The words and your reaction, as well as the reactions of others, reflect generational differences in the workplace. If you don’t think generation makes a difference, think of this example. When asked to recall how and where Kennedy died, the Veterans and Baby Boomers would say gunshots in Dallas, Texas; Generation X remembers a plane crash near Martha’s Vineyard, Mass.; and a Millennial might say, “Kennedy who?”

How can you effectively collaborate? • Understand the differences and learn to communicate in their language. • Develop training programs to educate your staff on the four generations. • Identify your knowledge workers and help them share their knowledge with the next generation.

Worried about their futures, young workers are taking a surprisingly strong interest in employee benefits.

Nearly 60 percent of all companies are taking measures to understand employees’ different generational needs when it comes to benefits, up five percent from last year alone. That’s according to MetLife’s 10^th Annual Study of Employee Benefits Trends, released on March 19. It’s no wonder more employers are thinking generationally about employee benefits: Research by LifeCourse Associates has long shown that Millennials think very differently from older generations about planning for the long term and protecting themselves from risks—and about the role their employers should play in helping them do that. The MetLife survey reveals in new detail how recession-strapped young workers are approaching financial risks, and how they want workplace benefits to help them to navigate those risks.

One might assume older workers would be the most risk-averse when it comes to their finances.  After all, they generally have more income and assets to protect than do young adults—and are more likely to have larger families (or any family at all).  Turns out, it is Millennial workers who are the most risk-averse on every measure.  According to MetLife, Millennials are the most worried about every kind of unforeseen financial risk, from sudden income loss (72 percent “very worried”) to uncovered medical costs (63 percent) to illness and disability (65 percent)—in each case, a remarkable 14-15 percent higher than Boomers.  Millennials are even the most likely to be very worried about the financial consequences of their own premature death (54 percent vs. 39 percent of Boomers).

Millennials are also the most risk-averse when it comes to investing, once again the precise opposite of what one would expect based on age, and contrary to what investment advisors recommend for young adults. Eighty-one percent of today’s young workers prefer “guarantees that offer stable but somewhat lower returns” over “a higher degree of risk because the returns could be greater.” That’s 6 percent higher than for Gen Xers, 7 percent higher than for younger Boomers—and even 3 points higher than older Boomers, who are just a few years from retirement. Recent surveys have shown that Millennials indeed invest more conservatively than older workers.

And, as they have since childhood, Millennials are planning ahead for the long term and aiming to meet their life milestones “on time.” Young workers are by far the most worried about having enough money to buy a home and to pay off debts. This is expected, given their life stage, their high levels of student debt, and their consequent struggle to buy homes (see SI: “Why Young Adults Aren’t Buying Homes”). Yet this generation’s long-term planning goes even further. A remarkable 56 percent are “very concerned” about having enough money for their children’s college education.  That’s higher than any other age bracket, including Gen Xers (52 percent) and younger Boomers (44 percent), who are far more likely actually to have children to save for.

Burdened with such strong financial concerns, seeking guidance and long-term security, to whom do Millennials turn? Enter the new “in loco parentis” employer. Young Boomers regarded long-term benefits as a relic of the old regime and seldom paid much attention to them.  Young Gen Xers never met a long-term benefit they didn’t want to cash out—which, with the introduction of “total rewards” packages, they often did. Millennials are reversing this trend.  They are accustomed to trusting institutions. They want employers to provide comprehensive benefits that support them, guide them, and protect them from life risks.  Nearly half (49 percent) of Millennials strongly agree that they worry less about unexpected health and financial issues because of workplace benefits, compared to just 36 percent of Gen Xers, 35 percent of younger Boomers and 32 percent of older Boomers.

It should therefore be no surprise that benefits are a powerful tool for recruiting and retaining young employees. Millennials are the most likely to sign onto a company because of the benefits. Fifty-six percent agree that the benefits offered were an important reason why they came to work for their employer, a remarkable 25 points higher than older Boomers. And the benefits keep them there: 63 percent of Millennials say that benefits are an important reason why they have stayed with their employer, more than any other generation.

