MILLENNIALS, TECHNOLOGY AND THE FUTURE OUTLOOK OF BUSINESS

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1 AUGUST 10, 2018 MILLENNIALS, TECHNOLOGY AND THE FUTURE OUTLOOK OF BUSINESS Presented by: Nataliya Boychenko, MBA, CEBS Employee Benefit Consultant, Shareholder

2 DISCLAIMER Holmes Murphy doesn t engage in the practice of law, meaning we provide neither legal advice nor legal opinions. While Holmes Murphy strives to help our clients maintain compliance with all laws relating to employee benefits, the information contained in this presentation is not and should not be construed to constitute legal advice.

3 NATALIYA BOYCHENKO, MBA, CEBS AVP, CLIENT SERVICE EB/SHAREHOLDER HOLMES MURPHY & ASSOCIATES As a shareholder and key player in Holmes Murphy s Employee Benefits Division, Boychenko is dedicated to providing creative solutions and tools her clients need to design their employee benefit plans. A native of Ukraine and fluent in three languages, she has the skills necessary to communicate and implement employer sponsored benefits and initiatives to diverse organizations. Boychenko specializes in healthcare data analysis, healthcare reform and legal compliance, cutting edge wellness programs as well as a full suite of employer sponsored benefit programs. Boychenko is also a Holmes Murphy shareholder. Boychenko joined the Employee Benefits Division of Holmes Murphy in Prior to joining Holmes Murphy, she worked for Wells Fargo in Consumer and Business account management where she held a variety of advisory capacities involving life and health, investments and business financial services. Boychenko is a frequent speaker on Health Care Reform topics at the local& regional industry events. She also enjoys teaching Employee Benefits to the graduate students at Drake University as an Adjunct Professor. Boychenko earned her bachelor s degree in Finance and her Master s in Business Administration at Drake University. In addition, she holds her Certified Employee Benefit Specialist(CEBS), Group Benefits Associate(GBA), and Retirement Plan Associate(RPA) designations. holmesmurphy.com

4 AGENDA UNDERSTANDING EMPLOYEE DEMOGRAPHICS INTERNATIONAL DEMOGRAPHIC IMPACT IMPACT OF TECHNOLOGY GENERATIONS AT WORK NEXT STEPS WORKING TOGETHER

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6 TAKEN OUT OF CONTEXT, THIS SOUNDS A LOT LIKE THE THINGS PEOPLE SAY ABOUT FUTURE GENERATIONS TODAY. BUT REALLY, THIS QUOTE: CHILDREN NOW LOVE LUXURY. THEY HAVE BAD MANNERS, CONTEMPT FOR AUTHORITY, DISRESPECT THEIR ELDERS, AND LOVE CHATTER IN THE PLACE OF EXERCISE IS ATTRIBUTED TO SOCRATES IN THE 4 TH CENTURY AD.

7 WHY IS IT IMPORTANT TO UNDERSTAND THE WORK FORCE? IT S REAL; THERE ARE 5 GENERATIONS CURRENTLY WORKING, CREATING SITUATIONS WITH BOTH OPPORTUNITIES AND CHALLENGES THE TWO YOUNGEST GENERATIONS WILL EQUAL 70% OF THE WORK FORCE WITHIN THE NEXT 4 YEARS. DO YOU KNOW YOUR WORKFORCE? HOLMES MURPHY & ASSOCIATES EMPLOYEES, FOR EXAMPLE, RANGE FROM AGE 18-78

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9 PERCEPTIONS CONFLICTS AT WORK FREQUENTLY HAVE GENERATIONAL ISSUES AS THEIR CAUSE: He is not committed to his job He has a poor work ethic She doesn t follow directions I can t believe the way she dresses What do you mean I can t work from home on Fridays? We had to earn it; He s just got his hand out She doesn t understand the computer systems

10 PERCEPTIONS, NOT ADDRESSED, CAN CREATE: RESENTMENT JEALOUSY LOSS OF MORALE FEELINGS OF ALIENATION DISCRIMINATION SUITS LACK OF PRODUCTIVITY

11 THE CHALLENGE MANAGING MULTIGENERATIONAL WORKFORCES IS AN ART IN ITSELF. YOUNG WORKERS WANT TO MAKE A QUICK IMPACT, THE MIDDLE GENERATION NEEDS TO BELIEVE IN THE MISSION AND OLDER EMPLOYEES DON T LIKE AMBIVALENCE. Harvard B usiness School Working K nowledge newsletter, 1 7 A pril 2006: Can y ou m anage different generations?

