Next Generation Next Destination

BROAD IMPACT OF STUDENT/EDUCATION DEBT

Not only is the amount of student debt staggering, but also it continues to grow significantly. Increasing 5% from 2009, students graduating in 2010 had an average of $25,250 in student loan debt, as has been reported widely.

As stated in the Y Pulse newsletter  (11/14/11), “Students have been raised to believe that having a college degree improves their chances of getting a job, but graduating in a poor economy, a degree doesn’t guarantee employment. They’re facing a catch-22. What’s more, when they have a hard time finding work, some are going back to graduate school, hoping that biding their time and improving their knowledge will result in a job. But meanwhile, they’re racking up more debt in school. In many cases, they’ll enter the ‘real world’ buried in debt. During the years they would normally be setting up their households right after graduation, they’ll instead be living at home trying to save money, shifting the typical consumer cycle by several years….”

Economists have been weighing in on how this affects the broader economy. And it brings many questions to my mind.

• Of course, there are some young graduates whose parents were able to pay the education bill and are not weighed down by debt. How are they affected by the debt albatross hanging on their classmates?

• How do you think the economics of firms would change if education debt/student debt were not a serious problem?

-       Would organizations be able to reduce entry-level salaries and compete on the basis of good and plentiful training offerings?

-       Would new employees be willing to trade higher salaries for more training and less oppressive work time pressures?

-       Would the U.S. be more competitive with other countries?

-       Would corporate social responsibility increase

• How much are Gen Y/Millennials’ decisions about career choice, amount of education and lifestyle (whether they can afford the one they choose or not) being affected by student debt?

Please think about these questions and comment on this important issue. It deserves a healthy dialogue.

Phyllis Weiss Haserot   www.pdcounsel.com

 

GEN Y RAISES THE BAR ON DIVERSITY

The Transformative Effect of Millennials/Gen Y

As a Cornell University Council member, I just spent 3 days on campus in Ithaca, NY at Trustee-Council Annual Meeting involved in a myriad of inspiring, intellectually stimulating, celebratory, and fun meetings, panels and activities. At least equally important was strengthening relationships with fellow alumni, faculty and staff and making new friends. When you have a strong community like that, you feel good and want to do good.

During that time, we heard so much from and about the positive attitude and amazing activities of the students. The one aspect I want to report here and now is the demand for diversity – all kinds. Just about every college in the U.S. is making efforts to recruit a diverse student population. As in the workplace, recruiting underrepresented minorities is easier than retaining them, owing to lack of critical mass and role models, unconscious bias, and insufficient supportive community networks and relevant, easily accessible information.

Both faculty and administrative staff reiterated their observations that confirm a significant attribute of the Gen Y/Millennial generation – the most diverse in history: diversity is expected; inclusion is a must. They said that students are pushing for diversity action and pioneering on their own. Students come to campus with both personal curiosity about people who are different from them and recognition that they need inter-cultural skills for their careers and their lives. They are not waiting for institutions to lead the way. Staff will step up to support them. University administrative staff expect a transformative effect on campus.

That is exciting. And beyond the campuses, employers must recognize the need to go beyond the existing steps to embrace diversity. Transformation is needed in the workplace as well to capitalize on the creativity and energy of the young generation as a competitive force. If not, they will not be able to retain the talent and engagement that increases productivity and innovation. 

Phyllis Weiss Haserot      www.pdcounsel.com 

"GENERATION 9/11"

Gen Y/Millennials are a generation that doesn’t like to be categorized. Nonetheless, they are – and we all are.

Last week (9/4/11) leading up to September 11, 2001 10^th anniversary observances, Joseph Kearns Goodwin was interviewed with his mom, historian (and baseball fan) Doris Kearns Goodwin, by David Gregory on “Meet the Press.” Joe had recently graduated from Harvard at the time and had enlisted in the military on September 12, 2001, motivated by the terrorist attacks.

Gregory asked him if 9/11 defines his generation. While acknowledging that the horrendous event and its aftermath was definitely an important formative influence, he doesn’t think it defines the generation. Rather, he said the Gen Y/Millennial generation sees what happens and goes on with their lives. That is his characterization of the generation. Nothing surprises them, and little shocks them.

There is resilience, he might say. Articles about the children of people killed on 9/11 point out their resilience, though there are many stories about the kids that are still coming to grips with how they were changed, still seeking recovery.

This generation, many with a great start in life and parental and other support, has been smacked in the face with 9/11, 2 seemingly endless wars and a relentlessly poor economy. How they will ultimately be defined is a work in progress.

