aren’t in the workforce, you’ve got increased competition for the very best of unskilled recent college graduates, and the economy has sufficiently improved to allow your best existing workers to quit and take a new job. So what do you do?
- Think your millennial employees are happy? Think again. Surveys estimated turnover costs 28-32% of an employee’s annual salary.
- Researchers from UC Berkeley studied married police officers in the 1990s and found that job stress spilled over into their marriages. Mental job stress led to more marital conflict than physical exhaustion. High mental stress lead to increased cardiovascular activity with lower bodily activity. Couples were “amped up” on the inside but passive on the outside. A 1985 study by NYU showed the opposite – an enriching job led to better marriages while a challenging work environment made both partners more argumentative.Studies at Queen’s University show a similar impact on how a mother’s job stress effects her children, and research has shown that fathers who report low job satisfaction have children who misbehave more frequently at school.Researchers in Finland studied the health impacts of job satisfaction and published their results in the British Medical Journal. They studied workers from 1973 through 2001 and found that workers who were dissatisfied with their jobs and compensation/reward opportunities had a BMI 0.6 higher than satisfied employees – about 5 additional pounds. They also found that workers who rated their managers as effective were 1/3 to ½ less likely to have a heart attack – in other words, having a good boss made employees as much as 50% less likely to have a heart attack.But most shocking was their finding that dissatisfied workers were 2.4 times more likely to die of a cardiac event – almost the same risk to your health as smoking!
- Gallup surveys revealed that slightly more than one-third of non-executives and non-managers strongly agreed that they understand their company’s brand promise and brand differentiation – and these are the employees who likely interact with customers every day.
- Out of all these strategies, the young workers didn’t fight me on hardly any of it. But the older workers did. Many of them had never really been mentored and so didn’t understand or really see the need for the activity or relationships. They wanted the young workers to have the same expectations and motivations they had when they started working thirty years ago. The bad news, in my experience, is that you won’t have to sell your young workers on this program – they’ll eat it up. You will have to sell senior executives and workers on it and in my experience one of the biggest fights was the perception that ownership/management was surrendering too much control to establish clear expectations and a pathway to success. The good news? I believe that millennials can sell. They have great innate relationship skills and they are entrepreneurial risk takers. But they need to understand why you are asking them to do what they are doing. They understand the link between work and rewards better than you think, and because of their superior technological capabilities, they tend to think that you are keeping them from doing the jobs to which the highest compensation is tied. We all know that is only partly true; there are some obs for which you need the wisdom and judgment that only comes through experience. They don’t fully understand that, and I don’t think we did either at that age. That makes it our job as their managers and mentors to teach it to them.
- The region’s population is also growing more diverse. Already in 2000, whites were no longer the majority. Hispanics make up an ever greater share of the region by 2040.
- The U.S. Census Bureau today released a 2010 Census brief, Households and Families: 2010, that showed interracial or interethnic opposite-sex married couple households grew by 28 percent over the decade from 7 percent in 2000 to 10 percent in 2010. States with higher percentages of couples of a different race or Hispanic origin in 2010 were primarily located in the western and southwestern parts of the United States, along with Hawaii and Alaska. A higher percentage of unmarried partners were interracial or interethnic than married couples. Nationally, 10 percent of opposite-sex married couples had partners of a different race or Hispanic origin, compared with 18 percent of opposite-sex unmarried partners and 21 percent of same-sex unmarried partners.In all, more than 15 percent of new marriages in 2010 were interracial.
- According to the Department of Education, more women than men have graduated from US colleges with bachelor’s degrees in every year since 1982, and the same is true for all college degrees (associate’s, bachelor’s, master’s and doctor’s degrees). For the class of 2012, women earned 61.7% of all associate’s degrees, 56.9% of all bachelor’s degrees, 59.6% of all master’s degrees, and 52.1% of all doctor’s degrees. Overall, there were 141 women graduating with a college degree at some level in 2012 for every 100 men.We know there’s been a gender gap for every college class since 1982, but what about the cumulative gender gap in college degrees over the last 30 years? The chart above shows that since 1982, women have earned 4.3 million more bachelor’s degrees than men (21.4 million degrees for women vs. 17.3 million degrees for men). For all college degrees, women have earned 9.1 million more degrees than men (41.9 million vs. 32.8 million) since 1982. Women earned more bachelor’s degrees starting in 1982, more master’s degrees starting in 1986, and more doctorates in 2006.
