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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

WHAT’S THE BEST REASON FOR FLEXIBILITY?

If you’d like more flexibility for all generations in work arrangements and the criteria for how work is evaluated, raise your hand.  OK – I see you out there.

A recent national survey of 1,000 employers by the Society for Human Resource Management and the Families and Work Institute found that while progress is being made in flexibility, facetime still counts for a lot in internal dynamics and perceptions of productivity.

The study found that organizations offer flexibility arrangements motivated by a variety of reasons:

  • 35% for employee retention
  • 14% for recruitment
  • 12% to increase productivity
  • 11% because “it’s the right thing to do”
  • 10% to support worker morale and job satisfaction.

In your opinion, what’s the best reason?

WILL MORE FLEXIBILITY BE COMING FOR GEN Y AND GEN X WORKERS?

The work flexibility movement has taken steps backward since the recent recession took hold.  New research from the Families and Work Institute (FWI) and the Society for Human Resource Management (SHRM) surveyed 1051 employers on 18 different flextime options and considered which were increasing and decreasing in implementation and use. Overall in less formal ways or one-offs, flexibility has increased. For example, two-thirds of responding organizations allow occasional work from home, up from 50% in 2008, and 38% allow working from home regularly, up from 23% in 2008.

But when viewed by individual options, the findings are the reverse. Compared with 2008:

  • Job sharing is down from 29% to 18%
  • Sabbaticals decreased from 38% to 28%
  • Only 2% of U.S. employers offer any kind of voucher or subsidy for child care, down from 5%

The survey also looked at phased retirement, parental leave, ability to switch shifts, control over time of meal and bathroom breaks, health insurance coverage and other policies.

While workers’ stress has been increasing, employers during the recession and since have felt the need to reduce personnel and costs, which limits ability to be flexible.

So the question is whether as the labor market tightens and talent wars resume (if they do) the younger workers will see work/life flexibility on the upswing and benefit. Will more companies see the value of being perceived as a "best place to work"? Will workers finally experience work arrangements more in tune with their values and their ideas on how, where and when work should be done?

Please comment and add your thoughts.

Phyllis Weiss Haserot   www.pdcounsel.com

ACROSS GENERATIONS, LEADERS LACK INTERACTION SKILLS AND BEHAVIORS

A recent DDI study, Driving Workplace Performance through High-Quality Conversations, found both front-line and senior leaders lack fundamental interaction skills and behaviors required to be effective leaders. The study report concludes that what’s missing “is the ability to facilitate effective conversations, something that should be mastered by every business leader as part of a core set of interaction skills in order to build relationships and get work done.” This is at least as true of senior leaders as those with less experience according to the study.

The need to learn the skill of conversation is a challenge to the fast-paced, just get it done, data-driven world we are living in. Even some technology thought leaders are sounding the alarm. We have been champions of cross-generational conversation as necessary for business productivity and profitability since it is essential for knowledge transfer, attracting and retaining both clients and employees and enabling work teams to achieve high performance.

 Organizations need to recognize that the skill of conversation is not typically part of business education, and they must require or provide training, especially as all generations increasingly communicate electronically and often neglect context.

 Please comment and share information on any organizations you know are providing this training in-house. If you would like to learn about Cross-Generational Conversation Day, contact us (pwhaserot@pdcounsel.com).

 Phyllis Weiss Haserot    www.pdcounsel.com

WILL GEN Y “FEED THE PIG”?

A new national online survey sponsored by the American Institute of Certified Public Accountants (AICPA) and the Ad Council confirmed some widespread and potentially troubling characteristics of young workers (age 25-34 now), the major segment of the Gen Y/Millennial workforce. The survey provides a foundation for the “Feed the Pig” financial literacy campaign, a series of Public Service Announcements (PSAs) urging that generation to build long-term financial security by thinking independently and foregoing short-term gratification through living beyond their means.

Here are some of the findings, which confirm  (or reinforce) and quantify the extent Gen Yers are led by peer pressure, fear of not belonging, and the attitude that in an uncertain and volatile world, grab what you can now. (As the saying goes, “Life is short; start with dessert.”)

  • 78% model their financial habits on their friends’ habits.
  • 66% want to keep pace with where friends live.
  • 64% want to be in sync with what friends wear.
  • Similar percentages feel pressure to go to the types of places their friends eat at and use the types of gadgets they carry.
  • 61% still get financial help from their families.

As a consequences a large portion of that age groups miss bill payments and rack up substantial credit card debt paying for necessities. Financial stability means paying all their bills each month for 70%. This is a short-term view, the desire for immediate gratification.

The fact that Gen Y/Millennials are strongly influenced by peers’ lifestyle purchases indicates the depth of their need to “belong.” Also they expect to be able to rely on their families. These attributes are portrayed humorously in the ad campaign developed pro bono by kirshenbaum, bond, senecal + partners (kbs+).

But there is a very serious side emotionally, beyond financial literacy. In his essay, Looking for “Likes” in the New York Times Education Life section (11/3/13). Andrew Reiner, who teaches at Towson University in the Honors College and English Department, comments on the self-pressure he observes in his students’ generation: “ A small but growing body of evidence suggests that excessive social media use can lead to an unhealthy fixation on how one is perceived and an obsessive competitiveness. Perhaps not surprisingly, this angsting can also lead to an unhealthy quest for perfection, a social perfection, which breeds an aperture-narrowing conformity.”

A few brave souls, wrote Reiner, admitted to fearing peers’ judgments for writing something stupid, or worse, something that “set them apart.” They feared expressing a different opinion would make others dislike them. “The ultimate goal? Racking up ‘Likes.’”

