The X Factor Managing the Gen whY ? Herd

1. The X Factor Managing the Gen whY? Herd Hong Kong November 2010

2. Contents Introduction Different Generational Expectations Generational Views On Career What Gen whY? want from a Career Managing Gen whY?’s Career How to “fit” Gen whY? into a multi-generational workforce Key Motivators for Gen whY? What Gen whY? want from their Leaders Characteristics of Effective, Inspiring Leaders Conclusion

3. Introduction The War for Talent has changed indefinitely to a new war, The War for Resources, due to: A growing skills shortage in all developed economies Declining birth rates in all countries, except third world countries Globalisation Rapidly changing advances in technology Different expectations of the different generations of workplaces and leaders

4. Different Generational Expectations There are currently 4 generations in the workplace: Veterans, born prior to 1946 Baby Boomers, born 1946 – 1964 Generation X, born 1965 – 1979 Generation Y, born 1980 – 1995 Each generation has different values, different expectations of organisations and their leaders and a different view of career management and development

5. Generational Views On Career Baby Boomers One, maybe two, different careers Generally in the same, or a related industry / profession Think in 5 – 10 year time frames Generation X At least 3 distinct careers Open to working in different industries and different types of businesses Will work for more than 12 employers Self employed by choice at least once Will work overseas at least once Think in 3 – 5 year time frames

6. Generational Views On Career Generation whY? At least 5 distinct careers, 2 of which will be before they are 30 years old Open to working in the private sector, public service and not-for-profit organisations Will work for more then 29 employers Self employed by choice more than once Will work overseas at least twice Think in 2 -3 year time frames

7. What Generation whY? want from a Career New challenges with greater freedom and choices Different jobs in different industries Career advancement and progression Engagement, and recognition of contributions Developing new skills, including life skills Job satisfaction, fun and “ to be entertained”

8. Managing Generation whY?’s Career In their careers, Gen Y want: To do work that adds value To do something that makes a difference to the business To work for an organisation that makes a contribution to the broader community To be part of an inclusive,winning team To learn new skills andhave new “experiences”

9. Key Motivators for Generation whY? Globally at Work Inspiring leadership A supportive environment which encourages new ideas and creativity Regular, constructive feedback Mentoring by older manages who like and respect young people Access to training and development Access to up-to-date technology Flexibility

10. Key Motivators for Hong Kong Generation whY? at Work An open, empowering and creative workplace culture Work Life Balance Caring and supportive team environment Job security Remuneration

11. Key Motivators for Hong Kong Generation whY? Civil Servants Remuneration Job security Promotion opportunities Work Life Balance Inspiring leaders Meaningful work

12. How to “fit” Gen whY? into a Multi-Generational Workforce Educate all managers and leaders on what motivates each generation Older managers need to be more adaptable and inclusive Enable flexibility for Gen Y to help balance work and other commitments Listen to the ideas and requests of Gen Y Develop targeted training & development programs for Gen Y e.g. communication skills and conflict resolution Mentoring programs for Gen Y

13. What Generation Y want from their Leaders Gen Y identified the following characteristics of what a good leader means to them: A good listener An effective communicator Treats all employees with respect Leads by example Patient and tolerant of difference Encouraging and supportive Gives regular feedback on good performance, and areas for improvement More of a mentor and coach, less of a boss Inclusive and collaborative

14. Effective & Inspiring Leadership Highly effective leaders have been found to have the following common characteristics: An appetite for learning & developing others Are change enablers Coach people Communicate through listening Are courageous Have integrity Inspire and motivate people Lead by example Value diversity

15. Conclusion “Never hire or promote in your own image. Its foolish to replicate your strength and idiotic to replicate your weakness. It is essential to employ, trust, and reward those whose perspective, ability, and judgment are radically different from yours. It is also rare, for it requires uncommon humility, tolerance, and wisdom.” Dee Hock Leadership Revelations: An Australian Perspective