- The green lower portion of the graph represents growth from 1970 Americans and their descendants. There were 203 million people living in the U.S. in 1970. The projection of growth in 1970-stock Americans and their descendants from 1994 to 2050 is based on recent native-born fertility and mortality rates. This growth would occur despite below replacement-level fertility rates because of population momentum, where today's children will grow up to have their own children. This segment of Americans is on track to peak at 247 million in 2030 and then gradually decline.11 The red upper portion of the graph represents the difference between the number of 1970-stock Americans and the total population. The tens of millions of people represented by this block are the immigrants who have arrived, or are projected to arrive, since 1970, plus their descendents, minus deaths. They are projected to comprise 70% of all U.S. population growth between 1993 and 205033.
- Mike Jeffries, CEO of Abercrombie and Fitch, gave a little-noticed interview in Salon in 2006. One of his comments read: As far as Jeffries is concerned, America’s unattractive, overweight or otherwise undesirable teens can shop elsewhere. “In every school there are the cool and popular kids, and then there are the not-so-cool kids,” he says. “Candidly, we go after the cool kids. We go after the attractive all-American kid with a great attitude and a lot of friends. A lot of people don’t belong [in our clothes], and they can’t belong. Are we exclusionary? Absolutely. Those companies that are in trouble are trying to target everybody: young, old, fat, skinny. But then you become totally vanilla. You don’t alienate anybody, but you don’t excite anybody, either.”The interview wasn’t really noticed at that time, but re-emerged in a May 2013 Business Insider article about H&M – a competitor – using a “plus-sized” model in a new marketing campaign, when they were referenced by a retail analyst.
- Finally, the third explanation is that Millennials have also radically redefined expectations of their value and ability to contribute to success. And what's more, their parents encouraged them to think that. Parents demanded explanations from teachers for bad test scores and grades. Parents complained to the principal when Billy got in the honor society and Johnny did not. Parents borrowed the money for questionable degrees instead of more vocationally oriented courses of study. Parents sent them to summer camps every year instead of asking them to get a job. As the old 1980s PSA about drugs used to say “I learned it by watching you.”
- Studies show that 80% of Millennials talk with their parents every day. There’s a women in my neighborhood who rented her house to two single male medical students. At first she was worried about having two single men living in the house about what kind of condition they would leave the house in – would there be parties, etc. Then she was relieved when she found out that one of their mothers was coming to live with them for three months to cook and clean, you know take care of them. The other mother was going to alternate quarterly living there with her.As a Gen Xer, I was flabbergasted. I couldn’t even get my head around the concept to respond. But it’s not an unusual concept. If you manage millennials at some point you will deal with parents. I had an employee who shared a room with her mother at the company’s annual conference in Las Vegas. I negotiated an employment contract with a young man’s father. My wife was a professor at the UT Medical School and everyone there had stories about interacting with the parents of medical students or residents – people who had received their MDs – concerning their grades or employment reviews.
- One of the first things I noticed with my young brokers was that they stopped by my office nearly every day; particularly if I hadn’t walked down to see them in the past couple of days. For a long time, I got really irritated by the constant interruption. But then I read Nicole Lipkin’s book “Y In the Workplace” – that’s when I realized these visits were a positive sign. Lipkin addresses the idea that helicopter parenting has stunted the independence and decision-making ability of millennials. But she says “the benefit of helicopter parenting is that parents and children share a close relationship with a continuance of support and encouragement throughout the lifespan to keep Generation Y motivated and positive.” My key insight was that they are not coming to my office and asking repeated simple questions because they were confused or didn’t know what to do. They were coming, honestly, to make sure that I wasn’t upset with them about something, to make sure that things were OK, to make sure that I hadn’t withdrawn my parental concern and approval. Sigmund Freud described transference in the early 20th century – when a patient subconsciously endows their therapist with feelings about their parents. Dr. Lipkin bluntly establishes the relationship: I always have someone on my side no matter whatParental guidance offers wisdom that same-aged peers cannot giveBoss, I like you – you remind me of my mom/dadI will listen to you, Boss He remarks on a study wherein he talked to high school principals who recounted that if you wanted to punish a Gen-Xer, you told them, “If you keep this up, you’re going to go to the counselor!” Then they’d stop, outraged at the idea that they couldn’t take care of themselves. Millennials will be delighted to go to the counselor, because they think the counselor will make them happier and better adjusted.Now, I’m not suggesting you need to start packing a lunch for your 27 year old sales person. But those annoying questions and visits – you should recognize those as an opening – that your employee is reaching out to you. Take advantage of the opportunities they present to brainstorm with them to help them develop confidence in their abilities and autonomy. Also, take advantage of these times to reinforce the qualities – like leadership, independent thinking, maturity, emotional intelligence -- you need for success in your company and/or industry. Help them to create goals to achieve these objectives and provide them with regular feedback. Finally, use these sessions also to share your company’s values and objectives and how what your millennial employees does fits in to that. At the end of the day, you don’t want them to treat you either like a peer or a parent, you want to help them to develop a mature work relationship. It may sound like a lot of handholding, but it works. And it helps to build loyalty. Millennials typically do not have loyalty to companies, but they will develop strong personal loyalty. The young lady I hired in 2007, for example, has worked for me at three different companies. It works, and it will let you establish the kind of relationship with them where they will listen to you. A 27-year old attorney in Washington, D.C. said it best: “It's probably pretty parental in its roots, but knowing that someone cares about how you're doing makes you want to do better to impress them and make them proud.”
