Generation Y
THE CHANGING LANDSCAPE OF
TALENT
The Generations
• In the war for talent the rules of engagement
have changed!
• Generation Y advancing up the ranks and Baby
Boomers refusing to retire has shifted the
composition of the workforce. They are
redefining what constitutes a great place to
work.
• Generation Y born 1979 through 1994
• Baby boomers born 1946 through 1964
HBR July-August 2009, Sylvia Ann Hewlett, Laura Sherbin,
and Karen Sumberg, The Center for Work Life Policy, New York
What Gen Y and Boomers want
• Survey outcomes:
– People, especially Generation Y and Baby Boomers
are looking for a “remixed” set of rewards
• Flexible work arrangements
• The opportunity to give back to society
• Are more important than the size of the pay package!
– It means for talent managers
• Letting go of cash as the prime motivator
• Redefining incentives – difficult but non-financial
rewards tend to be less expensive and more options
can be laid out
Non Financial Rewards
• Survey outcomes
– Managers experimenting with a range of
nonfinancial rewards
• How to use time as currency
• A green workplace as a retention tool
• UBS – graduate new hires can postpone their
arrival for a year
• CVS/pharmacy – Snowbird program
• Time Warner – Digital reverse mentoring.
The benefits for the company
• The pay off
– UBS trims payroll costs in the near term while keeping
hold of talent that it invested in recruiting and it will
need when the company improves
– CVS mobilises employees to match the seasonal
migration of its customers
– Time Warner enjoys the immeasurable benefits of a
more market attuned leadership team
– A new breed of employer – one that respects
educated workers increasing desires for flexibility,
growth, connectivity, and a chance to give back
Gen Y and Boomers common wants
• Generation Y and Baby Boomers common
themes:
– Odyssey – time out to explore passions, hobbies
and good works
– Shared Vision and Values
– Achieving balance with flex and remote working
– Mentoring and generation jumping
– “Kippers” and velcro relationships
Gen Y and Boomers common
wants
• Generation Y and Baby Boomers common
themes:
– Rewards mix – for both these groups –
• a great team,
• challenging assignments,
• a range of new experiences and
• explicit performance evaluation and
recognition
are at least as important as money!
The New Attractive Workplace?
• Five crucial elements for the new
attractive workplace design:
1. Modularity – the chunking of work that
allows Boomers to scale back their hours
and breadth of control but still tackle the
sophisticated tasks that their years of
experience equip them to handle
The New Attractive Workplace?
• Five crucial elements for the new
attractive workplace design:
2. Flexibility – can come in many forms
•
•
Citigroup – Alternative Work Solutions program –
has successfully maintained productivity while
allowing people to work where and how they
want
Best Buy – Results-Only Work Environment –
people are held accountable for results not the
particular hours they keep at the office
The New Attractive Workplace?
• Five crucial elements for the new
attractive workplace design:
3. Opportunities to give back –
•
•
UBS gap year program
Ernst & Young Corporate responsibility
Fellows Program - which allows employees
to use their accounting and managerial skills
to help entrepreneurs in parts of the world
where management capabilities are scarce
The New Attractive Workplace?
• Five crucial elements for the new
attractive workplace design:
4. Progressive policies – a progressive work
environment
•
•
Genzyme’s eco friendly building bespeaks a
commitment to the planet’s health that its
people can point to with pride
Bloomberg’s office environment – designed to
foster collaboration and innovation – many open
spaces keep people circulating so that they can
have the informal chance encounters that often
spark ideas
The New Attractive Workplace?
• Five crucial elements for the new attractive
workplace design:
5. Intergenerational mentoring –
•
•
•
Time warner
Cisco – the Legacy Leaders Network for Boomers and the
New Hire Network have partnered. Both groups learn from
the cross pollination
Booz Allen - Hello.bah – an innovative information and
social networking site – it connects employees that spend
a lot of time away from company offices – improving
information flow and forging intergenerational
relationships