June2 lfws frederick_shrm_slides

Live First, Work Second: Getting Inside the
Minds of the Next Generation
Molly Foley, Next Generation Consulting

Wednesday, June 1, 2011

Who is the “Live First, Work
Second” next generation?
How did we get here?


I must run a dry-cleaning shop so my
sons can go to medical and law school,
in order that their sons may study
sociology and communications, so that
their children can run vintage clothing
stores, act in avant-garde theatre, and
work in coffee shops.
Immigrant grandfather in Joseph Epstein’s
Snobbery: The American Version


The next generation’s Live First, Work
Second, work ethic is not some out-of-
nowhere, cosmic, egotistical self-
expression.


It’s a natural next step in a generation-
after-generation progression of economic
life in developed societies.


Maslow’s Heirarchy of Needs

Millennials
Gen X’ers
Boomers
Silents


Silents, b. 1925-1942
•Turning 69-86 years old in 2011
•Safety Needs
•Came of age during Great Depression & WWII
•Roosevelt’s “The New Deal” ensured adequate income to
secure food, housing, etc.


Silent’s secured “Safety Needs” allowing
Baby Boomers to set their sights higher
up the hierarchy…


Baby Boomers, b. 1943-1961
•Belonging Needs
•Came of age during Vietnam, Woodstock, MLK
•First workaholics, current executives
•Most believe young talent should place same importance on
work as they do


In a Boomer world, everyone belongs.

This paved the way for the independent
Generation X...this first “next generation”.


Generation X, b. 1962-1981
•Esteem Needs
•First latchkey kids as both parents worked
•Value independence and freedom.
•Mavericks, go-it-alone mentality


In our communities, Gen Xers fierce
independence has caused a dwindling of
civic and social clubs - think Rotary.

At work, Gen Xers are sometimes more
likely to question their leaders than
follow them.


Millennials, b. 1982-2001
•Self-Actualization Needs
•Grew up with scheduled activity-after-activity
•Strong parent advocacy...”you are special”


To self-actualize, Maslow says:

Teach people to be authentic, to be
aware of their inner selves and to hear
their inner-feeling voices.


Teach people to transcend their
cultural conditioning and become
world citizens.


We should help people discover their
vocations in life, their callings, fates,
or destinies. This is especially focused
on finding the right career and the
right mate.


We should refresh consciousness,
teaching people to appreciate beauty
and the other good things in nature
and in life.


Why does the next generation
matter?


Economics

Demographics

Psychographics


1. Economics:

Shift from goods based to
knowledge based economy


Founded 2005
Founders: Steve Chen, Chad Hurley, Jawed Karim
Age: 27, 29, 26


Founded in 2004
Founder: Mark Zuckerberg
Age: 20


Founded in 2006
Founder: Jack Dorsey
Age: 30


2. Demographics

The greying of our workforce


In developed countries, the dominant
factor will be...the rapid growth in the
older generation, and the shrinking of
the younger generation.
Peter Drucker, Managing in the Next Society


In the U.S., 10,000 people are turning the
age 65 everyday.
US Bureau of Labor Statistics


60

52
40

20
21

0
-10

-20
Age 35-44 Age 45-54 Age 55-64

2010 Percentage Change of Age in US Workforce


3. Psychographics:

Next-gen chooses & lives
differently


Lives First, Works Second
Where I live is as important as where I work.


Are free agents.
By the time I’m 32, I’ll have had up to nine jobs.


Are skeptical.
More people under 40 believe they will see
a UFO than receive Social Security.
Tech-savvy.


Tech Savvy
Work that can be done over a wire can be done anywhere.


Life online is Life
Social world is an online world


30 is the new 20
Adulthood has been pushed back


Millennials have grown up with
“parent advocacy”.


60% of Millennials in their 20’s
receive support from parents.


How can we attract and engage
young talent?


Intentional Design
What if we (re)designed our workplaces &
cities with the next generation of leaders
in mind?


Build on your assets and invest
in the amenities that matter to
your target demographic.


Jobs are one of the SEVEN
factors young talent weigh
when choosing their place to
live.


However, its the RIGHT job and
RIGHT work culture that matter
most to young talent...


We’ve interviewed and surveyed
over 50,000 executives and young
employees and here’s what we’ve
learned...


