Who is developing our future leaders version 9 2 updated october 12 2012
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Updated presentation on how to transfer expertise from current boomer leaders to future leaders by creating a boomer leader legacy.
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Who is developing our future leaders version 9 2 updated october 12 2012
- 1. Who is Developing BM2B - Matching Talent to Need Our Future Leaders? The Boomer Leader Legacy 1
- 2. Today (%) 40 40 BM2B - Matching Talent to Need 25 30 20 5 0 Traditionalists Boomers Gen X Gen Y 2
- 3. 60 40 20 0 1 22 20 50 7 2020 (%) BM2B - Matching Talent to Need 3
- 4. So - the Challenge? Expertise and knowledge drain as boomers exit from the workforce. Which expertise and knowledge is critical and important to BM2B - Matching Talent to Need retain? Which expertise and knowledge is not required for future leaders in these roles? 4
- 5. And - The Solution? Keep the expertise by transferring the knowledge and skills. BM2B - Matching Talent to Need Human Resources takes a leadership role in addressing the pending expertise gap by creating a culture and environment that guarantees leadership continuity planning. 5
- 6. The Boomer Leader Legacy (a demographic gift) • Boomer Leaders accountable • Critical roles and skills surfaced and documented. BM2B - Matching Talent to Need • Risk assessment • Measures of success (ROI) 6
- 7. How Do You Start? First - Educate Yourself 1. Conduct research BM2B - Matching Talent to Need Gain a sound understanding of the generations in your workplace 2. Evaluate the differences and similarities 3. Develop an appreciation for both – Become knowledgeable 7
- 8. Differences Influences & Styles Traditionalists Boomer Gen X Gen Y Defined by WWII Born into an ‘Latchkey kids & Empowerment abundant, healthy kids of divorce – years – everyone economy shadow of is rewarded boomers BM2B - Matching Talent to Need Loyal, Egocentric Independence, Make own dependable, work Work defines self resilience, choices, question toward a common worth & others adaptability authority goal Live to work Live to work Work to live Balance Dependable, Expect others to View world with Everyone should believe in have the same some cynicism get more from sacrificing for work ethic & work and distrust their employers 8 others the same hours
- 9. Differences Expectations of Work Traditionalists Boomer Gen X Gen Y Loyal, respect Competitive Self-reliance Everyone is equal authority Focused on Optimistic, team- Sceptical, career- Self importance, BM2B - Matching Talent to Need common goals oriented oriented loyalty to colleagues Focused on Results focus Results focus with Hard work & performing fun career aspirations Compensated for Reward for results Reward for Seek rapid doing job outcomes success Put aside their Seek promotion & Achieve work/life Sense of own needs for career growth – balance community, work company. Job job security is part of life 9 security continuum
- 10. Differences Communication Preferences I was visiting my son-in-law and daughter last night when I asked them if I could borrow a newspaper. BM2B - Matching Talent to Need “This is the 21st century, old man,” he said. “We don’t waste money on newspapers. Here, you can borrow my iPad.” I can tell you, that fly never knew what hit it… 10
- 11. Learning Styles Digital Immigrants Digital Natives Linear acquisition of information Nonlinear (hyperlinked) logic of learning Focused mainly on facts and Focused more on learning how to knowledge acquisition learn BM2B - Matching Talent to Need Guided learning Autonomous learning Learning in specified time periods Learning 24/7 Face-to-face learning Interactive virtual learning Learning as duty Learning as fun Rote learning Analogical learning *Conference Board of Canada, Bridging the Gaps. 11
- 12. Second – Create Your Strategy ‘’An effective LDL program needs structure to give it some intentionality.” Human Capital Institute, 2010 • What knowledge and expertise needs to be transferred? BM2B - Matching Talent to Need • What process is best suited to learning styles of intended future leaders? • Which knowledge transfer methodologies should be applied? • What is the timing? 12
- 13. What is the cost of ‘lost knowledge’? BM2B - Matching Talent to Need Prepare a risk assessment 13
- 14. Third - Build the BLL Process 1. Establish your cross functional team – include future leaders 2. Evaluate current and future requirements 3. Select knowledge transfer methodologies BM2B - Matching Talent to Need 4. Build the project plan 5. Measures of success (ROI) 6. Implement with current and future leaders 7. Evaluate 8. Reward and recognize 14
- 15. The BLL Process - First Steps 1. Review your employee population BM2B - Matching Talent to Need 2. Conduct your critical skills assessment 3. Establish your team. Start your planning process NOW! 15
- 16. This is your ‘Demographic gift’ - BM2B - Matching Talent to Need OPEN IT! 16
- 17. Who is Developing BM2B - Matching Talent to Need Our Future Leaders? The Boomer Leader Legacy 17
Editor's Notes
