PERFORMANCE MANAGEMENT: Generation X, Y, And the Baby Boomer

Generation X

In the workplace

• Refusal of conformation
• Highest % Educated
• Creativity in problem solving
• Somewhat tech savvy

Babyboomers

In the workplace

Generation Y

In the workplace

Performance Management

Western Union

NEEDS

Emphasis on career planning and adaptation to generational desires

PERFORMANCE

MANAGEMENT:

-Strong PM System

-Regular Feedback

-Managers must help in reinforcement of goals

• Arrive Early / Leave Late
• Appreciation for Democracy
• Teamwork - Likes to form task forces to accomplish goals/projects
• Oldest in the work force

Performance

Management

POSSIBLE ISSUES

-Dependency on management

- Exceedingly high expectation for management

- May require flexibility (Work/Life Balance)

• Tech Savvy
• Values Flexibility
• Entrepreneurial spirit
• Economically conservative
• Newest to enter workforce

Performance

Management

POSSIBLE ISUES

Performance Management

NEEDS

• Need or want for excessive overtime pay
• May require special accommodations
• Issues with letting go: Unwilling to be led by those younger

PNC BANK

"Adaptive Training"

• Attracted to career path opportunity
• Seeks monetary rewards for performance
• May need medical accommodation or additional tech training due to age

Facebook

Performance Management for a new generation

Performance Management

NEEDS

Overview

Performance Management

• Need to know the "big picture"
• Requires implementation of new technology
• Involvement in decision making process is critical

Possible Issues

The 3 Generations

• Need for constant social engagement (Facebook, Twitter, etc)
• Sense of Entitlement issues
• Privacy of information
• High turn over rate

Baby Boomers: 1946-1964

Potential Legal & Ethical Issues

Age Discrimination and its prevention

Generation X: 1965-1980

Making the Connection:

Performance Management

Generation Y: 1980-2000

Baby Boomers,

Generation Y,

& Generation X

When implementing a performance management system: GENERATIONAL DIFFERENCES MUST BE RECOGNIZED

How Many?

Why Change?

What if we fail to adapt?

• The Age Discrimination in Employment Act (ADEA) 1967
• "Ageism" and the behaviors and risks associated with it
• Companies with workers of 50 or older had 18% higher profits, 16% less turn over, 40% less absenteeism, and 60% less inventory loss

Generational Percentage

is there really a need to adapt?

Failure to change for the new generation could be costly

Businessfiles.com

This system must aim to:

1) Bring generations together

2) Stimulate professional growth

3) Create challenging work assignments

Numbers Don't Lie

Age Discrimination Percentages

1) Including team performance reviews as well as individual

2) Designing compensation and benefit packages that are attractive across the generations

3) Utilizing a feedback model for constant and open communication

A Global View

Financial Costs

The Importance of a worthy PM system

PM Success & Failure

Presented by:

• Training Costs
• Adaptation Costs
• Time Costs
• Performance Costs
• Legal Costs

Jesus Talavera Jr, Steven Pockels,

Vicky Palacios, Alex Pickford

Katharina Friedmann, & Myrna Beas

• Replacing employees costs 50-150% of their salary
• Leading online PM software can cost up to $4000 per year per 100 employees

BMW

EUSMEs

The German Production Industry

"European Small Medium Enterprises"

Successfully overcoming the challenges of an older workforce

The dangers of not adapting company policies for a new generation