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Managing Multiple Generations in the
Modern Workforce
"Dude, Where's My Office?"
Bank of Canada
Krystelle BilodeauAssistant Director
PwC
John FafianDirector
sig.org/eval
“DUDE, WHERE’S MY OFFICE?”
– Managing people, knowledge
and change in the 21st century
Krystelle BilodeauAssistant Director
Bank of Canada
John FafianDirector
PwC
Bank of Canada (Bank)
Central Bank,
1500+ employees
What we do
Promote the economic and financial welfare of Canada
How we do it
Monetary Policy, financial system, currency and funds management
What we value
Collaboration and innovation
The views expressed do not necessarily represent those of the Bank’s Governing Council
PwC
About PwC
4
• PwC’s purpose is to build trust in society and solve important problems.
• PwC is a network of firms in 157 countries with more than 208,000 people who are committed to delivering quality in assurance, advisory and tax services.
• PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.
• Find out more and tell us what matters to you by visiting us at www.pwc.com. Follow us online: @PwC_LLP, YouTube, LinkedIn, Facebook and Google +.
Objectives
Explore the millennial shift facing organizations
today
Identify how organizations can harness this shift
and reduce organizational knowledge loss
Highlight practices key to engaging the new
generation
Overview
Workforce Shift
− Who are the millennials?
− What do they value?
Organizational Case Study
− Initial response
− Lessons learned
New Approach
− Information strategy to knowledge strategy
− Engaging the new workforce
Workforce Shift Millennials
Millennials represent a third
of the workforce today
They will represent half of
the workforce by 2020
They are very different from
generations preceding them
The workforce is rapidly evolving
Workforce Shift Millennials
What makes millennials so different?
More educated than previous generations
− Hungry for information
Tech dependent “digital natives”
− Hungry for digital data
Prone to short tenures
− Confident in their transferable skills
Why the cat picture on the title slide of this presentation?
Workforce Shift Millennials
What do they value?
Money is less important
Focus on professional development
Connection to broader picture
International exposure
Team orientation
Open frequent feedback
Leadership exposure
Flexibility – Important to all
Case Study Initial Response
2008 - Recognized a demographic
challenge
Established a management working group
Perceived generational gaps
Identified a succession issue − 55% of the workforce was eligible to retire in 5 years
Framed the problem as one of knowledge transfer in
the face of retirements
Among the efforts to overcome the
challenge
Increased focus on succession planning
Strategy to “Attract, Retain and Engage”
Emphasis on better documentation
Strengthened information policy
Investment in information management systems
Case Study Initial Response
Observations
Succession planning for succession planning
− knowledge still walking out of the door
Single-person dependencies continued
Knowledge risks persisted
Perhaps we didn’t frame the problem as best we
could have from the outset?
Case Study Five Years Later
Benefit of hindsight…
Narrow, short-term perspectives compromise
ability to solve problems within larger contexts
Case Study Five Years Later
Case Study NASA
Unveiling hidden assumptions key to framing
problems
A simplified NASA example…
ProblemPens don’t work in space due to ink failures, zero gravity, and
irregular temperatures
Solution Invest millions to develop a space-friendly writing instrument
Organizational Case Study NASA
The Soviet Solution
Case Study NASA
Lesson Problem statements need to be grounded in the larger context
SOVIETS
We need
to write in space
We need
a better pen
NASA
Case Study NASA
Let’s apply the Fisher Pen story
to our case study
Problem We need to stop losing knowledge
through employee retirement
Case Study Lessons Learned
Assumptions Management theory of the past is
relevant for the future
Management theory of the past
may need to evolve for the future
We need to retain knowledge
independently of employee turnover
Problem We need to stop losing knowledge
when our employees retire
Assumptions Management theory of the past is
relevant for the future
We need to retain knowledge
independently of employee turnover
Management theory of the past may
need to evolve for the future
People The most valuable asset
Experience Depth more important than breadth
DemographicsNature can be molded to
organization
Case Study Lessons Learned
People The most valuable asset
FALSE• Knowledge is also a most valuable asset
• People are a vessel for information and
knowledge
• Older demographics did a great job
• The Millennial shift impacts how we look at
knowledge
Case Study Lessons Learned
One of the most valuable assets
FALSE• Depth of experience important
• Breadth of experience important
• Breadth presents additional advantages
• Millennials offer opportunity to innovate
Experience Depth more important than breadth
Case Study Lessons Learned
One of the most valuable assetsBreadth as important as depth
Knowledge ModelDavenport and Prusak
Capture of discrete
activities
Data with context
Identification of patterns to inform
decisions
Case Study Lessons Learned
RFQ RFS
Sourcing
for Depth/
Execution
Sourcing
For
Breadth/
Innovation
Applying depth and breadth to sourcing
RFP
Case Study Lessons Learned
FALSE• Millennial shift has disproven this assumption
• Nature is molded by values
• Organizations don’t change demographic values
• Organizations need to harness demographic
values
Case Study Lessons Learned
DemographicsNature can be molded to
organizationOrgs need to adapt to demographics
Cultural Iceberg
Model Edward T. Hall
If Millennials are cycling
through every two
years…
build them a raft!