- Boomers are starting to retire. By 2020, in less than a decade, the number of boomers in the workforce will have decreased by 50%. The challenge for business leaders and HR experts is not just the increase in the number of positions that will be vacant, but the expertise that will go out the door with them.“Who is Developing our Future Leaders” looks at the effects of demographic changes in the workplace, particularly at the manager and executive level, and intergenerational leadership practices required to grow the next group of leaders, no matter the size of the business.There are 4 major influences that affect the composition of the workforce:There are 4 distinct generations in the workforce – and a significant shift is underway reaching its peak by the year 2020.Today, 40% of senior positions are held by the generation known as the baby boomers – they lead the companies and the country – they hold a significant amount of expertise.Generation X and Y have entered the workforce and they have arrived with different preferences, working styles, and views of work, workplace environment and how they should be treated as employees.Recent studies with small business owners, those employing less than 100 employees, representing the majority of employers in Canada – less than 25% have a succession plan in place – a means to pass on their business and expertise.Our objective, during this presentation, is to provide you with the information and tools you need, as HR experts, to take a business leadership role with your organization and build a plan for implementing leadership succession. Definitions – during this discussion we will reference, as the foundation for our theory about future leadership requirements and how to address them, the term generational cohorts. Generational cohorts are people born roughly at the same time, who as a consequence tend to have rather similar attitudes and expectations. They are often brought up with the same child rearing practices. These shared practices are important since they provide clues about how these generations will behave as they move into positions of decision making at work and have increasing access to resources.
- What are the generations in the workplace today?Traditionalists born before 1947Boomers born between1947 and 1966Generation X born between 1966 and 1979Generation Y born between 1980 and 1995Boomers = 10.0 million (peaked in 1961)Generation X = 3.0 millionGeneration Y = 9.2 millionThe first boomer turned 65 in January of this year.
- What will the workplace look like in less than 10 years?Traditionalists – some will still be around. Think about the people you know, or have heard about, that are in their 80’s and still working. So there will still be a few in the workforce when we hit 2020. Classic example is Warren Buffet. Question to the audience - Does anyone know an employee or business owner over 70 years of age?There will be an obvious shift from Boomers to Gen X to Gen Y. Since the size of Gen X is so small compared to the large groups of Boomers and Gen Y, the Gen Y group will grow at twice the rate of Gen X and take over the dominant place at work. And a few of the younger, Digital Natives, or Generation Z will enter. Questions to Audience: (Presenter – note answers on Flipchart sheets).To which generation do you belong? What is the most dominant generation in your company?What this workplace makeup says to us is:Boomers still dominate, not only the workforce in general, but also the senior positions in most organizations.Boomers have an accountability to mentor, coach, and develop the next generation of leaders. What will be their legacy and how can we ensure it is a leadership legacy?How do we ensure the transfer of knowledge to the next generation of leaders occurs?
- The challenge is clear – as Boomers exit from the workforce they will take their expertise with them unless we have in place a process to capture and transfer that expertise to the next generation of leaders. But further to the challenge of a potential expertise gap is the challenge of ensuring the boomer leaders take on the responsibility for transfer of their expertise. This not only takes effort, but it takes time and dollars. So we need to make sure we clearly identify which expertise, which knowledge needs to be retained and which knowledge will not be important in the future.Ask the audience (as pairs or group exercise).“What would you say are some of the critical knowledge and skills your organization needs to keep in place to continue to service customers and remain competitive?”Debrief the feedback from the groups.
- Build a process to transfer knowledge – the expertise we need to lead our organization to success.This is a key opportunity for Human Resources leaders and experts. This is the time for HR to step up and secure themselves a place at the executive table – become a strategic leaders of the organization and be perceived, and accepted, as a contributor to the business. Leadership continuity planning – succession planning – should be part of the company culture. To successfully keep the expertise your organization needs, the culture and environment needs to be one that guarantees leadership continuity planning. And given the demographics that we have just reviewed, the emphasis of the knowledge and skills transfer will be from the boomers to the Generation Y. Why is that? Because of the comparatively small number of Generation X (versus boomer and generation Y) in the workforce.Remember, we showed you earlier how Gen X currently represents 25% of the workforce (with the boomers at 40% and Gen Y at 30%) and by 2020, as the boomers reduce to 22% of the workforce and Gen Y increases to 50% of the workforce, Gen X’s percentage of the workforce will actually decrease from the current 25% to 20% in 2020.
