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The Most Praised Generation Goes to Work

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Evan Stark

on 12 June 2012

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Transcript of The Most Praised Generation Goes to Work

"The Most Praised Generation Goes to Work" Case Issue Stakeholders Potential Millennial Employees Potential Non-Millennial Employees Current Non-Millennial Employees Middle Management Senior Management Customers Shareholders/Owners Stakeholder Map Should management expend company resources dealing with intergenerational value conflicts or are there more benefits to be found with a laissez-faire management approach? Current Millennial Employees Low Power, High Interest Low Power, High Interest Low Power, High Interest Low Power, High Interest High Power, High Interest High Power, Low Interest Low Power, High Interest Low Power, Low Interest Low Power, Low Interest Ethical Issue Is it the organization's responsibility to have employees get along? Ethical Frameworks Alternatives Status Quo
Personnel Classify Staff/Personality Profile of Values
Self Classification of Values
Mentorship Program with Intergenerational Partnerships
Revolving Intergenerational Project Based Workplace
Communication Mechanism Independent from Management
Intergenerational Conflict Education Implementation Questions? Case Summary Personnel/Consultants Bobby Golden Andrea Vitalich Evan Stark Nate Kaemingk "Management is facing challenges in the coming decades, one of the most important will be hiring, retaining and motivating younger employees"

"Understanding generational shifts is especially important given the coming retirement of the baby boomers."

"Uber-stroked kids are reaching adulthood -- and now their bosses have to deal with them." Jeffrey Zaslow Wall Street Journal 4/20/2007 Dealing with Value Differences
in the Workplace. -Twenge, Journal of Business Psychology 2/18/10 -Zaslow, WSJ, 4/20/07 -Twenge, Journal of Business Psychology 2/18/10 Profile employees to help determine best mentor/mentee match.
Mentors should be outside chain of command of mentees.
Provide training for mentors.
Mentors should have multiple years with company.
Have clear goals for the program.
Have an end period for formal mentorship.
Provide incentives to meet (i.e. time) during work hours.
Have a feedback mechanisms for all parties involved.
Improvement of all areas should be a goal. -Annual turnover cost for a division of 200 employees is an estimated $516,622 with a turnover rate of 3.3% or 6.6 people per year.

-Turnover costs are estimated at 200% of annual median US salary of $39,138 or $78,267 per turnover.

-For a division with a median salary of $70k and 4% turnover rate this cost rises to $1.12million per year. Feasible?
Financially, Yes
Politically, Likely GENERATIONS
Silents
Boomers
Gen X
Millennials/Gen Y EMPIRICAL RESEARCH FINDINGS CONFLICTING/INCONSISTENT RESULTS
MEDIA ATTENTION NARCISSISM INCREASE
GENERATION IS NOT ONLY INFLUENCE ON BEHAVIOR
STABILITY DESIRE AND WORK ETHIC EXAMPLE

"MANAGERS SHOULD TRY TO TREAT EMPLOYEES AS INDIVIDUALS AND NOT JUST MEMBERS OF THEIR GENERATION."

"ARE THERE GENERATIONAL DIFFERENCES IN WORK ATTITUDE? PROBABLY, BUT THE DIFFERENCES ARE NOT LARGE ENOUGH TO GIVE US ANY CONFIDENCE THAT THE WORK ENVIORNMENT IS FUNDAMENTALLY AFFECTED..." -Twenge, Journal of Business Psychology 2/18/10 -Deal, Altman, Rogelberg, Journal of Business Psychology 3/27/10 $ -Does not include all possible benefits from conflict reduction, increase in meaningful work, increased relationships, etc. -Accessed at: http://biz.loudoun.gov/Portals/0/BEC%20Information%20Sheet.pdf
Assigned Coaches
Regular Meetings
Career Planning
3,000 Participants
Provides Broad Exposure
Answer Questions
Listen to Feedback
Professional Development Coaching and Career Development Example: If 80 people are involved in a 200 person division, saving 1 person per year the program will pay for itself. http://www.library.hbs.edu/guides/citationguide.pdf
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