Phyllis Weiss Haserot    www.pdcounsel.com

 

ATHLETIC GENERATION GAP: HEADS-UP TO RECRUITERS

#generations. You know Gen Y Athletes are serious about social media when they only respond to scouts/college coaches by Facebook and Twitter, not phones. ”Coaches New Friends”

 

GEN Y JUGGLERS: A TOUGH TRANSITION FROM COLLEGE TO CAREER

Recently I read a thought-provoking story – front page of the New York Times Sunday Business section (June 26, 2011) – “Job Jugglers, Walking on the Tightrope” by Hannah Seligman. On the one hand, it is very sad to see that a significant number of Gen Y/Millennials are working three or four part-time job and often still not meeting basic expenses. These are college grads hit by a deeply “recessionary” job market.

We hear so much about the unemployed, and we hear so much talk about that generation’s entitlement mentality. As I enjoy seeing myths debunked, it is gratifying to see the resilience and the dedication of the twenty-somethings to leading self-sufficient lives with a strong work ethic, flexibility and energy.

For all their pluck and long days, this is an untenable situation: stressful, always worrying about money, no benefits and rarely providing entre to a full-time job, and no way of paying off education debt. This is now known as “mal-employment.” (Federal data reports 1.9 million graduates were mal-employed, up 17% from 2007.)

It does demonstrate this generation’s multi-tasking ability, underlying optimism and personal organizational skills and even desire to acquire new skills.

What will be the long-term effects? Too much multi-tasking leading to difficulty focusing on big, long-term goals? Permanent salary lag? Burnout and exhaustion? Further putting off commitments?

Some do make the multi-part-time juggling work style a matter of choice. For some Gen Yers (as with previous generations), flexibility and freedom equals happiness when contrasted with a full-time office job. Does this harken back to the “freelance mentality” the Gen Xers were known for in the 1980s and 1990s? Will it be an extension of Gen Y’s desire for multiple careers and having options? How will job-juggling work when the desire for family piles on additional responsibilities?

Please comment and add your thoughts.

Phyllis Weiss Haserot      www.pdcounsel.com

 

TRANSITIONS GEN Y WILL DRIVE

A question that came to me after a webinar I led on April 14th warranted a longer and widely distributed answer. While the question was focused on law firms, I believe it applies to other types of firms of professionals and knowledge workers as well.

Q: What key changes do you think Gen Y/ Milleninals (same generation) will drive in terms of how law firms operate (e.g. changes to law firm structure and process, changes to hourly rate billing model)?

This is a juicy question to speculate about.  My answer, admittedly, is a combination of realistic trendwatching, projection of typical Gen Y/Millennial traits, and a bit of wishful thinking. Here goes:

I think we will see influenced by the Gen Yers, more flexibility, more demand and existence of diversity and inclusion of all kinds and more representation of Gen Ys (and later generations) in the strategic direction and governance of firms.

Facetime will be demanded to a lesser degree as a daily expectation (appealing because that can reduce real estate costs for firms). Both Gen Y and X will push this through their savvy use of technology and social networks. However, human nature won’t change radically as to the importance of keeping top-of-mind through in-person visibility and interaction and the significance of non-verbal cues in communication. Skype and other video communication from mobile apps will help to change attitudes about non-essential in-person facetime.

Some of these changes will come about more quickly, not because of Millennial demands in general, but because the male Millennials are speaking up publicly - unlike most of the men in prior generations - to admit they want changes in the flexibility and structure that women have been more vocal about. When it’s obvious that the workplace needs to be structured to make it work better for everyone and their clients of all generations and levels (my mission for the last dozen years), change has to come.

We will see more regular collaboration among firm colleagues and with clients. Again, that is happening already. The key to this is the willingness to change compensation systems that often reward lone ranger behaviors rather than the behaviors desired to enable maximizing collaboration and helping others. That means financial incentives for transitioning clients and roles, mentoring, coaching and enabling the best person for both billable and non-billable work to be selected and accept the role 

Billing models have been changing slowly for some time, and not from Gen Y influence. Clients will always be the most important influence and driver of change regarding billing models. Another driver is the success of alternate firm models, including virtual firms that can operate at lower costs and do equivalent quality work. Those firms are being started primarily by the younger half of the Boomers and Gen Xers.

Please chime in with your thoughts, comments, positive and negative and keep a dialogue going. It’s up to all of us, Millennial or not, to help determine the future and use our influence.

Phyllis Weiss Haserot       www.pdcounsel.com 

 

 

 

TRANSITIONING AND WORKING FOR A YOUNGER BOSS

As Boomer and Traditionalist professionals stay in the workplace longer or come back through encore careers or recruitment by organizations eager for their skills, we are poised to see the number of older workers reporting to younger managers increasing substantially. That non-traditional reporting structure has the potential for tensions and even more serious conflict. If you or someone you know is transitioning to a new position or planning to do so, be prepared for possible awkwardness as the younger generations are promoted into management positions.

Why is working for a younger boss so difficult?

