Love The One You’re With - Tomball Chamber of Commerce
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Presentation given to Tomball Chamber of Commerce on June 7, 2013
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Love The One You’re With - Tomball Chamber of Commerce
- 1. If You Can’t Be with the One You Love, Love the One You’re With Strategies for a Multigenerational Workplace
- 6. “In my organization, there are real differences between older and younger generations and how they approach work.” No, I've never noticed, 16% Yes, there are, but they NEVER pose challenges, 12% Yes, they SOMETIMES/ OFTEN pose challenges, 72 % Neil Howe & Reena Nadler, WHY GENERATIONS MATTER: Ten Findings from LifeCourse Research on the Workforce, Feb 28, 2012
- 12. "I see no hope for the future of our people if they are dependent on the frivolous youth of today, for they are reckless beyond words. When I was young, we were taught to be discreet, respectful of elders, but the present youth are exceedingly disrespectful and impatient.“ – Socrates, c. 400 BC
- 15. Life Stage + Turning = Generation Type •Childhood •Young Adulthood •Middle Age •Elderhood •High •Awakening •Unraveling •Crisis
- 16. Current Living Generations •Hero: GI (1901-1924), Millennial (1981-2004) •Artist: Silent (1925- 1942), Homeland (2005-Present) •Prophet: Baby Boom (1943-1960) •Nomad: Generation X (1961-1980)
- 18. 5 to 9 years 10 to 14 years 15 to 19 years 20 to 24 years 25 to 29 years 30 to 34 years 35 to 39 years 40 to 44 years 45 to 49 years 50 to 54 years 55 to 59 years 60 to 64 years 65 to 74 years 75 to 84 years Baby Boomers 81 million Generation X 61 million Millennials 85 million
- 19. Most Developed Countries Have Labor Shortages by 2020 World Economic Forum, Stimulating Economies Through Tenant Mobility, 2010 Shortage Equilibrium Surplus
- 20. Be Prepared for a More Diverse Workforce and Customer Base 72% 65% 58% 48% 39% 36% 32% 30% 9% 14% 20% 29% 36% 39% 42% 44% 19% 18% 18% 17% 17% 17% 17% 17% 3% 3% 7% 7% 8% 9% 10% 1970 1980 1990 2000 2010 2020 2030 2040 White Hispanic Black Other Source: HGAC Demographic Model Millions
- 21. Percentage of Marriages in 2010 That Were Interracial Hope Yen, Interracial Marriage In The U.S. Climbs To New High, Study Finds, Huffington Post, Feb 16, 2012, http://www.huffingtonpost.com/2012/02/16/interracial-marriage-in-us_n_1281229.html
- 22. Cumulative US College Degree Gap in Favor of Women, 1982 - 2013 US Department of Education, Digest of Educational Statistics, Table 283. Degrees conferred by degree- granting institutions, by level of degree and sex of student: Selected years, 1869-70 through 2020-21, 2011 0 1 2 3 4 5 6 7 8 9 10 Millions Bachelor’s Degrees: 4.3 million All Degrees: 9.1 million
- 23. Projected US Population Growth If Immigration and Fertility Do Not Change 200 250 300 350 400 450 1970 1980 1990 2000 2010 2020 2030 2040 2050 Millions Immigrants and Descendants since 1970 Growth from Descendants Of 1970 Residents Source: US Bureau of the Census, SUSPS Overview, http://www.susps.org/overview/numbers.html
- 24. MILLENNIALS
- 25. Hero Generation •Selfless, rational, competent •Unreflective, mechanistic, overbold •Community, affluence, technology •Children of Prophet Generation •Young adult in Crisis, Elders in Awakening •Thomas Jefferson, John Kennedy, Walt Disney, Ronald Reagan, Mark Zuckerburg •Millennial (1982-2004), GI (1901-1924)
- 26. •Hero Generation •Born 1983 – 2004 •Politics: Clinton-Lewinsky, No Child Left Behind, relatively stable political culture, 9/11, War on Terror •Society: helicopter parents, every body gets a ribbon, zero tolerance, social media, diversity, self-esteem •Business: Technology bubble, start- ups, Facebook, Google, Apple, Netflix •Culture: focused on technology, celebrity sex tapes, “famous for being famous”, sharing
- 27. Total Non-Farm Payroll, Bureau of Labor Statistics, May 2013 0 40,000 80,000 120,000 160,000 F-48 F-52 F-56 F-60 F-64 F-68 F-72 F-76 F-80 F-84 F-88 F-92 F-96 F-00 F-04 F-08 F-12 4.5 M Boomers/year enter economy w/ 50M jobs 4.5 M Millennials/year enter economy w/ 130M jobs
- 28. Baby Boomer Parenting Gen X Parenting Protecting through involvement Protecting through surveillance What’s best for the GROUP of children What’s best for MY child Giving children what they need to be successful Teaching children how to be successful Aspirations – you can do anything Realistic – do what you are good at Everybody wins Only the best win
- 34. Percentage of Millennials Planning to Change Jobs When Economy Improves UNC Kenan-Flagler Business School, The Force of Gen Y, June 28, 2012, http://under30ceo.com/infographic- the-who-how-and-why-of-leading-gen-y/
- 36. Percentage of Millennials Who Believe Mentorship is a Key to Career Success PWC Global CEO Survey, 2011
- 38. What Every Employee Should Know • Who are the customers or segments we serve? • What products and services do we provide? • With whom do we partner to deliver our products and services? • Who are our competitors, why are they a threat and what can we learn from them? • How do we measure our success? • What is the history that affects our current strategy? • What external trends or issues are important to our strategy? • How does the organizational structure support our strategy? • What three things our group does to support the strategy?