Case Study Lessons Learned
Case Study Lessons Learned
Going back to Davenport and Prusak
Systems/CRM
Documentation
People retention
Case Study Lessons Learned
Going back to Davenport and Prusak
Knowledge capture
Documentation
Systems/CRM
CRITICAL MASS
Problem We need to stop losing knowledge
through employee retirement
We need to retain knowledge
independently of employee turnover
Assumptions Management theory of the past is
relevant for the future
Management theory of the past may
need to evolve for the future
People The most valuable asset
Experience Depth more important than breadth
DemographicsNature can be molded to
organization
One of the most valuable assets
Breadth as important as depth
Orgs need to adapt to generations
Case Study Lessons Learned
New Approach Knowledge Strategy
Critical Mass approach & traditional theory
Past solutions across four key elements in
organizations− routines
− processes
− practices
− norms
Modifications to harness today’s changing
workforce, manage risk and promote innovation
New Approach Knowledge Strategy
Routines Repeated patterns of behaviour
Useful for facilitating recurring tasks
In the Past Regular set meetings
Standing update agenda
Problem Little to contribution to organizational
knowledge
New Approach Focus on key decisions and context
Example Mailing campaign
New Approach Knowledge Strategy
Processes Collection of structured tasks to produce an outcome
In the Past 400+ procedures
Problem Little contribution to decision-making
New Approach Two-in-the-box approach
Focus on key decision areas
Example Affidavit procedure
New Approach Knowledge Strategy
Practices Application of information & skills to a broader, more complex function
In the Past Solely people dependent
Problem Faster turnover cycles
New Approach Build critical mass in key areas of knowledge
Example Curricula, knowledge managers, Pricing history
New Approach Knowledge Strategy
Norms Informal values, guidelines, and organization culture
In the Past Sandbox tendenciesI’ve always done it this way syndrome
Problem Does not support optimal decision-making or knowledge growth
New Approach Consultation and collaboration
Example Dealing with complaints
Objectives Recap
Explore the millennial shift facing organizations
today
Identify how organizations can harness this shift
Highlight practices key to engaging the new
generation
After structuring the organization to best harness
the millennial workforce, there are still important
questions
How can millennials be engaged?
How can their productivity be maximized?
How can they be managed most effectively?
New Approach Engagement
How to engage Millennials?
Focus on engagement rather than retention
Link work to the mandate of the organization
Recognize that Millennials are born digital
− new tools; any device, any time, anywhere
− training for Gen X and Baby Boomers
Project work outside of “home” area
− working with a Baby Boomer or Gen Xer
New Approach Engagement
How to manage Millennials?
Develop culture of trust
− transparency
− clearly set, measurable goals
− measure what matters
− provide in the moment feedback
Develop mentoring program
− cross-generational
New Approach Engagement
The next shift – Generation Z
The trends of millennials are expected to
intensify
− the internet generation; will not remember a world
before modern tech
− less loyalty to organizations; more entrepreneurial
− may be better educated than earlier generations
Retooling for millennials will help preparation
for Generation Z
New Approach Engagement
Fighting the Millennial tide increases risk
Swimming with the tide reduces risk
Adapting to Millennials transforms risk into
opportunity
Need to change how we frame our problems
The reward: improved innovative capacity
In Closing…
THANK YOU!
References
http://www.kushima.org/is/wp-content/uploads/2013/09/Davenport_know.pdf
Edward T. Hall: cultural iceberg model: http://www.spps.org/cms/lib010/MN01910242/Centricity/Domain/125/iceberg_model_3.pdf
Bentley University - http://www.bentley.edu/centers/center-for-women-and-business/millennials-and-corporate-world
Prweb -http://www.prweb.com/releases/2012/8/prweb9817689.htm
15 Economic Facts About Millennials – The Council of Economic Advisors – the Executive office of the President of the United States -https://www.whitehouse.gov/sites/default/files/docs/millennials_report.pdf
http://www.forbes.com/sites/kathycaprino/2014/05/01/quit-trying-to-engage-millennials/#4cb9c1be6c94
Source: http://thegbrief.com/articles/why-are-millennials-obsessed-with-cats-654
Journal of Business and Psychology - December 2015, Volume 30, Issue 4, pp 759-772 -Examining the Energizing Effects of Humor: The Influence of Humor on Persistence Behavior
http://www.forbes.com/sites/kathycaprino/2014/05/01/quit-trying-to-engage-millennials/#4cb9c1be6c94
References
Mcgee and Prusak (1993) noted that core competencies are not
what an organization owns, but rather what it knows.
In the 1970s Peter Drucker (1974) may have been the first to
describe knowledge workers and knowledge work.
Devenport & Prusak (1998) – in addition to formal and informal
documents - introduction of routines, processes, practices and
norms
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Session #35
"Dude, Where's My Office?" Managing Multiple
Generations in the Modern Workforce
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www.sig.org/eval
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Bank of Canada Krystelle Bilodeau [email protected]
PwC John Fafian [email protected]