- Boomers are mission-focused.
- Father knows best. Father Knows Best was the classic wholesome family situation comedy. It was set in the typical Midwestern community of Springfield. The character of Margaret was portrayed as a "voice of reason," but Jim's character was softened to that of a thoughtful father who offered sage advice whenever one (or more) of his children had a problem. Jim was a salesman and manager of the General Insurance Company in Springfield, while Margaret was a housewife. One history of the series characterized the Andersons as "truly an idealized family, the sort that viewers could relate to and emulate."Leave it to beaver Leave It to Beaver portrayed the iconic postwar American family: June and Ward are conscientious parents, keenly aware of their duty to impart traditional, but proven, middle-class family values to their boys. They do so by serving as examples in word and deed, rather than using punitive means. Ward and June are models of late-1950s, conscientious parenting. Stay-at-home June maintains a loving, nurturing home and Ward consistently supervises the behavior and moral education of his sons. Ward Cleaver is a Solomon-like figure of quiet dignity who dispenses parental justice tempered with understanding. Occupation is presented as important to the happy life with Ward representing the successful, college-educated, middle-class professional with a steady but obscure office job, and June the competent and happy homemaker. When Beaver expresses interests in lower class occupations (such as trash collector), his parents understandably squirm with embarrassment and discomfort.Andy Griffith Show 1960-1968.The Andy Griffith Show is definitely a TV classic. It ran from 1960 to 1968, producing 249 episodes.The main character, Andy (Andy Griffith), was a widowed father of the polite little boy named Opie (Ron Howard) and is a sheriff, who works with nervous and very suspecting Barney Fife (Don Knotts). They all live in the nice southern town of Mayberry. But, Mayberry can get a little dangerous when the town drunk Otis Campbell (Hal Smith) is on the loose. Thelma Lou (Betty Lynn) is Barney's sweetheart, although Andy had to help him describe his feelings to her. Aunt Bee (Frances Bavier) is the very loving and caring, but stern housekeeper for Andy and Opie. "Bonanza" differed in many ways from the dozens of other westerns on the air during its run. It relied more heavily on the characters than it did on action--though there was plenty of that. Good and bad weren't always as simple as "black hats" vs. "white hats"; many times, good people didn't live happily ever after. Despite that, Ben imparted a high code of ethics upon his sons. Among the principles:Intolerance and bigotry were not acceptable. The Cartwrights often came to the defense of Indians, Chinese, and others who were the targets of the narrow-minded.Once a man had paid his debt to society and was released from prison, he deserved a clean slate and a chance to start over.The land was sacred. Ben's greatest business headaches came from his refusal to allow his land to be polluted and destroyed for profit. When the Cartwrights cut down a tree for lumber, they planted another. Their environmental concerns remain unique for a television series.Creed of the Lone Ranger:I believe...that to have a friend, a man must be one.that all men are created equal and that everyone has within himself the power to make this a better world.that God put the firewood there, but that every man must gather and light it himself.in being prepared physically, mentally, and morally to fight when necessary for that which is right.that a man should make the most of what equipment he has.that 'this government of the people, by the people, and for the people' shall live always.that men should live by the rule of what is best for the greatest number.that sooner or later...somewhere...somehow...we must settle with the world and make payment for what we have taken.that all things change but truth, and that truth alone, lives on forever.in my Creator, my country, my fellow man.[
- It should be no surprise that this generation, with its values orientation reinforced by media and culture reacted strongly against what it perceived to be injustice. As we will see with the other generations, the Boomers retain that childhood programming.
