Presented by:

Nelson A. Colón, CPA, CGMA, CFEDirector, Busy Season Staffing Solutions PSC

Strategies to Manage and Retain a

Multi Generational Workforce

• Understand the main differences between the generations currentlypresent at the workplace.

• Importance and understanding of the Millennials generation for thesuccess of an organization.

•Significant changes and policies implemented by successfulcompanies to retain and manage the Millennials generation.

• Understanding of Generation Z (Generation after Millennials) includingconsiderations when implementing changes.

Agenda

Generations at the Workplace

Baby Boomers (Born 1946-1964)

Generation X (Born 1965-1980)

Millennials (Born 1981 – 1995)

Generation Z (Born after 1995)

• Maintains a long tenure with the same organization.

• Tend to favor top-down management style.

• Work long hours. “Pay their Dues” philosophy.

• Seniority is respected.

• Work is about accumulating wealth and creating a professional

identity.

• Favored the traditional office.

Baby Boomers (Born 1946 to 1964)

Generation X (Born 1965 to 1980)

• First generation to embrace the personal computer and the internet.

• Entrepreneurial and independent.

• Moved through several career changes with different companies.

• Results focused.

• Prefer direct, constructive feedback.

• Currently holds most leadership positions.

Millennials (1980 to 1995)

• Express little loyalty to current employers.

• Less impressed by the sheer scale of a business and its age.

• Mentoring and encouragement is very important.

• Value purpose beyond profits.

• Work/Life balance comes before career progression.

• Favor open office plus flexibility in where and when they work.

Corporation Traditional ModelCEO

VPs and Top Management

Middle Management

Supervisors and Senior Staff

Staff

Professional Services Organization Traditional Model

Partners

Senior Managers

Managers

Senior Associates

Associates

Why Understanding Millennials is Critical?

Spent significant resources to understand millennials.Implemented initiatives changing the way they work to attract and retain millennials while been efficient to keep productivity up.

Multinational Companies and

International Professional

Services Organizations

Why Understanding Millennials is Critical?

Local companies and

professional services

organizations

May compete for millennial top talent if time is dedicated to understand this generation.

Retain top millennial talent if the way we work is re-

evaluated.

May benefit from efficiencies and cost saving

initiatives resulting from changes if implemented for the Millennial generation.

Millennials at the Workplace News

Source: The Wall Street Journal Source: The Wall Street Journal

Millennials at the Workplace News

Source: Fortune Source: The Washington Post

Understanding Millennials Behavior

Many grew up with helicopter parents

Grew up with information accessible

fast, easy and at whatever time or place

they wanted.

Many grew up with wealthier households

than prior generations.

Management and Retention Strategies

1ST STRATEGYFLEXIBILITY

a. Flexibility should be all inclusive to accommodate the needs of the modern family.

b. Greater flexibility in the work location and schedule should come from a company promoted policy with no need to execute a more formal flexible work arrangement.

c. Flexibility doesn’t necessarily mean less working hours.d. Flexibility doesn’t mean less productivity.e. Flexibility may enable time and real state costs savings.

2ND STRATEGYREWARDS AND ACKNOWLEDGEMENT

a. Regularly acknowledge and reward both large and small contributions made by employees.

b. Provide constant feedback and encouragement.c. Provide training and continuance education.d. Consider providing small appreciation perks during the year.

3RD STRATEGYTECHNOLOGY

a. Technology is expected by most employees. b. Technology is a must to retain and manage the millennial generation. c. Enables collaboration.d. Provides efficiency and cost saving opportunities.e. Enable remote monitoring of multiple employees. f. Collaboration technology is available today from multiple vendors at

an economical monthly fee per employee.

4th STRATEGYBRANDING

a. Since Millennials are not that impressed by the size and tenure of a business this represents an opportunity for small, mid size and start ups.

b. Have a meaningful vision and mission that is shared with the employees.

c. Build a brand behind profit that may show millennials that there is an additional purpose on working at your company.

d. Consider using nontraditional communication tools to enhance your brand such as social media.

Generation Z (Born after 1995)

• The first true digital native generation.

• Prefer large employers similar to Gen X and Boomers.

• Like to be independent.

• Main concern is job security and pay.

• Preference for his/her own office space.

Generation Z Considerations

Many companies implemented the open office to accommodate Millennials preferences and to save real state costs.

Some point to a decrease in productivity due to the open office distractions.

In order to increase productivity and accommodate Generation Z some companies are updating the open office concept to a combination of open and private spaces.

Generation Z Considerations Generation Z prefers face to face communication.

Generation Z like to be competitive and independent in the

workplace.

Technology is now key to attract, retain and manage not just

millennials but every generation including Generation Z.

Overall Considerations

If your company already implemented the necessary changes to recruit, manage and retain the millennial generation you may have to consider some small changes to account for the latest productivity trends and accommodate generation Z.

If your company have not implemented any changes to recruit, manage and retain the Millennial generation, do not be left behind, changes may present significant cost savings and are imperative to remain competitive. You have a unique opportunity to implement changes taking into account the latest productivity concerns and considering other generations including Generation Z.

1. Next Gen Study: by PwC together the University of Southern California and the London Business School.

2. Managing the Millennials by Chip Espinoza, Mick Ukleja and Craig Rusch

3. Keeping the Millennials by Dr. Joanne G. Sujanksy, CSP and Dr. Jan Ferri-Reed

4. Managing the Multigenerational Workplace by Dan Bursch Program Director UNC Kenan-Flager Business School

5. Millennials Surveys by Deloitte

6. Generation Z Rising by Accenture Strategy

7. Managing Talent in a Multigenerational Workforce by Chase for Business

Disclaimer: This material is presented for informational purposes only. Before making any employee benefit change orimplementation you should consult your legal counsel. Neither Busy Season Staffing Solutions or the speaker are responsiblefor the result of any decision made based on the information presented.

References

8. Millennials at the Workplace newsletter by Busy Season Staffing Solutions

9. Beware Millennials, Generation Z is here newsletter by Busy Season Staffing Solutions

Busy Season Staffing Solutions newsletters available at:

https://www.busyseasonstaffing.com/job-market-news.html

Disclaimer: This material is presented for informational purposes only. Before making any employee benefit change or

implementation you should consult your legal counsel. Neither Busy Season Staffing Solutions or the speaker are responsible

for the result of any decision made based on the information presented.

References

Questions?

Thank YouNelson A. Colón, CPA, CGMA, CFEDirector, Busy Season Staffing Solutions ncolon@busyseasonstaffing.com

Office: (787) 918-1890 www.busyseasonstaffing.com