HR Conference 15 th November Passion over Pound. Shahina Kasak

Transcription

1 HR Conference 15 th November 2017 Passion over Pound Shahina Kasak

2 Agenda Maslow s Hierarchy of Needs Influences on this Hierarchy The Global Financial Crisis of 2008 Implications of the crisis Generational theory Video Impact on Business Practice How can we, as HR, nurture passion? Conclusion, does Passion win over Pound?

3 Maslow s Hierarchy of Needs (1943) Maslow s hierarchy of Business needs Physiological- shelter, food and drink Safety- job security and safe working environment Social- sense of belonging to a team unit Esteem- self-respect, status of job position Self-actualisation- achieving targets, fulfilling potential

4 Influences that have altered our Motivations Social- the creation and immense popularity of social media and staying connected with each other Political- War, terrorism, Geo-politics Economic financial crisis, industrial and technological advancements

5 The Global Financial Crisis of 2008

6 Implications of the Crisis Collapse of banking giants, such as Lehman Brothers and Bear Stearns Stricter banking regulations Creation of a level playing field Evaluation of career direction/purpose Image, financial services not as appealing other brands are taking advantage Trust broken impacted loyalty

7 Generational Theory The assumption that people born within the same time frame can be classed as a group, with similar values, tastes, views and habits. These characteristics are believed to be shaped by the life experiences of each generation

8 Strauss and Howe (1991) The Multigenerational workforce is comprised of three groups*: Baby Boomers (born ) Generation Xers (born ) Millennials (born ) *figures according to Sanner-Stiehr and Vandermause (2017)

9 Baby Boomers at Work (born ) Work-centric- motivated by position + perks Goal-oriented- dedicated + career focused Competitive work culture Not particularly adaptable to change Believe in hierarchical structure of authority Physical presence at the office Value Job security Emphasis on loyalty to ones organisation Believe in step-by-step promotion Lack technological know-how Not so open to feedback

10 Generation X at Work (born ) Individualistic- independent, resourceful & self-sufficient Prefer to work alone and prioritise personal attainment over collective Less loyal to employer and more willing to change jobs to get ahead Ambitious and eager to develop skill set Work to live mentality Prefer flexible work schedules Adaptable to changes in the workplace Challenge authority figures Good technological knowledge More open to receive feedback

11 Millennials at Work (born ) Seek meaningful roles/experiences Move between employers to broaden their skill set Believe loyalty doesn t guarantee long-term security Extremely adaptable to changes in the workplace & environment Value collective attainment and collaborative work-culture Thrive in a supportive & nurturing environment Prefer flexible/ remote working arrangements Emphasis on work/life balance Sophisticated relationship with technology Value constant feedback Are sociably responsible/supportive of causes

12 How do you motivate all generations?

13 What do we learn from that video? Money is not the main motivator We do need a passion for what we do in order to thrive We need a purpose to get the best us = PASSION

14 How can we nurture that passion, as HR? Understand what is passion for each generation and potential conflict between them Look at your workforce in years to come and start planning how to attract, motivate and retain them by adapting your business practices: Engagement and Retention strategies for all generations Employee benefits- if not money, what? Training practices managers and institutional New ways of working

15 How can we nurture that passion, as HR? Introduce benefits to promote a good work / life balance Development and training programmes for all generational styles Mix and match project teams - Let Baby boomers / X ers share their knowledge with the millennials Provide work with a purpose Autonomy and flexibility: set them free! Feedback, feedback, feedback! Allow faster advancement opportunities Hierarchy free environment, move towards collective decisions Results only Ethos to be considered

16 Passion over Pound? It is clear that we do need to encourage passion in our employees in order for them to thrive in their work and career. Compensation is not enough. With Millennials soon becoming the primary workforce generation, financial reward has become less important although still a driver Important to discover the motivators and passions of each generation and nurture them. New ways of working and retention practices are inevitable if we are to motivate and retain future generations

17 Thank you