- I think there are three key reasons why the Millennials think so differently from you Both the Boomers and the Millennials average about 4.5 million people per year. So in 1965, the Boomers were competing with 4.5 million potential workers in an economy of 71 million jobs, while the same number of Millennials are today competing in an economy twice that size. So the boomers had to stay late, had to show up on Saturday, had to have "face time" with the boss so that you would get noticed; there were four or five other people that could or would take that job if you didn't keep it. Today's 25 year old millienial simply does not face that same type of challenge. On top of that, for the first time in history, the youngest generation in the workforce possesses technological skill dominance over the older, supervising generations. So, not only is the competition much less to get a job for these workers, they may often have better skills than the people who have just hired and are supervising them.
- The second explanation is that they have a dramatically different view of time. As Cam Marston says in Managing the What’s in it for Me Workforce:To the Boomers and Matures, time was something they had to invest in their careers. They became workaholics because they invested their extra time back into their work. To them, time is/was cheap, and giving it back to an employer through long hours of work was expected. To Gen Xers and New Milliennials, time is expensive and needs to be controlled as closely and tightly as money itself. Time has become a very real currency, just like dollars themselves, and giving control of it to the workplace is definitely not a part of a plan to become successful. When I look at my own kids, and how overscheduled they are today and know that the millennials grew up in that same environment, I can appreciate how they value control of their time.Richard Sweeney, Millennial Behaviors & Demographics, New Jersey Institute of Technology, December 22, 2006Millennials prefer to keep their time and commitments flexible longer in order to take advantage of better options; they also expect other people and institutions to give them more flexibility. They want to “time and place shift” their services, to have them where and when they are ready. They want more granularity in the services so they can be interrupted and finish when they are ready without any loss or productivity.
- We measured calls, meetings, and revenue per transaction. Over the course of a year, we found our trainees were 6,000 calls short of their targets – only about 15 calls per week per associate short.
- We were able to show that the short fall – 15 calls per week – based on call to meeting ratios, deal closing ratios and average commissions – resulted in $250,000 in lost opportunities.This is the kind of data we started integrating into our onboarding materials. Although this shortfall represented a small percentage of the company’s revenue, it should have represented about $20,000 per new agent – a significant amount for trainees who worked on straight commission.
- They want leadership from you.
- They want a mentor.
- Everyone know what this is? The seagull. What does a seagull do? It soars in, flies around and squawks, then leaves. Any one ever have the seagull manager? Are you a seagull?First thing is don’t be a seagull.Richard Sweeney said “Millennials are interested in processes and services that work and speed their interactions. They prefer merit systems to others (e.g. seniority). Millennials are furious when they feel they are wasting their time; they want to learn what they have to learn quickly and move on. Millennials have no tolerance for services that do not continuously and reliably work. Example, if a student believes that a particular teacher is ineffective, he or she will do whatever it takes to find another teacher, even taking a distance education class. “
- Gallup surveys revealed that slightly more than one-third of non-executives and non-managers strongly agreed that they understand their company’s brand promise and brand differentiation – and these are the employees who likely interact with customers every day.