- 40. Skill Development Plan BROKER START DATE 11/2/2011 SKILL FAMILY SKILL SEQUENCE DATE (weeks) DATE RESOURCES Tenant Representation Your Role 1 1 11/9/2011 Chapter 10, Tenant Representation, Successful Leasing and Selling of Office Property Tenant Representation Getting Started 2 1 11/9/2011 Chapter 10, Tenant Representation, Successful Leasing and Selling of Office Property Tenant Representation Using an Exclusive representative 3 1 11/9/2011 Chapter 10, Tenant Representation, Successful Leasing and Selling of Office Property Tenant Representation Tenant Representation Agreements 4 1 11/9/2011 Chapter 10, Tenant Representation, Successful Leasing and Selling of Office Property Tenant Representation Calculating Commissions 5 1 11/9/2011 Review with Scott Davis Company capabilities NAI Houston 6 1 11/9/2011 NAI Houston placemats Company capabilities Product Experience 7 1 11/9/2011 NAI Houston placemats Company capabilities Transaction history 8 1 11/9/2011 NAI Houston placemats Company capabilities NAI Global 9 1 11/9/2011 Watch NAI Global Videos Company capabilities Arcadian 10 1 11/9/2011 Review Arcadian brochures, meeting with Mark Kurtz Ethics in Real Estate Ethical conduct in commercial real estate 11 1 11/9/2011 Watch NAR Videos on Ethics Physical Aspects of Office Buildings Physical aspects of office buildings 12 1 11/9/2011 Chapter 1, Physical Aspects of Office Buildings, Successful Leasing and Selling of Office Property Using CRM Principles of customer relationship management 13 2 11/16/2011 Wikipedia - CRM Using CRM How to use the Vtiger program 14 2 11/16/2011 Vtiger Cheat Sheet Using CRM Scheduling follow ups 15 2 11/16/2011 Vtiger Cheat Sheet Using CRM Qualifying lead vs. prospect 16 2 11/16/2011 Chapter 6, Selling Skills, Successful Leasing and Selling of Office Property Documents Rep letter or fee agreement 17 2 11/16/2011 NAI Houston rep agreement Prospecting Identify prospect 18 2 11/16/2011 Chapter 6, Selling Skills, Successful Leasing and Selling of Office Property Prospecting Locate contact info 19 2 11/16/2011 Chapter 6, Selling Skills, Successful Leasing and Selling of Office Property Prospecting Calling 19 2 11/16/2011 Chapter 5 & 6, Successful Industrial Real Estate Brokerage Prospecting Initial Contact Script/Pitch 20 2 11/16/2011 Chapter 6, Selling Skills, Successful Leasing and Selling of Office Property Selling Skills Qualifying Tenants 21 2 11/16/2011 Chapter 6, Selling Skills, Successful Leasing and Selling of Office Property Prospecting Qualification process (size, industry, lease term) 24 2 11/16/2011 Chapter 6, Selling Skills, Successful Leasing and Selling of Office Property Selling Skills Answering Objections 24 2 11/16/2011 Sales Objections Dictionary, review Notes on Objections Marketing Package Architectural, construction and relocation process 28 3 11/23/2011 Review tenant rep pitchbook Marketing Package Business terms/Negotiation process 29 3 11/23/2011 Review tenant rep pitchbook Marketing Package Contracts review and negotiation 30 3 11/23/2011 Review tenant rep pitchbook Marketing Package Data collection and analysis 31 3 11/23/2011 Review tenant rep pitchbook Marketing Package Lease life cycle management 32 3 11/23/2011 Review tenant rep pitchbook Marketing Package Leasing process 33 3 11/23/2011 Review tenant rep pitchbook Marketing Package Needs analysis and project planning 34 3 11/23/2011 Review tenant rep pitchbook OFFICE TENANT REP SKILL DEVELOPMENT PLAN
- 41. Ignoring Work is the Same as Destroying It $0.15 $0.26 $0.28 $- $0.05 $0.10 $0.15 $0.20 $0.25 $0.30 Wage Shredded Ignored Acknowledged Dan Aracely
- 42. How Your Sales People Spend Their Time Selling, 41.0 % Not Selling, 59.0 % CSO Insight, 2011
- 43. Sales call reluctance is the fear of self-promotion in professional sales.