Yes,of course there has been some degree of fear, peer pressure and conformity in every (young) generation. But the level of parental protection and social media exposure the youngest generations have experienced does magnify the problem.

One hopes the Feed the Pig campaign makes many converts. The independent thinking habits regarding financial security can result in growth and self-actualization in other aspects of life and work.

Phyllis Weiss Haserot    www.pdcounsel.com

 

WHAT REWARDS DRIVE EACH GENERATION

A recent study conducted by Harris/Decima for Ceridian) found that job rewards of various types favored by different generations are a strong driver of engagement. The three top drivers overall are:

1 – receiving monetary or non-monetary rewards for a job well done (47%)

2 – job recognition (42%)

3 – job motivation (11%)

 What specific employees value must align with the rewards to be effective. Rewards must be tailored to consider generational differences, individual preferences and technological innovation. There are several types of popular non-monetary rewards, and Gen Y/Millennials are more interested in them than the other generations. 70% of Gen Yers in the survey said they would like their company to offer non-monetary rewards such: as personal days off: free meals: sports events, concert and show tickets.

 Fundamentally, employers need to know what employees think makes a job worthwhile. All generations want interesting work (39%), autonomy (32%) and good compensation (31%) but in differing order of priority. Interesting work ranks first for Gen Y and Boomers. Gen X is most interested in good salary followed by good job benefits.

 Generational opinions of what makes the job more rewarding also differed in how they ranked the top four overall. Boomers find training opportunities and flexible hours more rewarding; Gen Xers also most favor flexible hours; and Gen Yers are more likely to want the opportunity to take o more responsibility at work.

 This is a heads up for employers to take into account generational differences and wants and needs if they want to have more productive workforces, retain their people and be considered best places to work.

 Phyllis Weiss Haserot   www.pdcounsel.com  

THE 8 STRONGEST DEMOTIVATORS

We are moving toward favoring more transparent, participatory leadership and management styles. Results of a study by the National Federation of Independent Business revealed these as the top demotivators to employees and co-workers. My brief commentary follows each on the list.

Micromanagement is #1 – Particularly hated by Generations X and Y/Millennials

Public criticism – Not only offensive to all, but discourages anything not deemed “safe”

Implied threats – Be direct and honest

Failing to provide praise – Demotivates everyone and most craved by Gen Y

Not explaining your actions – Discourages trust; people want transparency

Not following up – Why bother? Is the item/task not important?

Not sharing company data –The call for transparency is growing stronger

Failing to honor creative thinking and problem solving – Why bother?

What else would you add or substitute to the top 10?  Please comment.

 Phyllis Weiss Haserot     www.pdcounsel.com

GENERATIONAL CONNECTION OBSESSION

Workplace Factoids from Human Resource Executive. According to surveys:

  • 30% of people born after 1980 say they feel anxious if they can’t check Facebook every few minutes.
  • 23%vof recent college grads wouldn’t take job if they weren’t allowed to make or receive personal phone calls.
  • 46% of 18-24 year olds would rather have access to the Internet than access to their own car.
  • The number of hours U.S. college students spending studying declined by 59% from 50 years ago. At the same time, the number of hours students spent working at a job increased by 44%.

PEOPLE WANT TO SEE A PURPOSE IN WORK

A new survey of 4,200 people in the US, UK and Germany by Calling Brands consultancy found a high level of desire to work for an employer organization with an underlying spirit that goes beyond commercial and operational goals. The study consisted of interviews with HR and Communications chiefs from major multinational organizations. In reporting on the findings, it was said that this is a change in attitude. No demographics were given except the country of residence.

Related but not the same thing as Corporate Social Responsibility, Corporate Purpose now appears to be a powerful driver for retention and attraction of employees as well as productivity.

Perhaps the need to spend so much time at work is driving people to seek meaningful intangibles during the course of their work and to feel they are fulfilling a greater purpose than merely profitability. Survey results indicated that an average of 57% of respondents (58% in the US) would favor joining an organization that has a clearly defined “Purpose, ” and an average of 65% said that Purpose would motivate them to “go the extra mile.”

 

 

Financial Planning: MultiGenerational Living Is Working

Gen Y/Millennials are contributing at home as they save, not simply living on parental support. A Pew Research Center survey of over 2,000 adults in the U.S. in early 2012 yielded these statistics:

  • Over 20% of 25-34 year olds live in multigenerational households, nearly double the percentage in 1980 (the more independent Boomer and Gen X generations).
  • 24% of young adults 18-24moved back in with their parents in the last few years owing to economic conditions.
  • Even more, 41% of adults 25-29, live with or moved back in with their parents.
  • Of adults 30-34, 17% did the same.

And both parents and children report they are positive, neutral or satisfied with the arrangement.

It’s not totally a parental handout.  Survey findings indicated that 75% of the young adult children contribute to household expenses, e.g., groceries and utility bills, and 35% say they pay rent.  96% say they do chores around the house. The report didn’t specify how long the arrangements have continued and whether there will be a tipping point at which either side or both will no longer feel positive about the arrangements.

Financial planners advise that a plan be developed and agreed to by both parents and live-in young adults, including charging rent, so expectations are clear and there be an exit strategy and parents don’t jeopardize their retirement savings.

This experience is probably working because Gen Y/Millennials and their parents, to generalize, have closer relationships than any parent-child relationship in history.  That is a positive thing for the most part, but when possible, adult children should build independent and self-sufficient lives.

How long do you think the current trend will last? How does this impact work attitudes positively or negatively?

 

 

 

 

 

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