- Every employee at a minimum ought to be able to answer these questions:Who are the customers or segments we serve?What products and services do we provide?With whom do we partner to deliver our products and services?Who are our competitors, why are they a threat and what can we learn from them?How do we measure our success?What is the history that affects our current strategy?What external trends or issues are important to our strategy?How does the organizational structure support our strategy?What three things our group does to support the strategy? I started scheduling a meeting with a new hire toward the end of their first week to discuss expectations, company values and to check in on how well we were onboarding the new hires. I used these sessions to share the company’s values and objectives and how what the employees does fits in to that. If you are really on top of it, you’ll include this in your onboarding process. Millennials value efficiency – they will ask repeated questions about how to do something. Part of it may be laziness or entitlement, but it also comes from the value they place on time. They want to get a project right; they don’t want to get halfway through a project and start over because they did it wrong. Whether it is onboarding to bring them into a company, or defining a project you need them to work on – you can never go wrong in being as clear as possible with what is expected.We accomplished this by setting defined goals
- Meet the 21 Valedictorians of Medford, OR High school! Ashland High has 10 valedictorians this spring, North Medford High has 10, and South Medford has its 21. Redmond, Oregon – 29 valedictorians.Enterprise High School, Dothan, Al – 34 valedictorians – 1 out of every 12 studentsVanguard High School, Ocala Florida – 25 valedictoriansBluffton High School in Ohio – They only had 9, but that was more than 10% of the graduating class.Richard Sweeney, Millennial Behaviors & Demographics, New Jersey Institute of Technology, December 22, 2006Millennials, by their own admission, have no tolerance for delays. They expect their services instantly when they are ready. They require almost constant feedback to know how they are progressing. Their worst nightmare is when they are delayed, required to wait in line, or have to deal with some other unproductive process. Their desire for speed and efficiency can not be over estimated. The need for speedy satisfaction, or as some believe instant gratification, permeates virtually all of their service expectations.Engagement requires recognition but also appreciation. What’s the difference? It’s something the military understands. Recognition is a medal a soldier is awarded posthumously. Appreciation is a letter that comes from a commanding officer describing the contributions of the fallen soldier.
- Richard Sweeney, Millennial Behaviors & Demographics, New Jersey Institute of Technology, December 22, 2006Millennials, by their own admission, have no tolerance for delays. They expect their services instantly when they are ready. They require almost constant feedback to know how they are progressing. Their worst nightmare is when they are delayed, required to wait in line, or have to deal with some other unproductive process. Their desire for speed and efficiency can not be over estimated. The need for speedy satisfaction, or as some believe instant gratification, permeates virtually all of their service expectations.Engagement requires recognition but also appreciation. What’s the difference? It’s something the military understands. Recognition is a medal a soldier is awarded posthumously. Appreciation is a letter that comes from a commanding officer describing the contributions of the fallen soldier.
- Everybody gets a ribbon is at this point a running gag for this group. Building rewards and recognition into our programs was challenging. But we’re not talking about financial compensation here. What we are really talking about is positive feedback. There’s science behind this: Dan Ariely, a researcher at MIT’s Sloan School of Management conducted a study on rewards and motivation on a group of MIT students. He gave them a sheet of random letters and paid them $0.55 to find 10 instances of consecutive letters. After completing the exercise, the subjects were asked if they would complete a second sheet for five cents less. The experiment continued until the subjects would no longer complete the sheets. The researcher then either acknowledged the sheets, ignored them, or shredded them without looking at them. Ariely expected to find that the “acknowledged” subjects would respond the longest, followed by the ignored, and finally the shredded. But that’s not what happened. The “acknowledged” subjects did perform longer than the other two groups, but there was no statistical difference between the ignored and the shredded. What that means was that for these subjects, ignoring their work had the same effect of destroying it. Ariely’s conclusion: “Occupations that are traditionally regarded as meaningful (medicine, art, science, pedagogy) are invariably associated with large and ‘noble’ goals. Individuals presumably derive satisfaction from a feeling that their work promotes these goals, which in turn leads to lower reservation wages.” Giving them meaningful work and recognizing them for accomplishing it provides compensation they will appreciate outside of mere financial compensation.Our sales people were compensated on commission, so that built into reward. But we also recognized high performance and individual achievements. In my training meetings I had each sales person announce a win or success since the last meeting and sent personal notes after a successful meeting or closing. We also sent letters of commendation to an employees’ address if they made a significant contribution on a project.
- The second thing we did was to try and develop a path to success for these young workers. Most real estate companies have “training” programs for new agents that consist of making lots of phone calls and spending some time “apprenticing” under an experienced real estate broker. I think many of us went through those programs – I know I picked up enough coffee and dry cleaning to achieve expert proficiency in those skills. We looked at our hiring, and determined about 1 in 5 of our new hires made it, and we terminated or lost another 50% within the first year. This was after reviewing hundreds of resumes, multiple interviews with dozens of candidates, and testing each potential hire. Basically, we would throw these young workers to the wolves, hope their senior brokers would tell them something, occasionally plan meetings where we told them something we thought was important, and then were shocked when in three months, they had only set a few meetings.Dr. Lipkin talks about the challenges that Millennials face in lower-level positions: “This generation recognizes early on in the work experience that great work gets noticed. Since getting noticed is important and motivating to this generation, everything that they do must be great, and subsequently they have difficulty with the job duties of entry level positions.” I also came to understand that they were genuinely frustrated by what they perceived as their failures, and that they really wanted to show them the path to success, to invest the time in them to give them the “keys to the mint.” . A 27-year old attorney in Washington, D.C. said it best: “It's probably pretty parental in its roots, but knowing that someone cares about how you're doing makes you want to do better to impress them and make them proud.”
