Next Generation Next Destination

CONQUERING INTERGENERATIONAL CHALLENGES MEANS BUSINESS

Workplace intergenerational challenges are a puzzle and an opportunity. When I started this blog in 2006, we were still in an economic boom, and the mantras were “win the talent wars,” be “the employer of choice,” and “reinvention is the new retirement.” Demographics are still our destiny to a large extent. But the environment has changed – and will again. So we’re staying on top of the developments, trends and focused on solutions.

 After almost 6 years it’s time for a renewed Welcome!!!

Visit and subscribe to this blog for continuing insights on how to do it right and make your organization and business relationships better, more profitable and more satisfying for all generations of workers and clients.

Offer your comments and your stories – we love stories – and contribute to the conversation.

            --- Phyllis

 

THE GENERATIONS COLLABORATE TO BUILD THE COLLABORATIVE ECONOMY

A few weeks ago, Maria Bartiromo did a “Seat at the Table” segment on her Sunday NBC program about the sharing or collaborative economy. The key concepts are Rent, Share and Trust. You rent your car or home or dresses or cook, etc. on a temporary basis.

The entrepreneurs behind the new businesses say this approach changes the concept of “consumption.” And they say they are in it for the long haul – that this is not a fad concept. It focuses on the actual user of a product rather than intermediaries. Though these businesses operate on technology, they are actually very personal. Person-to-person connections are facilitated by the technology. It is efficient for the new normal and sustainability because it uses excess capacity.

So you can rent a chef to come into your home to cook for your family or dinner party guests, rent expensive textbooks, or rent a designer dress you will only wear once anyway. These are examples of enabling luxury experiences for people who couldn’t live that way every day but can on a select, limited basis.

The businesses were started by young, “digital natives” – that is, Gen Y/Millennials or young Gen Xers – mostly under age 35. The venture capitalists supporting them are in their 40s and 50s – Gen Xers and younger end Baby Boomers. They are united in the excitement of these new concepts and services and their collaboration with the young entrepreneurs.

They have identified and latched onto some trends that have emerged, especially with the Millennials:

• Decreased interest in ownership of cars, houses and other possessions other than electronics/technology
• Desire to live in urban areas where the action is and have what they need and want nearby
• Sustainable environment lifestyle
• Innovate and love your work

I find this very exciting. Simplify. Save time and money. Avoid waste. Connect for personal needs and to fulfill dreams. I guess my Millennial tendencies are showing J

Phyllis Weiss Haserot       www.pdcounsel.com

ENTITLED TO MOVE UP VS. THE OPPORTUNITY TO PROVE YOURSELF WORTHY

Ilene Gordon was given the challenge at age 32 by a mentor to manage a group of people more than 20 years older. The challenge for this executive several years out of business school was to get the best out of them, to motivate and inspire them.

From this experience, she learned the philosophy of putting people in jobs where they had to stretch, jobs they were not ready for at the time, from this mentor who realized she was smart, analytical and focused and needed greater challenges. Now in her position as CEO of Ingredion, her employees love to hear that philosophy because they know they are going to get opportunities. A Boomer, she “gets it ” that what Gen Y/Millennials want is opportunity and challenge. Often impatient, many of them want that opportunity before, given their relatively short tenure at work, they would be judged to be ready.

This story was shared by Gordon in an interview with Adam Bryant in his Corner Office column in the New York Times (3/17/13). She urges young people to have tenacity rather than just leaving if things don’t happen for them quickly and to have backup plans because things don’t always work out. Young people have to learn to deal with adversity in life and work, and that’s where the backup plans come in. In promoting she looks for energy, drive and the ability to get things done through other people whether all on site or in virtual teams.

The lesson here for the young generations is that they are not entitled to rise quickly just because they think so or want to, but managers should give them opportunities to stretch and grow and prove themselves worthy of promotion and significant responsibility. It’s up to the individuals to figure out what to do, use their energy, and learn the interpersonal skills to lead a team to succeed. Their team members will make them look good if they provide the resources needed and make the team members look good.

What do you think of this philosophy?  Do you think many managers will take the risk and trust it will work out well? They also need a backup plan and create a culture where it is all right to fail.

