Next Generation Next Destination

FORECAST: ASK THEM WHAT THEY WANT

n      A component of the engagement package is reward. So organizations will adopt Innovative Ideas to Reward Their Valued Workers. Employers will focus on recognition and non-financial rewards that will provide the psychic rewards that professionals and other top talent need to keep them going and loyal.  And firms will learn to go to the source of most welcomed ideas – workers suggesting what rewards other than money are most appreciated. I bet that one of them, especially for Gen Y, is employers listening to their ideas and taking their suggestions seriously – so this one is a two-fer!

 

       Different generations and individuals have their own ideas of what is meaningful recognition. Rewards may need to be customized and must be perceived as fair.

 

        Phyllis Weiss Haserot    www.pdcounsel.com

ENGAGEMENT MAKES THE MARRIAGE SUCCEED

n      The concept behind the buzzword of the last several years will rise in significance. Focus on “Engagement” Will Replace the Focus on Retention.  That’s because we know that just having bodies in place is not the answer; the goal is increased productivity, which comes from sustained engagement and leads to greater profitability. Herman expects to see a new functional title: Directors of Employee Engagement morphing from Directors of Retention. It may be a new title, but my guess it will incorporate or collaborate with the professional development and employee benefits functions. Firms will increasingly recognize that to raise the quality of the client experience they have to improve the working experience of staff, professional personnel and managers.

 

      Time to go back to striving to be "the employer of choice" and identify what produces long-term engagement.

 

        Phyllis Weiss Haserot      www.pdcounsel.com

FORECAST: RE-HIRING IN RETIREMENT

n      The  counterpart to succession preparation as we experience an aging workplace is another forecast: Employers Will Accommodate Older Workers Like Never Before. Employers need to get the work done; many workers, including successful professionals and executives, want to keep going whether or not they really need the additional money to live comfortably. The Herman Group suggests that employers will see the benefit of avoiding recruiter fees and expensive contract help by bringing back their retired personnel on part-time, seasonal or temporary bases, even if the older workers can dictate their own terms. I can envision organizations hiring their former personnel with knowledge no one else would have to the same degree or dissuading them from going elsewhere for the typical “busy seasons” or employing them for training and coaching the next generation to continue top service to clients.

 

      This will require sensitivity in communication to younger workers about the benefits to them and facilitation of cross-generational dialogue within work teams and mentor partnerships. But it sounds like a win-win for many organizations seeking continuity  of client service and culture.

 

        Phyllis Weiss Haserot    www.pdcounsel.com

FORECAST: TAKING SUCCESSION PLANNING SERIOUSLY

I have made it an annual rite for several years to review and give my take on the forecasts most relevant to my readers fron the Herman Trend Alert for each upcoming year. So here goes the first of four I have selected for 2010.

n      The  forecast that I hope the most becomes reality, the sooner the better because it is vital, is Increasing Attention to Succession Planning and its sidekick “succession preparation.” The longer firms put off serious preparation for the next generation to step into the big Boomer shoes the greater the danger. As  huge numbers of Boomers near the exit in their current workplace (not necessarily out of the workforce as such), the more behind the eight-ball and the less competitive firms will be as the economy picks up and competitors’ innovation accelerates. The current breather many organizations have allowed themselves during the recession will leave them gasping for air. Succession planning and preparation is needed at all times. Anyone whose expertise and contacts will be missed can cause a serious business disruption and loss of clients if quality transitions are not in the works. Remember, talented personnel can leave for numerous reasons besides retirement.

 

Phyllis Weiss Haserot          www.pdcounsel.com

REFLECTION - LOOKING TO THE NEW YEAR

It’s a time for reflection.

At the close of a very challenging year for most people, with a deeper sense of uncertainty for individuals and organizations than we can remember in the past, we look forward to positive change in the next few years, including the hope that firms will not be short-sighted and put themselves in a future hole by neglecting their strategic talent management and professional development responsibilities. These are crucial investments, not just nice to do but rather need to do. The new normal won’t be the old normal. Will you and your organization gain the competitive edge with your people and your clients?

 

Wishing you, your families and your colleagues good health, peace, fulfillment and joy in the New Year!

-- Optimistically,

          Phyllis

 

Phyllis Weiss Haserot     www.pdcounsel.com

REINVENTION REQUIRES REVEALING....

What’s needed at this economically challenging time according to Jeffrey Swartz, president and CEO of the Timberland Company in the New York Times Sunday Business Corner Office column (Dec. 20, 2009)?

 

People need to bring their personal selves to work – (not meaning an invasion of privacy). In his words,”A willingness to be exposed, a willingness to acknowledge and value the personal dimension.”

 

Swartz said there’s no chance in these economic times that a company “is going to be able to reinvent itself, with the speed and ease that it needs to, unless we bring more than our intellects to the table”. In hiring, he said he’s got to find “people who are comfortable with fuzzy logic, who are comfortable being exposed, who are comfortable being wrong, who don’t value as the first notion, ‘I got the answer, Boss.’”

 

He sums up what he is looking for as: 1) comfort with ambiguity; 2) faith in a solution; and 3) a commitment to fight for a worthy outcome.