People Profit

The evidence behind Next Companies® shows that people-
centered practices can be profitable, and that profitable
businesses can be people-centered.

What do you want your employees to
be “homesick” for?
Six Dimensions of Engagement

51

We are who we say we are!

Trust in the workplace means...
Managers believe employees want to be
productive.
Employees are enthusiastic and passionate
about their work and the company’s
mission.
People cooperate and collaborate, leading
to positive workplace interactions, higher
profits, and greater productivity.


Management
My manager gets the best work
out of everyone on our team.


In their groundbreaking research
outlined in First Break All The Rules,
authors Buckingham and Coffman
state: Talented employees need
great managers.

How long an employee stays and
their productivity is determined by
their relationship with their
immediate supervisor


In our research among 20-40 year
olds, when asked, “Why did you
leave your last job?” the most
common responses all fall into one
category:

bad management


Trust and Management
The Foundation of a Next Company


Life-Work Balance
I can have a life and a career.


People under 40 are twice as likely
to rate Life-Work Balance as their
number one.


When asked what their “ideal hours”
would be, most Millennials (67%)
chose 40 hours per week.
NGC Panelist Survey 2009


For Millennials, Life-Work Balance means:
1) Flexible hours (e.g. compressed work week)

2) A fair and reasonable workload

3) The option to work from home


Rewards
I am rewarded - with pay, perks
(benefits), and pats on the back
(recognition) - in line with my
contribution.


Surprise them by noticing


Development
I am expected and encouraged to learn and grow.


In terms of DEVELOPMENT...
Challenging, non-repetitive work
Opportunities to assume leadership roles
on projects
Employer support to pursue training,
advanced degrees or certifications


At Google, employees are
encouraged to work 20% of
their time outside of their job
description.


Connection
I feel that I am a part of something bigger.


In terms of CONNECTION...
Working for a company whose values and
mission resonate with my own
Having pride in my job and my company
Working in a team environment


Life-Work Balance

Development

Connection
Rewards

Trust Management


Importance of dimensions
based on Life-stage


Age & Gender
Years of experience in field
Years of experience in organization
# and age of children
# and age of adult dependents
Martial status
Supervisor status
Employment status of spouse/partner
Race/ethnicity
Income

Younger, less experienced
workers value life-work
balance & development more.


Men favor rewards & women
favor balance more.


Life-work balance is
significantly more important for
parents with young children.


Top 3 Young Talent Magnets:
Compensation / Rewards
Flexible Schedules / LWB
Learning Opportunities / Development


Tips for recruiting the next
generation


Think beyond college job fairs:


Visiting a location and getting to feel
what it would be like to work and live
in that atmosphere. Meeting people
that I would be working with.
Emphasizing how the company is
involved in the community.
27-year-old female


Quality of place plays a key
role in your recruitment efforts.
Capitalize on your community’s
distinctiveness


Seven Indexes to measure
quality of place


Cost of Lifestyle
Can I afford to live and OF LIFESTYLE
COST play here?
Can I afford to live here?


Earning
The quality and diversity of job and career opportunities.


Vitality
Does the community value a healthy lifestyle?


Learning
Is this a “smart” community, and one that
values ongoing education?


Around Town
How easy is it to get around - and in and out of - town?


After Hours
What’s there to do after work, and on weekends?


Social Capital
Does the community engage all people?


Young Talent Ranking of Indexes
INDEX VALUE PERCEPTION +/-
COST OF LIFESTYLE 98% 78% -20%
EARNING 96% 52% -44%
VITALITY 93% 63% -30%
AROUND TOWN 91% 75% -16%
LEARNING 91% 73% -18%
SOCIAL CAPITAL 87% 48% -39%
AFTER HOURS 87% 63% -24%


Bottomline
Great talent drives economic prosperity.

Talent clusters in the cities & regions that
have the assets and amenities they value
and the companies that value them.


Look at the...
Policies
Attitudes
Behaviors
Social Networks

How do you embrace the LFWS
mindset?


www.nextgenerationconsulting.com
mf@nextgenerationconsulting.com
Twitter: mfoleyngc

Resource Page:
http://tinyurl.com/LFWS-FrederickSHRM


June2 lfws frederick_shrm_slides

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