12 SO WHAT ARE THE GENERATIONS IN OUR CURRENT WORKFORCE? REMINDER: CUT-OFF POINTS AND AGES ARE NOT AN EXACT SCIENCE THEY ARE SIMPLY TOOLS TO ANALYZE HOW AGE GROUPS EXPERIENCE THE WORLD AROUND THEM, BASED ON: SOCIAL ECONOMICAL POLITICAL AND TECHNOLOGICAL FACTORS - PEW RESEARCH CENTER

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14 TRADITIONALISTS ALSO KNOWN AS THE SILENT GENERATION BORN IN (73-90) US POPULATION 50 MILLION LOYAL, CAUTIOUS, FORMAL, PROUD 8% OF THE WORKFORCE TRAIN THEM ONE-ON-ONE OFFER THEM MENTOR OPPORTUNITIES MANY NOW ARE VOLUNTEERS; GIVE THEM A JOB TITLE SHOW THEM THAT YOU VALUE THEIR EXPERTISE AND CONTRIBUTION #1 COMPLAINT? NO ONE ASKS THEIR OPINION! - Pew Research Center

15 BOOMERS BORN (US POPULATION 76 MILLION) (54-72) OPTIMISTIC, SELF-FOCUSED, COMPETITIVE, FOREVER YOUNG. 30% OF THE WORKFORCE OVER 70% WILL STAY ON PAST TRADITIONAL RETIREMENT AGE WORK WELL WITH OTHERS, MANAGERS RUNNING YOUR ORGANIZATION TODAY CAREER ORIENTED TV BECAME DOMINANT DURING THIS ERA LOVE THE GOOD LIFE WANT PERFORMANCE FEEDBACK #1 COMPLAINT? AGE DISCRIMINATION

16 GEN X BORN (US POPULATION 46 MILLION) (38-53) INDEPENDENT, SKEPTICAL, TECH PIONEERS 17% OF THE U.S. POPULATION TELL ME WHAT YOU WANT GIVE ME THE TOOLS! THE NEXT LEADERS LEAVE ME ALONE! WANT TO BE CHALLENGED COMPUTER REVOLUTION LED THE DOT-COM BOOM THERE IS AN I IN TEAMWORK #1 COMPLAINT? OFFICE POLITICS NOTE: MICROMANAGE THEM AND LOSE THEIR LOYALTY

17 MILLENNIALS ALSO CALLED GEN Y BORN (US POPULATION 83 MILLION) (AGE 22-37) SELF-EXPRESSIVE, GROUP-ORIENTED, GLOBAL, TECH- DEPENDENT THIS IS THE LARGEST GENERATION AMERICA HAS EVER SEEN 45% OF U.S. POPULATION NO NEWS IS BAD NEWS INTERNET IS A WAY OF LIFE FEEDBACK IS ESSENTIAL DIGITAL NATIVES LITTLE DIFFERENCE BETWEEN WORK AND PERSONAL LIFE THIS GENERATION EXPERIENCED AND COMPREHENDS 9/11 THEY ALSO FOUND THEIR WAY THROUGH THE 2008 RECESSION. #1 COMPLAINT? HEARING YOU SAY, WHEN I WAS YOUR AGE... - Pew Research Center

18 NEXT:??? BORN PRESENT (1-21) ALSO KNOWN AS GEN Z, igen, GEN2020, POST- MILLENNIALS, LINKSTERS, OR NEXTERS GEN Z TERMINOLOGY SEEMS TO BE DISAPPEARING 18% OF THE WORLD POPULATION WOULD BE 10 YEARS OLD WHEN THE FIRST iphone WAS INTRODUCED (MILLENNIALS REMEMBER LAND LINES, TOUCH TONE AND ROTARY DIAL PHONES) INTERNSHIPS & PART-TIME #1 COMPLAINT? BEING GROUNDED NOTE: MOST ARE STILL IN SCHOOL, WORK WITH THEIR SCHEDULES THEY ARE OUR FUTURE

19 QUESTIONS TO CONSIDER WHAT MOTIVATES INDIVIDUALS AT WORK? AT HOME? WHAT INFLUENCES DECISIONS? WHAT DOES WORK-LIFE BALANCE MEAN? HOW CAN YOU INCORPORATE THESE INSIGHTS INTO HOW YOUR ORGANIZATION OPERATES?