 

If you are a leader, are you looking for this make-up in your hires? Do you appreciate the mission-committed risk-takers? And allow them to be wrong sometimes without rebuke?

 

If you are aspiring to take on meaningful, game-changing work, are you willing to reveal what really matters to you and fight for it?

 

Phyllis Weiss Haserot          www.pdcounsel.com

TRIUMPH OF THE MULTI-GENERATIONAL TEAM

Among the many fascinating pieces in the New York Times magazine annual "Ideas" issue (December 13, 2009) is an item on a study finding that the stereotypical belief the older employee (age 45 and up) is deficient is a myth. (Data on various tests pitting Boomers and up against people under age 30 to follow in another post.)

Here's the conclusion I liked best of all, in sync with my *Cross-Generational Conversation* work, from the study by Gary Charness, a University of California at Santa Barbara economics professor, and Marie Claire Villeval, from the University of Lyon: In the cooperation test, Charness and Villeval found that groups with a mix of ages outperformed homogeneous groups. They say that it's best to have a range of ages in the office for an optimum work force.

The study found that the 45s and older were actually more cooperative than the younger people and contributed more to their group. That's a nice boost for the Boomers and encouragement for all the generations to find common ground and collaborate. If you'd like advice on how to make that happen, give me a shout.

Phyllis Weiss Haserot   www.pdcounsel.com

THINK AHEAD FOR SUCCESSION: Retention Efforts for Now and Later

Despite the job outlook in the down economy, businesses are making notable effort to retain valuable employees. The Wall Street Journal Managing column (11/16/09) related 7 ways to retain valued employees beyond use by a range of different companies.

• Communicating more about what’s going on, instituting small group meetings to give them the big picture (Aspect Software, Inc.)
• Opening up and altering telecommuting policy to address worries about work/life balance and green initiatives. (Aspect)
• Increasing the number of people awarded bonuses based on outstanding performance. (Aspect)
• CEO soliciting feedback and acting on suggestions: for example, Community Options, Inc. CEO Robert Stack now intends to strengthen training programs for junior managers aspiring to be executives.
• Awarding managers restricted shares instead of raises in tough times to provide future benefits (Spherion).
• Helping employees chart career paths with a new talent management program. Mangers meet monthly with all nonunion employees to discuss progress and individual  career goals (Southwest Airlines)
• Increased interaction between employees and their direct leaders (Southwest) 

GETTING BUY-IN AND LOYALTY FOR THE INSTITUTION

Drew Gilpin Faust, Harvard's president was the interview subject of the New York Times "Corner Office" column (Nov. 1, 2009) discussing her approach to leadership. What I took from her remarks, though coming from her experience in academia, was some advice for generating buy-in to an organization's overall success by practice group and business unit leaders.

Gilpin pointed out that one of the key reasons for leader communication frequently and repeatedly is so people will not feel a sense of mystery or suspect what a leader is up to. She said that by reaching out and listening, the leader not only can understand how others see the world, but also by having them feel listened to, they are more likely to 

MORE ON GEN X LEADERSHIP GAP AND RETENTION DISCONNECTS

I have written frequently before about a looming Generation X leadership gap. Still another survey indicates that employers and employees are not on the same page about talent management and retention.

Research by Deloitte Consulting in a survey report released in August 2009, "Keeping Your Team Intact: A Special Report of Talent Retention"  finds that Gen X employees have the highest intention to leave their current jobs of the three most prevalent generations in the workplace after the recession is over. Those saying they are likely to stay: 37% of Gen Xers surveyed; 44% of Gen Yers; and 50% of Boomers. Yet only 9% of employers think Gen Xers are likely to leave when the recession ends. From the time they entered the workplace, Gen Xers typically had more of a freelance mentality than other generations, so their intention is not surprising.

The reasons for intended leaving also differ between employees and management expectations. Employers ranked "excessive workload" as the #2 barrier to retaining employees, but it was only ranked 10th by employees. The latter's chief factor for shifting employers was lack of job security. They ranked "lack of trust in leadership" as the 6th most important reason for leaving, but employers ranked it considerably lower. Gen Xers typically have lower trust in leadership and authority than other generations.

Gen Xers ranked "additional bonuses or financial incentives" as the most effective retention tactic (48%), while only 37% of corporate leaders saw it as the highest priority. Only 40% of Boomers ranked bonuses and financial incentives as the most effective tactic.

These findings again raise the red flag of a potential leadership deficit among the next generation to step into the Boomer leaders' shoes as they eventually leave the workplace. Gen X is a much smaller generation than either the Boomers or Gen Y/Millennials; many Gen Xers have a considerably smaller appetite for taking on the heavy, time-consuming responsibilities the Boomers were willing - even eager - to shoulder.

The potential gap has been masked by the recession. But as we come out of it, the urgency of planning for and training Gen X leaders will become increasingly apparent and urgent. Those firms that neglect this and take a short-term view will likely come up short in desired talent and needed leadership. It's time now to seriously examine how to keep an prepare those best able to lead the workforce of the future.

Phyllis Weiss Haserot   www.pdcounsel.com