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INVOLVE YOUNGER GENERATIONS IN SUCCESSION PLANNING

To achieve long-term success, it is extremely important to align succession planning with the strategic focus of the organization. Too often firms are not clear on their strategic focus, succession planning or both. Further, when these are undertaken, many important stakeholders are left out of the process. Organizations need to think in terms of both generational and other diversity challenges – two of the most difficult challenges in business continuity because both are totally human challenges.  These types of internal issues may also relate to client needs and preferences, so they can’t be ignored.

A Role for Younger Generations

The crucial alignment of the generations with organizational objectives will require a greater focus on people at all levels, a greater representation of all ages and types of diversity, and a greater effort to harness the wisdom and institutional memory of the senior professionals and executives – all this while capturing the hearts and imagination of the best mid-level and junior-level people that the firm has.

Most people think that succession planning is a top-down activity involving management and seasoned professionals. I strongly suggest that it is better to involve the younger generations as well so they can help create a vision for what the organization aspires to and for what it is looking for in long-term leadership – looking forward, not backward to a world that no longer exists. In order to retain the most talented young people, they must have a voice.

If you think of succession planning as a continual process, one way to involve the younger generations in the firm is to hold at least periodic meetings with junior employees (professionals and staff), invite them to ask questions, and encourage their input. By tapping into the collective wisdom at all levels they will learn a lot about what can make their firms more successful and what professional attributes and skills the organization needs to continue developing.

The younger personnel have a longer future ahead of them, and they see and experience the world in different ways. By engaging them in this ongoing dialogue, the firm will be more likely to retain the best talent.

At the same time, management should also be looking for leadership qualities among the younger generations. They need to encourage and allow junior people a chance to volunteer and take on responsibility for significant internal projects. In that way, they can prove themselves beyond mere technical competency. That initiative must be recognized in a way that is meaningful to both junior and senior personnel.

 Phyllis Weiss Haserot   www.pdcounsel.com

Note: This article contains excerpts from Chapter 34 of The Rainmaking Machine by Phyllis Weiss Haserot (Thomson Reuters, 2014 edition.)

PERKS, BENEFITS, MOTIVATION AND WHAT PEOPLE WANT

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Following in Facebook’s footsteps, Apple Inc. is about to start “selling” something new. The latest announcement from Apple is getting as much attention in some quarters as the latest iPhones and iPads. Steve Jobs might even approve, since the newest perk or benefit (choose your term), also made possible by technology, seems aimed at making it easier for women to stay working longer when they are likely to be most productive and reproductive.

I am referring to the new policy of offering to pay up to $20,000 for the expensive medical procedure for women to freeze some of their eggs in the hope of achieving pregnancy at a later date. I have raised the subject of pros, cons and motivations on social media. My purpose here is not to debate that, but rather to get us thinking about what benefits or perks people of different generations want, what the employers’ motivations for offering them are, and whether the offerings really motivate people to higher performance, retention and loyalty. 

The Apple announcement quickly generated articles in major business media (New York Times and Forbes, for example and TV political talk shows)) about the specific egg freezing perk and what could be downsides of generous perks as well. But none I saw looked at the perks and benefits issues from a generational perspective.

Benefits that appeal to all generations include, among others, employer paid health insurance, free or subsidized food, on-site or paid gym memberships, concierge services and flexible work arrangements. 

Those only directly benefiting younger workers include paid maternity and paternity leave, freezing eggs, on-site and emergency childcare.

Baby Boomers, though they tend to have better attendance records, likely use their health insurance more and may have higher premiums associated with the policies. They also may make more use of benefits that cover time off or other expenses to care for elderly parents, as might older Gen Xers.

These are life cycle realities not tied to any currently labeled generation.  And in fairness, no generation should be discriminated against because of demographic and biological factors. Yet there often are stigmas or resentments related to costs of benefits, offering of perks and finger pointing across the members of multigenerational workforces. Older workers may resent that younger ones are now getting flexible work arrangements and childcare they would have loved to have, and instead they had to struggle through on their own while trying to build careers. Younger workers might argue that health care costs are higher for older workers.

Workers may wonder if some of the generous employer perks come from a stealth motivation since they can lead to the trap of working 24/7 rather than giving the workers more control over their lives. For instance, taking advantage of free or low-cost meals and various concierge services on site discourages taking breaks to reduce stress, walks for exercise and time for useful reflection.

The benefits and perks have been shown to help attract and retain people in the talent wars. However, there has been little evidence that they motivate people to work better and harder. Especially competitive people want recognition of their achievements rather than some of the perks and only team recognition.

