Ar Are e You a ou a Millennial? Millennial?
The term ‘millennial’ applies to individuals who reached adulthood around or after the turn of the 21st century born between 1980 and 1995. Known as Generation Y, millennials directly follow Generation X as the last generation born in the 20th century. Today, there are 1.7 billion millennials making up one-third of the global population. They are defined as an “ethnically diverse generation who are team players, optimistic, confident, trusting of authority, rule-followers, achievers in school, and generally achievement-oriented in everything they undertake.” (Howe and Strauss, 1992)
According to U.S. Census Bureau statistics, there are more than 80 million millennials in America. Millennials are the largest generation in history. Millennials will make up an estimated 75% of the workforce by 2025, ultimately changing the face of organizational leadership.
Silent Generation (b. 1928-1945) Baby Boomer Generation (b. 1946-1964) Generation X (b. 1965-1979) Generation Y/Millennials (b. 1980-1995/2000) Generation Z/Digital Natives (b. 1996 - 2012)
¢ Silent Generation/Traditionalists -1928-1945 Very defined sense of right and wrong Loyal, disciplined, detail-oriented Fastest growth on social networking sites has come from this generation ¢ Baby Boomers- 1946-1964 Loyalty to employer, strong work ethic, long hours Career and self one in the same Finding solutions to problems, respect for authority ¢ Generation X- 1965-1979 Set and meet goals, productive Balance work and life-enjoy flex hours Comfortable with authority, but not impressed with titles Tech savvy, value independence ¢ Millennials/Generation Y/Next/Echo Boomers- 1980-1995 Teamwork, multitasking all the time Tech savvy-tech advancements Expressing oneself, work and social life are separate Need feedback, appreciates ownership
¢ Baby Boomers- IDEALISTS It’s the right thing to do! ¢ Generation X - SKEPTICS This works. It makes an impact! ¢ Generation Y - COLLABORATORS Let’s do this together! ¢ Generation Z - REALISTS We can fix this! Generational Edge
¢ Baby Boomers = Individualism ¢ Generation X = Independence ¢ Generation Y = Influence ¢ Generation Z = Intuition Generational Edge
Organizational leaders are becoming increasingly concerned that they soon will be unable to find the talent they need to succeed, with a shortage of suitably skilled workers as the single biggest worry. Businesses are competing fiercely for the best available talent to replace the retiring boomers in the upcoming years. Every year, more and more of that talent will be recruited from the ranks of millennials & gen Z.
Why intergenerational leadership matters 1: Or 1: Organizational success and sustainability ganizational success and sustainability • 2: Advancement and retention 2: Advancement and r etention • 3: Personal achievement/W 3: Personal achievement/Work-life balance ork-life balance • 4: Diversity and inclusion 4: Diversity and inclusion •
Best Approach to Attracting, Best Appr oach to Attracting, Recruiting and Retaining Recruiting and Retaining • Passion Passion • Active attention Active attention • Accountable leadership Accountable leadership • Transpar ransparency ency • Autonomy thr Autonomy through ough • Relevancy for others Relevancy for others flexibility flexibility • Relevancy for oneself Relevancy for oneself • Self-car Self-care as a r e as a reflection eflection of or of organizational cultur ganizational culture
MENTORING COACHING SPONSORING MENTORING COACHING SPONSORING A mentor informally A sponsor is a senior A c o a c h p r o v i d e s or formally helps you l e a d e r o r o t h e r guidance for your navigate your career, person who uses development, often providing guidance focused on soft skills strong influence to (e.g., active listening) for career choices help you obtain rather than technical and decisions. You visibility. The sponsor skills (e.g., financial d r i v e t h e d r i v e s t h e acumen). You and your relationship. Your r e l a t i o n s h i p b y coach are responsible mentor is reactive advocating for you f o r d r i v i n g t h e and responsive. behind closed doors. relationship.
Who’s Next? Generation Z / Digital Natives (1995-2012) Born during minor fertility boom around US Global Financial Crisis The children of Generation X CHARACTERISTICS AT WORK •Highly connected to •Very collaborative and communication creative • Instant gratification/thrive on •Will have to solve the worst acceleration environmental, social and •Independent, lacking a economic problems in history community- oriented nature due to •Will not be team players social media •Will be more self-directed • Very open with little concern to •Will process information at privacy and personal information. lightning speed •Thrive on small bits of information. •Will be smarter •Under a lot of pressure to succeed
• Assume younger members will find the same things Assume younger members will find the same things appealing. appealing. • Get gimmicky with partners, members or Get gimmicky with partners, members or accomplishments. accomplishments. • Push social media content and walk away Push social media content and walk away. . • Take on too much without a strategy; over ake on too much without a strategy; overcommit. commit. • Lose sight of the r Lose sight of the reason you need younger members. eason you need younger members.
• Keep your story engaging and relevant. • Develop meaningful relationships on multiple levels. • Maintain your visionary status. • Stay current & engaged on social media platforms. • Allow your strategy time & room to grow. • Walk the talk; deliver.
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