Next Generation Next Destination

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.”

 

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.

THE BABY BOOM GENERATION LEGACY

Bill Keller, now an OpEd columnist for The New York Times, started with his column on the entitlement behavior of Boomers what led to a dialogue of letters over a few weeks span between Keller, Leonard Steinhorn, author of the book “The Greater Generation: In Defense of the Baby Boom Legacy,” and then a slew of letters from readers at the invitation of the Times Opinion section editor.

My letter was not among the handful chosen for publication, and I am sharing it here. I chose not to strongly defend or criticize the Boomer generation but rather to make the point that the generations need dialogue to understand and appreciate each other better rather than whine and point fingers.

Most of Professor Steinhorn’s letter rings true to me. However I disagree about which generation gets tarred with the “entitled” label, which I think should be barred from our vocabulary in this context. In recent years, the GenY/Millennials have been frequently accused of a strong sense of entitlement. When the Gen Xers entered the workforce, they also were labeled with an entitled attitude. Then they became hard workers, like the Boomers did, and foist the entitled epithet on the Gen Ys. And as noted in both Bill Keller’s article and Steinhorn’s letter, the Boomers get it too.  It becomes meaningless, and the stereotypers should be more specific in their criticisms.

The younger generations don’t have the perspective to appreciate the positive changes the Boomers accomplished (laid out in Steinhorn’s letter) and what our society and business world was like before. We have to teach that better so they understand and are aware of what they could stand to lose.

 We need cross-generational conversation in the spirit I have been facilitating through social media (e.g., the Cross-Generational Conversation group on Linkedin) and in-person forums. The talk is notable for its civility and mutual learning and appreciation across the generations. We have more important things to do in our lives and the world than fueling phony wars among the generations.

Phyllis Weiss Haserot

New York, NY   August 15, 2012

Let’s continue the discussion. Please share your comments.

 

 

YOUNG PHILANTHROPY, NEW MODEL – Part II

It’s been characterized as a tribal thing in Silicon Valley – a tribe with young “elders.” Wrote Holly Finn in a recent Wall Street Journal column,  “Philanthropy plays to their strengths. They are resilient, craving results but loving risk. They know how to mobilize millions. Scaling equals success. And they understand technology is transferable, profit to non-profit.”

Look where they give. It’s what they know, they understand, they see as the future: not so much giving to the arts and culture, but to education and growing entrepreneurship, new businesses that will create jobs.

I think that whether we call it impatience or desire for immediacy or living in the moment because of constant change, uncertainly, distrust of or frustration with established institutions and desire to see the impact of their efforts quickly, we can expect Gen X and Gen Y philanthropy to exhibit some similar characteristics:

• Support causes they personally relate to such as educational- and small business-oriented ones, that is, they foster economic growth and innovation;
• Support causes and market-driven helping enterprises that are started and supported by their friends and peers;
• Take active roles as doers, not wait to “pay their dues” in the traditional board hierarchies;
• Use social media, crowdfunding, alliances and joint ventures to gain visibility and have impact faster than in the past – as they do in their businesses and personal life.

It will be interesting to see how new approaches to philanthropy, many enabled and influenced by technology, ripple out to other views about money, corporate social responsibility (CSR) and solving both local and world problems.

Phyllis Weiss Haserot   www.pdcounsel.com 

 

REINVENTING PHILANTHROPISTS: Gen X-Y as role models?

We have been witnessing and experiencing two opposing trends affecting the generations in different ways during this recent and enduring economic crisis/recession/downtown. This article focuses on Generations X and Y, people in their 20s to late 40s. While those two generations are different from each other in significant ways, their use of technology to reinvent approaches (or processes) is worth examining not only for the immediate purpose intended, but also for new models to apply their values to making and spending money.

During the downturn the affluent and wealthy have generally gotten wealthier – that is, those who already have significant assets as well as the successful tech entrepreneurs and hedge fund managers, to name the most obvious. During the same period, the under 35ers who had education debt and had trouble getting a good or any job, especially the high-paying ones they expected their education to result in, have been suffering for who knows how long. This gap is certain to shape long-term attitudes about money and values for both the haves and have-nots.

