4 T he troubling economic news means Generation Y’ers will be increasingly desperate to find jobs (and start paying off their student loans) and Baby Boomers may be putting off retirement by a decade or more. Demographic data points to a surplus of able- bodied workers and projects that this surplus will grow. In short, there is some good news for employers in these trying times - the employment pool is a buyer’s market, and will continue to be so for several years to come. The Current Landscape Generation Y’ers (those born between the late 1970s and the early 1990s) challenge prior notions of work – performing nearly every task via computer; seeking constant feedback and encouragement; and jealously guarding their off-work hours. In their defense, the old-world rewards for productivity and employee loyalty are no longer; and without vesting or other benefits of tenure, Gen Y’ers have little reason not to leave one company for another. Baby Boomers (those born between 1946 and 1964) need to keep working, if not for the salary then for the benefits (e.g. health insurance). However, this does not mean their skill sets continue to match their companies’ needs. Boomers may also try to assume a sort of “emeritus” status that goes beyond their tenure or position with the company. As one might imagine, the differences in the way these groups define “work” creates the potential for the type of conflict that could derail a company. Additional complications arise if Generation Y’ers achieve supervisory roles over their Boomer colleagues. The difference between success and failure (both short and long-term) may very well lie in your ability to recognize your “corporate core” and groom and retain those individuals, whether Boomers or Generation Y’ers, who best fit that “corporate core.” Doing so increases the probability of employee synergy, creates opportunities for succession planning, and minimizes turnover and the costs associated therewith. What’s at your core? Understanding and Bridging the Generational Gap By Mark J. Goldstein, Attorney at Law Mark J. Goldstein, SC Where To From Here? 1. Seek input from your Gen Y’ers regarding “extra-curricular” activities Consider charging them with responsibility for planning a new activity and providing them a modest budget, demonstrating the company’s backing 2 Empower your Boomers by matching them up as mentors to your Gen Y‘ers Encourage these relationships with a modest budget for coffee or the occasional breakfast or lunch This makes a statement about your faith in the skills and talents of the company’s Boomers, and gives your Gen Y’ers the opportunity to seek input outside of the pressures of their day-to-day work responsibilities 3. Institute a 360 degree review procedure; seeking input from employees, supervisors, colleagues and subordinates This not only provides a more accurate and useful review, it also gives you a sense of how your employee relates to co-employees of all types and strata 4. Think deeply about your corporate culture Beyond the mission and vision statement posted in the lobby - how do you do things? Both historically and looking forward, what types of employee backgrounds, personalities, and traits best fit your culture? Can this be articulated or quantified? BABY BOOMER DYNAMICS

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Page 1: Understanding and Bridging the Generational Gapgoldsteinsc.com/PDF/WDC_01.pdfUnderstanding and Bridging the Generational Gap By Mark J. Goldstein, Attorney at Law Mark J. Goldstein,

The troubling economic news means Generation Y’ers will be increasingly desperate to find jobs (and start paying off their student loans) and Baby Boomers may be putting

off retirement by a decade or more. Demographic data points to a surplus of able-bodied workers and projects that this surplus will grow. In short, there is some good news for employers in these trying times - the employment pool is a buyer’s market, and will continue to be so for several years to come.

The Current LandscapeGeneration Y’ers (those

born between the late 1970s and the early 1990s) challenge prior notions of work – performing nearly every task via computer; seeking constant feedback and encouragement; and jealously guarding their off-work hours. In their defense, the old-world rewards for productivity and employee loyalty are no longer; and without vesting or other benefits of tenure, Gen Y’ers have little reason not to leave one company for another.

Baby Boomers (those born between 1946 and 1964) need to

keep working, if not for the salary then for the benefits (e.g. health insurance). However, this does not mean their skill sets continue to match their companies’ needs. Boomers may also try to assume

a sort of “emeritus” status that goes beyond their tenure or position with the company.

As one might imagine, the differences in the way these groups define “work” creates the potential for the type of conflict that could derail a company. Additional complications arise if Generation Y’ers achieve supervisory roles over their Boomer colleagues.

The difference between success and failure

(both short and long-term) may very well lie in your ability to recognize your “corporate core” and groom and retain those individuals, whether Boomers or Generation Y’ers, who best fit that “corporate core.” Doing so increases the probability of employee synergy, creates opportunities for succession planning, and minimizes turnover and the costs associated therewith. What’s at your core?

Understanding and Bridging the Generational GapBy Mark J. Goldstein, Attorney at LawMark J. Goldstein, SC

Where To From Here?

1. Seek input from your Gen Y’ers regarding “extra-curricular” activities . Consider charging them with responsibility for planning a new activity and providing them a modest budget, demonstrating the company’s backing .

2 . Empower your Boomers by matching them up as mentors to your Gen Y‘ers . Encourage these relationships with a modest budget for coffee or the occasional breakfast or lunch . This makes a statement about your faith in the skills and talents of the company’s Boomers, and gives your Gen Y’ers the opportunity to seek input outside of the pressures of their day-to-day work responsibilities .

3. Institute a 360 degree review procedure; seeking input from employees, supervisors, colleagues and subordinates . This not only provides a more accurate and useful review, it also gives you a sense of how your employee relates to co-employees of all types and strata .

4. Think deeply about your corporate culture . Beyond the mission and vision statement posted in the lobby - how do you do things? Both historically and looking forward, what types of employee backgrounds, personalities, and traits best fit your culture? Can this be articulated or quantified?

BABY BOOMERDYNAMICS

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