Understanding Young Working Professionals

Dr. Paul Englert APAC Director Psytech International

PhD I/O Psychologist

Understanding Young Working Professionals

Outline

•  Generational differences

•  Managing Generation Y

•  The aging workforce

Baby Boomers (1946 -‐ 1964)

Generation X (1965 -‐ 1980)

Generation Y (1981 -‐ 2000)

Core values •  Optimism •  Involvement

•  Skepticism •  Fun •  Informality

•  Realism •  Confidence •  Extreme fun •  Social

Family •  Disintegrating •  Latch-key kids •  Merged families

Education •  A birthright •  A way to get there •  An incredible expense

Dealing with money

•  Buy now, pay later •  Cautious •  Conservative •  Save, save, save

•  Earn to spend

Communication media

•  Touch-tone phones •  Call me anytime or

meet me in person

•  Mobile phones •  Call me only at work or

meet me in person

•  Smartphones •  Write me an email or a

leave a voicemail ASAP

Personal and Lifestyle Characteristics

Generational Differences

Workplace Characteristics

Generational Differences




Work is… … an exciting adventure … a difficult challenge … a contract

… a means to an end fulfillment

Attitudes toward authority / rules

•  Some may still be uncomfortable interacting with authority figures

•  Are comfortable with authorities and are not impressed with titles or intimidated by them

•  Find it natural to interact with their superior

•  Believe that respect must be earned

Attitudes toward loyalty to their employer

•  Value company commitment and loyalty

•  65% would like to stay in their organization for the rest of their working life

•  Less loyal to companies than previous generations but loyal to people

•  40% would like to stay in their organisation for the rest of their working life

•  Committed and loyal when dedicated to an idea, cause or product

•  20% would like to stay in their organization for the rest of their working life




Perceived elements of success

•  82% are willing to learn new things

•  77% meet deadlines





Preferred leadership attributes

•  Credible (74%) •  Trusted (61%) •  Farsighted (57%)

•  Credible (71%) •  Trusted (58%) •  Farsighted (54%)

•  Listens well (68%) •  Dependable (66%) •  Dedicated (63%)

Feedback and rewards

•  Don’t appreciate it •  Money •  Title recognition

•  Ask directly for feedback •  Freedom is the best

reward

•  Assume to get feedback whenever they want it

•  Meaningful work

Motivating messages

•  “You are valued” •  “You are needed”

•  “Do it your way” •  “Forget the rules”

•  “You will work with other bright, creative people”

Interactive style •  Team player •  Loves to have

meetings

•  Entrepreneur •  Participative

Generational Differences Workplace Characteristics

Be Jlexible and open-‐minded!

Managing Generation Y

•  Listen to millennial employees

•  Provide an employee-‐centered workplace, that allows freedom

•  Encourage the millennial’s “can-‐do” attitude

•  Challenge them with different tasks

•  Offer opportunities for training and provide the chance to grow in the position

But don’t forget to…


•  Provide structure

•  Provide leadership, guidance and feedback

•  Consider, that every Gen Y employee is different (some may prefer a more traditional workplace)


Managing Generation Y is a constant balance:

Provide freedom and power in the decision making

process

Provide structure,

boundaries and consequences

The Aging Workforce

The Aging Workforce

60+ segment grows to 20% in almost all industrialised nations

http://www.fdu.edu/newspubs/magazine/05ws/generations.htm http://humanresources.about.com/od/managementtips/a/millenials.htm http://www.businessinsider.com.au/4-‐ways-‐to-‐manage-‐gen-‐y-‐employees-‐2013-‐1 http://blog.clomedia.com/2013/08/how-‐should-‐you-‐manage-‐gen-‐y/ http://themindsetlist.com/2013/01/5-‐mistakes-‐managers-‐make-‐with-‐gen-‐y-‐in-‐the-‐workplace/ http://www.smartcompany.com.au/people/human-‐resources/34285-‐the-‐secret-‐to-‐managing-‐gen-‐y.html http://rtc.umn.edu/docs/2_18_Gen_diff_workplace.pdf http://www.entrepreneur.com/article/228321 http://chartsbin.com/view/3687

Resources

Leadership & Management

Understanding Young Working Professionals