- 46. Call Objections Worksheet Type of Objection Example Where it Comes From Answers “Now is not agood time.” Short on time or prospect doesn't see value or benefit. When is agood time? If no good time ask when not to call. “Too soon; 3 years left on my lease.” Prospect doesn't see the value or benefit. Qualify prospect size - satisfaction with current building. For the right prospect, we can help now. “Too busy.” Short on time or prospect doesn't see value or benefit. When is agood time? If no good time ask when not to call. Ask if they have concerns to address so you are prepared for the meeting. “Call me back…” Unanswered obejction. When is agood time? If no good time ask when not to call. Ask if they have concerns to address so you are prepared for the meeting. “Get to the point.” Short on time; or you may be waffling. Give quick summary of benefits and ask for an appt for more detail. “How longwill it take?” Unanswered obejction. Set ashort period of time and give quick summary of benefits. Ask if they have any concerns about space, etc. “Waste of time.” Prospect doesn't see the value or benefit. Ask if they want abenefit that you are offering, give them some case studies detailingbenefit. “I already have abroker.” Prospect has abroker or doesn't trust you. Who is it? What are they doing? Why did you select this broker? When was the last time you talked with them? “I handle the lease myself.” Doesn't understand value or hidinganother objection. What are you doingto renew the lease? Educate the prospect, offer to team up. “I’m talkingwith other brokers.” Prospect has abroker or doesn't trust you. When are you lookingto make adecision? What criteria are you using? Do they have experience in this area? What other concerns do you have that need to be addressed? “I have family/afriend in the business.” Prospect doesn't trust you. What kind of real estate do they practice?When was the last time you talked with them about this? Can we work with them?Offer areferral fee. “I always use the same guy/you’re not as good as my guy/etc” Doesn't trust you or doesn't understand value, also may have been introduced to another broker by atrusted advisor. Offer asecond opinion, see if you can offer increased service level, ask what they like about the broker and why they selected them. Noteson Objections TimeCompetition 1Q2011 Brainstorming Seminar
- 47. •Have a diversity-friendly workplace •Create personal relationships to encourage loyalty •Connect the job to the company’s overall mission •Set clear expectations for performance at onboarding •Reinforce expectations during frequent evaluations •MENTOR! MENTOR! MENTOR! •Provide continual training and assistance with business processes
- 48. You should feel the greatest satisfaction if one day your subordinate can do your job better than you ever did, not disparaging. For this is the ultimate in achievement …. The next generation must be more than ready to fill our shoes; they must be ready to run faster in them. -Lieutenant Col. Om Prakash, 87th Flying Training Squadron commander
Notes de l'éditeur
- Why can’t we all just get along?
- Real Estate brokerage model
- I see no hope for the future of our people if they are dependent on the frivolous youth of today, for they are reckless beyond words. When I was young, we were taught to be discreet, respectful of elders, but the present youth are exceedingly disrespectful and impatient.“ – Socrates, 400 BC
- Millienials are part of a pattern
- First TurningThe First Turning is a High. Old Prophets die, Nomads enter elderhood, Heroes enter midlife, Artists enter young adulthood—and a new generation of Prophets is born. This is an era when institutions are strong and individualism is weak. Society is confident about where it wants to go collectively, even if those outside the majoritarian center feel stifled by the conformity. America’s most recent First Turning was the post-World War II American High, beginning in 1946 and ending with the assassination of John Kennedy in 1963, a key lifecycle marker for today’s older Americans. Coming of age during this High was the Artist archetype Silent Generation (born 1925 to 1942). Known for their caution, conformity, and institutional trust, Silent young adults embodied the ethos of the High. Most married early, sought stable corporate jobs, and slipped quietly into America’s gleaming new suburbs.In Parsons’ terms, a First Turning is an era in which both the availability of social order and the demand for social order are high. Examples of earlier First Turnings include the post-Civil War Reconstruction Era, sometimes called the Victorian High of industrial growth and stable families, and the post-Constitution Era of Good Feelings, when Thomas Jefferson celebrated the advance of science and empire.Second TurningThe Second Turning is an Awakening. Old Nomads die, Heroes enter elderhood, Artists enter midlife, Prophets enter young adulthood—and a new generation of child Nomads is born. This is an era when institutions are attacked in the name of personal and spiritual autonomy. Just when society is reaching its high tide of public progress, people suddenly tire of social discipline and want to recapture a sense of personal authenticity. Young activists and spiritualists look back at the previous High as an era of cultural poverty. America’s most recent Awakening was the “Consciousness Revolution,” which spanned from the campus and inner-city revolts of the mid 1960s to the tax revolts of the early ‘80s. Coming of age during this Awakening was the Prophet archetype Boom Generation (born 1943 to 1960), whose passionate idealism and search for authentic self-expression epitomized the mood of the era.In Parsons’ terms, a Second Turning is an era in which the availability of social order is high, but the demand for such order is low. Examples of earlier Second Turnings include the Third Great Awakening around 1900, marked by labor protests, Billy Sunday evangelicals, and “new woman” feminists, and the Transcendental Awakening, which Henry David Thoreau described as a period “when we have lost the world…and begin to find ourselves.”Third TurningThe Third Turning is an Unraveling. Old Heroes die, Artists enter elderhood, Prophets enter midlife, Nomads enter young adulthood—and a new generation of child Heroes is born. The mood of this era is in many ways the opposite of a High. Institutions are weak and distrusted, while individualism is strong and flourishing. Highs follow Crises, which teach the lesson that society must coalesce and build. Unravelings follow Awakenings, which teach the lesson that society must atomize and enjoy. America’s most recent Unraveling was the Long Boom and Culture Wars, beginning in the early 1980s and probably ending in 2007. The era opened with triumphant “Morning in America” individualism and drifted toward a pervasive distrust of institutions and leaders, an edgy popular culture, and the splitting of national consensus into competing “values” camps. Coming of age during this Unraveling was the Nomad archetype Generation X (born 1961-1981), whose pragmatic, free-agent persona and Survivor-style self-testing have embodied the mood of the era.In Parsons’ terms, a Third Turning is an era in which both the availability of social order and the demand for such order are low. Examples of earlier Unravelings include the periods around the “roaring” 1920s of Prohibition, the Mexican War in the 1850s, and the French and Indian Wars in the 1760s. These were all periods of cynicism and bad manners, when civic authority felt weak, social disorder felt pervasive, and the culture felt exhausted.Fourth TurningThe Fourth Turning is a Crisis. Old Artists die, Prophets enter elderhood, Nomads enter midlife, Heroes enter young adulthood—and a new generation of child Artists is born. This is an era in which America’s institutional life is torn down and rebuilt from the ground up—always in response to a perceived threat to the nation’s very survival. Civic authority revives, cultural expression finds a community purpose, and people begin to locate themselves as members of a larger group. In every instance, Fourth Turnings have eventually become new “founding moments” in America’s history, refreshing and redefining the national identity. America’s most recent Fourth Turning began with the stock market crash of 1929 and climaxed with World War II. The generation that came of age during this Fourth Turning was the Hero archetype G.I. Generation (born 1901 to 1924), whose collective spirit and can-do optimism epitomized the mood of the era. Today’s Hero archetype youth, the Millennial Generation (born 1982 to 2004) show many traits similar to those of the G.I. youth, including rising civic engagement, improving behavior, and collective confidence.In Parsons’ terms, a Fourth Turning is an era in which the availability of social order is low, but the demand for such order is high. Examples of earlier Fourth Turnings include the Civil War in the 1860s and the American Revolution in the 1770s—both periods of momentous crisis, when the identity of the nation hung in the balance.