Millennials’ conception of benefits goes far beyond the usual insurance offerings. LifeCourse’s Why Generations Matter report found that it was Millennials who most valued employee support services like financial planning, tax prep assistance, and hands-on relocation assistance (61 percent of Millennials wanted this, compared to 44 percent of older Boomers).  The MetLife survey similarly found that more Millennials “strongly value” education programs on individual finances and retirement planning (51 percent vs. 39 percent of Boomers).  Paradoxically, all of these benefits would seem to be more attractive to older workers who have more complex taxes, broader investment portfolios, and larger families. Yet it is once more the young who most value their employers’ guidance and support.

In addition, both Millennials and Xers are more interested than Boomers in voluntary benefits that they can purchase and pay for on their own—though for very different reasons.  Xers love choice, and prefer to opt in or out of benefits to fit their individual needs, rather than receiving a predetermined corporate package.  Millennials highly value the corporate package, and want to add voluntary benefits on top of it.  When asked about individual voluntary benefits, Millennials were the most likely to say they would be interested in actually purchasing them, from auto and home insurance to life insurance, disability insurance, and critical illness insurance.

Coming of age during the Great Recession has undoubtedly strengthened Millennials’ appetite for a benefits safety net. Two-thirds say that because of current economic conditions, they are counting more on employee benefits for help in achieving financial security (older generations agree, though by increasingly smaller shares). Yet the basic attitudinal drivers behind this appetite—risk aversion, long-term planning, and high institutional trust—have been with this generation for years. In a 2005 survey by Diversified Investment Advisors, 49 percent of Millennials said retirement benefits were a very important factor in their job choices, and 70 percent of those who were eligible were contributing to their 401(k) plan. A 2006 survey by the National Association of Collegiate Employers found that one of Millennials’ top criteria when choosing an employer was “good benefits package / stability (provides secure future).”

Since Millennials began entering the workforce, employers have routinely missed their focus on benefits, assuming that, like young Xers and Boomers, Millennials prefer high pay, flexibility, or prestige.  On a 2007 Michigan State University survey, young adults ranked “job security” and “good benefits” as two of the most important characteristics they look for in a job. Yet when corporate recruiters were given the same survey, they mistakenly supposed that young adults would rate job security and benefits far lower, while overestimating characteristics like pay and prestige.

Today, as the MetLife survey shows, employers are increasingly taking note of the generational differences that shape employees’ approach to benefits. An overall rise in Millennial-friendly benefits is likely not far behind.

An immense challenge lies before the nation’s health care sector: diversifying its workforce. A 2012 study by executive search firm Witt/Kieffer, “Diversity as a Business Builder in Healthcare,” found that diversity is lacking in health care leadership. This is unfortunate because industry leaders surveyed in the study believe diversity in the workplace improves patient satisfaction and clinical outcomes. This impact on the customer likely has similar effects in other industries.

A key tenet of excellent health care — like any service-oriented industry that meets a customer’s needs — is the caregiver’s ability to understand patients’ needs. This includes their diverse cultural needs — since, as the study noted, minorities account for 98 percent of the population growth in the nation’s largest metropolitan areas during the last decade.

It’s all part of knowing who you serve. Where does a patient, or customer, come from? How about their culture, values and sensitivities? Are these just as important to how we meet their needs?

Knowing all this begins with hiring — and promoting — employees whose cultural backgrounds represent the patients the organization serves. This takes a commitment both internally with employees and externally in the communities served. Companies seeking to do this should take the following 10 steps:

1. Embrace diversity: This seems basic, but it’s critical and worth noting first. A diverse workforce is a true competitive advantage. Promoting a culture that values employees for unique skills, experiences and perspectives distinguishes an organization as all-inclusive, relevant and truly understanding of what customers want and need. In essence, it is a treasure trove of customer and business intelligence.

Internally, the more leaders understand and respect their employees’ differences, the easier it will be to make seemingly difficult conversations more comfortable. This is critical when serving a religiously, culturally or otherwise diverse customer base.

2. Create a visual of your team: Keep ethnicity and gender data on hand so that hiring managers can create a visual picture of the individuals on each team. When numbers and percentages fail, this mental image of who is on the team can help senior leadership see where diverse populations are underrepresented or underutilized and especially compare them to the customer population. Of course, this comes with the need to reassure the team that only the most qualified candidates should be hired.

3. Build a hit list of superstars: Ask existing staff to refer potential recruits, since great employees usually associate with one another or can easily spot a top performer. Not hiring immediately? Collect and build a list of superstars to hire in the future. Keep in touch with them in the meantime.

