Retaining Employees of All Generations. The Aging Workforce: Rusty Sherwood. FMI Corporation 2014

Transcription

1 The Aging Workforce: Retaining Employees of All Generations Rusty Sherwood FMI Corporation

2 What challenges do you face in retaining different generations? What tactics have you used to attract Millennials? How would more effectively leading different generations help your organization? FMI Corporation

3 4 Leadership Trends 1. Complexity is the new normal 2. The most important leadership skills you ll need 3. Leadership is becoming more collective, less individual 4. The talent shortage is intensifying

4 4 Leadership Development Trends Complexity is the new normal FMI Corporation Source: Forum Corporation

5 It s a VUCA World 2013 FMI Corporation 5 FMI Corporation

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11 4 Leadership Development Trends The four most important leadership skills are A. Think like a leader B. Coach your team C. Get results through others D. Engage people FMI Corporation 2014 Source: Forum Corporation

12 FMI Corporation

13 What is FMI World Corporation View 2011 A set of beliefs and assumptions we hold consciously and unconsciously about how the world operates and how we operate in the world FMI Corporation

14 Boomers Born: Age: years old Multi-generation workforce Gen X Born: Age: years old Millennials Born: Age: 33 years and younger 2014FMI Corporation

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16 FMI FMI Corporation Corporation

17 Know Your People Deeply FMI Corporation

18 4 Leadership Development Trends Leadership is becoming more collective, less individual FMI Corporation 2014 Source: Forum Corporation

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21 VIRTUAL TEAMS

22 4 Leadership Development Trends The talent shortage is intensifying FMI Corporation 2014 Source: Forum Corporation

23 FMI Corporation 2014 Source: Manpower Group

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26 Retaining Employees of all Generations FMI Corporation

27 Why do people stay? FMI Corporation

28 Motivators Worksheet Motivators 1-10 Achievement seeing favorable results of ones work Recognition attention or favorable notice or praise Work itself nature of work (varied, challenging, interesting) Responsibility for own work or work of others Advancement promotion in rank within the organization Growth opportunity to rise in company or enhance skills Salary total compensation, salary and benefits Relationships interactions with peers, supervisors and others Status pleasure derived from position of stature in the organization Job security stability of job, low fear of loss of work FMI Corporation

29 Attracting and Retaining Boomers To Boomers, job changing is okay as long as they do not lose any ground Boomers tend to stay in the organization because they feel they are making a difference difference FMI Corporation

30 Leading Boomers Lead Boomers by: Challenging them to keep growing (in their own way) Becoming a coach Facilitating, not dictating results Offering them flexibility, authority and respect FMI Corporation

31 Attracting and Retaining Gen Xers Create opportunities to move laterally and vertically within the organization Allow an appropriate level of autonomy Address how individual needs can be met within the organization FMI Corporation

32 Leading Gen Xers Lead Gen Xers by: Providing a fair and Balanced work schedule Leading with a coaching style Providing immediate feedback and credit for results Pushing them to keep learning just in time for every new mission FMI Corporation

33 FMI Corporation 2014 From Hanson Dodge Creative

34 Leading Millennials Lead Millennials by: Putting them in roles that push their limits Keeping them focused with speed, customization and interactivity Treating them as professional colleagues FMI Corporation

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36 Factors Driving Motivation Generational Peer Group Silents Boomers Xers Millennials 20 s 30 s 40 s 50 s 60 s 70 s Life Stage Exploring Nurturing Taking Charge Re-Evaluating Recollecting Reflecting Career Stage Beginning Launching Plateauing Managing the Doldrums Sorting Things Out Restructuring Personality Type E or I S or N T or F J or P Generational Source: Generations by William Strauss and Neil Howe Life Stage Source: Elizabeth Kubler-Ross Career Stage Source: Hudson Model Frederic Hudson FMI Corporation

37 Motivating & Retaining Millennials Work-life Balance Meaning & Passion Training & Development Mentoring & Coaching Stretch Assignments Career Progression International Assignments Rotational Assignments Instant Feedback Flexibility FMI Corporation

38 Millennial Scenario Chris 23 year-old estimator Chris is just out of college and has an overly optimistic view of his chances of promotion. He has explained that he took the job because it allows for time for him to spend in competitive mountain-biking, but the pace of the organization is too slow for him. You want to keep Chris because he is a hard worker and has great long-term potential with the organization, however, he has grown increasingly frustrated with how things work there. FMI Corporation

39 Biggest Leadership Mistakes 39 FMI Corporation

40 Retaining Your Talent: Next Steps Review your talent development strategies Have a conversation with your people about their career goals Ask your people what professional development they want Find out what motivates each of your people FMI Corporation

41 Implications for Future Leaders Need to Think Differently Strategically Understand how to Motivate and Inspire Importance of Development of Individuals vs. People FMI Corporation

42 Action Planning I Will 1-2 areas of focus Positive statements Specific Developmental versus business goal FMI Corporation

43 Raleigh Denver Phoenix Tampa Developing Exceptional Leaders One at a Time About FMI FMI is the largest provider of management consulting, investment banking and research to the engineering and construction industry. We work in all segments of the industry providing clients with value-added business solutions, including: Strategy Development Market Research and Business Development Leadership and Talent Development Project and Process Improvement Mergers, Acquisitions and Financial Consulting Founded by Dr. Emol A. Fails in 1953, FMI has professionals in offices across the U.S. FMI delivers innovative, customized solutions to contractors; construction materials producers; manufacturers and suppliers of building materials and equipment; owners and developers; engineers and architects; utilities; and construction industry trade associations. FMI is an advisor you can count on to build and maintain a successful business, from your leadership to your site managers. Rusty Sherwood Senior Consultant 210 University Blvd, Suite 800 Denver, CO (303) rsherwood@fminet.com 2014 FMI Corporation 43