What Does a Gen Y

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What Does a Gen Yer Want?

• Presented by
• Jennifer Brown, Jennifer Brown Consulting
• Liz Wamai, Merrill Lynch
• Sharon Klun, Accenture
• Work/Life Congress
• October 2, 2007

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Context is Key

• Each generations attitudes and beliefs are
  formed by cultural shifts, influential public
  personalities, and technological changes
• These differences play out in the workplace,
  where there are currently four generations
  interacting constantly

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Who are the Generations?

• Traditionalists born before 1946
• Baby Boomers born 1946-1964
• Gen Xers born 1965-1980
• Gen Yers born after 1980

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Influences
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Traditionalists

• Loyal put aside individual needs to work
  towards common goals
• Leadership top down approach, military style
• Work paternalistic, company took care of
  employees
• Goal build a legacy, leave something behind
• Reward job security, plaques, employee of the
  month, satisfaction of job well done
• Work philosophy paying dues is the natural
  order of things

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Baby Boomers

• Optimistic good education, jobs, opportunity
• Leadership by consensus
• Change civil rights, womens rights
• Competitive
• Me generation
• Greatest invention TV
• Rewards money, title, seniority, corner office

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Generation X

• Skepticism
• Leadership - competence
• Media cable TV, VCRs, video games, cell phones,
  personal computer
• Resourceful, independent
• Rewards freedom and balance, transferable
  benefits, portable retirement, flexible leave
• Career independence, self-manage

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Generation Y

• Feel empowered to change environment wont give
  respect just based on rank
• Value being cutting edge versus having
  experience
• Value diversity and change
• Portable skills
• Work place, hours, and teammates at their
  discretion
• Focus on life/work balance

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Traditionalist/Baby Boomer Perspective

• The young people of today have an attitude
  problem
• They want everything on their own terms
• They dont understand that they have to pay their
  dues
• They have barely started the job and they expect
  to be sent to some expensive training program
• They work the minimum hours and then go home
• They have a short attention span
• Im doing more parenting than managing
• They dress too casually for the workplace

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Generation X and Y Perspective

• I dont like being stuck in a cubicle with
  nothing to do
• The guy that hired me hardly ever makes contact
• My skills havent been tested
• I dont want to be locked in a dead-end job
• Nobody asks me for my opinion
• Nobody recognizes my contributions

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What Can We Learn From Yers?

• Multi-tasking skills
• Decision-making agility
• Evaluation of risk and managing dilemmas
• Flexibility and persistence in face of change
• High skills in social networking and team
  activities

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Gen Y Merrill Lynch Programs

• Institutionalizing Generational Diversity
• With four generations in the workforce, a
  different cultural work experience is beginning
  to take shape. As such, Merrill Lynch is
  developing a holistic approach to leveraging the
  unique characteristics, values and skills.
• These programs include
• Parents Day
• GoLearn! Blackberry Training
• Uncommon Threads Four Generations in the
  Workplace training
• Redesigned Analyst and Associate Development
  Program
• Future Generation of Leaders Profiles of Women
  in Leadership
• Future Generation of Leaders Sophomore Rotation
  Program
• Networks Young Professionals and Womens
  Associates Leadership Connection
• Reverse mentoring Parenting Pals

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Gen Y Merrill Lynch Programs
Program or Initiative Structure and Design Our
suite of programs is outlined individually so
that you may get a full flavor of our
offerings. Parents Day Our premier initiative,
Parents Day, is a "Bring Your Parents to Work
Day" that recognizes the influence that extended
family members (often helicopter parents) bring
to bear on a students choice of industry, firm
and work location. This program is focused on
family members who are unfamiliar with financial
services and anxious about their child working in
New York City. The event provides welcome
assurances and first-hand familiarity.
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Gen Y Merrill Lynch Programs
Awareness and Development Programs A) GoLearn!
Blackberry Training B) UnCommon Threads Four
Generations in the Workplace C) Newly Designed
Analyst and Associate Banker Development
Program D) Profiles of Women in Leadership
Conference E) Global Markets Investment Banking
(GMI) Sophomore Rotation Program
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Gen Y Merrill Lynch Programs

• Employee Engagement (Networks)
• A) The Young Professionals Network
• B) The Womens Associates Leadership Connection
  (WALC)
• C) Employee Engagement Reverse Mentoring
• D) Employee Engagement Parenting Pals
• Measures of Success/Key Metrics
• Diversity Scorecards- demographics, performance
  management, recruiting, advancements,
  productivity, change behavior metrics
• Level 1-4 Learning Evaluation for learning and
  development programs
• Employee Surveys- 40 questions
• Session evaluations
• Anecdotes- comments

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Gen Y Merrill Lynch Programs
Summary of Participants Impacted by Generational
Diversity Efforts Parents Day 38 Analyst
Day 60 New! Blackberry Training
GoLearn! 2100 Uncommon Threads Four
Generations in the Workplace Training 1280 Newly
Designed Analyst and Associate Development
Program 870 Future Generation of Leaders
Profiles of Women in Leadership 1025 Future
Generation of Leaders GMI Sophomore Rotation
Program 12 Employee Networks 160 Total
Participants 6,052 Total Projected
Participants Year End 2007 12,452
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  Motivating Generation YSharon Klun, Accenture
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Why Understand Generational Differences?

