Dan McGarvey, CPCU, ARM, CEBS Managing Intergenerational Risk October 21st, 2008 SCWCEA Conference

Dan McGarvey, Dan McGarvey, CPCU, ARM, CEBSCPCU, ARM, CEBS

Managing Managing IntergenerationalIntergenerationalRiskRisk

October 21st, 2008October 21st, 2008

SCWCEA ConferenceSCWCEA Conference

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Your Speaker…

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Why Don’t They Listen to Me??.. Why Don’t They Listen to Me??..

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TheyTheyCan’tCan’tFindFindYou…You…

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They don’tThey don’taccept you as accept you as having having unique unique professionalprofessionalskillsskills

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Or Or maybemaybe……you are failing you are failing to bridge the to bridge the generation generation gapgap

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Your 20 Yr Old Intern…Your 20 Yr Old Intern…

• Has never used a rotary Has never used a rotary phonephone

• A record player is a A record player is a museum quality antiquemuseum quality antique

• Has never known fewer Has never known fewer than 100 TV channelsthan 100 TV channels

• Has had access to the Has had access to the internet for every paper internet for every paper he has ever writtenhe has ever written

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Why Can’t He Just Be Like Me? Why Can’t He Just Be Like Me?

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Why is He Different?Why is He Different?

• He didn’t walk 10 miles to school He didn’t walk 10 miles to school uphill in the snowuphill in the snow

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• His family situation was likely His family situation was likely differentdifferent

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• You likely had plenty of competition You likely had plenty of competition for attention and resources…for attention and resources…

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• He likely did not…He likely did not…

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• You had heroes to look up toYou had heroes to look up to

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His heroes were often excoriatedHis heroes were often excoriated

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Today No Hero is Safe…Today No Hero is Safe…

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• You had opportunities for You had opportunities for independence and enterpriseindependence and enterprise

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• He grew up in a relative cocoonHe grew up in a relative cocoon

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• He likely did not experience much in He likely did not experience much in the way of corporal punishment…the way of corporal punishment…

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• And the military to him has always And the military to him has always been “only for volunteers”been “only for volunteers”

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• You weren’t affected by globalizationYou weren’t affected by globalization

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• He may not have done much in the He may not have done much in the way of heavy liftingway of heavy lifting

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• But he’s always had plenty of But he’s always had plenty of strokes…strokes…

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• Your idea of news…Your idea of news…

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• His idea of news…His idea of news…

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• Your idea of play…Your idea of play…

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• His idea of play…His idea of play…

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• He spent more time “home alone”…He spent more time “home alone”…

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• And in a sense become independent And in a sense become independent from an early age…from an early age…

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• He saw corporate America let a lot of He saw corporate America let a lot of people down…people down…

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• And expects less loyalty than you…And expects less loyalty than you…

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• More twenty-somethings believe in More twenty-somethings believe in UFOs than in Social SecurityUFOs than in Social Security

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You Know You are a Boomer You Know You are a Boomer if… if…

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You Know You are a Boomer You Know You are a Boomer if… if… • You remember running home to watch You remember running home to watch

the Mickey Mouse Clubthe Mickey Mouse Club• You recall typing term papersYou recall typing term papers• You watched Elvis movies in a theatreYou watched Elvis movies in a theatre• James T. Kirk captained the EnterpriseJames T. Kirk captained the Enterprise• You remember the moon landingYou remember the moon landing• You watched every episode of Leave it t You watched every episode of Leave it t

Beaver and Gilligan’s IslandBeaver and Gilligan’s Island

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You Know You are a You Know You are a Generation Xer if… Generation Xer if…

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You Know You are a You Know You are a Generation Xer if… Generation Xer if… • You grew up wearing polo shirts with You grew up wearing polo shirts with

alligators on themalligators on them

• You remember playing “Asteroids”You remember playing “Asteroids”

• You’ve ridden backwards in a family You’ve ridden backwards in a family station wagonstation wagon

• Your first favorite movies were ET and Your first favorite movies were ET and Star WarsStar Wars

• You wore a silk shirt to a discoYou wore a silk shirt to a disco

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You Know You are in You Know You are in Generation Y if… Generation Y if…

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You Know You are in You Know You are in Generation Y if… Generation Y if… • You’ve always had voice mail at home, You’ve always had voice mail at home,

and an “automatic” is a weaponand an “automatic” is a weapon• You’ve never used a typewriter and You’ve never used a typewriter and

always played video gamesalways played video games• Basketball didn’t exist before MJBasketball didn’t exist before MJ• Prescription drugs have always been Prescription drugs have always been

advertised on TVadvertised on TV• Mission Impossible, Wild Wild West and Mission Impossible, Wild Wild West and

Batman are moviesBatman are movies

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What About Today’s Graduating What About Today’s Graduating High Schooler?High Schooler?

