Wednesday, September 28, 2011

Presented by:

Dean D’Ambrosi Mike MolaroDirector, Member Services Director, Chapter ServicesCFMA CFMA

The events and conditions each of us experiences during our formative years determine who we are and how we see the world.

As a result of these events and conditions, each generation has adopted its own “generational personality.”

Markers can be people, places, things, or actual events that become reference points for a generation.

Conditions are the forces at work in the environment as each generation comes of age.

Key Characteristics/Values: Teamwork, Commitment, Sacrifice, Discipline, Financial and Social Conservatism

Markers: Great Depression, GI Bill of Rights, The New Deal People: Joe DiMaggio, The Rat Pack, FDR, Joe McCarthy, Dr.

Spock, Duke Ellington, Charles Lindbergh, Edward R, Murrow, John Wayne, Elizabeth Taylor, Betty Crocker

About 75 million

Comprise 5% of today’s workforce

International Events—Pearl Harbor, Bay of Pigs, Iwo Jima

Things were scarce

“Save for a Rainy Day”

“Waste Not Want Not”

God-fearing, Hard-working, Patriotic

Generational Personality: Loyal

Working together towards common goals

Immense faith in institutions—Church, Government, Military

Over 50% of Men are Veterans

Patriotism is a given

“Stand beside her, and guide her”

The value of a dollar

Management Style—Chain of Command

Leaders lead and troops follow

Top-down management styles

1940s and 1950s—Workforce soley made up of this generation

Early 1960s—Here comes the next generation of workers

Can we go back to the “good old days?”

Communication Technology: Radio, Rotary Phones, Slide Rules

Spending Style: Scrimp and Save, Pay Cash Work Ethic: Appreciate Hard Work,

Dedicated, Respect Authority Communication Style: Formal Preferred Rewards: Respect, Work for

Delayed Rewards Work/Life Balance: Separate

Key Characteristics/Values: Idealism, Self-Improvement, High Expectations

Markers: Civil Rights Movement, Viet Nam, Woodstock, Television, Watergate,

People: JFK, Martin Luther King, Jr., Richard Nixon, Beaver Cleaver, Rosa Parks, Charles Manson, Gloria Steinem, Captain Kirk, the Beatles, the Stones 80 Million

Comprise 45% of today’s workforce

Made changes and “left their mark”

Want to shake things up

Want to change the world

Traveled from tragedy to escapism to realism

Hanoi Hilton, Chappaquiddick, Kent State

Sit-ins, love-ins, Laugh In, Woodstock

Brooks Brothers suits, Rolex watches, junk bonds

Most important invention—Television

4 million TV sets in 1952; 50 million TV sets by 1960

Generation Gap widened

Generational Personality: Optimistic

A sense that anything was possible

Good jobs, good education

Had what their parents only dreamed of

Key trait: Competitive

Had to fight for what they got

“Me” generation

Were able to focus on themselves

Proud of who they are and what they accomplished

Focused on what it took to get ahead

Driven by Money

“Change of command”

Asked questions

Cynicism stepped in

Women waited later in life to have children

Two-income households and both parents worked

Challenged the authority of Matures to a point but respected what they stand for

Communication Technology: Television, Touch-tone Phones, Calculators, Tape Recorders

Spending Style: Charge It Now, Pay Later

Work Ethic: hard Worker, Optimistic, Driven

Communication Style: In-Person

Preferred Rewards: Job Titles, Material Things

Work/Life Balance: No Balance

Key Characteristics/Values: Pragmatism, Diversity, Quality of Life, Savvyness, Entrepreneurial Spirit

Markers: AIDS, MTV, Desert Storm, Internet, PC People: Brat Pack, Bill and Monica, Ayatollah Khomeini, Beavis

and Butthead, O.J. Simpson, Madonna, Michael Jordan

46 million

Comprise 40% of today’s workforce

Probably most misunderstood generation—Not driven or motivated by money

A lot of their “heroes” were indicted or exposed as less than stellar citizens

Generational Personality: Skeptical

“Social” crimes within government, presidency, military, corporate America, religion

Divorce rate tripled during their birth years

Distrust institutional and personal relationships

Put more faith in themselves than in institutions that have failed them

Complex childhoods

Violence was close to home—AIDS, crack cocaine, child molesters

The world isn’t as safe as it used to be

Number of single-parent households increased

Latchkey children

Traditional family out the window

“Self-Command” in the workplace

Extremely resourceful and independent

Have to rely on themselves

Count on their peers and themselves to get things done, not family

Money ranks near the bottom of motivators along with job status and prestige

Want to use their talents and have a sense of satisfaction and being passionate about what they are doing

See themselves as free agents.

Surveys show they stay in a job for only 1.1 years.

This makes them more “marketable” to future potential employers.

Getting them is the first challenge.

Keeping them is the second challenge.