People of all generations welcome benefits and perks and won’t turn them down. But motivations come from another source. Here are some things that motivate – generalized to generations:

Boomers

Opportunities to keep learning and contributing

Being made to feel continually relevant

Making role transitions respected and appropriately compensated.

Gen X

Recognition of individual achievements

Opening paths to leadership slots

Opportunity to do things their way

Gen Y/Millennials

Having their ideas listened to

Being shown how their role is important to the whole

Providing frequent new learning experiences

For most people the above connect to intrinsic motivations – the strongest and most lasting kind – more than the latest shiny perk. Firms/organizations need to get a better grasp on what really appeals in a deeper way to the talent they covet and pursue that path.

Please send your thoughts to pwhaserot@pdcounsel.com or comment hre or on the Cross-Generational Conversation group on LinkedIn.

Phyllis Weiss Haserot      www.pdcounsel.com  

HOW TO UNBLOCK THE GENERATIONAL GRIDLOCK PROBLEM

 

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I am frequently asked about the potential for conflict between older and younger people in the workplace “Why won’t those Boomers realize it’s time to go?” some of them think.

Boomers are sticking around for two credible reasons: 1) they like the fulfillment, feeling of making a contribution, challenge and social opportunities work brings; and 2) they may very well need the money. In some cases there is a third reason as well: uncertainty that successors are well prepared to shoulder their greater responsibilities.

Economic reality meets career desires. The Great Recession had given many organizations a breather from brain-drain threats. At the same time, many Boomers would like to keep on working for a long time more, even if they can afford to retire. Surveys in 2004 and 2005 when the economy was robust and retirement funds were healthy revealed that about 80% of Boomers wanted to keep working after age 65 in some capacity – reinventing retirement.

While personal priorities will dominate each individual’s decisions, there’s a bigger picture need for restructuring. Even if we should see a booming economy, things won’t go back to what they were 20 years ago because the generational cohorts have different worldviews and expectations for their careers and work lives. And, significantly, they don’t understand each other’s perspectives and influences very well. When that understanding is achieved and accepted on an emotional level, we can move to greater cross-generational respect and collaboration.

REMOVING POTENTIAL CONFLICT

Achieve role shifts and transitioning that benefits clients/customers and the organization as a whole. I am not in favor of involuntarily removing productive people, who do not wish to retire. Yet for the sake of providing opportunities to the generation waiting in line, senior professionals’ and executives roles and responsibilities need to shift at some point.

Shifted roles must come with respect attached. The transitioning process requires employers to rethink value and compensation for functions that were assumed to be provided gratis in the context of professional roles. Too often financial rewards come only from performing other functions that leave little time for knowledge transfer, mentoring, training and coaching. Financial disincentives need to be eliminated to reduce conflict.

And oh by the way – a word to Boomers and senior professionals: Gen Y/Millennials have discovered and seek out role shifts and lateral/lattice moves that keep them learning and doing new things. It energizes, engages and provides more choices and marketability for the long term. So why not take a lesson from them and explore that avenue to extend a career while giving those experienced and waiting a chance to move up? Consider it an opportunity.

The trick is to capitalize on Boomer knowledge and experience without alienating the bottlenecked Gen Xers and later, Millennials. One answer is to pay Boomers still in place now to transition their valuable acquired wisdom, contacts and skills before they up and leave with these precious assets or fail to pass on the baton and client bonds. That will prepare Gen Xers to thrive when the bottleneck opens as Boomers transition out over time.

If knowledge transfer and coaching is not built into transitioning roles which are made attractive by according them respect and providing work/life flexibility and engaging challenges, how will the next generation of leaders and managers get prepared to succeed? Willingness to prepare the next generation and shift roles through gradual transition can avoid generational conflict as both generations reap the benefits.

The real enduring challenge is building sustainably strong organizations that engage and retain the most productive talent of every generation. It will take frequent dialogue, listening, mutual mentoring and empathy. Organizations have to assess and re-think the connections between attitudes and expectations and the policies and financial and non-financial incentives that foster attitudes in order to prevent tensions among the generations and provide continuing opportunities for all to make meaningful contributions.

Phyllis Weiss Haserot    www.pdcounsel.com

 

KEY ISSUES TO TACKLE IN THE MULTIGENERATIONAL WORKPLACE NOW

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Earlier this summer I was interviewed for a research project and master’s thesis by an EY (rebranded from Ernest & Young) Fellow in Ireland. For one of the questions, I generated a long list that provides an overview of challenges in the current multi-generational workplace. I am happy to share this with you.