- First TurningThe First Turning is a High. Old Prophets die, Nomads enter elderhood, Heroes enter midlife, Artists enter young adulthood—and a new generation of Prophets is born. This is an era when institutions are strong and individualism is weak. Society is confident about where it wants to go collectively, even if those outside the majoritarian center feel stifled by the conformity. America’s most recent First Turning was the post-World War II American High, beginning in 1946 and ending with the assassination of John Kennedy in 1963, a key lifecycle marker for today’s older Americans. Coming of age during this High was the Artist archetype Silent Generation (born 1925 to 1942). Known for their caution, conformity, and institutional trust, Silent young adults embodied the ethos of the High. Most married early, sought stable corporate jobs, and slipped quietly into America’s gleaming new suburbs.In Parsons’ terms, a First Turning is an era in which both the availability of social order and the demand for social order are high. Examples of earlier First Turnings include the post-Civil War Reconstruction Era, sometimes called the Victorian High of industrial growth and stable families, and the post-Constitution Era of Good Feelings, when Thomas Jefferson celebrated the advance of science and empire.Second TurningThe Second Turning is an Awakening. Old Nomads die, Heroes enter elderhood, Artists enter midlife, Prophets enter young adulthood—and a new generation of child Nomads is born. This is an era when institutions are attacked in the name of personal and spiritual autonomy. Just when society is reaching its high tide of public progress, people suddenly tire of social discipline and want to recapture a sense of personal authenticity. Young activists and spiritualists look back at the previous High as an era of cultural poverty. America’s most recent Awakening was the “Consciousness Revolution,” which spanned from the campus and inner-city revolts of the mid 1960s to the tax revolts of the early ‘80s. Coming of age during this Awakening was the Prophet archetype Boom Generation (born 1943 to 1960), whose passionate idealism and search for authentic self-expression epitomized the mood of the era.In Parsons’ terms, a Second Turning is an era in which the availability of social order is high, but the demand for such order is low. Examples of earlier Second Turnings include the Third Great Awakening around 1900, marked by labor protests, Billy Sunday evangelicals, and “new woman” feminists, and the Transcendental Awakening, which Henry David Thoreau described as a period “when we have lost the world…and begin to find ourselves.”Third TurningThe Third Turning is an Unraveling. Old Heroes die, Artists enter elderhood, Prophets enter midlife, Nomads enter young adulthood—and a new generation of child Heroes is born. The mood of this era is in many ways the opposite of a High. Institutions are weak and distrusted, while individualism is strong and flourishing. Highs follow Crises, which teach the lesson that society must coalesce and build. Unravelings follow Awakenings, which teach the lesson that society must atomize and enjoy. America’s most recent Unraveling was the Long Boom and Culture Wars, beginning in the early 1980s and probably ending in 2007. The era opened with triumphant “Morning in America” individualism and drifted toward a pervasive distrust of institutions and leaders, an edgy popular culture, and the splitting of national consensus into competing “values” camps. Coming of age during this Unraveling was the Nomad archetype Generation X (born 1961-1981), whose pragmatic, free-agent persona and Survivor-style self-testing have embodied the mood of the era.In Parsons’ terms, a Third Turning is an era in which both the availability of social order and the demand for such order are low. Examples of earlier Unravelings include the periods around the “roaring” 1920s of Prohibition, the Mexican War in the 1850s, and the French and Indian Wars in the 1760s. These were all periods of cynicism and bad manners, when civic authority felt weak, social disorder felt pervasive, and the culture felt exhausted.Fourth TurningThe Fourth Turning is a Crisis. Old Artists die, Prophets enter elderhood, Nomads enter midlife, Heroes enter young adulthood—and a new generation of child Artists is born. This is an era in which America’s institutional life is torn down and rebuilt from the ground up—always in response to a perceived threat to the nation’s very survival. Civic authority revives, cultural expression finds a community purpose, and people begin to locate themselves as members of a larger group. In every instance, Fourth Turnings have eventually become new “founding moments” in America’s history, refreshing and redefining the national identity. America’s most recent Fourth Turning began with the stock market crash of 1929 and climaxed with World War II. The generation that came of age during this Fourth Turning was the Hero archetype G.I. Generation (born 1901 to 1924), whose collective spirit and can-do optimism epitomized the mood of the era. Today’s Hero archetype youth, the Millennial Generation (born 1982 to 2004) show many traits similar to those of the G.I. youth, including rising civic engagement, improving behavior, and collective confidence.In Parsons’ terms, a Fourth Turning is an era in which the availability of social order is low, but the demand for such order is high. Examples of earlier Fourth Turnings include the Civil War in the 1860s and the American Revolution in the 1770s—both periods of momentous crisis, when the identity of the nation hung in the balance.