4. Network with diverse organizations: Develop relationships with ethnically diverse professional associations and organizations, as well as local community boards and civic associations. Attend their conferences, speak at their functions and reciprocate by inviting them to company open houses and job fairs. Also, connect with vendors and suppliers who share a value for diversity and alert them to job openings for which they may have a candidate.

5. Set diversity expectations with recruiters: When using outside recruiters, ask for a diverse set of candidates and examples of high-caliber recruits they have recently placed. If they cannot easily rattle off a litany of names, then find another recruiter.

6. Invite staff into the inner circle: Create an environment of inclusion where all staff members feel valued, embrace the company’s mission, feel part of its vision and are fully tuned in with the organization’s business strategy. Help them understand just how important diversity is to serving customers best and that every individual is a big part of that. It’s easy to lose top performers because they feel detached, especially in large organizations.

7. Let your employees shine: Acknowledge — and celebrate — your staff’s accomplishments and set them up for success. This small step goes a long way in engaging employees and encouraging them to go the extra mile. Give opportunities for employees to demonstrate excellence. Assign them projects that suit their skills, recognize their achievement and celebrate it in a public way — either inside or outside your organization. In this recognition, make a point to celebrate them as a diverse individual, not just their work.

8. Mentor and shadow: The best learning happens in the field, so develop a mentoring and shadowing program that pairs hiring managers with employees of different cultural or ethnic backgrounds or genders. This creates a trusted, educational environment where employees can feel safe about asking questions regarding different backgrounds, and also lets them see different cultural styles at work.

9. Achieve employees’ dreams: Encourage leaders to know the career desires of the staff who report to them. This puts them in the position to always know when a promotional opportunity might be the best fit and help further their career goals. It also gives the opportunity to challenge employees with new assignments that broaden their skills and expose them to different chances for success.

10. Over-communicate: Relationships matter, and they are only built with repeated communication. This could mean deliberately initiating a conversation with an employee, listening to what they say, providing feedback and calling their attention to your follow through. Or, it can mean brief acknowledgements of their work, which add up and make a difference over time. On the other end of the spectrum, it should take the form of an internal communications plan that, from an HR perspective, tells employees what positions are open, how to apply, updates from HR, etc.

A key to all these steps is relationships — inside and out — with those already hired and targeted to join your team. No matter the industry — be it health care or another — businesses can use focused attention on recruitment of minorities as a way to build culture, morale and the strength of the entire business.

All Rights Reserved 2012 – Sherri Elliott-Yeary

“If I accept you as you are, I will make you worse; however if I treat you as though you are what you are capable of becoming, I help you become that.” –Johann Wolfgang von Goethe

“I consider my ability to arouse enthusiasm among my people the greatest asset I possess, and the way to develop the best in a person is by appreciation and encouragement. I believe in giving people incentive to work. So I am anxious to praise but loath to find fault. I am hearty in my approbation and lavish in my praise.” –Charles Schwab

In research published this month in the Journal of Personality and Social Psychology, I found that, over the last 40 years, young people have become increasingly focused on money and fame while caring less about politics, their communities or the environment. My research based its conclusions on analyses of surveys taken by 9 million high school seniors and college freshmen.

At Clark University, Jeffrey Jensen Arnett studies “emerging adults,” those aged about 18 to 25. He doesn’t think change comes neatly packaged in generations, but said youth trends over the last 20 years have mainly been positive. Volunteerism and graduation rates are up, he said, while crime, drug use, and teen pregnancy are down. Today’s young people are tolerant of differences in ethnicity, sexual orientation, and religion, he said. If anything, he said, this is a “generous generation.”

My survey questions were about what students did, rather than what they thought, and it supported my view of how each generation chooses what is important to them.

According to the surveys I received, the proportion of students who said it was very important to be wealthy increased from 45 percent for baby boomers to 70 percent for Gen Xers and 75 percent for Millennials. The percentage who thought it was important to keep up with politics fell from 50 percent for boomers to 39 percent for Gen Xers and 35 percent for Millennials.

The biggest drop was in whether youths felt the need to develop a meaningful philosophy of life. Seventy-three percent of boomers thought that was important, compared with 45 percent of Millennials, but Millennials still thought it more important than money.