• Iraq has always been our number one foreign Iraq has always been our number one foreign policy concernpolicy concern

• There has always been a Bush or a Clinton in the There has always been a Bush or a Clinton in the White HouseWhite House

• A cell phone with unlimited minutes is a A cell phone with unlimited minutes is a birthrightbirthright

• The Internet has always been available for The Internet has always been available for research – allowing for procrastinationresearch – allowing for procrastination

• ““Political Correctness” has always been the rule Political Correctness” has always been the rule

Age Related Stereotypes – Lets Age Related Stereotypes – Lets Get Them on the TableGet Them on the Table

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Young Worker Stereotypes Young Worker Stereotypes

• Young workers are not reliableYoung workers are not reliable

• Young workers don’t respect authorityYoung workers don’t respect authority

• Young workers are always looking for Young workers are always looking for short cutsshort cuts

• Young workers aren’t willing to pay duesYoung workers aren’t willing to pay dues

• Young workers have unrealistic Young workers have unrealistic expectations for pay and promotionexpectations for pay and promotion

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Unrealistic expectations…

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Boomer StereotypesBoomer Stereotypes

• Older workers are technically Illiterate Older workers are technically Illiterate and don’t even try to keep upand don’t even try to keep up

• Older workers are slow to adapt to Older workers are slow to adapt to change – “we’ve always done it this way”change – “we’ve always done it this way”

• Older workers don’t question authorityOlder workers don’t question authority

• Older workers are no fun – work is too Older workers are no fun – work is too much a part of their identitymuch a part of their identity

• Older workers hold prejudices

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There Are Differences!There Are Differences!

We need toWe need toEmbrace them!Embrace them!

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The Message to “Y” – Will it The Message to “Y” – Will it Achieve the Desired Result?Achieve the Desired Result?

If you don’t wear hearing protection you could lose your hearing by age 60 !

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Take a lesson from John. He always obeys safety rules and has worked here thirty years without a lost time accident

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If we beat last year’s safety record management has promised some extra matching funds for the 401K plan

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Compliance with our lockout and tagout program is an absolute OSHA requirement

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Violating safety rules might hurt your chances for promotion

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Violating safety rules lets the whole team down

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Crafting the Message to “Y”Crafting the Message to “Y”

OK Wise Guy, what should I tell these young folks?

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Attracting and Retaining the Attracting and Retaining the GenerationsGenerations

• The BoomersThe Boomers– Opportunities to Coach and MentorOpportunities to Coach and Mentor– Opportunities to ContributeOpportunities to Contribute– Phased Retirement OptionsPhased Retirement Options– Increased Flexibility (e.g. Job Sharing Increased Flexibility (e.g. Job Sharing or Telecommuting)or Telecommuting)– Value experienceValue experience– RespectRespect

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• Generation XGeneration X– Company CultureCompany Culture

– Meaningful RoleMeaningful Role

– Feedback OpportunitiesFeedback Opportunities

– Competent LeadersCompetent Leaders

– Recognition for ResultsRecognition for Results– Work / Life BalanceWork / Life Balance

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Essential Point: Essential Point:

• For a generation that believed that For a generation that believed that “paying one’s dues” was an “paying one’s dues” was an essential part of climbing the career essential part of climbing the career ladder, ineffective managers could ladder, ineffective managers could be considered part of the “dues”be considered part of the “dues”

• In today’s culture of free agency, the In today’s culture of free agency, the price to your firm of tolerating price to your firm of tolerating ineffective managers is high ineffective managers is high turnoverturnover

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• Generation YGeneration Y– Clear Career Paths - Rotation optionsClear Career Paths - Rotation options– Resolve Conflicts EarlyResolve Conflicts Early– Meaningful RoleMeaningful Role– Color/Gender BlindColor/Gender Blind– Training and EducationTraining and Education– Use of TechnologyUse of Technology– Constant FeedbackConstant Feedback

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Recognition is Key…Recognition is Key…

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Beyond the Boomers Beyond the Boomers

• Knowledge TransferKnowledge Transfer

• Training and MentoringTraining and Mentoring

• Workplace AdjustmentWorkplace Adjustment

• Phased RetirementPhased Retirement

• Special Project WorkSpecial Project Work

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Thanks for Your Kind Thanks for Your Kind Attention…Attention…

(At least those of you over (At least those of you over Forty)Forty)

Documents

Dan McGarvey, CPCU, ARM, CEBS Managing Intergenerational Risk October 21st, 2008 SCWCEA Conference