Phyllis Weiss Haserot     www.pdcounsel.com  

Related articles

Young Generations' Approach to Philanthropy

Research on "Family Narratives" Can Help Organizations Thrive Too.

Generational Differences Globally

RESEARCH ON “FAMILY NARRATIVES” CAN HELP ORGANIZATIONS THRIVE TOO.

Dr. Marshall Duke, a psychologist at Emory University found that children who know a lot about their families, especially the ups and downs rather than all good or all bad, tend to do better when they face challenges. Those with the most self- confidence have a strong “inter-generational self” and know they belong to something bigger than themselves. The research was related in a recent New York Times article.

Communicating effectively means more than talking through problems. Talking also means telling a positive personal or family story. When facing challenges they add a new chapter to their story that illustrates them overcoming the difficulty. The stories become traditions and what I might call a “family brand.”

Can you see how this same approach can help organizations thrive, keep their brands alive and strong and connect them to their community of stakeholders?  Please share your thoughts.

Phyllis Weiss Haserot   www.pdcounsel.com

THOUGHTS FROM "WALL STREET'S HONEST MAN" (so dubbed by Forbes)

Yesterday I attended an interview style talk with JAY  S. FISHMAN, Chairman and CEO of The Travelers Companies, Inc., at Baruch College's annual program named for prominent alum Burton Kosoff and set up by his wife, Phyllis. Fishman was notably straightforward, authentic, down-to-earth - and interesting. Here are some nuggets  for all four of the generations attending and beyond.

• “No one plans to go into insurance. I just wanted to pay the rent on my apartment.”
• “Life is always two ways.”
• “Sandy Weill (one of his mentors and bosses) was unbelievable about asking everyone ‘What do you think?’ He understood collaboration.”
• About experience: You need touch points and instincts to have the capacity to be accountable in an organization. This is separate from intellectual capacity. (slightly paraphrased)
• “As a leader, be careful what you ask people to do. They will try ther best to do that. You might not like how they do it.” (i.e., what they do to accomplish what you ask them to do)
• Fishman worries about our being a generation of “here and now,” wanting the newest thing all the time. Not saving.
• People need to be involved and engaged, not just contributing to charitable giving.
• In response to the question: What is the best mentoring role we can play? “Honest feedback is a gem.”

 

GENERATIONAL DIFFERENCES GLOBALLY

I am often asked if the typical generational patterns and attributes we observe in the U.S. apply globally. In the past, the answer is mostly no, except for parts of Western Europe and Canada, and even there are differences and variations based on factors other than geography. In more recent years looking at the Gen Y/Millennial generation and those younger, there are many more similarities around the world since communication is instantaneous so we have access to the same news at about the same time and are influenced by the information on the Internet. But this converging applies mostly to the educated top of the social pyramid.

Here are some notable differences, with thanks to Andreas Fried from Universal Consensus.

• Boomers and the older half of Gen X in China had two very formidable influences: The great Chinese Famine in the early 1960s in which an estimated 36 million people died from starvation; and the Chinese Cultural Revolution from 1966-1976 in which China’s education system was brought to a virtual halt.

• The generations before the fall of communism in the former Soviet republics, including Russia had few similar influences to the Western nations. Now the young people are trying to catch up in several ways.

• The Gen Xers in Japan had quite a different experience from their American peers in the years they were entering the workplace. Japan in the late 1980s and early 1990s experienced a “Bubble Generation,” relatively untroubled and free spending.

• As for Gen Y/Millennials, Fried thinks the global convergence of that generation is occurring mostly at a “visible” level, such as with tech usage, popular culture and fashion more than with values and behavior, which I imagine probably are still greatly influenced by parental and religious attitudes and national or ethnic culture

. • Chinese Gen Ys are often referred to as “little emperors” born under the one-child policy of the ruling communist party. They may get a lot of attention, but they may have the huge burden of having to support two parents and four grandparents. Fried says Western Gen Yers are more worried about their own pensions or lack thereof than about their parents’ economic well-being or retirement.

Given world conflicts and the ever-speeding pace of change it will be interesting to see how much convergence or divergence of generations develops. More multi-national, multi-cultural and cross-generational conversation is a clear necessity.

