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February 21, 2008

February 21, 2008. “Generational Differences – Let’s Work Together ”. Gary M. Bolinger, CAE President & CEO Indiana CPA Society. All generalizations are dangerous, even this one Alexander Dumas, 1824-1895. So …. What’s up with this “next generation”. Mindset …Class of 2010.

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February 21, 2008

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  1. February 21, 2008

  2. “Generational Differences – Let’s Work Together” Gary M. Bolinger, CAE President & CEO Indiana CPA Society

  3. All generalizations are dangerous, even this one Alexander Dumas, 1824-1895

  4. So … What’s up with this “next generation”

  5. Mindset …Class of 2010 “a generation that has always been ‘connected’ and is used to things happening in ‘real time,’ like live satellite coverage of revolutions and wars, instant messaging and movies on demand. They expect solutions for every problem, from baldness to diseased organs. To the chagrin of teachers and parents, they’ve developed their own generational means of communication.” http://www.beloit.edu

  6. Mindset … 1. The Soviet Union has never existed and therefore is about as scary as the student union. 2. They have known only two presidents. 3. For most of their lives, major U.S. airlines have been bankrupt. 6. There has always been only one Germany. 7. They have never heard anyone actually "ring it up" on a cash register. 8. They are wireless, yet always connected.

  7. Mindset … 17. They grew up pushing their own miniature shopping carts in the supermarket. 18. They grew up with and have outgrown faxing as a means of communication. 19. "Google" has always been a verb. 20. Text messaging is their email. 23. Bar codes have always been on everything, from library cards and snail mail to retail items. 28. Carbon copies are oddities found in their grandparents' attics.

  8. Mindset … 33. They have no idea why we needed to ask "...can we all get along?” 36. They have rarely mailed anything using a stamp. 38. Being techno-savvy has always been inversely proportional to age. 41. They have always been able to watch wars and revolutions live on television. 53. They have always preferred going out in groups as opposed to dating. 56. They have never put their money in a "Savings & Loan.“ 59. Disneyland has always been in Europe and Asia. 74. Ringo Starr has always been clean and sober.

  9. Generational Issues

  10. Overprivileged Kids • The “fragility factor” - attributed to overprotection • Parents hover over toddlers on the playground, structure their 4-year-old’s time - tee ball & art class • Call teachers during dinner to protest a “C” grade, or • Claim learning disability for teenager take untimed SATs

  11. Why do we care? • Sustainability of the Profession • Need to understand what professionals need to thrive today • Work/life effectiveness = business strategy • Top cause of turnover - overwork & stress • Role models needed of successful leaders (men & women) who set an example “A Decade of Changes in the Accounting Profession: Workforce Trends and Human Capital Practices” - AICPA

  12. Four Generations

  13. Four Generations In the Workplace • Matures, Silents, Radio Babies – 1909-45 • Boomers – 1946-64 (early vs. late boomers) • Gen X – 1965-78 (early vs. late x’ers) • Millennials (Y2K, Nexter, Echo-boom)

  14. Generations Children should be seen and not heard vs. Everyone has an opinion What makes you think you are any different? vs. You are special

  15. Perhaps poetically, the last group to upend the working world with its ambition and drive are now looking down from the C-suites at their children, Gen Y, who are as single-minded in their search for balance as their parents were in their quest for success.

  16. Whippersnappers & Geezers • Surveys over the last few years … • looking for work that includes “flexible work schedule” (92%, Harris Interactive poll), • “requires creativity” (96%) • “allows me to have an impact on the world” (97%) • 90% of Gen Y wants co-workers “who make work fun.” (Roper Starch Worldwide) • No other generation put that in their top 5

  17. Whippersnappers & Geezers • “largest, healthiest, most pampered generation in history” • Expected to spend their spare time making the varsity team, not working part-time • Parents showed their love by staying late at the office to bring home more money • The children expect to be home for dinner • Career dominance, achieved by 5 p.m.

  18. Whippersnappers & Geezers • A 20-year-old intern working on a booklet about Gen Y and work. The topic - job interviews … “job interviews are a two-way conversation, where the company puts out what they want and expect from me, and I put out there what I want and expect from the company.”

  19. Whippersnappers & Geezers • Who exactly is grooming whom? • A quick tally would seem to show Gen Y in the lead, setting the life-work agenda. • Don’t underestimate the Me Generation • As boomers learn to text more quickly & interns learn to wear suits … tug of war between these generations will shape the workplace for decades to come

  20. They are different! Or … What is wrong with those people?

  21. Are they really all that different? • Fundamentally people want the same things, no matter what generation they are from. • The so called generation gap is, in large part, the result of miscommunication and misunderstanding.

  22. A quiz … • Translate the following … Y3 UndRst& Kthxbye ILBL8 XpNsiv GMTA RNTUAQT Yada, yada, yada Understand Okay, thanks. Goodbye. I’ll be late Expensive Great Minds Think Alike Aren’t you a cutie?

