CEE Executive Briefing on Harnessing Multigenerational Workforce in India - 13 June 2013
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This document summarizes a presentation on harnessing the potential of a multigenerational workforce. It discusses the challenges of managing four generations in today's workforce - Traditionalists, Baby Boomers, Generation X, and Millennials. Each generation has different work perspectives and expectations that managers must understand to motivate employees. By leveraging the strengths of each generation, organizations can increase engagement, productivity and performance. Effective leadership is also key to creating an environment where multigenerational employees can collaborate and succeed.
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CEE Executive Briefing on Harnessing Multigenerational Workforce in India - 13 June 2013
- 1. Date: 13 June, 2013 Venue: Eduquest International Institute, Chennai, India NETWORKING SESSION WITH CII & YOUNG INDIANS CHENNAI CHAPTER Presentation On Harnessing the Potential of Multigenerational Workforce By Prof Sattar Bawany CEO, Centre for Executive Education Strategic Advisor, IPMA Asia Pacific Senior Advisor, Eduquest International Institute Email: [email protected] Website: www.ipma.com.sg/cee.php LinkedIn: www.linkedin.com/in/bawany Facebook: www.facebook.com/ipma.singapore
- 2. Eduquest’s Networking Session on Harnessing the Potential of a Multigenerational Workforce – 13 June 2013 Page 1 Harnessing the Potential of a Multi-Generational Workforce The New Realities The business world is becoming progressively more global. Services and products offered by businesses are also becoming more focused and targeted at specific demographic segments. Besides many organizations today have customers all over the world who demand excellent services and products that meet up their diverse needs, expectations and priorities. Simultaneously, the composition of the workforce is also changing significantly across the Globe. Never before have four generations worked side by-side in the workplace. After World War II, the Traditionalist generation, born 1922 to 1945, tended to work at the same employer for an entire career. Beginning with the Boomers, born 1946–64, women and ethnic groups began entering the workforce in increasing numbers, bringing different needs and perspectives to the workplace. As the Gen Xers entered the workforce, they increased job hopping in an effort to increase their income and/or to balance their lifestyle. Although some employers made accommodations in response to the demographic shifts, the basic work model — top down, command and control, one size fits all, 8–5 workday — did not radically change. Now, the emergence of the digital-savvy Millennials or Gen Yers has the potential to change the face of work to be more collaborative, to use virtual teams, to use social media, and to offer more flexible work hours. The Fifth generation, Gen Zers or The Linksters has started coming into the workforce1 . The five generations and their birth years are depicted in Table 1. Table 1: The Multi-Generational Workforce Generation Years Born Work Perspectives Traditionalists 1922 - 1945 “Company loyalty” - Believed they'd work for the same company their entire career. Boomers 1946 - 1964 “Live to work” - Believe in putting in face time at the office. Women enter the workforce in large numbers. Gen Xers 1965 - 1980 “Work to live” - Believe that work should not define their lives. Dual-earner couples become the norm. Gen Yers (Millennials) 1981 - 1994 “Work my way” - Devoted to their own careers, not to their companies. Desire meaningful work. Gen Zers (Linksters) 1995 to present “Living and Working their way” - Their struggles in the work environment are tied to their youth and inexperience. Desire for change, stimulation, learning and promotion that will conflict with traditional organisational hierarchies. 1 Sattar Bawany, ‘Unlocking unlocking the benefits of a multi-generational workforce in Singapore’, http://sbr.com.sg/hr-education/commentary/unlocking- benefits-multi-generational-workforce-in-singapore, published in Singapore Business Review on 24 January 2013
- 3. Eduquest’s Networking Session on Harnessing the Potential of a Multigenerational Workforce – 13 June 2013 Page 2 Challenges in Managing a Multigenerational Workforce A major challenge for today’s Traditionalist and Baby Boomer managers is to figure out how to develop younger workers into tomorrow’s managers under a new business environment. A pivotal question for managers is, “Do we want our legacy to be of mentoring and empowering the next generations, or of fighting them tooth and nail?” Organizations that embrace generational differences in values, ways of getting things done, and ways of communicating will thrive. Demographic and social trends will have a significant impact on the workforce in the coming years. In today's struggling global economy, it is more important than ever for organisations leverage the knowledge, skills and abilities of all workers, from all generations. By capitalising on the strengths and values of different generations, business leaders can create a sustainable competitive advantage for their organisations. Organisations struggle with the challenges of effectively managing a more diverse workforce. These challenges often relate to variation in perspective, values and belief systems as a result of generational differences and are further complicated due to the age differences between managers and employees. The assumption - that people of varying ages will understand each other or have the same perspective and goals, is far from true. In order to be successful, managers need to understand and value the diversity resulting from generational differences, varying perspectives and differing goals. Each generation brings different experiences, perspectives, expectations, work styles and strengths to the workplace. Despite the perceived "generation gap" from differing views and potential conflict, organisations have the opportunity to capitalise on the assets of each generation to achieve competitive advantage. Each brings unique assumptions to the job. As a result, events in the workplace are often interpreted differently by individuals in different generations. What may seem like good news to a Boomer might well be an unsettling and unwelcome development to a member of Generation X. Things that members of Gen Y love often seem unappealing or frivolous to those in older generations. Like any other