- Why are we even talking about this? – because there are not enough 35-45 year olds to replace your currently retiring employees and leaders.If that’s not enough to scare you, there are a couple of other statistics that should. In 2011, a study by the Manpower Group showed that 52% of employers had difficulty filling positions because of talent shortages. That’s partly because of the last graph. Drilling down the problem is as much inflexibility as anything else; Peter Cappelli of the Wall Street Journal says “With an abundance of workers to choose from, employers are demanding more of job candidates than ever before. They want prospective workers to be able to fill a role right away, without any training or ramp-up time.” So the qualified workers you want are not there in the labor force. And right now companies are concluding, in the words of Robert Goldfarb of the New York Times: “Let them grow up on someone else’s payroll.” That strategy can work, but the economy is shifting, even if it’s imperceptively slow. CareerBuilder surveys they showed that last year 54% of companies reported they were hiring recent college grads, up from just 43% in 2009. Of companies hiring, 29% said they were paying more than the year before. So you’re going to have more competition to get the best grads. The other shift that’s going to limit your strategy is that people are quitting jobs again. The BLS prepares a report called the Job Openings and Labor Turnover Survey – and the April report showed that more people are now changing jobs than at any time since 2008, and that the numbers have jumped dramatically over the last few months. To recap – the replacement employees you need aren’t in the workforce, you’ve got increased competition for the very best of unskilled recent college graduates, and the economy has sufficiently improved to allow your best existing workers to quit and take a new job. So what do you do? I think there are three key reasons why the Millennials think so differently from you Both the Boomers and the Millennials average about 4.5 million people per year. So in 1965, the Boomers were competing with 4.5 million potential workers in an economy of 71 million jobs, while the same number of Millennials are today competing in an economy twice that size. So the boomers had to stay late, had to show up on Saturday, had to have "face time" with the boss so that you would get noticed; there were four or five other people that could or would take that job if you didn't keep it. Today's 25 year old millienial simply does not face that same type of challenge. On top of that, for the first time in history, the youngest generation in the workforce possesses technological skill dominance over the older, supervising generations. So, not only is the competition much less to get a job for these workers, they may often have better skills than the people who have just hired and are supervising them. The second explanation is that they have a dramatically different view of time. As Cam Marston says in Managing the What’s in it for Me Workforce:To the Boomers and Matures, time was something they had to invest in their careers. They became workaholics because they invested their extra time back into their work. To them, time is/was cheap, and giving it back to an employer through long hours of work was expected. To Gen Xers and New Milliennials, time is expensive and needs to be controlled as closely and tightly as money itself. Time has become a very real currency, just like dollars themselves, and giving control of it to the workplace is definitely not a part of a plan to become successful. When I look at my own kids, and how overscheduled they are today and know that the millennials grew up in that same environment, I can appreciate how they value control of their time. Finally, the third explanation is that Millennials have also radically redefined expectations of their value and ability to contribute to success. And what's more, their parents encouraged them to think that. Parents demanded explanations from teachers for bad test scores and grades. Parents complained to the principal when Billy got in the honor society and Johnny did not. Parents borrowed the money for questionable degrees instead of more vocationally oriented courses of study. Parents sent them to summer camps every year instead of asking them to get a job. As the old 1980s PSA about drugs used to say “I learned it by watching you.”
- It’s not just a problem in the US – it’s a problem across most of the developed world. All of the countries in red show a skills gap by 2020. The gaps reflected in this chart are based solely on numbers – the gaps widen when you consider qualitative issues like job mismatch and employability.
- The region’s population is also growing more diverse. Already in 2000, whites were no longer the majority. Hispanics make up an ever greater share of the region by 2040.
- The U.S. Census Bureau today released a 2010 Census brief, Households and Families: 2010, that showed interracial or interethnic opposite-sex married couple households grew by 28 percent over the decade from 7 percent in 2000 to 10 percent in 2010. States with higher percentages of couples of a different race or Hispanic origin in 2010 were primarily located in the western and southwestern parts of the United States, along with Hawaii and Alaska. A higher percentage of unmarried partners were interracial or interethnic than married couples. Nationally, 10 percent of opposite-sex married couples had partners of a different race or Hispanic origin, compared with 18 percent of opposite-sex unmarried partners and 21 percent of same-sex unmarried partners.In all, more than 15 percent of new marriages in 2010 were interracial.
- According to the Department of Education, more women than men have graduated from US colleges with bachelor’s degrees in every year since 1982, and the same is true for all college degrees (associate’s, bachelor’s, master’s and doctor’s degrees). For the class of 2012, women earned 61.7% of all associate’s degrees, 56.9% of all bachelor’s degrees, 59.6% of all master’s degrees, and 52.1% of all doctor’s degrees. Overall, there were 141 women graduating with a college degree at some level in 2012 for every 100 men.We know there’s been a gender gap for every college class since 1982, but what about the cumulative gender gap in college degrees over the last 30 years? The chart above shows that since 1982, women have earned 4.3 million more bachelor’s degrees than men (21.4 million degrees for women vs. 17.3 million degrees for men). For all college degrees, women have earned 9.1 million more degrees than men (41.9 million vs. 32.8 million) since 1982. Women earned more bachelor’s degrees starting in 1982, more master’s degrees starting in 1986, and more doctorates in 2006.