- We recommend each organization – HR leaders and other members of their leadership teams – build a Boomer Leader Legacy. Think about this as a demographic gift – it has fallen into your lap – take advantage of this demographic gift (leadership legacy) and mine the boomers expertise for future leaders in your organization. This legacy has four principles:Boomer leaders in your organization need to be accountable for the legacy they leave. Building this legacy acknowledges their contribution and engages them in the process.The legacy is all about the critical skills or roles that need to be retained and/or built to ensure ongoing business growth. This legacy is about strengthening the connection between management of human resources and business growth.Whether or not to build a boomer leader legacy depends upon the level of risk associated with retention and development of critical skills and roles. “Mission critical” situations demand more resources and change = more risk. Refer back to the critical skills exercise the group just completed.Success of the legacy development and implementation will be determined by the measures of success. Strengthening the connection between management of Human Resources and business growth is dependent upon ROI – without ROI and ways to measure ROI – senior team will not engage.Don’t wait until the Boomers leave your organization – it will then be too late!Create the Boomer Leader Legacyprocess to mine this expertise.
- This is the perfect, or right, opportunity for HR experts to take the leadership role, to assume a business and strategic leadership role.In the majority of cases, the senior leaders and managers will be from the boomer generation, so they will expect to lead others in the same way they were led. This will not necessarily work.Current leaders will need to invest time and effort to fully understand the preferences and working styles of the various generations actively working in their company. This will provide them with important information when seeking to create an environment where current employees are retained and future employees are recruited.You will need to teach them about the differences, how to work with them, how to incorporate them into their role as leaders. Your ‘leadership’ philosophy, based in change management concepts, will set the stage and provide the tools the boomer leaders will need to develop future leaders and keep expertise within your organization.Before changing the slide, Donna steps up to tell the Jamie Marks/Brian Turner/ Laura Turner/ Donna Stevenson recruitment story – 4 generations involved and the challenges associated. Emphasize different views of the activity by each of the generations and how coaching each may have facilitated a better result for everyone.
- There are different formative life experiences which have shaped each generation. These environments have shaped their specific preferences, expectations, beliefs, and most importantly, working style.Significant shift from Traditionalists to Generation Y is living to work (sacrificing for others) to integrating work and personal life together as one.Generational differences begin with formative events in each generation’s growth and development.
- Significant shift from Traditionalists to Generation Y is the shift from company-focused loyalty to community loyalty.Note that with these characteristics we see a progression from loyalty to authority with the Traditionalists and loyalty to peers with Generation Y. Traditionalists put aside their own needs for those of the company whereas, Generation Y focuses on the broader community where work and personal lives merge. Work is part of their life continuum.Although expectations and preferences are different, these does not mean that core values are different. Boomers spent many years with same employer – loyalty to the company was prized but they now understand loyalty may be dead.Generation Y may not value loyalty to the company but they still value loyalty – to their community. And Generation Y seeks out companies that demonstrate a purpose – that value the community and try to contribute positively to it.
- Show the slide and allow time for the audience to read it.Our world has shifted – communication is immediate, acquisition of knowledge can be immediate. We have many, many resources for our information and the knowledge we want and need.Communication has moved from ‘Face to Face to Facebook’.Take a look at differences in communication styles – today, we are all much more visual. See our banner – our pictorial representation of our product – The Boomer Leader Legacy. This is the preferred means of communicating a concept and its specific principles, factual information, theory and expected benefits rather than reading an academic piece – a white paper or a well-documented article. Generation Y is more interested in quick bits of information that can be absorbed and processed quickly.
- We’ve talked about the differences in working styles, communication styles and the type of work environment. But when we are considering transferring those critical skills from boomers to generation Y, we need to consider the differences in learning styles. And there are fairly significant differences in learning styles. Since we are talking here about capturing boomer expertise and knowledge and transferring it successfully to the next generation of leaders, we need to understand that there exist differences in learning styles and find ways to leverage these differences.Digital Immigrants – boomersDid not grow up with technology, learned about technologyDigital Natives – Gen YBorn into technological world, learned with technologyRote learning for boomers – memorization based on repetitionAnalogical learning for Gen Y – process of recognition, application of solution from known problem to new problem.Need to know who is your customer when seeking to transfer knowledge – who is the intended receiver of the knowledge?