generation, Gen Z or the Linksters it brings its own mind-set into the workforce. They are called Linksters because no other generation has ever been so linked to each other and to the world through technology. Their struggles in the work environment are tied to their youth and inexperience. They are complete digital natives and cannot function without communicating through social media. They desire for change, stimulation, learning and promotion that will conflict with traditional organisational hierarchies. Leading and Engaging a Multigenerational Workforce When employees join an organization, they're usually enthusiastic, committed, and ready to be advocates for their new employer. Simply put, they're engaged. But often, that first year on the job is their best. Gallup Organization research reveals that the longer an employee stays with a company, the less engaged he or she becomes. And that drop costs businesses big in lost profit and sales, and in lower customer satisfaction. In
- 4. Eduquest’s Networking Session on Harnessing the Potential of a Multigenerational Workforce – 13 June 2013 Page 3 fact, Gallup estimates that actively disengaged employees -- the least productive -- cost the American economy up to US$350 billion per year in lost productivity. Managers who harness this unprecedented opportunity for growth, development, and collaboration, and build bridges between generations, will thrive in particular in today’s turbulent economic landscape. For managers who have four generations of employees sitting in a meeting or working on a project, it can seem like each generation has its own worldviews, priorities, career models, motives and values. They need to enhance their understanding of generational characteristics and the impact of their own management practices on each of these groups, so that they can leverage on the strengths of each generation. Taking full advantage of the multi-generational workforce will enable employers to effectively attract and retain employees, build teams, deal with change, and increase employee engagement. Impact of leadership effectiveness on employee engagement and organisational success Organisations need to deliver service value and build good customer relationships in order to generate sustainable results through their satisfied and loyal customers. Employees being at the forefront of the service delivery chain hold the key to building this satisfied and loyal customer base (See Figure 1). Employees who are engaged and motivated are instrumental in delivering the service experience for the client which will results in customer engagement. The level of employee engagement is dependent on the “Organisational Climate” (sometimes known as Corporate Climate), which here simply refers to “how employees feel about working in the organisation/business unit/department/division.” Organisational climate is the process of quantifying the “culture” of an organisation. It is a set of properties of the work environment, perceived directly or indirectly by the employees, that is assumed to be a major force in influencing employee behaviour and engagement. We know that leaders create, transform and manage organisational cultures. The leader’s values, beliefs and leadership styles will impact the organisation’s climate. We need “Level 5 Leaders” who demonstrate ontological humility and possess emotional mastery. They also need to possess essential integrity in discharging their day to day role and responsibilities towards engaging the employees. In his book, Good to Great, Jim Collins examines how a good company becomes an exceptional company. The book introduces a new term to the leadership lexicon – Level 5 leadership. Level 5 refers to the highest level in a hierarchy of executive capabilities. Leaders at the other four levels may be successful, but are unable to elevate companies from mediocrity to sustained excellence. Level 5 leadership challenges the assumption that transforming companies from good to great requires larger-than-life-leaders. The leaders that came out on top in Collins' five-year study were relatively unknown outside their industries. The findings appear to signal a shift of emphasis away from the hero to the anti-hero. According to Collins, humility is a key ingredient of Level 5 leadership. His simple formula is Humility + Will = Level 5. "Level 5 leaders are a study in duality", notes Collins, "modest and wilful, shy and fearless."
- 5. Eduquest’s Networking Session on Harnessing the Potential of a Multigenerational Workforce – 13 June 2013 Page 4 Conclusion Increasing generational diversity and technological change is causing a transformation in the way employers must manage human resources. The homogenous human capital model of the past simply will not work with such diverse cohorts in the workforce. It is time to throw out the one-size-fits-all model of talent management and embrace a more flexible model. The diversity in the workforce today may be a challenge to HR and business leaders. However, they do provide an organisation with a positive force as they each bring varied sets of skills and life experiences to the workplace. If managed properly, organisations can definitely see improved productivity and employee engagement. Managers who harness this unprecedented opportunity for growth, development, and collaboration, and build bridges between generations, will thrive. For managers who have four or five generations of employees sitting in a meeting or working on a project, it can seem like each generation has its own worldviews, priorities, career models and motives. Managers need to develop an understanding of generational characteristics and the impact of their own management practices on these groups. They also need to leverage the strengths of each generation. Taking full advantage of the multi-generational workforce will enable employers to effectively attract and retain employees, build teams, deal with change, and increase employee engagement. Employee satisfaction Employee loyalty Policies on CSR, Sabbatical Rewards and flexibility Culture, esprit de corps EQ/EI competencies Managerial skills Leadership styles Profitability, ROI Cost optimisation Employee turnover/retention Customer satisfaction Service value/relationship Organisational Results Customer Engagement Employee Engagement Organisational Climate Leadership Effectiveness Figure 1 Impact of Leadership on Employment and Customer Engagement