- The green lower portion of the graph represents growth from 1970 Americans and their descendants. There were 203 million people living in the U.S. in 1970. The projection of growth in 1970-stock Americans and their descendants from 1994 to 2050 is based on recent native-born fertility and mortality rates. This growth would occur despite below replacement-level fertility rates because of population momentum, where today's children will grow up to have their own children. This segment of Americans is on track to peak at 247 million in 2030 and then gradually decline.11 The red upper portion of the graph represents the difference between the number of 1970-stock Americans and the total population. The tens of millions of people represented by this block are the immigrants who have arrived, or are projected to arrive, since 1970, plus their descendents, minus deaths. They are projected to comprise 70% of all U.S. population growth between 1993 and 205033.
- “We attended schools eviscerated by budget cuts in an era when kids weren’t a priority; now many schools have better computers than some offices.” Ted Rall, 1994 http://www.rall.com/rallblog/searchablearchives/essays/marketing-madness-a-postmortem-for-generation-x
- I think there are three key reasons why the Millennials think so differently from you Both the Boomers and the Millennials average about 4.5 million people per year. So in 1965, the Boomers were competing with 4.5 million potential workers in an economy of 71 million jobs, while the same number of Millennials are today competing in an economy twice that size. So the boomers had to stay late, had to show up on Saturday, had to have "face time" with the boss so that you would get noticed; there were four or five other people that could or would take that job if you didn't keep it. Today's 25 year old millienial simply does not face that same type of challenge. On top of that, for the first time in history, the youngest generation in the workforce possesses technological skill dominance over the older, supervising generations. So, not only is the competition much less to get a job for these workers, they may often have better skills than the people who have just hired and are supervising them. The second explanation is that they have a dramatically different view of time. As Cam Marston says in Managing the What’s in it for Me Workforce:To the Boomers and Matures, time was something they had to invest in their careers. They became workaholics because they invested their extra time back into their work. To them, time is/was cheap, and giving it back to an employer through long hours of work was expected. To Gen Xers and New Milliennials, time is expensive and needs to be controlled as closely and tightly as money itself. Time has become a very real currency, just like dollars themselves, and giving control of it to the workplace is definitely not a part of a plan to become successful. When I look at my own kids, and how overscheduled they are today and know that the millennials grew up in that same environment, I can appreciate how they value control of their time.
- Finally, the third explanation is that Millennials have also radically redefined expectations of their value and ability to contribute to success. And what's more, their parents encouraged them to think that. Parents demanded explanations from teachers for bad test scores and grades. Parents complained to the principal when Billy got in the honor society and Johnny did not. Parents borrowed the money for questionable degrees instead of more vocationally oriented courses of study. Parents sent them to summer camps every year instead of asking them to get a job. As the old 1980s PSA about drugs used to say “I learned it by watching you.”
- 1968: First child restraints designed for crash protection developed by Ford (Tot-Guard) and General Motors (Love Seat for toddlers). Followed soon thereafter by the GM Infant Love Seat (first rear-facing only restraint) and the Bobby Mac convertible seat (used both rear-facing and forward facing). 1972: Consumer Reports publishes article showing that most car seats that passed FMVSS 213 could not withstand crash tests1978-1985 Tennessee first state to enact child safety seat laws; last state was 19851984: The first Presidential Proclamation (under Ronald Regan) issued on child passenger protection, titled "National Child Passenger Safety Awareness Day, 1984" by Senate Joint Resolution #2890.1984: Toyota and Chrysler introduced the minivan1993: Take your daughters to work day introduced1993 Family Medical Leave Act passed
- Reality TV exploded in the early 2000’s, and still remains one of today’s most popular genres. In 1999, the most popular shows on TV were E.R.,Friends and Frasier, according to the Nielsen ratings. During the week of March 12, 2012, Nielsen’s top three shows on primetime, broadcast network TV were American Idol – Wednesday,American Idol – Thursday, and The Voice; all reality programs.MikhiFarhner, The Real Effects of Reality TV, USA Today, April 18, 2012
- Girl Scouts Research Institute, Real to Me: Girls and Reality TV, 2011At the same time, regular reality TV viewers are more confident than non-viewers. • This group of girls is more self-assured than non-viewers when it comes to virtually every personal characteristic we asked girls about, with themajority of regular reality TV viewers considering themselves mature, a good influence, smart, funny, and outgoing. • They are more likely than non-viewers to both aspire to leadership (46% vs. 27%) and to think they are currently seen as a leader (75% vs .63%).In addition, they are more likely to see themselves as role models for other girls (75% vs. 61%).In our study, the benefits of reality TV most frequently noted by all girls were opening the lines of communication, serving as a learning and motivational tool, and encouraging girls to be active in social causes.• Seventy-five percent of girls say that reality shows have inspired conversation with their parents and/or friends.• Many girls receive inspiration and comfort from reality TV, with 68% agreeing that reality shows “make me think I can achieve anything in life” and 48% that they “help me realize there are people out there like me.”• Seventy-five percent of girls say that reality TV depicts people with different backgrounds and beliefs. Furthermore, 65% say such shows introducenew ideas and perspectives, 62% say the shows have raised their awareness of social issues and causes, and 59% have been taught new things that they wouldn’t have learned about otherwise.
- This one is my favorite. Who has seen Jaws? This film-maker has re-imagined how the classic Spielberg horror film might look if it were produced today. Again, it’s simplistic to reduce the entire analysis of traits of generations into four short TV clips. And there’s a lot of different stuff on TV. But the kinds of shows which became popular during these eras were produced and then watched because they reflected the views and concerns of society at that point in time – and they both reflect and influence a lot of the attitudes of the generations of children which grew up watching them because both the kids and the TV shows were produced in the same crucible of events, culture and history which took place in those times.
