X and Y Walk Into a Bar Understanding Generational Differences, Creating Opportunities

2. X and Y Walk Into a BarUnderstanding Generational Differences, Creating Opportunities By Jennifer D. Pereira DWS CWE, Johnson and Wales University

3. X and Y Walk Into a Bar X orders a Corona and a shot of Cuervo, and says, “Who do you think was better – Ozzy Osbourne solo or Black Sabbath?” Y orders a Jagerbomb and replies, “What’s the Black Sabbath show?”

4. Agenda for Today’s Session: • Who are the Why’s and Why Should We Care? • A Generational Profile • Working with Why’s • A Changing Business Model • Word to the Why’s • Reaching the Market • Summary • Sources and Questions

5. Who are the Why’s? A Generational Profile

6. Who Are The Why’s? • Born after 1980 – “20-somethings” Some figures stretch from 1977 or to 2000 Aka “Millennials”, “Echo Boomers”, “Boomerangs”, “Generation Y” • Racially and Ethnically DIVERSE • 1 in 3 is ‘non-Caucasian’ (US Census) • Expect/Demand TOLERANCE • Enjoy Teamwork, Cooperation

7. Who are the Why’s? • America’s Largest Generation since Baby Boom • Over 82 Million and growing • 20%+ of US population • Where Boomers are aging, Why’s have just begun!!! • Incredible Spending Power, and it’s only growing! • Part of a GLOBAL youth trend, not just USA • Global Economy, Markets, Communication • Global Fashion, Music, Celebrities • Able to THINK GLOBALLY

8. Source: Generation Y, E. Neuborne & K. Kerwin, Newsweek, February 15, 1999 • Currently 10%+ of US Workforce • As Boomers Retire, and More Why’s Graduate, this number will increase QUICKLY

9. Who Are The Why’s? The Digital Mentality • PRO - Great at MULTI-TASKING • ADD = “Always Driven Doers” • CON - Demand INSTANT results • The New 3-Second Rule • PRO - Respect EFFICIENCY • Looking for SHORT-CUTS, Outside-the-Box

10. Who Are The Why’s? The Digital Mentality • PRO - LEARN FASTER • Especially from Digital/Web Sources • ADD/Multi-Tasking skills increase productivity • EMBRACE new technology, change • CON - IMPATIENT with procedures, processes • NON-Linear Thinking • Slow to Learn Cause-and-Effect • Bored Easily, Need Smaller Goals, Constant Gratification, Recognition, Rewards

11. Who Are The Why’s? • PRO - Very INDEPENDENT minded • Latch-Key Generation • Divorced or Single Parents • More responsibility at a younger age • CON - Feel ENTITLED • Overindulgent parents? • CHILD-CENTERED families • “It’s all about ME!” • PRO - Feel EMPOWERED • Sense of Security • Helmets and Booster Seats • Self-confident • “Everyone is special, I am special”

12. Who Are the Why’s? Generally OPTIMISTIC about the Future Fairly SKEPTICAL about the Present • ANYTHING is possible, • I can ACCOMPLISH anything • Lots of faith in Technology, Science, Cooperation • Have seen Dot.com bubble, TYKO and ENRON, Mortgage Crisis, • Lies from Celebrities, Leaders, and Politicians

13. Who Are The Why’s? “But…WHY?” • WHY should I do that? • What’s in it for ME? • WHY should I respect YOU? • Who are you to tell me what to do? • WHY do I need a UNIFORM? • But Everyone has a lip/nose ring • WHY should we do it YOUR way? • But this way is faster, easier… • WHY should I care what your customers think?