  23. A different look at generations • Silents ……………… • Early Boomers …… • Late Boomers …….. • Early Xers …………. • Late Xers …………... 1925 - 45 1946 - 54 1955 - 63 1964 - 76 1977 - 86

  24. Retiring the Generation Gap • Most intergenerational conflict shares a common point of origin … • Issue of clout … • Who has it • Who wants it • Natural desires … • Older people want to maintain clout • Younger people want to increase clout

  25. Retiring the Generation Gap • Older generation maintains clout by emphasizing value of experience • Experience perceived as valuable • Synonymous with knowledge • But it isn’t! • What is important about experience? • How one processes it • What knowledge is gained from it

  26. Retiring the Generation Gap Generation gap blamed for conflicts that have nothing to do with fundamental generational values (difference in values)

  27. Retiring the Generation Gap Values … What you believe is important NOT What you do to express those beliefs

  28. Top Three Values … Retiring the Generation Gap

  29. Retiring the Generation Gap • Values: • Older men value family by working long hours to make lots of money • Xers likely to show family value by spending more time with family • People from different generations express values differently • That can cause conflict

  30. How important is it for Generation X & Y to spend time with their families? • Fact 1 “…50% of Gen-Y and 52% of Gen-X are family-centric compared with 41% of Boomers” • Fact 2 “Gen-X fathers spend significantly more time with their children than Boomer fathers with children of the same age, an average of 3.4 hours per workday versus an average of 2.2 hours for Boomer fathers- a difference of more than 1 hour”

  31. Fact 3 “…young men and their older counterparts differ markedly in their work priorities, with men ages 21 to 39 placing a much higher priority on having time to spend with their families” • Fact 4 “A majority (70% of men ages 21 to 29 and 71% of men ages 30 to 39) said they want to spend more time with their families and would be willing to sacrifice pay to do so” • Fact 5 “For men in their 20s and 30s, and for women in their 20s, 30s, and 40s, the most important job characteristic is having a work schedule that allows them to spend time with their families”

  32. Retiring the Generation Gap • Everyone wants respect … • Define it … • Older people appear to think that people deserve different amounts of respect • Primarily based on gray hair or income • Receptionist and president • Categories • Listen to me; pay attention to what I have to say • Give my opinions the weight I believe they deserve • Do what I tell you to do • Some consider questioning to be “disrespectful”

  33. Retiring the Generation Gap • Younger people want respect … • Want to be held in esteem & have opinions considered • Desperately want to do a good job & contribute • Have been told to participate • Early education for past 20 years • Emphasized participation • Offer solutions / actively participate = praise

  34. Retiring the Generation Gap • Trust … • No differences by generations (trust or lack of trust) • I trust my direct reports • 64% yes, 29% neutral – no generational differences • I trust upper management • 47% yes – no generational differences • I trust my current boss • 70% yes – no generational differences • Gallup – employee’s relationship with boss is a primary reason people stay or leave an organization • Overall, people are more trusting of specific people than they are of the organization or its upper management

  35. How have work hours changed over the past 25 years? • “When we compare 2002 Gen-X employees with their age counterparts in 1977, we find that 2002 Gen-X employees actually work significantly more paid and unpaid hours per week (45.6 hours on average) than employees of comparable ages in 1977 (42.9 paid and unpaid hours per week on average)” (Families and Work Institute, 2004)

  36. “To better understand who your employees are and what drives them to succeed, perhaps it’s easiest to understand who they are not.” Cam Marston YOU

  37. Generations

  38. Things aren’t always what they seem • Myth: Younger generations have no work ethic • Reality: Younger generations have a self-centered work ethic • Myth: They don’t want to put in the hours to get ahead • Reality: They are willing to put in the time to do the job, however they are uninterested in “face time”

  39. Things aren’t always what they seem • Myth: They have no respect for authority • Reality: They have great respect for leaders and loyalty. But no, as a rule they don't respect authority “just because.” • Myth: They don’t want to grow up • Reality: They really don’t know how. The youngest generations in today’s workforce are facing a delayed adulthood. They are getting married later, having children later and just generally facing the “real world” later.

  40. The Pipeline

  41. What is the pipeline? Students Faculty Exam Candidates Successful Exam Candidates Retention

  42. Pipeline - The good news • Number of accounting degrees 2000-05 • increased 19% • Five-fold increase in percentage of high school & college students planning to major in accounting. • AICPA Minority Scholarship program • 2006: • distributed 130 awards ($423,000), 90 different universities. • Past 15 years • approximately $8 million to more than 1,600 students.

  43. Pipeline - The not so good news • Next 15 years … 75% of current members will reach or approach retirement age • Shortage of CPAs continues. • accounting firms hired 17% more entry level recruits in 2006 than in 2005 • need for CPAs outstripping supply • One in six CPAs left their firm in 2004 • 2% more than 2003

  44. America’s Changing Ethnic Profile Source: Census Bureau

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