Phyllis Weiss Haserot   www.pdcounsel.com

YOUNG GENERATIONS’ APPROACH TO PHILANTHROPY

For some time I have been following the philanthropic and legacy efforts of Generations X and Y and how they differ from Traditionalists and Boomer generations in general. Also I’ve been advising on conflicting approaches within families that financial advisors and planners often need to address with their clients. So the report “Next Gen Donors: Respecting Legacy, Revolutionizing Philanthropy” by 21/64 and the Johnson Center for Philanthropy caught my interest. I found the conclusions align pretty much with my more limited research and my experiences working with inter-generational workplace issues.

The examples of what twenty-somethings are doing are quite enlightening. As always they want to do it their own new way, not only in their use of technology, but also in making it about connecting with other people. Though some of the young people I worked or spoke with had substantial wealth, most others were finding ways to donate very limited assets and make them add up to become very meaningful contributions.

Here are the typical elements I noticed concerning this philanthropic activities.

• The younger generations are looking for an “experience.”
• They prefer ongoing involvement rather than an annual event.
• What really juices many of them is to be able to connect directly to the recipient of their contribution
• They use e-mail blasts to urge everyone they have ever come in contact with to join in. They are very open in their connections and it’s all about connecting.
• They like voting for “the person who contributes the most…” and cash awards and recognition.
• They are drawn to compete in contests; they like competitions and prizes.

According to Sharna Goldseker, Managing Director of 21/64, consultants on strategic philanthropy and the generations, beneath the surface of much of the under 35-year-old involvement in philanthropic projects is a search for their own identity.

Keep in mind that the Gen Y way is another search for community much as Gen X did, but perhaps for different reasons and with a desire for individual attention. Gen X originally sought community at work because it was missing for them outside of work. Gen Y has been educated in a more collaborative environment and it is their modus operandi.

I definitely see the desire to be hands on and to produce measurable change with their giving. Interestingly, this has been characteristic of the Boomer generation of women donors and something I personally very much relate to. All my professional life I have observed that women donors don’t simply want to write checks.

As for the under 35 year olds in families with foundations desiring to maintain family bonds as philanthropists, that is not surprising. Gen X and Yers are typically quite family-centric. The tension comes.from wanting to have a strong voice and their own style of philanthropy while maintaining family harmony

Millennials don’t think they have to wait to be older and richer. They think they can make meaningful contributions right away, and they do it creatively with new methods and tools.

Phyllis Weiss Haserot     www.pdcounsel.com.

WISDOM REQUIRES LETTING GO

What do we lose by continually cramming more data into our brains? Most of us are doing that these days, and perhaps Gen Y/Millennials most of all since it is a hallmark of their education.

Let’s look at the contrarian view: How we gain by subtracting.

Matthew E. May, author of “The Law of Subtraction: 6 Simple Rules for Winning in the Age of Excess Everything,” quoted the teaching of 2,500 year old Chinese philosophy Lao Tsu. “To attain knowledge, add things every day. To attain wisdom, subtract things every day. Profit comes from what is there, usefulness from what is not there.”

In support Mays quoted management guru and author Jim Collins: “It is in the discipline to discard what does not fit – to cut out what might have already cost days or even years of effort – that distinguishes the truly exceptional artist and marks the ideal piece of work, be it a symphony, a novel, a painting, a company or, most important of all, a life.”

Mays’ advice as given in the New York Times Preoccupations column (1/20/13) in a nutshell is to:

1. Create a prioritized list of your goals and your projects and tasks.
2. Create a “to do” list referring to the first list and eliminate the bottom 20% of the items entirely – he says forwever.
3. Ask all the stakeholders in your life that matter to you what they would like you to stop doing.

Mays says when you remove the right things in the right way “good things happen.”

To really simplify and achieve this you need the stakeholders’ perspective. It’s best not to rely only on your own assumptions. It’s hard for us to let go of ideas, “bright shiny objects” that distract us ,and no longer useful to us activities and involvements. I confess to being guilty of that hardship.

Does this approach feel like a relief or threat to you?  Please comment and also share your experiences with trying to subtract from your work and life.

