Challenges and Opportunities of Leading Generations at Work Lance Frazier, Ph.D. Department of Management Old Dominion University Today’s Agenda  Introductions  What are the generations in the workplace?  What are the differences in values?  Where can we find common ground?  Practical Recommendations A Few Caveats  We are dealing with generalizations between generations  Individuals will differ within a generation, as well  Some differences due to life-stage differences What is a Generation?  Generational cohorts include individuals born around the same time who share distinctive social or historical life events during critical developmental periods.  These events shape their world view and values, which remain relatively stable.  They also perceive themselves to have things in common. Social Forces  Parents  Peers  Media  Critical Social and Political Events  Popular Culture Four Generations (2012) Generation Name Birth Years % of Workforce Traditionalists 1922-1945 5% Baby Boomers 1946-1964 38% Generation X 1965-1981 32% Generation Y(Millennials) 1982-1999 25% Changes in the Labor Force  By 2020, Millennials will make up 50% of the workforce.  Baby Boomers will continue to retire  Generation X is a smaller generation than the ones before it and after it. Baby Boomers: Life Events  Civil Right Movement  Assassinations of JFK and MLK  Vietnam War  Watergate  Moon Landing Baby Boomers :Core Values  Optimism  Idealism  Health and Wellness  Personal Gratification  Active Participation  Competitiveness Generation X: Life Events  Parents being laid off  Latchkey kids  Challenger Disaster  MTV  AIDS Generation X: Core Values  Skepticism  Self-Reliance  Pragmatism  Free-Agency  Balance in Life Generation Y: Life Events  Oklahoma City Bombings  September 11th  School Shootings  Technology  Corporate Scandals Generation Y: Core Values  Confidence  Diversity  Civic Duty  Morality  Sociability Generations: Work Values  Boomers: Achievement, Hard work, Traditional work ethic, Loyalty  Generation X: Do not value loyalty, Independence, Work-life balance  Generation Y: Creativity, Multi-tasking, fun environment, Meaningful work What does the Research Say?  Research of a truly generational nature is scarce.  The data is hard to obtain.  There is evidence that there are key differences in work values. Research Findings  Boomers value leisure time less than both Gen X and Y. Gen Y value it more than Gen X.  Gen X and Y both value extrinsic rewards more than Boomers. Gen X value it more than Gen Y.  Gen Y valued intrinsic rewards less than both Gen X and Boomers.  Gen Y valued social rewards less than Gen X and Boomers Research Findings  No significant difference between the three generations in regard to altruistic work.  Older generations are generally more satisfied with their work.  Older generations less likely to leave their jobs. Are we really that Different?  Differences, while present, are generally not large.  Often there are no differences found in research efforts.  Differences in attitudes might be attributed to stage of life rather than true generational differences. Generational Quotes  “The counts of the indictment are luxury, bad manners, contempt for authority, disrespect to elders, and a love for chatter in place of exercise…..Children began to be the tyrants of their households.” – K.J. Freeman (1907)  "They have trouble making decisions. They would rather hike in the Himalayas than climb a corporate ladder… They crave entertainment, but their attention span is as short as one zap of a TV dial” – Quote from Time, July 1990.  “The older generation thought nothing of getting up at five every morning - and the younger generation doesn't think much of it either.” - John J. Welsh Shared Expectations: Work  Work on challenging projects  Opportunities for growth and advancement  To be treated fairly  Competitive compensation Shared Expectations: Leaders  Leads by example  Accessible  Helps others see how their role contributes  Act as coach and mentor Takeaways for Managers  Question your rules and “the way things are done”  Communicate expectations early and often  Provide regular feedback  Don’t micro-manage Takeaways for Younger Bosses  Deal directly with the age difference  Show loyalty to your employees  Listen to their guidance  Respect differences in communication styles  Dress for success Closing  Are there any questions?  I can be reached at [email protected]  Thank you very much!