• Employees of different generations bring
  different values, attitudes toward work, work
  styles, job satisfaction criteria, engagement
  beliefs, learning styles, expectations, and
  levels of commitment to the workplace
• Motivational tools, rewards, recognition, and
  retention tools will look different for each
  employee
• Organizations that understand this basic
  principle will have the competitive edge.

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US Workforce Trends

• The workforce is becoming more work/life focused
• 22 of Baby Boomers are work-centric compared
  with 12 to 13 of Gen X and Gen Y
• 41 of Baby Boomers are family-centric compared
  with 50 of Gen X and 52 of Gen Y
• Men (in dual-earner couples with children) spend
  1 hour per week more sharing chores and 1 hour
  per day more with their child
• 38 are somewhat or very likely to find a new job
  this year
• 83 of Accenture employees say their ability to
  manage work/life impacts their commitment to stay
  (Work/Life Accenture Survey)

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Research on Gen Y

• Gen X and Gen Y women and men work very hard
  but they do not want to advance into jobs with
  more responsibility.
• In 1992, 57 wanted more responsibility. In
  2002, numbers had dropped to 36. (GG study)
• Both men and women are looking for greater
  balance in their lives for different reasons
• Equal numbers of men and women in Gen X and Y
  value flexibility and career on/off ramps (SHRM
  study)
• Work/Life balance is among the most important
  factors in job satisfaction with Gen X and Gen Y
  employees.

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Accenture Work/Life Survey Executive Summary

• Work-life Balance and Career
• 83 indicated that the ability to balance work
  and life impacts their commitment to stay with
  Accenture
• Future Leave and Career Flexibility
• 32 have turned down a role in the past 2 years
  or considered leaving due to work-life balance
  concerns
• 71 said wellness is priority but managing
  stress and burn-out is secondary
• Equal between genders
• Flexibility
• 81 reported satisfaction would significantly
  increase with additional time and location
  flexibility
• 61 indicate sabbaticals (career flexibility) as
  one of the top 5 most favored resources
• 70 of those who are working flexibly indicated
  they would be likely or highly probable to leave
  if they could not have that flexibility

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Snapshot of Generation Y

• 1980 2000
• Most educated, most socially and environmentally
  aware
• Approx 50 raised by divorced parents
• 2 working parents coddled and confident
• Most available in their youth - economic
  prosperity of parents
• Get now pay later?
• Global awareness - mass media
• Have watched more TV than any other generation
• Always contactable
• Can multi-task and requires it for job
  satisfaction
• Rights and entitlements high expectations for
  job and life
• Dual-centric or Family-centric
• Have better mental health and life satisfaction
• Events/Experiences
• School Shooting, Oklahoma City, Technology, Child
  Focused World
• No recollection of Regan and always have known
  AIDS

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Motivational Strategies for Gen Y

• Be highly aware of personal values and drivers
  (corporate citizenship)
• Corporate values and personal goals must align
• Work/Life balance is VERY important will
  sacrifice promotions for lifestyle
• Flexible work environment
• Independence as to where and when work is done
• Personal values reflect desire to balance social
  and career interests
• Constant skill-development is essential to keep
  them engaged
• Want to be part of a team but virtual team
• Multiple work assignments can multi-task like
  no generation before them
• 9 to 5???
• Their life is in sound-bites

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Future LeaveA Self-Funded Sabbatical

• Future Leave offers a short-term career off and
  on ramp to address work/life balance needs. As
  an alternative to the traditional leave of
  absence, it also provides
• Security of benefits continuation at employee
  rates
• The option of budgeting for time away by setting
  up a second direct deposit account
• Assurance that you can return to work
• Ability to pre-select a time in the future to be
  away

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Future Leave Eligibility

• Consulting, Services and Enterprise workforce
  employees below senior executive are eligible
  effective March 1. (See note from Fikse and
  Hughes on March 9)
• ATS will have minor variations
• Participants must be in good standing and have
  three years of continuous employment
• Pilot runs from March 2007 to March 2008
• Applications are accepted via on-going basis or
  as determined by entity
• Program is intended to provide flexibility to
  address short-term work/life balance concerns

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Future LeaveGuidelines

• Minimum duration is 1 month
• Maximum duration is 3 months
• May be combined with other leaves and PTO but
  maximum protected leave time is 4 months
• Applications accepted on an ongoing basis
  minimum of 2 months notice is required
• Only 1 Future Leave allowed in a 3 year period

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In Summary

• Gen Y brings different values, attitudes toward
  work, work styles, job satisfaction criteria,
  engagement beliefs, learning styles,
  expectations, and levels of commitment to the
  workplace.
• Organizations that understand this basic
  principle will have the competitive edge.