- Steve Trautman was hired by Microsoft in the 1990s to work on a series of projects in which he had to coordinate teams to complete projects. He had very short deadlines, so he came up with a tool called the “Knowledge Silo Matrix,” or KSM. The KSM is basically a chart of skills needed to do any job, color coded by each employee’s mastery of each skill. Although we did not end up using Steve’s tool for that purpose, we took it to the next step in his formulation: the skill development plan. We addressed this problem by creating a “skill development plan” for each salesperson. Each plan included 55-65 skills based on the type of brokerage broken up into “skill families.” Each line of the plan contained a skill, the resource available to learn that skill, the test or assessment which they could use to demonstrate mastery, and the date by which we expected them to learn it. Was it intimidating? Yes. Was it a lot of work? Yes. But it did a couple of things for us – it helped us to standardize skills and service delivery across our sales force. It helped the company start to build loyalty with these new brokers directly rather than have them build loyalty solely with their mentors. And it also demonstrated to our millennial sales people that we were committed to them being successful – more than that, your younger workers will be attracted to training as “insurance” against technological and skill obsolescence that will leave them stagnated in the same job. PWC’s 2011 Global CEO Survey showed “98 percent of Millennials believe working with a mentor is a necessary component in development. In fact, they ranked training and development three times higher than cash bonuses as their first choice in benefits.”
- 1968: First child restraints designed for crash protection developed by Ford (Tot-Guard) and General Motors (Love Seat for toddlers). Followed soon thereafter by the GM Infant Love Seat (first rear-facing only restraint) and the Bobby Mac convertible seat (used both rear-facing and forward facing). 1972: Consumer Reports publishes article showing that most car seats that passed FMVSS 213 could not withstand crash tests1978-1985 Tennessee first state to enact child safety seat laws; last state was 19851984: The first Presidential Proclamation (under Ronald Regan) issued on child passenger protection, titled "National Child Passenger Safety Awareness Day, 1984" by Senate Joint Resolution #2890.1984: Toyota and Chrysler introduced the minivan1993: Take your daughters to work day introduced1993 Family Medical Leave Act passed
- Girl Scouts Research Institute, Real to Me: Girls and Reality TV, 2011At the same time, regular reality TV viewers are more confident than non-viewers. • This group of girls is more self-assured than non-viewers when it comes to virtually every personal characteristic we asked girls about, with themajority of regular reality TV viewers considering themselves mature, a good influence, smart, funny, and outgoing. • They are more likely than non-viewers to both aspire to leadership (46% vs. 27%) and to think they are currently seen as a leader (75% vs .63%).In addition, they are more likely to see themselves as role models for other girls (75% vs. 61%).In our study, the benefits of reality TV most frequently noted by all girls were opening the lines of communication, serving as a learning and motivational tool, and encouraging girls to be active in social causes.• Seventy-five percent of girls say that reality shows have inspired conversation with their parents and/or friends.• Many girls receive inspiration and comfort from reality TV, with 68% agreeing that reality shows “make me think I can achieve anything in life” and 48% that they “help me realize there are people out there like me.”• Seventy-five percent of girls say that reality TV depicts people with different backgrounds and beliefs. Furthermore, 65% say such shows introducenew ideas and perspectives, 62% say the shows have raised their awareness of social issues and causes, and 59% have been taught new things that they wouldn’t have learned about otherwise.
- This one is my favorite. Who has seen Jaws? This film-maker has re-imagined how the classic Spielberg horror film might look if it were produced today. Again, it’s simplistic to reduce the entire analysis of traits of generations into four short TV clips. And there’s a lot of different stuff on TV. But the kinds of shows which became popular during these eras were produced and then watched because they reflected the views and concerns of society at that point in time – and they both reflect and influence a lot of the attitudes of the generations of children which grew up watching them because both the kids and the TV shows were produced in the same crucible of events, culture and history which took place in those times.A result of all this? They have never been allowed to fail, and always told they are successful. There has always been a net for them – and they are very risk-averse if they don’t know what to do or where the net is.