They will move on when the job they are in is no longer satisfying.

They are looking for positive work relationships, interesting work, and opportunities for learning.

Their lives don’t revolve around their work. Work is just one part of their lives.

Calling Boomers “workaholics” is justified to them.

Watched their parents sacrifice heir marriages and “sell their souls” for career success.

Xers refuse to follow in these footsteps.

Crusaders for what they believe in.

Media expanded their world

International Space Station to the Internet

America’s mystique was stripped away

Want more to their lives than just work and a paycheck.

Want to be accepted for who they are—and what they can offer.

Communication Technology: Videos, Computer Games, Cell Phones, Pagers, Laptops

Spending Style: Often Cautious

Work Ethic: Seek Work/Life Balance, Embrace Diversity, Skeptical

Communication Style: Direct, Immediate

Preferred Rewards: Freedom, Autonomy

Work/Life Balance: Balance

Key Characteristics/Values: Optimism, Technological Adeptness, Virtual Competency, “Edutainment”

Markers: Columbine, Dawson’s Creek, 90210, Oklahoma City Bombing, Cyberspace

People: Prince William, Ricky Martin, Barney, Britney Spears, Backstreet Boys, Buffy the Vampire Slayer, Marilyn Manson, Felicity, Kurt Cobain, Venus and Serena Williams

76 million

Comprise 10% of today’s workforce

Also called “Generation Y” and “Generation Next”

Mostly MBAs

Technology and media blurs fantasy and reality

Technology defines this generation

Internet is a “light switch”

Local mall or virtual mall

Generational Personality: Realistic

Gangs, illegal drugs, Columbine

“Personal safety” is their number on workplace issue

Feel empowered to take positive action when things go wrong

Have the “best” from the previous three generations

Don’t Command, Collaborate

Appreciation for diversity

Expect the workplace to resemble the diverse world they grew up in

Included in family decisions

Latchkey children—Stuck up for themselves

Relied on friends and themselves

Bring these qualities to the workplace

Will not be bullied

Power-Tripping Bosses

Long, Rigid Hours

No Fun Work Environment

No Value on Their Ideas

Ignored Skills

“That’s How It’s Always Been Done”

Do As I Say, Not As I Do

Meaningless Work

Paying Their Dues

Opportunities to Learn

Quick Results

Getting to Know Them

Varied Job Responsibilities

Work/Life Balance

Increased Responsibilities

Honesty

Using Their Technology Skills

Teamwork

Listening to Their Ideas

Flexible Hours

Instant and Public Praise

Respect

Communication Technology: Internet, DVDs, PDAs, iPODs, Text Messaging

Spending Style: View Parents as a Ready Source of Cash

Work Ethic: Multitasking, Goal-Oriented

Communication Style: Electronic

Preferred Rewards: Meaningful Work

Work/Life Balance: Balance

Someone born on the cusp between two generations

Most identify strongly with one or the other

Others have characteristics of both

Natural “mediators”

Usually make the best managers

Three Cusper Groups in Today’s Workforce:

Matures/Baby Boomers: Born Around 1945. Too young to fight in WW II or Korea, they were at the forefront of various human rights movements. Value the work ethic of Matures, they will challenge the current state of affairs.

Baby Boomers/Gen Xers: Born Around 1965. Too young for the protests of the 1960s, many were still in school in the 1980s and many finished their secondary education without turning on a computer.

Gen Xers/Millennials: Born From 1975-1980. Possess an interesting mix of Gen X skepticism and Millennial optimism. Quite comfortable with technology.

One of the most successful organizations to speak to the four generations is the U.S. Army.

They changed their message based on their “audience” and the environment in which that audience interacted.

Matures/Traditionalists: Uncle Sam Wants You! Focused on patriotism, pride, and loyalty.

Boomers: Join the people who’ve joined the Army. Communicated a feeling of a more congenial, all-volunteer army. Optimism.

Xers: Be all that you can be. Named by Advertising Age as the second-best slogan of the 20th Century behind McDonald’s “You Deserve a Break Today.” Skepticism.

Yers: The power of one. This generation believes in the power of each individual to make a difference. Realism.

Yers: New ad campaign ads appeal to Boomers, who are the parents.

Acknowledge that everyone is different. People’s unique experiences, which are often shaped by when they were born, influence their attitudes toward work.

Appreciate the strengths people in different generations possess. Instead of adopting a “my way is the right way” attitude, focus on the positives of a variety of different outlooks in the workplace. Never assume that there is only one way of doing something.

Manage generational differences effectively. Search for ways to interact with each generation that will benefit everyone. People thrive in cultures where they are free to express themselves, and in doing so, learn from others.

Understanding the differences between the four generations that comprise today’s workforce is one way employers can help keep their talent, reduce turnover costs, and remain competitive.

No one is right or wrong—we’re just different.