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What are the differences in multi-generational talent that impact how they are managed for success? That was the topic at a recent SHRM Atlanta meeting and panel discussion. Some of the area addressed include:
1. Short-term versus long term incentives. The driven baby boomers have different priorities. Long-term incentives work for them, but shorter term incentives work best for Millennials.
2. All of the generations need to respect each other and what they have to offer. The Millennials have the energy, the boomers have the wisdom that comes with decades of work experience.
3. The Millennials have seen their parents let go from companies. They do not expect to spend a number of years with one company. Therefore, they don’t have the loyalty.
4. Goals are Different: For the older generations, it’s make whatever sacrifices are necessary. The younger generations assess what sacrifices are worth it, and they want to have a lifestyle that suits them now.
5. Flexibility is important to the younger generations.
6. Helicopter parents: One of the panelists remarked that often the parents of his employees will call to ask him about benefits packages and other issues regarding their adult child. Will this generation be crippled when it comes to making important life decisions, and general problem solving?
7. Investing in oneself: The passive approach is waiting for learning opportunities on the job. The active approach means seeking out those opportunities. The entitled approach demands a structured program incorporating learning.
8. What do they want? A notable career, to build a skill set and expertise, or just a job (paycheck). The boomers went for the former, the younger generations the latter.