© 2012 Sherri Elliott-Yeary – All Rights Reserved

At the same time, they’re creating options for themselves, keeping an eye out for what’s next, and trading information with their vast online networks. Mobility is not limited to Millennials, however, my research found that the younger the executive, the more apt to voluntarily change jobs. Executives Who Considered Leaving their Job for Another Opportunity in 2011
Generation X (31-45) 58%
Early Boomers (46-55) 55%
Baby Boomers (56-65) 45%
Traditionalists (65+) 22%

Respondents to our recent annual executive market intelligence survey were, on average, employed 6.6 years at their current organization, and the time at the job lengthened according to their age. Average Number of Years at Most Recent Organization
Generation X (31-45) 5.8
Early Boomers (46-55) 6.4
Baby Boomers (56-65) 7.0
Traditionalists (65+) 9.9

The last few years have especially signified that no job should be considered permanent and that complacency is the partner of long-term job search. Career management is a perpetual state where you are always setting the foundation for the next opportunity — no matter how old you are.

Managing a group through major change is like running the rapids, fighting white water. You confront a completely new set of problems as you go along. People act differently. The world around you speeds up. There’s less margin for error but more likelihood of mistakes and a bigger price to pay if you do fool it up. Many techniques that worked while you paddled along on a peaceful river no longer apply. Consider these tips for leading change in your organization.

Be decisive

If you are tentative during times of change, you are asking for trouble. If you must err, do so in the autocratic direction. Let there be no doubt about who’s in control. Your people need to have a voice, but you need to call the shots. Otherwise, you can expect anarchy.

Management by committee won’t work in groups that have been destabilized and changed. For one thing, it’s too slow of a process, and you don’t have any time to spare. Also, consensus management depends heavily on group agreement — something you will find difficult to achieve, simply because people are protecting conflicting interests.

Be credible

You’re effectiveness depends heavily on your credibility among the employees, and you undermine that credibility when you wallow or waffle. People won’t rally behind a leader they can’t respect.

Don’t confuse respect with popularity. Everyone in your company doesn’t have to like you. Forget about being popular for now, and focus on getting results. Do what needs to be done. You can be authoritative without being overbearing. You can remain in control without over-controlling. Taking charge does not mean you have all of the answers, so be a good listener and hear the clues.

Be clear

Clear priorities are one of the first causalities of change. New problems compete for attention and people pursue conflicting agendas. Some previously hot projects die a sudden death, and other high priorities get put back on hold during this period of change. Common agreement on what most needs to be done gets lost in all of the commotion and confusion. Due to the confusion, your employees can head in different directions, their efforts too random to produce much good. Some people simply disengage and drift, waiting for definite marching orders rather than running the risk of doing something wrong. Others may work hard individually but accomplish little collectively, proving that good intentions can result in wasted motion unless they’re tightly coordinated.

Alignment and clarity of effort depends heavily on your ability to orient the staff and orchestrate a coordinated approach. It stands to reason that your employees can’t be effective without a clear sense of direction. As Gen. Patton said, “A good battle plan that you act on today can be better than a perfect one tomorrow.” Your plan of action should outline crystal-clear tactical objectives, giving your employees laser-like focus.

Map out priorities. Keep them pure and simple. Tie them to a timetable with short- and long-term goals that your team can achieve quickly. You diffuse a lot of potential resistance when your instructions are clearly communicated and powerfully aligned to your strength as a leader. Even the people on your team who don’t like the plan are inclined to follow it when you make it simple, make sure every employee knows about it, and make your commitment clear.

You are the chief architect as the change agent, but you need the key subordinates to play a meaningful role in sharing the priorities and objectives. Otherwise your team will wallow and lose precious time trying to find itself instead of turning the ship around.

There is “a tale of two mindsets” when it comes to understanding which employee groups are leaving and why they seek to leave. Furthermore, our research indicates that corporate leaders often fail to understand the non-financial priorities of their employees, such as the need for strong leadership, effective communication and career advancement opportunities, while the degree of importance that younger employees place on these non-financial priorities varies across geographies.