Q. What do you feel are key issues affecting the multi-generational workplace at present?

A.  I easily named over a dozen issues, challenges and frustrations:

  • Senior management/decision-makers not “getting” the significant direct impact of generational challenges on the bottom line on their business.
  • Making mutigenerational teams better appreciate each member and work more effectively together.
  • Sharing and transferring knowledge – owing to compensation systems, lack of know-how and/or cultural resistance
  • Attracting and retaining clients/customers of different generations – and not taking different approaches
  • Attracting and retaining employees of different generations  - not using different approaches to meet their needs and expectations
  • Knowing when facetime is necessary and when not
  • Different generational perceptions of what teamwork is and what’s in it for them
  • Doing an effective job of orienting new employees, conveying the big picture vision and setting elear expectations
  • Comfort level with feedback and how to do it right – both giving and receiving
  • Avoiding turnover of valuable employees
  • Communicating messages that are received as intended by each generation
  • Excluding younger generation voices on leadership from succession planning
  • Tensions when older workers report to younger managers

No doubt this is a long list with much to tackle. Of course, not all of these are present in all firms/organizations or to the same degreee.

Which issues – or others – are occurring in your workplace or do you see elsewhere?

Please comment about which of these challenges and solutions to them you’d like to know more about to pwhaserot@pdcounsel.com or the Cross-Generational Conversation group on LinkedIn.

Let’s begin cross-generational conversation about these issues toward making more workplaces “best places to work.”

Phyllis Weiss Haserot    www.pdcounsel.com

 

Are Tech Companies Avoiding the Age Diversity Issue?

Tech companies in general have a reputation for preferring young employees, whether or not they are really more tech savvy than older, experienced individuals. This is especially true in the Silicon Valley area culture.

When the San Francisco Chronicle requested employees' age data from the seven tech companies that have recently released diversity reports - Google, Pinterest, Salesforce, Twitter, Yahoo, Facebook and LinkedIn - as well as more than a dozen others, they either declined to provide the information or did not respond to the request.

Only Hewlett-Packard, shared information related to workforce age. A substantial number for a tech company, about 18%, are over 51 (Boomers); more than half are between 31 and 50 (mostly Gen Xers), and a 25% of HP’s U.S. employees are 30 or younger (Gen Y/Millennials).

"Age is one very important demographic that signals whether or not a company has an inclusive culture,” said Freada Kapor Klein of the Kapor Center for Social Impact. “ It's important alongside race, gender and sexual orientation."

Of 32 tech companies surveyed by PayScale last year, only six, which included long established companies IBM and Dell, had a workforce with a workforce median age of over 35. Only two companies the San Francisco Chronicle queried about median age, Autodesk (median 40) and Cisco (median 401/2), provided data.

The San Francisco Chronicle has recently requested diversity data from all the well known tech companies in Silicon Valley and received either sparse or no data from them. Very few responded they would release data and virtually none on age diversity.

We understand that data gathering requires some effort. But the lack of it or reluctance to release it gives the impression that the companies don’t regard having a diversity of ages in the workforce as important and valuable or they are protecting a culture of youth exclusivity. With authenticity and transparency rising in value and values today, what’s the real explanation?

BOOMERS STILL WANT TO WORK

As was expressed in 2004-5 surveys and again in 2014, Boomers want to keep working beyond traditional retirement age. Now there’s evidence they mean it. A recent study by Merrill Lynch in partnership with Age Wave of workers over age 50 revealed these findings:

  • 72% say their “retirement” will include some form of working. Obviously we need a new word to label this non-retirement.
  •  Twice as many respondents say the most important reason to work is for the mental stimulation (62%) rather than money (31%).
  • 80& of those working say they are doing it because they want to.
  • 83% say working helps keep them more youthful.
  • Why do they want to work? – Boomer continuing workers fall into 4 categories:

        -       33% are “caring contributors” desiring to give back and make a difference

        -       24% are “life balancers” who want jobs that allow them to keep valued social connections

        -       15% are workaholics – still driven to achieve and feeling in their prime

        -       28% are “earnest earners” who need the income and would not choose to be working otherwise.

  • 58% of those working have transitioned to a different line of work from their major career.
  • Their advice to others;

        -       Be open to trying something new (76%)

        -       To do something you really enjoy, be willing to earn less (73%)

So assume Boomers will be in the work world for some time. Understanding their motivations for working and what they are looking to contribute and get out of their work is valuable in getting the most productive outcomes for both solo work and multi-generational teams. A continuing challenge will be achieving effective cross-generational conversation and collaboration.