14. Working With Why’s A Changing Business Model

15. A Brief Note on Recruiting: • What’s Difference between Customers and Employees? • Of Course, Employees are Internal Customers • But Customers are also Best Prospective Employees • Sell YOURSELF first • Why Would They Want to Work for You? • Use POP and Web Recruiting • MUST Have INSTANT Response • Use Your Why’s • Offer Internal Rewards for Referrals • Increase Networking Opportunities • Within and Outside Work I this place

16. Working With Why’s The Most Commonly Used Media of Generation Y for Career Opportunities: • MonsterTRACK.com • Career Fairs • Personal Networking (*Source: Understanding Generation Y: Student Monitor-Media and Lifestyle, Spring 2004)

17. Working With Why’s TODAY’S GENERATIONAL WORKFORCE Traditional Workers Born before 1946  <10%, 63 + Baby Boomers From 1946 – 1964  40%, 45 – 62 Generation X From 1965 – 1980 40%, 29 – 44 Generation Y From 1981 – 2000 10%+, 8 – 28 By 2012, Gen Y set to increase 10%, while Older Workers set to decrease by 6% (Source US Census Data, FERRET, Workforce Statistics, 2007)

18. How graduating college seniors feel about the job market: 􀂃 51% do not expect job offers upon graduation 􀂃 16% are headed to grad school 􀂃 57% are moving home after graduation 􀂃 56% are willing to relocate for a job 􀂃 34% are concerned that off-shoring will affect them 􀂃 74% think work experience is most important in getting a job 􀂃 The national average for expected first year salaries is $39,500 (*Source: monstertrack.com, Entry-Level Job Market Outlook, Spring 2004)

19. Working With Why’s How the WHY’s Feel About Work: • Want to START AT THE TOP (non-linear thinking) • At least be climbing the ladder by 6th month • Believe they DESERVE the position they want • Feel ENTITLED, even if they’re not experienced • IDEALISTIC- Work is not what defines you • If it’s not FUN then what’s the Point? • Work is primary venue for SOCIALIZING • Will Leave for LESS money to work with friends

20. Working With Why’s How the WHY’s Feel About Work: They do NOT define themselves by what they do for work. • HARD WORKERS • But they expect immediate gratification, recognition • COMPETITIVE • with Themselves and Others • Want to show their colors, individuality • INNOVATIVE, ADAPTIBLE • THRIVE on Change, Energized, LOVE to LEARN

21. Working With Why’s How the WHY’s Feel About Work: • MOBILE, FLEXIBLE • Don’t plan on staying at any one job for long • COMMITTED & FIERCELY LOYAL • To employers who treat them well • BLUNT, EXPRESSIVE, OUTSPOKEN • Will not hesitate to tell you how they see it • DISRESPECTFUL • They’ll never give respect until it’s earned • They EXPECT automatic respect towards them

22. Working With Why’s Training the WHY’s • Respond most effectively to: • Comfort Zone - Peer (WHY) trainers, Orientation • EYE CANDY - Digital/Web-Based Media, Variety • Give ‘Em 15 Minutes - Games, Contests , Public Rewards • KISS - Smaller Achievable Goals • Explaining the WHY’s, not just the What’s and the How’s

23. Working With Why’s Managing Why’s • DON’T ASSUME!!!!! • LAY IT ALL OUT – What are your expectations? Why? • CUSTOMER SERVICE ethics are not genetic • DIG DEEP– Are your Rules related to Profit? KISS • APPEARANCESare not everything – Rethink dress codes • HEADS IN THE GAME • SHARE info, responsibility, training, teaching • Offer Incentives for NEW IDEAS • FLEXIBILITY pays off – Your priorities are not theirs

24. Working With Why’s • RETAINING the WHY’s • THE BORE WAR • FUN RULES! Don’t let it get monotonous • Competition, Participation, Interaction • R&R – REWARDS AND RECOGNITION • PERSONAL – First Names, Faces • PROPORTIONATE– Rewards fit the Achievement • PUNCTUAL – Once a month is not enough for Why’s • PUBLIC– Every Customer is a Potential Employee

25. Working With Why’s RETAINING the WHY’s Employee Piracy • THINK OUTSIDE • WHERE do they go, if they leave? • WHY do they leave? ASK THEM!!! • HOW do you get them back? • Keep rewards spread out – always thinking to future • Regular Employee get-togethers, celebrations • Share rewards with their friends and family

26. Word to The Why’s Reaching the Market of Generation Why

27. Word to the Why’s • We all know that we are now living in a CUSTOMER DRIVEN MARKETPLACE • Access to information and shopping via internet has COMMODITIZED almost every product market • So How do the WHY’s Fit Into the Mix?