Boost performance

Companies seeking to enhance their global success need to figure out how to maximize business performance in the geographies they choose to operate in. As they expand globally, they will encounter several salient challenges:

•  Attracting talent (especially leadership) to successfully navigate the market.
• Maximizing the performance of local talent.
• Retaining employees in markets with high turnover rates.

This becomes especially important in the context of the existing gulf between employers and employees on talent priorities.

Mind the gap

Generational differences fuel much of current social and political tension in Western Europe and the United States over globalization, nationalism and immigration, according to an in-depth analysis of results from the Pew Global Attitudes surveys.

Older Americans and Western Europeans are more likely than their grandchildren to have reservations about growing global interconnectedness, to worry that their way of life is threatened, to feel that their culture is superior to the cultures of others and to support restrictions on immigration.

This generation gap is less pronounced in Eastern Europe and is virtually nonexistent in Asia, Africa and the Middle East. Nevertheless, Americans and Western Europeans of all ages are less likely than people in other parts of the world to tout their own cultural superiority and are less wary of foreign influence.

These findings are based on Pew Global Attitudes Project surveys conducted among more than 66,000 people in 49 nations.

As a consequence, although there is a growing recognition that in order for companies to build effective retention strategies they will need to tailor their tactics to account for generational differences, there remains the problem that many corporate leaders may be misreading the priorities among different generations, leading employers to offer the wrong incentives to the wrong employees.

Differentiate strategies

Effectively addressing these challenges begins with a more complete understanding of the local work force, its various segments and what makes each group tick.
Rather than standardizing talent management, companies should devise country-specific talent strategies with the involvement of local leaders who are as versed on the different aspirations of the generations that make up the work force as they are on other aspects of their business.

Such an understanding could help companies:

• Better address key issues for global expansion and enhance return on investment on talent programs through the design of customized programs that speak directly to employees’ aspirations, ambitions and attitudes (based on the generational cohorts that comprise a given country).
• Enhance leadership capabilities for managing and collaborating across borders and generations, thereby enhancing management effectiveness and business performance.
• Create competitive advantages by helping them stay current on expected work force composition, employee benefit options and preferences, and other competitive offerings to determine the best plans to attract, retain and motivate top talent.

For those companies that embrace the concept of “plan locally, connect globally,” understanding and connecting with the aspirations of the demographic groups they are targeting can help them in their efforts to reduce cost and optimize performance on a global basis.

The recognition that customers are a heterogeneous bunch emerged as one of the important ideas for marketers in the last century. With the increasing importance of talent as a competitive factor, the recognition that generations differ around the world may be one of the important strategic avenues for decades to come.

Want to make a woman feel uncomfortable? Just ask about her strengths. It’s no stereotype: Studies show that women are notoriously bad at promoting themselves.

One study, from employee search firm ISR, attributes this trait to the high value women place on relationships and communities. Women don’t speak about their strengths; the reasoning goes, because they don’t want to alienate people who are less successful.

Whatever its cause, this hesitance to self-promote hurts women’s careers. In today’s competitive world the people most vocal about their accomplishments are the ones most likely to get ahead. And by downplaying their accomplishments and deflecting praise onto others, women act like their own worst enemies.

As a marketing consultant for women business owners, I see this behavior all the time. I’ve also heard countless excuses for why women avoid self-promotion. These excuses tend to fall into one of four categories, which I’ve dubbed the four myths of self-promotion:

The Assertive Woman Myth-”Self-promotion will make me look arrogant.”
Not all self-promotion is shameless. Sometimes it’s essential to a successful career, whether that means reminding a boss of your achievements or publicizing the 10th anniversary of your business. But many women have trouble making the distinction between shameless bragging and smart marketing.

The Queen Myth-”If I’m good enough, people will hear about it.”
This myth originates from fairy tales where the princess waits for her knight to arrive and sweep her off her feet. Generations of girls have heard this story. Many grow up believing it’s true. If you work hard and wait patiently enough, someone will eventually notice.

Unfortunately, this only applies to fairy tales. In the corporate world most people are juggling too many responsibilities to notice what others are doing well. This goes double for people with the authority to give promotions and pay raises. For business owners, simply waiting for the right customers to appear is a recipe for failure.

The world is too full of competition for businesses to stay solvent without good promotion.