Phyllis Weiss Haserot   www.pdcounsel.com

ROLES FOR PROFESSIONAL FIRM SENIOR PARTNERS TRANSITIONING THEIR PRACTICES

When senior professionals who are used to being in charge must make way for new leadership, they may be able to stay productive in valuable new roles for the firm.

Here are some that have been developed at our client firms or that we know of, or we suggest:

*  Chief Learning Officer (professional development)

*  Chief Diversity Officer

*  Administrative Partner for a practice group

*  Hiring Partner responsible for lateral recruiting and integration

*  Chief Business Development Officer (to work with the Marketing Department and be able to meet with prospective clients as a firm “partner”)

*  Pro Bono Director (partner level)

Of course, the partners need to be willing to adjust their compensation, but they should be able to cut back hours - a flexibility bonus.

Obviously, in the case of many of these, a firm can only utilize one person in the position. A firm could have several administrative partners (non-equity) and project managers for practice groups and attorneys whose function is business development leads and client relationship management without performing billable work or being a major business generator.

Firms (desperately) need more mentoring, training and coaching for associates and junior partners. It is often not being done diligently and frequently because attorneys are not compensated for these functions and often not even given non-financial rewards, including much praise. Even people who don’t need the money want to feel valued. That is a big issue we find with our clients. Not feeling valued is often more of a source of resentment and poor morale than reduced or lack of financial compensation among transitioning partners.

So, one of our transitioning principles and recommendations is compensation during the transitioning process - compensation at the attorney’s highest level, but rather a figure sufficient to provide an incentive and security for doing transitioning right and helping the heirs apparent and the firm. Firm support of a transitioning process will take away potential stigmas and convey that the individual is valued and is continuing to contribute to the firm.

Transitioning partners also need to develop some excitement for what they can do work-wise after they leave the firm, should they want to keep working - and many Boomers will, in some capacity. So some transitioners will decide they have attractive options and not want to hang on.

(c) Phyllis Weiss Haserot    www.pdcounsel.com

Note: This blog is an excerpt from the 2014 edition of The Rainmaking Machine by Phyllis Weiss Haserot (Thomson Reuters/Westlaw) to be published summer 2014.

BEYOND MILLENNIAL

Last weekend I saw “Beyond Therapy,” a revival of a very funny early (1982) play by Tony Award winning playwright Christopher Durang. It’s about single, thirty-something big city dwellers struggling to make sense of their lives, their sexual orientations, trying to project their ideal selves, looking for love through newspaper dating ads (before match.com, etc.) and seeking help from therapists crazier than they are.

The playbill cites a December 1981 New York Magazine “Single in the City” issue that described the conditions causing the then young professionals’ angst: “the quest for fame and fortune, the sheer number of singles, the pressure to perform…the delaying of marriage for career.” References to the inability of young people to settle down and giving priority to work over marriage (or love), and statistics about educated professional single women outnumbering similar men sound eerily familiar to the Gen Y/Millennial world of today. We can even draw correlations to a down economy in the early 1980s– the second worst to recent times since the Great Depression.

Despite dramatic changes in technology, the status of women at work and demographics of the workforce in the last 30 years, it seems like déjà vu. Note that the characters in the play and described in the 1981 New York Magazine are Gen Xers and the younger Boomers.

This reinforces one reason Gen Xers (and some Boomers) are not generally sympathetic to Gen Yers. Having lived through similar experiences without having hovering parents, coaches and mentors, perhaps their attitude toward the younger generation is understandable: “We survived relying on ourselves.” “Why can’t they figure it out?” Why do they expect so much help?” Often they perceive the Gen Y/Millennials to be unfocused and uncommitted.

It’s worth contemplating…

Your thoughts? Please comment.

Phyllis Weiss Haserot   www.pdcounsel.com

BEST LEADERS FOR MILLENNIALS: A GEN Y‘S ANALYSIS

For the last three years I have suggested topics on inter-generational relations at work for my externs and interns to write about, and I have published a selection of them on this blog. My extern in January 2014 was Danielle Kronenfeld, a junior at the Cornell University Industrial and Labor Relations School. One of the topics she chose to write about is what her generation desires in leaders. Below are my questions and Danielle’s responses.

 Phyllis:  What attributes are you and other Gen Y/Millennials looking for in leaders?

 Danielle: I think that Gen Yers are looking for our leaders to act as mentors. We are extremely eager to learn, so we want leaders who are willing to teach us and help us grow. More specifically, we want our leaders to be intelligent and to have respect for us.

 We are incredibly driven, more educated than previous generations, and probably a little bit too arrogant. This makes us believe that we have all of the solutions, despite our lack of real world experience. Of course, we do realize that we do not literally know how to solve every problem. However, our overall confidence makes it that much more important to us that our leaders have faith in our ideas and are willing to listen.