- Read the quote from the Human Capital Institute.To build the strategy, a considerable amount of prework needs to be done. Speak to each of the questions on the slide.Facilitate a discussion about what constitutes ‘lost knowledge’. Ask the audience – When we think about business strategy, it’s not just about the goals and the actions we need to take, it’s also about the associated costs of not taking the action. What do you feel would be the cost to your organization of expertise being ‘lost’ due to the exit of boomer leaders?
- Ask the audience:Let’s go back to the list of critical skills you identified for your organizations and let’s use one of those critical skills as an exmaple – what would you consider the cost to your organization of no longer having these skills and the knowledge associated with these skills? Note on flipchart, if available.Understanding the various costs associated with potentially losing this knowledge is what needs to be calculated to sell leadership on benefits of investing in a Boomer Leader Legacy process – of creating a process for transferring knowledge from your current leaders to future leaders. And what about other organizations in your industry, in your field? What are they doing? Benchmark against them to help build your case.You need to prepare a risk assessment.We have a template for you to do this and we will hand it out at the end of the session.
- Assuming you have the ‘go ahead’ to minimize the risks – you should now build your customized Boomer Leader Legacy Process.Establish your team – it should be cross functional and include current and future leaders. As we mentioned earlier, to gain engagement of boomers involve them in the process. This is recognition of their contribution to the organization and encourages them to build their legacy. This is a great resource – a great internal resource.Evaluate the critical skills and roles required. How do they match up against future requirements. What are the gaps?Based on this evaluation, select the best knowledge transfer methodology best suited for your organization. Consider how the learner learns. Consider the strategy and business goals of your organization.Hand out the list of knowledge transfer methods and ask audience to partner up and complete the list.Debrief - Any disconnects between the generations? Anyone had any particular success with one of these methods?Back to the presentation…Build the project plan ensuring it includes measures of success. Without ROI identified, it will be difficult to get the senior team on board.If you don’t have the resources to develop the strategy and process, use an external resource, an external coach. The key is to ensure the strategy, process, implementation plan, and evaluation tools are customized to your environment. Although sound leadership practices never go out of style, you will need to recognize and honour the leadership style of your current leaders and work with them, and their limitations, to develop the right process. After all, we are talking about the right people being developed by the right leaders.This is not just mentoring, this is a structured coaching approach with:SMART objectives and goals, specific career path stepsProject plans for implementation – milestones, accountabilities, check pointsRegular cross functional team measurement of achievement to milestonesContingency plans as leadership changes occur (through termination, exit, promotion, lateral moves, etc.)Mapping out the process with your cross functional team or your external resources is critical. Do not just develop and implement the BLL program without a comprehensive process in which to incorporate the program. We are not talking about leadership development only, we are talking about change management to create an environment for producing the next generation of leaders – to hold on to the expertise in your business.Evaluating the results and reporting back to senior management – results achieved – keeps the project visible as each year you may need to revise the risk assessment and ‘resell’ the process. But if handled in the right manner, generating ROI, then this process will become part of the culture and be self-sustaining.
- Leaders spend time annually with their colleagues building a strategic plan for the company, but oftentimes, the strategy does not include how to grow the next generation of leaders. We are not talking about succession planning but growing and developing the next group of leaders in your organization. As we mentioned earlier, the current literature in this area suggests that less than 20% of leadership teams have spent time thinking strategically about handling the pending retirement boom, and the resulting loss of expertise crisis. (Ref: 2020 Workplace)As part of the strategy for growing the organization and tackling competitive challenges, leadership competency should be a critical component to be analysed, developed and actioned for performance improvement.We recommend a structured process be developed to capture the leadership capability of your current leaders, within each discipline and function, and locate the future leaders that need to be ‘matched’ with the appropriate boomer leader.Included with your handouts is the “Business Opportunity Statement” – a method to help you build a business case for this process. Completion of this statement will help you sell the process to your senior team.
- Our objective was to provide you with information and tools to help you build your case for leadership succession investment. We reiterate, again, that this is HR opportunity to take a leadership position – HR is becoming integral to address the pending expertise gap – today – and prepare your organization for the next decade. The ‘war for talent’ will be upon your organization soon enough, as boomers (who may be staying due to economic reasons) will certainly leave within the next 9 – 10 years, in large numbers.The importance of HR leaders can not be exaggerated as you will need to influence your current leaders to take stock, learn new skills (how to mentor and coach), and begin the exciting process of developing the next generation of leaders. The boomer legacy can become a great one, with your direction and support.Hand out the Business Opportunity Statement. Review it with them, if time permits.
- Thank you for joining us this afternoon.We have an article that outlines in more detail the Boomer Leader Legacy process. If you would like a PDF copy, email us at match@bm2b.ca.