For the young members of the creative class, it’s no time for hunkering down. With Silicon Valley’s very successful entrepreneurs leading the way – and exerting peer pressure by offering large sums if they are matched by others in the tech community – we may be seeing those generations’ tech entrepreneurs become role models of young philanthropy.

As reported in the Wall Street Journal (May 5, 2012) by Holly Finn in an article, “Young, Rich and Charitable,” they are stepping up in a big way now. For example:

• Mark Benioff (age 47), Salesforce founder, large gift to San Francisco Children’s Hospital
• Mark Zuckerberg, (27), Facebook founder, Newark, NJ schools
• Marc Andreessen (40) and Ben Horowitz (45) founders of Venture Capital firm Andreessen Horowitz – the 6 partners pledged to give away half of their earnings

And others (not named Mark): signed Warren Buffet’s Giving Pledge:

• Elon Musk (40), PayPal founder
• Dustin Moskovitz (27), Facebook co-founder
• Sergey Brin (38), Google and wife Anne Wojcicki (38) promised $1 million to local anti-poverty charity Tipping Point if matched by Silicon Valley peers
• Jack Dorsey (35), Twitter co-founder, opened his rolodex and arranged a fundraiser for Build, a non-profit that teaches disadvantaged students how to be entrepreneurs

Leaning on others to spread the philanthropy trend, calls have been made to peers who have just sold companies and walked away with big bucks.  Angel investor Ron Conway said, “The Facebook generation is going to be very philanthropic earlier in their careers.”

 Phyllis Weiss Haserot    www.pdcounsel.com

 

BOOMER LEGACY MEET GEN Y ENTREPRENEURISM

As professionals and executives become more senior, there is often a desire or expectation, self-generated or from others, that they will want to devote themselves to "good works" as a legacy. Leading edge Baby Boomers, tracing back to their formative years in the 1960s, started out as a generation to be socially conscious, involved and eager to make significant contributions for a better world. As they matured and became intensely immersed in their careers, often achieving substantial recognition and financial success, some are well on their way to fulfilling their "legacy bucket." Others have been too busy to think about it.

The philanthropic and pro bono world is watching. For example in the legal field, both the American Bar Association's Second Season of Service Initiative and some local entities such as the Association of the Bar of the City of New York have been eyeing and expecting senior lawyers nearing traditional retirement age to become a large talent pool for pro bono work.  The Great Recession’s effects may have changed or delayed that for a lot of them.

Pro bono, volunteering or unpaid work is not for everyone. In our *Next Generation, Next Destination* client interviews, we find that many Baby Boomer professionals want to continue to play in the business arena – with financial compensation. This was true before the recession, and is more so now.

So I had an interesting thought. The hedge fund managers and tech entrepreneurs under age 40 have started to think about philanthropy and how to use their money to do good. But many don't want to do it in the traditional ways. They are interested in starting their own entities with a different model which combines making money with doing good things for society. Perhaps some of those seasoned Baby Boomers can link their legacy time, expertise and desire to continue to contribute with the Generation X and Y entrepreneurs for some hybrid organization that takes advantage of the best each generation has to offer.

I, for one, would look forward to seeing how this can take shape. There certainly are limitless needs, causes and opportunities whether built on a not-for-profit or for-profit model.

I'd love to hear your ideas on this.

Phyllis Weiss Haserot    www.pdcounsel.com

 

 

YOUR "LIFE REPORT" AND TRANSITIONING

 

In David Brooks’ New York Times Op-Ed column (October 28, 2011), “The Life Report,” he asks people over age 70 to reflect, write a report or essay and send it to him evaluating what you did well and not so well and lessons learned along the way. He suggests categories of career, family, self-knowledge, faith and community and even that you give yourself a grade in each area.

