Becoming an Effective Leader Boomers to Millennials Pennsylvania

Becoming an Effective Leader Boomers to Millennials Pennsylvania Health Information Management Association 78 th Annual Meeting — Keynote Address Lancaster, PA - Lancaster Marriott and Convention Center May 23, 2016 Gilbert L. Hoffer, Ph. D. President Psy. Cor, Inc. May 1, 2001 215 -283 -9322 215 -283 -2596 • ghoffer@psycor. net © Gilbert L. Hoffer, Ph. D. , Psy. Cor, Inc.

Generations Traditionals Born before 1945 Boomers Born 1945 – 1964 Gen. Xers Born 1965 - 1979 Millennials Born 1980 - 1999 Gen Z Born 2000 - ?

Rank order of Work Factors: Millennials vs Bosses Important Things to Millennials in Rank Order What their Bosses Believe Millennials Want What Millennials Want Meaningful Work 30% High Pay 48% High Pay 27% High Level of Responsibility 12% Sense of Accomplishment 24% Meaningful Work 11% High Level of Responsibility 3% Sense of Accomplishment 11% Total Percentage Accounted for 84% 82%

Employee Benefits Desired By Millennials Benefits most valued by employees Training and Development 22% Flexible Working Hours 19% Cash Bonuses 14% Remaining 12 benefits 1 - 8%

Generation Transition Conclusions 1. No generation has developed a better grasp of reality than another. Each brings the same intelligence and human need to make sense of their experience, to navigate the world they encounter and to prepare the next generation to do likewise 2. The “transfer of leadership” in the US from Boomers to Millennials has begun and will take about two decades to complete — and then be followed by the next transition 3. Generational differences in perceptions and assumptions are difficult to navigate but not impossible for leaders if respectfully managed 4. Millennials are prepared to flexibly adapt to the rapidly developing challenges before them

To Develop Millennial Leaders 1. Create safety nets that support Millennials (the next generation of leaders if you can attract them) when they challenge the status quo (without being asked their opinion) 2. Take seriously the matters that are of importance to them and what they believe to be critical to the success of the enterprise 3. Respectfully and carefully consider the solutions they offer 4. Reward those who openly share what they learn from mistakes rather than demand error-free plans or solutions 5. Encourage Millennial leaders to seek out and listen carefully to the observations and lessons learned by more experienced colleagues — those who have survived or suffered from mistakes and “lived” to tell the story (regardless of their current role)

To Improve Leadership Transition Across Generations Executives should ask all Millennials these Questions 1. 2. 3. 4. 5. 6. 7. 8. What makes you think that this firm may or may not experience successful leadership succession? What needs to happen for current leadership to move forward with transition planning/execution? What would it take for the younger colleagues to give serious consideration to preparing for a leadership role in the organization? What could increase your interest in playing an important role in the future of this firm What changes in leadership expectations may be needed for the next generation of leaders to come forward? (personal, social, community) Would you help this happen? What obstacle will we need to overcome? What would you like us to consider when deciding who should be asked to join the leadership team?

Leadership Matters Set Direction Gain Alignment Build Commitment

Healthcare Leaders — Best Practices What Separates Superstars From Less Effective Leaders? At all levels. . . THEY ARE MORE. . . 1 - Strategic Analyze the scope & future impact of decisions/actions [Set DIRECTION] 2 - Effective Communicators 3 - Energetic Operate with energy Express emotion Express their strategic perspective clearly Get others involved and committed Clarify their expectations of others 4 - Empathetic Keep others informed Demonstrate concern for other [Gain ALIGNMENT] [Build COMMITMENT]

Key Values of All Exceptional Leaders Intellectual Inquisitiveness The best leaders focus on what they don’t know [to better leverage what they know] Personal Adaptability The best leaders focus on being/doing what others need from them [not on being/doing what they prefer]

You Will Become a More Effective Leader If. . . you Seek to expand your understanding and Adapt your behavior to meet the needs of those you seek to lead

You Will Outpace Your Peers If. . . you Create clear and appropriate INTENTIONS ACT on those intentions REFLECT on the consequences of those actions in the light of your intentions and Continuously recycle the process

Thank You It has been a pleasure Gilbert L. Hoffer, Ph. D. President Psy. Cor, Inc. Pennsylvania Health Information Management Association 78 th Annual Meeting — Keynote Address 215 -283 -2596 • ghoffer@psycor. net