That question is asked from the older worker’s perspective. I think it’s important to note that the relationship is very often difficult from the younger manager/supervisor’s perspective as well. But it doesn’t have to be for either if both parties are respectful and focused on the goals for the business, the client and/or the task at hand. Having said that, these are non-traditional reporting relationships. It is potentially difficult for an older worker to have a younger boss because both older and younger typically make assumptions about the other’s attitudes capabilities, level of experience, willingness to see things differently, try new things, including new technology, level of judgment and maturity. They may have different communication styles as well as preferences about tools to use. They may have differing definitions of teamwork, different expectations about amount and type of feedback and flexibility about work style, and more. They may have different visions for the organization, somewhat relating to the expected timeframe they see for themselves staying at the organization and the amount of history they have with the organization and its culture.

So there are many possible areas of disagreement or conflict, but they can be avoided or resolved. In a future post I will give some tips that I’ve used in training, coaching and facilitating.

Phyllis Weiss Haserot    www.pdcounsel.com

 

DELAYED RETIREMENT FOR BOARD MEMBERS

Many people who have retired from their primary careers or are planning for ‘retiring” desire to serve on corporate or other boards. There is both good and bad news about opportunities.

Boards have been raising the mandatory retirement age for members. The most common age is 72, but some are waiving the requirement or actually raising the age, according to a 2010 study by executive search firm Spencer Stuart

Long time board members who stay engaged and alert bring invaluable experience. Risk-averse companies don’t want to test out newcomers during an economic downturn. But new blood may be what’s needed in many cases.

People who aspire to board positions as they think about retirement from their primary careers need to start making the necessary connections way in advance and acquire related experience. I have found that many otherwise qualified candidates don’t know the selection process or start early enough to make themselves visible in the right places.

Phyllis Weiss Haserot      www.pdcounsel.com

 

REINVENTION: NEW EMPLOYMENT DEAL

At her closing keynote for their Engage 2010 online conference, Managing Director for Talent Management & Organization Alignment at Towers Watson  Dr. Ilene Gochman had some additional insights from the Towers Watson Global Workforce study:

• There is a new employer-employee contract and new priorities are evolving.
• Employees are demanding increased security, stability and opportunity.
• Self-reliance: Employees will need to develop skills, plan for their futures, care for their own well being. (PWH note: Gen X has had to do this; it’s a bigger challenge for Gen Yers.)
• Organizations will have to deliver customized work experiences to elicit employees’ discretionary effort – the extra mile. This will go hand-in-hand with differentiated investment of financial resources in critical talent. (PWH note: This is what Gen X and Gen Y say they want. Do they mean it?)
• Agility - through flexible processes and organizational structures for rewards, human resources functions and leadership development - will be achieved by savvy and consequently, successful, employers.

Thanks to the Herman Trend Alert for bringing this study to our attention.

Some questions this raises for me:  Will more employers devote the resources to prepare to act on their part of the contract? How will employees go about planning for their careers and develop skills on their own initiative?  Will private coaches be in demand? Given already accumulated education debt, how much more will employees take on? What cooperative efforts and vehicles will we see arise?

We obviously need more inter-generational employer-employee discourse – with civility, of course.

As always, I am eager for your stories, thoughts, opinions, feedback, questions and rants.

A longer discussion of this topic appears on my January 2011 Inter-generational Relations e-Tip. If you would like to see it or subscribe to the monthly e-tip, send an e-mail to pwhaserot@pdcounsel.com   or subscribe at www.pdcounsel.com.    

Phyllis Weiss Haserot      www.pdcounsel.com 

GENERATIONAL DIVIDE RE: USE OF INTERNET IS CLOSING

According to a new report from Pew Internet and American Life – the 2010 Generations Report – age as a determining factor of technology and social media use seems to be losing significance.  While age continues to play a role in how individuals use the Internet, the Report found that age is no longer key in whether an individual uses the Internet.

The 2010 Generations Report found, among other things, that:

• Accessing health-related information online is now the third most popular online activity for all Internet users regardless of age. Previously, using the Internet for this purpose had been considered common only among older users;
• Internet users over the age of 34 were more likely to use the Internet to access government and financial information than those under the age of 34;
• The percentage of adults who watch video online jumped from 52% in 2008 to 66% in 2010; and
• Although social media/networking sites continue to be more popular with younger users, social media experienced its sharpest increase among older Internet users; namely, users age 74 and older.
• These online activities are becoming more uniformly popular across all age groups: e-mail, search engines, getting health information, following the news, researching or making purchases (including travel reservations), online banking, supplying reviews or ratings, donating to charity, and downloading podcasts.

Details about the Pew research results can be found here and here. 

As the use of technology increases among all demographics, clients will be less likely to hire professionals who are unfamiliar with technology and are non-users themselves. This is a key consideration in working and communicating with clients of a different generation. 

The Pew research documents the belief that we should no longer blindly assume that being tech-savvy means being young. Another piece of evidence that we must challenge our assumptions about age-related capabilities and preferences.

Phyllis Weiss Haserot