Brooks wrote that the main purpose would be to help young people. “Young people are educated in many ways, but they are given relatively little help in understanding how a life develops, how careers and families evolve, what are the common mistakes and common blessings of modern adulthood,” he wrote. The other purpose would be mature self-reflection.

That same day, I received an e-mail from Civic Ventures’ Encore Careers (I am on the mailing list because of Next Generation, Next Destination), piggybacking on Brooks’ idea for people who have transitioned to “encore careers” after their major career(s).

I say the life report is a great idea – but why wait till 70? Let’s start doing it at age 50 or 55 when enough experience has accumulated and there is still much time to adjust course. Even people still in their major careers will benefit from the self-reflection (with or without grading). And what a great mentoring tool, a coaching tool and legacy!

So, consider it and start thinking and writing. You don’t have to send it to David Brooks to publish – though go ahead if you want to. Do it for yourself, your family and friends, the students you know and young work colleagues. Share it in alumni groups, community groups, social media, etc. It will help you and others in their growth and transitioning.

Tell me what you think. Comment here. Pass it on. Let me know if you start something going in your circles.

Phyllis Weiss Haserot   www.pdcounsel.com

 

 

 

 

 

 

THE GREAT GENERITIVITY DEBATE

 I want to call your attention to an interesting debate on the between Marc Freedman, founder of Civic Ventures, and David Brooks of The New York Times.

In a column published February 1, Brooks proposes reversing public policies that he says rob the young to serve the old and take from them funding, freedom and opportunity, saying, "It now seems clear that the only way the U.S. is going to avoid an economic crisis is if the oldsters take it upon themselves to arise and force change." He calls for a "generativity revolution" of millions of people demanding changes in health care spending and the retirement age to make life better for their grandchildren.

In a piece published today on The Huffington Post, Freedman says "the real generativity revolution is well under way. And with the help of smart new policies, this movement of forward-looking baby boomers might actually succeed." He writes, "It's increasingly clear that these older workers aren't competing with younger people; they are meeting demands for talent that will only grow as the economy recovers."

Freedman argues, "With 10,000 baby boomers turning 60 every day, it's time for public policies that honor their aspiration to leave the world a better place and harness their talent and energy for the long haul."

You can read David Brooks' column here:
http://www.nytimes.com/2010/02/02/opinion/02brooks.html
Marc Freedman's piece is here:
http://www.huffingtonpost.com/marc-freedman/generativity-revolution_b_447774.html

Comments from both points of view are welcome on Encore.org, as well as right here. Join the discussion  at http://www.encore.org/news/marc-freedman

What are your thoughts? How do we prevent generational resentments and warfare?

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

CROSS-GENERATIONAL ALUMNI-STUDENT PUBLIC INTEREST ACTION

Since I put together and facilitate *cross-generational conversation* groups, primarily focusing on the workplace, I am always interested to see initiatives that encourage multi-generational collaboration.

Twenty years ago, the Princeton class of 1955 started "Princeton Project 55." According to the web site, "Princeton Project 55 (PP55) is an independent nonprofit 501(c)(3) organization dedicated to providing opportunities for college alumni to improve our society. By bringing alumni together with students and recent graduates, Princeton Project 55 provides many opportunities for building the commitment, leadership, and mentoring needed to solve critical issues affecting the public interest."

"Princeton Project 55 believes that there is a vast untapped resource of energy and expertise among college alumni that is available for the public good. We accomplish our mission through a variety of approaches including matching recent graduates with year-long fellowships in public-service organizations, providing mentors and professional development; supporting alumni from other universities engaged in similar initiatives; and collaborating with on-campus programs to raise the profile of civic engagement among current undergraduates."

Spreading the model and enthusiasm, there are 40 colleges and universities for which the Princeton group has set the example. The name was chosen not just to recognize the class that started the initiative, but more significantly to signal the age they thought many people are able to commit to taking on civic activities.The organization has a board composed of four generations of alumni, including some very well known names. Of course it has a Facebook page.

Phyllis Weiss Haserot    www.pdcounsel.com