- Think your millennial employees are happy? Think again.
- One of the first things I noticed with my young brokers was that they stopped by my office nearly every day; particularly if I hadn’t walked down to see them in the past couple of days. For a long time, I got really irritated by the constant interruption. But then I read Nicole Lipkin’s book “Y In the Workplace” – that’s when I realized these visits were a positive sign. Lipkin addresses the idea that helicopter parenting has stunted the independence and decision-making ability of millennials. But she says “the benefit of helicopter parenting is that parents and children share a close relationship with a continuance of support and encouragement throughout the lifespan to keep Generation Y motivated and positive.” My key insight was that they are not coming to my office and asking repeated simple questions because they were confused or didn’t know what to do. They were coming, honestly, to make sure that I wasn’t upset with them about something, to make sure that things were OK, to make sure that I hadn’t withdrawn my parental concern and approval. Sigmund Freud described transference in the early 20th century – when a patient subconsciously endows their therapist with feelings about their parents. Dr. Lipkin bluntly establishes the relationship: I always have someone on my side no matter whatParental guidance offers wisdom that same-aged peers cannot giveBoss, I like you – you remind me of my mom/dadI will listen to you, BossNow, I’m not suggesting you need to start packing a lunch for your 27 year old sales person. But those annoying questions and visits – you should recognize those as an opening – that your employee is reaching out to you. Take advantage of the opportunities they present to brainstorm with them to help them develop confidence in their abilities and autonomy. Also, take advantage of these times to reinforce the qualities – like leadership, independent thinking, maturity, emotional intelligence -- you need for success in your company and/or industry. Help them to create goals to achieve these objectives and provide them with regular feedback. Finally, use these sessions also to share your company’s values and objectives and how what your millennial employees does fits in to that. If you are really on top of it, you’ll include this in your onboarding process. I started scheduling a meeting with a new hire toward the end of their first week to discuss expectations, company values and to check in on how well we were onboarding the new hires.
- They want a mentor.
- Everyone know what this is? The seagull. What does a seagull do? It soars in, flies around and squawks, then leaves. Any one ever have the seagull manager? Are you a seagull?First thing is don’t be a seagull.
- Every employee at a minimum ought to be able to answer these questions:Who are the customers or segments we serve?What products and services do we provide?With whom do we partner to deliver our products and services?Who are our competitors, why are they a threat and what can we learn from them?How do we measure our success?What is the history that affects our current strategy?What external trends or issues are important to our strategy?How does the organizational structure support our strategy?What three things our group does to support the strategy? At the end of the day, you don’t want them to treat you either like a peer or a parent, you want to help them to develop a mature work relationship. It may sound like a lot of handholding, but it works. And it helps to build loyalty. Millennials typically do not have loyalty to companies, but they will develop strong personal loyalty. The young lady I hired in 2007, for example, has worked for me at three different companies. It works, and it will let you establish the kind of relationship with them where they will listen to you.
- The second thing we did was to try and develop a path to success for these young workers. Most real estate companies have “training” programs for new agents that consist of making lots of phone calls and spending some time “apprenticing” under an experienced real estate broker. I think many of us went through those programs – I know I picked up enough coffee and dry cleaning to achieve expert proficiency in those skills. We looked at our hiring, and determined about 1 in 5 of our new hires made it, and we terminated or lost another 50% within the first year. This was after reviewing hundreds of resumes, multiple interviews with dozens of candidates, and testing each potential hire. Basically, we would throw these young workers to the wolves, hope their senior brokers would tell them something, occasionally plan meetings where we told them something we thought was important, and then were shocked when in three months, they had only set a few meetings.Dr. Lipkin talks about the challenges that Millennials face in lower-level positions: “This generation recognizes early on in the work experience that great work gets noticed. Since getting noticed is important and motivating to this generation, everything that they do must be great, and subsequently they have difficulty with the job duties of entry level positions.” I also came to understand that they were genuinely frustrated by what they perceived as their failures, and that they really wanted to show them the path to success, to invest the time in them to give them the “keys to the mint.” . A 27-year old attorney in Washington, D.C. said it best: “It's probably pretty parental in its roots, but knowing that someone cares about how you're doing makes you want to do better to impress them and make them proud.”
- Steve Trautman was hired by Microsoft in the 1990s to work on a series of projects in which he had to coordinate teams to complete projects. He had very short deadlines, so he came up with a tool called the “Knowledge Silo Matrix,” or KSM. The KSM is basically a chart of skills needed to do any job, color coded by each employee’s mastery of each skill. Although we did not end up using Steve’s tool for that purpose, we took it to the next step in his formulation: the skill development plan. We addressed this problem by creating a “skill development plan” for each salesperson. Each plan included 55-65 skills based on the type of brokerage broken up into “skill families.” Each line of the plan contained a skill, the resource available to learn that skill, the test or assessment which they could use to demonstrate mastery, and the date by which we expected them to learn it. Was it intimidating? Yes. Was it a lot of work? Yes. But it did a couple of things for us – it helped us to standardize skills and service delivery across our sales force. It helped the company start to build loyalty with these new brokers directly rather than have them build loyalty solely with their mentors. And it also demonstrated to our millennial sales people that we were committed to them being successful – more than that, your younger workers will be attracted to training as “insurance” against technological and skill obsolescence that will leave them stagnated in the same job. PWC’s 2011 Global CEO Survey showed “98 percent of Millennials believe working with a mentor is a necessary component in development. In fact, they ranked training and development three times higher than cash bonuses as their first choice in benefits.”