The Friends and Family Myth-”Others should talk about my accomplishments, not me.”
Some women assume that their friends, family and other customers will do their marketing for them by spreading positive word of mouth. While word of mouth is a great form of promotion, relying on word of mouth alone can hurt your chances of success.

Let’s face it–no one is more passionate about your work than you. No one else knows the depth of your experience and expertise. And no one can elaborate on your unique skills as convincingly as you can. By delegating promotion to others, you’re taking away your best opportunity to demonstrate your value.

The Martyr Myth-”You can’t control what people think anyway.”
When self-promotion makes you feel uncomfortable, it can be tempting to take a “why bother?” attitude. After all, people form their first impressions before you even say a word, so there’s no sense trying to change their minds … right? Wrong!
The Bottom Line
The myths you believe often mask a deeper insecurity about the value you place on what you have to offer. If you don’t fully believe in yourself, you’ll naturally resist stepping into the spotlight. This resistance, plus generations of conditioning to be humble and stand on the sidelines, has left many women unprepared for today’s ultra-competitive business world.

That doesn’t mean you have to play the role of a pushy saleswoman to get ahead. But it does require taking small steps outside your comfort zone. Get familiar with your strong points. Write them down if necessary and put them somewhere you’ll see them often. (Practice talking yourself up in front of friends: They’ll give you honest feedback about what works and what doesn’t.)

Most importantly, tap into your passion for what you do. By denying your passion a voice, you keep the world from benefiting from what you have to offer. And that’s the most shameful thing of all. Reprinted from ForbesWoman.com

While the recession flooded the market with available talent, the talent pool is once again starting to gain the upper hand in the job market. As the recession subsides, businesses that want to remain competitive will shift their focus from cost-cutting to employee retention. The trick is knowing exactly the right time to shift: companies that shift too soon will lose money, while companies that shift too late will lose talent.

Organizations that have cut staff and asked their remaining employees to pick up the slack may find themselves eventually losing good employees to burnout and the lure of greener pastures. Although it’s tempting to think the Great Recession unveiled some new economic model in which one person can effectively do the job of two, the reality is this model is not sustainable in a positive economy. Just as a runner can only sprint for so long, an employee can only burn the candle at both ends for so many months before he starts thinking about moving on.

Even despite tough economic times, the younger generations in particular still expect to achieve a balance between their LIFE and WORK, and organizations who rely on Generation X-ers and Millennials must meet these expectations in order to retain them. Beginning this year, there are more Millennials (born 1981-2000) alive than Baby Boomers (born 1944-1960). Over the next two decades, U.S. companies will lose 76 million Boomers to retirement, leaving 30 million jobs unfilled. The good news is, structuring programs that create the work-life balance so craved by Xers and Millennials does not necessarily mean businesses must put up with employees who are willing to work less. It simply means making a few minor adjustments to the traditional 9-5 paradigm, or maybe even implementing innovative mentoring and training programs, many of which are free.

Providing flexible work hours and accommodating people’s need to be in certain other places at certain other times is one of the most powerful ways to Attract and Retain top talent. A 2008 poll of 1500 technology workers conducted by Dice Holdings, Inc. revealed that 37 percent of workers would accept a salary cut if allowed to work from home. Accordingly, organizations may find they can save money and attract top talent for less by simply offering the ability to telecommute. This is a model that works even on a large scale—no less than 70 percent of Cisco Systems’ workforce currently telecommutes.  Recent technological advances make remote management easier than ever before. It’s not difficult to monitor employees’ online presence, and VoIP phone systems will re-route calls to a direct office line through to any cell or home telephone. In this way, workers can be anywhere and still be available in the office.

Telecommuting programs are not the only way to motivate and retain talent. In addition to their desire for LIFE-WORK balance, Millennials tend to be highly motivated and ambitious. They want to work in positions where they have the opportunity to do meaningful work, to make a difference, to learn, and to advance their careers. Assigning projects that give Millennials the chance to work with senior management and share the spotlight keeps them excited about their job, which in turn motivates them to stay longer.

Adding this type of mentoring program is a cost effective solution to motivate and retain the best millennial talent, and it also has the added bonus of facilitating knowledge-transfer from soon-to-be-retiring workers to the up and coming leaders of the organization.

The workplace dynamic is changing. Businesses who successfully ride the crest of change will recruit and keep the best employees and maintain a competitive advantage in the market.