Phyllis Weiss Haserot   www.pdcounsel.com

TRANSITIONING TO LEADERSHIP

Many CEOS and coaches give their definitions of leadership, and there are many similarities. I pass on this one from the Corner Office column in the New York Times Sunday Business section (1/6/13) from an interview with G. J. Hart, CEO and president of California Pizza Kitchen.

1. Be the best you can be, including honest about your good and bad qualities and things to improve.
2. Dream big. Stretch or you don’t get started, even if you never get there, it’s a motivation.
3. Lead with your heart first, showing your compassion.
4. Trust the people you lead. Let go when appropriate. Allow others to grow. Leaders pick people back up if they fall down.
5. Do the right thing, always, including giving a second chance to people you believe in.
6. Serve the people you lead. Put the cause before yourself, and be willing to see it through.

Hart says #4 is often the hardest for young people. It takes time to build confidence in yourself and get over the insecurity that may come from lack of experience as a manager or leader.

What do you think of these steps or principles? Do they resonate with you? What would you add or subtract?

Phyllis Weiss Haserot     www.pdcounsel.com

2013 - THE YEAR OF CROSS-GENERATIONAL CONVERSATION

I’m declaring it, and I mean to see it spread as plans for our “big idea” unfold.

Why do we urgently need cross-generational conversation now in the world at work, in these times?  7 reasons.

*  Knowledge transfer is vital. We have more information to capture than ever, so there is more at stake to lose.

*  Businesses need to avoid losing clients and customers of other generations and obtain new ones

*  We need to transform information to knowledge to wisdom. That requires sharing perspectives and mutual mentoring.

*  We are connected to each other facing common problems that we can only solve for the long-term through multigenerational collaboration.

*  Over-emphasis on electronic communication means we are losing the personal touch and the full communication of non-verbal cues.

*  Looming inter-generational wealth transfers are challenged by family member emotional blocks and lack of effective communication

*  Young people are hungry for it. They want to know what older people know. That’s the feedback I get as I talk with and mentor students and young workers in my work.

This year and going forward build awareness and re-think the importance of cross-generational conversation at work.

As Gandhi urged us: “Be the change you wish to see in the world.”

Wishing you all a healthy, joyful, fulfilling and successful new year and fun celebrations!

To learn more and get started, contact me.

Phyllis Weiss Haserot   www.pdcounsel.com pwhaserot@pdcounsel.com

 

DID BOOMERS MISS THE PASSION TRAIN? Time to reinvent?

This post is a follow up to one I wrote on October 5th titled Follow a Passion to Your Next Destination?

Did the Baby Boomer generation miss the passion train in the first half (at least) of their career life? Is that why they’ve been telling their children, mentees, students and coachees to “follow their passion”? Why was career passion not a central theme for the Boomers even though work has been a driving force in so many of their lives that one of the generation’s notable characteristics is “workaholism. 

Many of the Boomers’ parents lived through the Great Depression and because risk-averse. So they urged their Boomer children to go into respectable and seemingly secure professions or work for big companies that were expected to last and take care of their employees. Boomers may have taken risks in their personal lives (“drugs, sex and rock & roll”) in their youth, but less so in their career choices. And Boomers didn’t typically have mentors and coaches in early career to urge and guide them to follow a passion.

Further, once they made a comfortable living, given adult responsibilities, it was hard to give up the money and status.

In addition to these factors, Marc Miller of Career Pivot, a Boomer in his mid-50s who has found his work passion, cites less than supportive family structures and dysfunction. I don’t know that there were more dysfunctional families when Boomers were growing up, and the divorce rate was lower than today ori n the Gen Xers’ and Yers’ formative years. But it is true that parents were not as child-centric as today.

He also thinks that Boomers were more random in the degrees they sought, rather than strongly driven to a particular career other than what was expected of them. Many of them in college and graduate school had the goal of avoiding serving in the Vietnam War (there was a draft), which pursuing education at least helped delay.

After years in a career and perhaps delayed gratification, many Boomers have found their passion in work or are following a passion now to reinvent themselves in a new career.  Perhaps this reinforces Cal Newport’s point as expressed in my earlier blog post Follow Your Passion to Your Next Destination that you find your passion after working at something and finding you are really good at it.

If that has happened to you, please comment and share your story.

Phyllis Weiss Haserot     www.pdcounsel.com