20 TECHNOLOGY CAN T BE OVERLOOKED -Hartford s Tech At Work Survey May

21 The Hartford s Work Survey, May

22 HOW TO DO IT: MANAGING 5 GENERATIONS IN THE WORKPL ACE TRADITIONALISTS: Believe in hierarchical management, and have a strong work ethic and loyalty. They may be slow to adapt to new technology. BOOMERS: More reserved communication style, value traditional instructor-led courses or self-learning tools; believe top qualities in a manager are being ethical, fair & consistent GEN-X: View change as a vehicle for opportunity, embrace a hands-off management policy, tend to have entrepreneurial spirit and are results-oriented Sources: Diversified Services, The Balance, Robert Half, Forbes, Fortune, and Harvard Business Review

23 HOW TO DO IT: MANAGING 5 GENERATIONS IN THE WORKPLACE CONTINUED MILLENNIALS: Looking to be coached or mentored, prefer collaborative and technology centered training. Aligning with company values is key for this generation. GENERATION Z(2020): Accustomed to change, and expects it in the workplace; they value in-person interactions, and look for feedback on a frequent, ongoing basis Sources: Diversified Services, The Balance, Robert Half, Forbes, Fortune, and Harvard Business Review

24 HOW TO GET GENERATIONS WORKING EFFECTIVELY TOGETHER 1. SHOWCASE KNOWLEDGE MAKE IT CLEAR THAT EVERY EMPLOYEE HAS SOMETHING TO TEACH, AND SOMETHING TO LEARN CREATE INFORMAL SETTINGS WHERE EMPLOYEES CAN SHARE THEIR EXPERTISE TO ONE ANOTHER 2. GENERATIONAL TRAINING PROVIDE TRAINING ON WHO THE GENERATIONS ARE, MOTIVATORS FOR EACH ONE, AND HOW TO WORK TOGETHER TRAINING CREATES AWARENESS, AND BUILDS EMPATHY 3. AFFINITY GROUPS LAUNCH A GROUP FORMED AROUND SHARED INTERESTS, AND MAKE ALL GENERATIONS WELCOME CROSS-GENERATIONAL CONTACT IS IMPORTANT TO DIMINISH MISCONCEPTIONS IN EMPLOYEES MINDS

25 CONTINUED 4. REVERSE MENTORING A LEARNING RELATIONSHIP WHERE THE MENTOR IS YOUNGER THAN THE MENTEE CREATE TWO-WAY CONVERSATIONS WHERE BOTH PARTIES CAN LEARN, AND SEE THE VALUE THE OTHER BRINGS TO THE WORKPLACE 5. TEAM-BUILDING ACTIVITIES ACCORDING TO A 2015 POLL BY THE TO GO GAME, 88% OF MILLENNIALS AND 76% OF BABY BOOMERS FELT TEAM BUILDING WAS WORTH THE TIME & EFFORT EFFECTIVE ACTIVITIES SHOULD BE COLLABORATIVE, MEANINGFUL, DYNAMIC, AND INNOVATIVE. EFFECTIVE TEAM-BUILDING HELPS CULTIVATE STRONGER CONNECTIONS, THAT HELP TEAMS COMMUNICATE BETTER, AND MAKE DECISIONS FASTER.

26 CONTINUED 6. FLATTEN HIERARCHY FOR LEADERS TO OPTIMIZE THEIR DIVERSE, MULTI-GENERATIONAL TEAMS,THEY NEED TO INCREASE COLLABORATION AND OWNERSHIP. A FLATTER HIERARCHY BUILDS TRUST ACROSS GENERATIONS, AND ENABLES EACH GENERATION TO UNDERSTAND THE VALUE OF THEIR COLLEAGUES CONTRIBUTIONS 7. ENHANCE TECHNOLOGY ENHANCE TECHNOLOGY TO OPTIMIZE MILLENNIALS WITHOUT OVERWHELMING OR ALIENATING OTHER GENERATIONS, WHO ARE USED TO EXISTING PROCESSES. THIS REPRESENTS AN OPPORTUNITY FOR MILLENNIALS TO REVERSE MENTOR PREVIOUS GENERATIONS ON THE NEW PROCESS, AND BEST PRACTICES FOR DAILY WORKFLOW. 8. CONDUCT REGULAR EMPLOYEE SURVEYS OBTAIN FEEDBACK ON EMPLOYEE ENGAGEMENT, BENEFITS, AND OVERALL EMPLOYEE SATISFACTION IN THE WORKPLACE.

27 THINGS TO THINK ABOUT: ECONOMIC CHANGES TECHNOLOGY REVOLUTION SYSTEMS SECURITY WORKSPACE CHANGES EMPLOYEE COMMUNICATION STYLE VIRTUAL EMPLOYEES EMPLOYEE TRAINING AND DEVELOPMENT LEADERSHIP PLANNING 27

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30 NATALIYA BOYCHENKO AVP, Employee Benefits/Shareholder