While conducting my summer internship search over the past semester, I spoke to many previous interns and recent graduates who had just started working full time. When I asked them about their favorite experience during their internship or since they started working, most of them told stories of when a senior manager invited them into his or her office to answer their questions or give them advice. Gen Yers are happiest when our leaders are willing to give us that kind of time and attention.

Phyllis: Do you think business leaders will be younger than in the past?

Danielle: Despite the fact that we like business leaders who are more experienced, I think that leaders will be younger than in the past. With the recent and continuingly rapid growth in technology, younger people are more knowledgeable and able to adapt to the most current trends.

Phyllis: What skills other than technological savvy will they have and/or need?

I think that adaptability is one of the most valuable qualities that a leader can have in today’s workplace, and one of the most distinguishing qualities that Gen Yers have mastered. Studies show that because we grew up during this time of rapid advancements, our generation is much less loyal than previous generations.

Whether it’s to our current routine in school or at work, our favorite shampoo brand, or our significant others, Millennials feels less attached to the status quo are more likely to switch to a different practice. Gen Yers are always looking for the best possible option, and are usually not afraid to leave something behind when a superior alternative comes along.

Phyllis:   To our readers: Please give us your comments. Agree or disagree? What attributes do you think leaders in a Gen Y-prevalent work world will have?  Will be needed?

Thanks for joining the conversation.

 Phyllis Weiss Haserot    www.pdcounsel.com

HAS THE MISSING PIECE ELUDED YOU? – Find the Inter-Generational Solution

Generational differences in attitudes inform and influence attitudes and behaviors toward all the other types of diversity and individuals’ worldviews. They are integral, “joined at the hip,” so to speak.

  • If you are approaching attracting and retaining clients of different generations all the same way
  • If you are approaching attracting and retaining employees of different generations all the same way
  • If you are pitching your fundraising, member drives and engaging alumni of different generations all the same way
  • If you think the members of multi-generational teams all have similar wants and expectations
  • If knowledge transfer among generations has more speed bumps than fast lanes

then you are missing the piece that makes the ultimate difference to your long-term success rate. 

Most firms treat different types of diversity as separate silos and approach their programs as if one solution fits all and will make the crucial emotional connection that is necessary for attitude and behavior change and cultural transformation.

In the last several years, many organizations have realized that something different is going on and not going away, and their personnel need to learn about generational differences. Usually they bring in a speaker (sometimes that’s me) for an hour or so to explain the basics– and then check off the box that they addressed the issues.

It’s a good first step…but for real change to occur deepening understanding, repetition and practice is necessary. Savvy organizations are undertaking yearlong or longer initiatives and community building to address inter-generational challenges locally or globally, as relevant. That type of dedicated effort will earn them an advantage in recruiting and retaining both engaged employees and loyal clients/customers.

IBM and American Express have realized how central inter-generational initiatives are to productivity in their core businesses. IBM is leveraging learning resources and building employee communities in person and online in many countries to strengthen collaboration. With surveys and other means, IBM is assessing what different generations need and is providing recommendations to business units globally on attracting, developing and retaining talent of different generations. American Express, realizing that its shift in business strategy away from travel to financial services and other technology-oriented businesses required younger demographics, also has been focusing on inter-generational challenges.

Educational institutions are getting sensitive to the large demographic changes as at least a third of their faculty and administrative staff heads toward retirement age. For example, Cornell University’s Alumni Affairs & Development department, having done some generational programming in the past, is starting on a yearlong generational focus as one of its diversity initiatives required of all colleges and administrative units by the University.

Some of the strategies to include in your cross-generational diversity initiatives are:

  • Small facilitated group discussions
  • Educational materials and interactive courses appropriate to different markets
  • Mutual and reverse mentoring and mentoring circles
  • Significant roles for senior management as advocates and participants
  • Knowledge transfer and succession strategies

As firms, other organizations and institutions develop affinity or employee resource groups (ERGs) or business resource groups (BRGs) and other internal and cross-cultural communities, they need to be sure to cross-pollinate them. Just as gender diversity groups focused on furthering women’s careers and as leaders greatly benefit from bringing men into the conversation, diversity and inclusion initiatives for each specific focus need to bring all the generations into the conversation. Cross-generational conversations will facilitate understanding of all the views and attitudes that must be part of the solution and the pursuit of harmonious change.

Instead of “siloing,” make the cross-generational perspective the foundation piece.

 

Please comment and share your thoughts. Do you see this as a business imperative?

 Phyllis Weiss Haserot   www.pdcounsel.com

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