Succession Planning and Emerging Generations Presenters Lois Fried

Succession Planning and Emerging Generations Presenters: Lois Fried, CPP Chris Burley, Sr. Director of Learning, ADP, LLC October 9, 2015

Objectives • Succession Planning 101 • 21 st century events driving succession planning • Defining the generations and what defines them • Understand how social experiences have shaped them • Putting it all together

Succession Planning Defined Succession planning is: • A means of identifying critical management leadership positions to ensure continuity, retain & develop intellectual capital for the future, and encourage individual advancement. • A talent management strategy to help identify and foster the development of high-potential employees.

Fueling Succession Planning • Diverse workforce • Tightening labor market • Shortage of qualified candidates • Demand for training and development • Global Market

Generations at Work

Music Who was on the radio when you were in High School? • Elvis, Guy Mitchell, Dean Martin, Pat Boone, Platters • Simon and Garfunkel, Don Mc. Lean, Hendrix, Led Zeppelin • Sinead O'Connor, Bell Biv Devoe, Nirvana, Beastie Boys, • Coldplay, Outkast, Dave Mathews Band, Train

Disclaimer • Generational differences influence behavior; however, this does not mean that generational differences determine adult interactions. • There a host of other variables that impact behavior and outcomes. • Generational differences represent only one of these factors.

Builders – Great Generation • 68 million • 18 M: 1901 -1924 • Silent Majority 50 M: 1925 -1942 • Cusp: 1940 -1945

Baby Boomers • 77 M • 1 st Wave: 1943 -1951 • 2 nd Wave: 1952 -1960 • Cusp: 1960 -1965

Gen - X • 44. 6 M • 1961 -1981 • Cusp: 1978 -1983

Generation Y/Millennials • 95 M • 1983 -2002

“Each generation imagines itself to be more intelligent than the one that went before it, and wiser that the one that comes after it. ” George Orwell

What Events Shaped the Builders? (Born 1901 -1942) •

What Events Shaped the Builders? (Born 1901 -1942) • Great Depression • New Deal, Large Government • Winning WWII (half of all adult men were Vets) • Move from farm to suburbs • Development of Huge Companies • Growth of Communication

The Boomers? (Born 1943 -1960)

The Boomers? (Born 1943 -1960) • Rock and Roll • Affluence • Vietnam • Television • School Standardization • Suburban schools • Cold War • Watergate • Space travel • Civil Rights • Assassinations • Sexual Revolution • Women’s Liberation • Influenced by peers, schools • Woodstock and media as much as by parents

The Gen X? (Born 1961 -1981)

The Gen X? (Born 1961 -1981) • Divorce • Recession • Computers at home • Fall of Berlin Wall • Challenger • Pan Am 103 • Libya • Divorce • 23% Interest rates • Manufacturing goes oversees • Global economic competition • Discussed rather than memorized the Gettysburg address • Zero-tolerance schools • Aids

Gen Y-Millennials? (Born 1981 -2000)

Gen Y-Millennials? (Born 1981 -2000) • School shootings • 9/11 • Highly Scheduled • Oklahoma City • Expected a toy with their • Technology Boom meal • Went through school in teams • Pervasive technology • Child focused world • Clinton / Lewinsky • Boomer parents emphasized self-esteem

Values and Behaviors

Values and Behaviors of Builders • Hard work • Dedication & sacrifice • Respect for rules • Duty before pleasure • Confidence in Leaders, Experts and Government • Chain of Command • Loyal, honorable, disciplined, patient

Values and Behaviors of Boomers • Optimism • High Expectations • Team orientation • Challenge Authority • Personal gratification • Competitive • Involvement • Emphasis on fairness • Personal growth • Process and Procedure • Focused on Self Improvement • Workaholic • “Nuclear Families

Values and Behaviors of Gen X • Diversity • Less influence politically • Techno literacy • Expect bad things to happen • Fun and informality • Get Real • Self-reliance • “Family” isn't necessarily • Pragmatism • Have seen Org. loyalty doesn’t pay off • First generation to not do as well as their parents Family • Prefer email to phone

Values and Behaviors of Millennials (Gen Y) • Optimistic • Comfortable in networks • Feel civic duty • Will have multiple careers • Confident • Achievement oriented • Respect for diversity • Realistic • Informal • Multi-taskers • Raised with lots of choices • Realize life could end at any moment - want to make a difference • Expect things to be “right” at work • Huge voting block

Generational Behaviors

General Themes of Each Generation Builders: “Always be faithful” Boomers: “Do your own thing” Gen X: “Get real” Millennials (Gen Y): “Believe in yourself”

Views of Work Builders: do what you have to so you can give your family a better life Boomers: work hard and get ahead Gen X: work as hard as you have to and get a life Millennials/Gen Y: work, but make a difference

Views of Work Relationships Builders: Team Player - work as a team under the chain of command Boomers: Individual - do your own work, but play by the rules Gen X: Individual - do what needs to be done in the fastest way Millennials/Gen Y: Team Player - work in teams, everyone counts

Rewards Builders: I want to know I did my duty and I belong here. Boomers: I want status or recognition, a window, perks. Gen X: I want options. Millennials/Gen Y: I want meaning and significance.

Training Builders: School of hard knocks Boomers: As a reward Busters: Prepare me to leave, and I’ll stay Millennials/Gen Y: Duh? !

Feedback Builders: No news is good news Boomers: Feedback once a year and lots of documentation Gen X: Sorry to interrupt but how am I doing? Millennials/Gen Y: Feedback whenever I want it at the push of a button

Pop Quiz

Boomers and Decision Making Pick the statement that would best describe a Baby Boomer’s approach to decision making: • We work through the options and decide together. • Whoever is the most savvy on this topic decides. • We follow a process and the boss ultimately decides. • The boss decides

Gen X and Work Ethic Pick the response that a Gen X’er would say about work ethic: • Work 9 to 5 and stay late with overtime. • It’s a 24/7 world so I'm leaving at 5. I can log on tonight. • Work 8 to 6 and then take it home. • Do the required work, then take it home if you have to.

Work and Fun! Who will get more done if it’s “fun”? • Builders • Boomers • Gen X • Millennials

Employer Views of Generations What kinds of employers are going to be most impressed by your credentials? • Builders • Boomers • Gen X • Gen Y

The Generations Most Likely to… Which generation is most likely to interrupt during a presentation? • Builders • Boomers • Gen X • Gen Y

Generations & Company Loyalty Which of the 2 generations are the most loyal to their boss and company? • Boomers and Millennials • Gen X and Builders • Builders and Boomers • Gen Y and Builders

Putting it All Together

Putting it All Together Demystifying the Millennials • Millennials expect more compensation and faster promotion than other generations… • 6%X, 3% all others. • Millennials use technology at work more than • other generations… 33%X, 35%Y, 30%Boomers • Millennials are more likely to accept a new job than other generations for almost any reason… 57%X, 52%Y, 44% Boomers

The Succession Planning Process • Provide Accurate, Ongoing Feedback on Performance and Potential • Access capabilities and determine options • Demonstrate Realistic Career Paths • Use Millennials to Provide Feedback on Technology Platforms-reverse mentoring • Hold Frequent Career Discussions

Career Planning…It’s on you • Taking action • Assessing individual skills and abilities • Onus is on the employee • Knowing when to stay on course, take a turn or set off in a new direction • Building technical skills • Mastering functional skills • Developing organizational skills • Communication and collaboration

Questions

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