- 6. Eduquest’s Networking Session on Harnessing the Potential of a Multigenerational Workforce – 13 June 2013 Page 5 Appendix I: About the Key Note Speaker and Master Facilitator/Coach Professor Sattar Bawany is Senior Advisor of Eduquest International Institutes as well as the Chief Executive Officer of the Centre for Executive Education (CEE). CEE is the Executive Development Division of IPMA Asia Pacific. Prof Bawany is also concurrently the Strategic Advisor & Member of International Professional Managers Association (IPMA) Board of Trustees and Governing Council. He is also the Managing Director as well as Master Executive Coach & Facilitator with Executive Development Associates (EDA) Asia Pacific. IPMA is the Affiliate Partner of EDA in Asia Pacific. Prof Bawany is also the Co-Chair of the Human Capital Committee of the American Chamber of Commerce in Singapore (AmCham Singapore). He is also a member of Frontier Strategy Group’s Expert Advisory Network (EAN) for Human Capital and Talent Management issues in Asia Pacific advising CEOs and CHROs of global and regional organisations. He has over 25 years’ international business management experience, including 15 years in executive coaching, group facilitation, and leadership development and training with global management consulting firms. In addition to his business and consulting career, Prof Bawany has over 10 years of concurrent academic experience as an Adjunct Professor teaching senior executives international business strategies and human resource courses at various leading universities. He is currently the Adjunct Professor of Strategy with the Paris Graduate School of Management (PGSM). He is a Key Note Speaker at international and regional Conferences, Workshops and Seminars on the following themes: Talent Management; Executive Leadership Development, Employee Engagement and Managing across Generational Gap, Strategic Human Resource Management, and Talent Management & Succession Planning. He is an accomplished Author with a Chapter on “Maximizing the Potential of Future Leader” in the Book “Coaching in Asia the First Decade”. He has published articles on topics such as Talent Management, Leadership Effectiveness, Strategic HR/OD, Career Management and Executive Coaching in the “The Straits’ Times”, “Singapore Business Review”, “Today’s Manager” and “Human Capital” magazine. He has also appeared regularly on MediaCorp’s Radio’s 93.8FM Live as a studio guest. He holds an Executive MBA and a Bachelor in Business Administration (Marketing). His Doctoral Research is on ‘The Impact of Executive Coaching on the Personal & Professional Development of Leaders”. Prof Bawany is a Fellow of International Professional Managers Association (IPMA) and The Chartered Institute of Marketing (CIM). He is a Professional Member of the Society of Human Resource Management (SHRM) and the Chartered Institute of Personnel and Development (CIPD). He is also a Practicing Member of the International Coaching Federation (ICF) and International Association of Coaching (IAC). He is very well regarded by his clients for his practical "how to" approach and for his ability to communicate with his audiences and to make workplace learning a fun and pleasurable experience. Married with 2 children, he believes strongly in work-life balance and is highly dedicated and committed to achieving his goals.
- 7. Eduquest’s Networking Session on Harnessing the Potential of a Multigenerational Workforce – 13 June 2013 Page 6 Appendix II: About CEE and Strategic Partners The Centre for Executive Education (CEE) is the Executive Development Division of International Professional Managers Association (IPMA) in Asia Pacific. CEE design and implement tailor-made learning and organisational development strategies that greatly improve our client's performance, increase market value and enhance organisational capability. We develop insight into what drives value creation and competitive advantage in our clients' businesses. Then, we work closely with our clients to convert insight into concrete strategies and tactics. The implementation of insight has high impact in the form of value created for our clients. When we deliver impact repeatedly, we earn their trust and build lasting relationships that serve as a platform for deeper insight and ever-greater impact. Executive Coaching is one of CEE’s Best-Practice Solutions that delivers a one-on-one growth and development opportunity and produces real business results in a short period of time. CEE customizes coaching to meet the individual’s specific needs and matches the leader with the most appropriate coach. CEE also strategically links the coaching goals to the organization's business strategies. Sessions with the individual's manager or board of directors are worked into the coaching arrangement to assure accountability to the organization’s vision and organizational strategy. For full listing of our much sought-after series of Executive Development Programs, visit: www.ipma.com.sg/cee.php and/or http://ipma.co.uk/news.php?id=38 The International Professional Managers Association (IPMA) established in 1993 is an International Examining, Licensing and Regulatory Membership Qualifying Professional Body formed for the purpose of providing practicing Managers with the opportunity to participate and to be part of the process of improving managerial performance and effectiveness in all areas of business, industry and public administration. Our primary objective, as an International examining, licensing and regulatory professional body, is to improve the key skills required for effective management. Through our examination and licensing qualifying scheme we strive to create awareness and understanding of new technology and new techniques of management so that our qualified managers have the necessary skills to improve their personal effectiveness for their organisations and also to enable them to have a rewarding career in Management. Eduquest International Institute is an affiliate partner of both CEE and IPMA. Eduquest help every individual to become more proficient and professional in carrying out the tasks assigned to them so as to enhance their employability skills. As a Centre for Human Capital Development, Eduquest capitalizes on the knowledge, expertise and experiences of its professionals, consultants and practitioners from various industries in-order to offer quality and effective training programmes. Eduquest is specialised in delivering quality training programmes, conduct organisational and management assessments, and training need analysis, while providing structured roadmaps for learners and organisational needs.