- More than anything, these workers need your leadership and guidance, and your recognition that they are on the path to success. And outside of time, setting up these kinds of programs is mostly free. Those lessons are applicable to any industry. Sales is the key challenge for this generation. A 2011 survey by CSO Insight showed that sales people only spend about 41% of their time selling.A little more than 41 percent is spent selling by phone or face-to-face. The survey also pointed to a very clear relationship between time spent with customers and sales reps making quota. For example, salespeople who spent 35 percent or less of their time selling by phone or face-to-face achieved quota only 55 percent of the time; however when salespeople spent more than 45 percent of their time selling, the chances of them making quota went up to 62 percent. More belly-to-belly selling time fattens salespeople’s wallets.
- In their book The Psychology of Sales Call Reluctance, Shannon Goodson and George Dudley surveyed 11,000 sales people and found that 80% of new sales people failed because of sales call reluctance. Steve Kloyda describes the phenomenon:“We've all found ourselves on phone calls, lost in no man's land because we were not prepared. The client hears hesitation, discomfort, a shaky voice, and perhaps a less than smooth attempt to right the ship. If we string several of these calls together, our confidence can falter and our reluctance to make the next call deepens.”Goodson and Dudley also discovered that another 40% of experienced sales people reported episodes of sales call reluctance severe enough to potentially end their careers in sales. We tracked the calls and meetings of our trainees and we found they typically fell below their targets. At first I thought it was a reporting issue, but we even installed a call counter and the totals still didn’t improve. We found that they were discouraged by poor results from a lack of training – they never knew what to say. I also believe – although they would not admit it – that they were afraid of calling people on the phone.
- We tracked the calls and meetings of our trainees and we found they typically fell below their targets. At first I thought it was a reporting issue, but we even installed a call counter and the totals still didn’t improve. We found that they were discouraged by poor results from a lack of training – they never knew what to say. I also believe – although they would not admit it – that they were afraid of calling people on the phone. The phone has fallen out of favor for those under 30. A recent survey showed that over 75% of them send more than 20 texts per day. The survey reports:Among all teens, the frequency of use of texting has now overtaken the frequency of every other common form of interaction with their friends. Fully two-thirds of teen texters say they are more likely to use their cell phones to text their friends than talk to them by cell phone.One millennial describes the phenomenon:"Of course I text people. Usually to tell them to call me. It sure beats having them answer the phone and saying I'll call you back, or leaving a message that then have to listen to, and then call me and maybe get me maybe not."It’s really hard to get a meeting by texting a prospect.
- Preparation is the key to overcoming call reluctance. We discussed their fears over the phone. I worked with them to develop scripts and we role-played calls. Some of them were a little rough, but I wanted them to think that those practice calls were worse than anything they would encounter in real life, and they survived. We had a session with our best senior caller and each young broker listed the objections they found challenging and we made a chart for each one to put by the phone in their office.
- Out of all these strategies, the young workers didn’t fight me on hardly any of it. But the older workers did. Many of them had never really been mentored and so didn’t understand or really see the need for the activity or relationships. They wanted the young workers to have the same expectations and motivations they had when they started working thirty years ago. The bad news, in my experience, is that you won’t have to sell your young workers on this program – they’ll eat it up. You will have to sell senior executives and workers on it and in my experience one of the biggest fights was the perception that ownership/management was surrendering too much control to establish clear expectations and a pathway to success. The good news? I believe that millennials can sell. They have great innate relationship skills and they are entrepreneurial risk takers. But they need to understand why you are asking them to do what they are doing. They understand the link between work and rewards better than you think, and because of their superior technological capabilities, they tend to think that you are keeping them from doing the jobs to which the highest compensation is tied. We all know that is only partly true; there are some obs for which you need the wisdom and judgment that only comes through experience. They don’t fully understand that, and I don’t think we did either at that age. That makes it our job as their managers and mentors to teach it to them.
- Lt Col Om Prakash, who trains fighter pilots for the Air Force, says:You should be glad if with your help the new Airman learns their job better than you, not discouraged. You should be proud if your student can one day fly feats beyond your skill, not envious. You should feel the greatest satisfaction if one day your subordinate can do your job better than you ever did, not disparaging. For this is the ultimate in achievement …. The next generation must be more than ready to fill our shoes; they must be ready to run faster in them. Thank you.