- Everybody gets a ribbon is at this point a running gag for this group. Building rewards and recognition into our programs was challenging. But we’re not talking about financial compensation here. What we are really talking about is positive feedback. There’s science behind this: Dan Ariely, a researcher at MIT’s Sloan School of Management conducted a study on rewards and motivation on a group of MIT students. He gave them a sheet of random letters and paid them $0.55 to find 10 instances of consecutive letters. After completing the exercise, the subjects were asked if they would complete a second sheet for five cents less. The experiment continued until the subjects would no longer complete the sheets. The researcher then either acknowledged the sheets, ignored them, or shredded them without looking at them. Ariely expected to find that the “acknowledged” subjects would respond the longest, followed by the ignored, and finally the shredded. But that’s not what happened. The “acknowledged” subjects did perform longer than the other two groups, but there was no statistical difference between the ignored and the shredded. What that means was that for these subjects, ignoring their work had the same effect of destroying it. Ariely’s conclusion: “Occupations that are traditionally regarded as meaningful (medicine, art, science, pedagogy) are invariably associated with large and ‘noble’ goals. Individuals presumably derive satisfaction from a feeling that their work promotes these goals, which in turn leads to lower reservation wages.” Giving them meaningful work and recognizing them for accomplishing it provides compensation they will appreciate outside of mere financial compensation.
- More than anything, these workers need your leadership and guidance, and your recognition that they are on the path to success. And outside of time, setting up these kinds of programs is mostly free. Those lessons are applicable to any industry. Sales is the key challenge for this generation. A 2011 survey by CSO Insight showed that sales people only spend about 41% of their time selling.A little more than 41 percent is spent selling by phone or face-to-face. The survey also pointed to a very clear relationship between time spent with customers and sales reps making quota. For example, salespeople who spent 35 percent or less of their time selling by phone or face-to-face achieved quota only 55 percent of the time; however when salespeople spent more than 45 percent of their time selling, the chances of them making quota went up to 62 percent. More belly-to-belly selling time fattens salespeople’s wallets.
- In their book The Psychology of Sales Call Reluctance, Shannon Goodson and George Dudley surveyed 11,000 sales people and found that 80% of new sales people failed because of sales call reluctance. Steve Kloyda describes the phenomenon:“We've all found ourselves on phone calls, lost in no man's land because we were not prepared. The client hears hesitation, discomfort, a shaky voice, and perhaps a less than smooth attempt to right the ship. If we string several of these calls together, our confidence can falter and our reluctance to make the next call deepens.”Goodson and Dudley also discovered that another 40% of experienced sales people reported episodes of sales call reluctance severe enough to potentially end their careers in sales. We tracked the calls and meetings of our trainees and we found they typically fell below their targets. At first I thought it was a reporting issue, but we even installed a call counter and the totals still didn’t improve. We found that they were discouraged by poor results from a lack of training – they never knew what to say. I also believe – although they would not admit it – that they were afraid of calling people on the phone.
- We tracked the calls and meetings of our trainees and we found they typically fell below their targets. At first I thought it was a reporting issue, but we even installed a call counter and the totals still didn’t improve. We found that they were discouraged by poor results from a lack of training – they never knew what to say. I also believe – although they would not admit it – that they were afraid of calling people on the phone. The phone has fallen out of favor for those under 30. A recent survey showed that over 75% of them send more than 20 texts per day. The survey reports:Among all teens, the frequency of use of texting has now overtaken the frequency of every other common form of interaction with their friends. Fully two-thirds of teen texters say they are more likely to use their cell phones to text their friends than talk to them by cell phone.One millennial describes the phenomenon:"Of course I text people. Usually to tell them to call me. It sure beats having them answer the phone and saying I'll call you back, or leaving a message that then have to listen to, and then call me and maybe get me maybe not."It’s really hard to get a meeting by texting a prospect.
- Preparation is the key to overcoming call reluctance. We discussed their fears over the phone. I worked with them to develop scripts and we role-played calls. Some of them were a little rough, but I wanted them to think that those practice calls were worse than anything they would encounter in real life, and they survived. We had a session with our best senior caller and each young broker listed the objections they found challenging and we made a chart for each one to put by the phone in their office.
- Out of all these strategies, the young workers didn’t fight me on hardly any of it. But the older workers did. Many of them had never really been mentored and so didn’t understand or really see the need for the activity or relationships. They wanted the young workers to have the same expectations and motivations they had when they started working thirty years ago. The bad news, in my experience, is that you won’t have to sell your young workers on this program – they’ll eat it up. You will have to sell senior executives and workers on it and in my experience one of the biggest fights was the perception that ownership/management was surrendering too much control to establish clear expectations and a pathway to success. The good news? I believe that millennials can sell. They have great innate relationship skills and they are entrepreneurial risk takers. But they need to understand why you are asking them to do what they are doing. They understand the link between work and rewards better than you think, and because of their superior technological capabilities, they tend to think that you are keeping them from doing the jobs to which the highest compensation is tied. We all know that is only partly true; there are some obs for which you need the wisdom and judgment that only comes through experience. They don’t fully understand that, and I don’t think we did either at that age. That makes it our job as their managers and mentors to teach it to them.
- Lt Col Om Prakash, who trains fighter pilots for the Air Force, says:You should be glad if with your help the new Airman learns their job better than you, not discouraged. You should be proud if your student can one day fly feats beyond your skill, not envious. You should feel the greatest satisfaction if one day your subordinate can do your job better than you ever did, not disparaging. For this is the ultimate in achievement …. The next generation must be more than ready to fill our shoes; they must be ready to run faster in them. Thank you.