28. Word to The Why’s • The Power of Why • 2004 College Students (18-24) had over $122 Billion in spending power • Over 75% Worked part or full time while in school • 90% own a computer • 65% of those students have broadband connection • 62% own a stereo, 77% a cell phone, 77%a printer • 84% a television, 86% a calculator • 74% own a DVD player, 55% own a gaming system • 62% use their cell phone for text messaging • 70% use their cell phone for playing games • 41% with cell phones access Internet through their mobile phone. • (Source: Harris Interactive – http://www.harrisinteractive.com)

29. Word to The Why’s • “When’s the PITCH?” • SUPER SAVVY Consumers • Have ALWAYS been marketed to, EXPECT to be SOLD • Even as Preschoolers, TV, School buses • RESEARCH Purchases in Advance • May Know Your COMPETITION Better Than You Do • Don’t Make Claims You Can’t Support

30. Word to The Why’s • “When’s the PITCH?” • Rely Heavily on PEER REVIEWS • Word of Mouth, Web sources • Such as ‘Craig’s List’, e-Bay • Go to where they are • Can Spot a FAKE a Mile Away • Be HONEST about your Product/Service • Low Price is not enough to grab their attention

31. Where are the Why’s? • The Most Commonly Used Media of Generation Y: • Top 5 general web sites visited: • eBay.com • Amazon.com • 3. CNN • 4. MTV • 5. KaZaA • (*Source: www.volunteertoday.com/archives%202004/Aug04recruit.htm#ManagingY)

32. Word to The Why’s • Where Are the Why’s? - How they Shop • BIGGEST TURN-OFFS: • Slow Web Sites • The Web Site IS the store – 3-Second Rule • Dismissive Sales Staff • “My money’s just as green!” • Free Shipping that’s over 2 Days • “I want it NOW!” • Under-Trained Sales Staff • “I knew more than THEY did!”

33. Word to The Why’s • What Do They Buy and Why? • WHAT THEY VALUE: • ELITE and LUXURY brands • “Upgrade, Baby!” Abercrombie & Fitch, Coach, Dolce & Gabbana, Victoria’s Secret, Polo, The Limited. J. Crew • CHEAP & THRIFT STORES • “As long as I look GOOD, SAVE the money.” – Forever 22 • WHAT GETS LOST: • The MIDDLE-TIER Stores – Macy’s, JC Penney • OLD BRANDS – Nike • (Source: Mooney, Kelly with Bergheim, Laura, 2002,“The Ten Demandments: Rules to Live By In The Age of The Demanding Customer”, McGraw-Hill

34. Word to The Why’s • Brand Ambassadors • Modern Marketing is centered around the concept of “Building Customer Relationships” • Gen. Why is heavily reliant on peer and consumer reviews, personal recommendations. • Therefore, If you Build Relationships, Develop a Following, you will enjoy a steady business and a ready supply of willing and enthusiastic employees.

35. Summary

36. Agenda for Today’s Session: Questions?

37. Sources: • Howe, Neil and Strauss, William, 2000. Millennials Rising, The Next Great Generation, Vintage Books, New York. • Chester, Eric 2002 Employing Generation Why, Tucker House Books, Lakewood, CO • Mooney, Kelly with Bergheim, Laura, 2002,The Ten Demandments: Rules to Live By In The Age of The Demanding Customer” McGraw-Hill •   Newborne, Ellen and Kerwin, Kathleen, 1999. “Generation Y”, Businessweek Online,(February 15)http://www.businessweek.com/1999/99_07/b3616001.htm?. •   O’Reilly, Brian, 2000. “Meet the Future”, Fortune, (July 24): 144-168. •   Perlick, Allison, 2001. “Get in Stride With Generation Y”, Restaurants and Institutions (March 15): 65-67. • Generation Y Workers (http://www.brandmercenaries.com) • Harris Interactive (http://www.harrisinteractive.com/news/allnewsbydate.asp?NewsID=835) • www.volunteertoday.com/archives%202004/Aug04recruit.htm#ManagingY • monstertrack.com, Entry-Level Job Market Outlook, Spring 2004 • Understanding Generation Y: Student Monitor-Media and Lifestyle, Spring 2004 • US Census Data, FERRET, Workforce Statistics, 2007

38. Thank You!!!