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TheMulti-GenerationalWorkforceShouldItHaveanImpactonTotalRewardStrategies?KathyVanNeck,HewittAssociatesMaureenCahill,HewittAssociates2008TotalRewardsConference&ExhibitionTheAnswerTheBuzzTheDefinitionsTheResearchTheTeamTheAnswer…AgainAgenda3TheAnswerThemulti-generationalworkforce...ShouldithaveanimpactonTotalRewardStrategies?Yes,but...itisnottheonlyfactor!WARNING:Designingsolutionsbasedonlyonthegenerationalviewpoint,couldbehazardoustothehealthofyourTotalRewardprograms!4TheBuzzLotsofmediaattentionfocusedontheimpactofthemulti-generationalworkforceMostsuggestthatcompaniesneedtorecognizeandaddressthedifferencesinthegenerationsFact:Googling“multi-generationalworkforce”getsover100,000hits!5TheMillennials:WhyThisGenerationWillChallengetheWorkplaceLikeNoOther,HewittAssociates,March2008Fourgenerationsnowatwork.Conflictsarisewhenperspectivesclash,agegapbruisesegos,ChicagoTribune,April2007BRIDGINGTHEGENERATIONGAP;BusinessWeek,September,2007Benefitplandesignforanincreasinglycomplexworkforce,EmployeeBenefitNews,June2005WhatGenYReallyWants,TimeMagazine,July2007YouRaisedThem,NowManageThem,FortuneMagazine,May2007WorldatWorkMulti-generationalWorkforceProgramSurvey,April2008TheBuzz6TheBuzzThecivilianlaborforceisprojectedtoincreaseby12.8millionoverthe2006-16decade,reaching164.2millionby20168.5%-6.9%2.4%46.7%PercentChangeTotal16-2425-5455+AgePercentChangeinLaborForcebyAge,Projected2006-16U.S.DepartmentofLabor,BureauofLaborStatistics,December20077ClearlyThisSeemsLikeaBigDeal!So,weconductedresearchto:UnderstandwhatemployersaredoingAnalyzegenerationaldifferenceswithinemployeeengagementdataEmployeeBusinessTheBuzz8Hewitt’sTotalRewardsFrameworkDIRECTINDIRECTTransactionalRewardsRelationalRewardsCompensationBasePayShort-TermIncentivesEquityParticipationFinancialRecognitionBenefitsHealthWelfareRetirementPaidTimeOffDevelopmentPerformanceManagementLearningCareerDevelopmentOpportunitiesEnvironmentCultureandClimateWorkDesignFlexibilityAffiliationTheDefinitions9AnotherTotalRewardsModelTheDefinitions10WhyFocusonTotalRewards?Successfulcompaniesrealizethatproductiveandengagedemployeescreatevaluefortheirorganizations…inreturnfortangibleandintangiblevaluethatenrichestheirlivesWorldatWorkWebsite,WhatisTotalRewards?TheDefinitions11TheGenerationsintheWorkplaceTodayGroupTraditionalistsBabyBoomersGenerationXGenY/MillenialsBornBetween1922-19441945-19641965-19781979-2000CurrentAge63+43-6230-4230TheDefinitionsFormativeEventsƒGreatDepressionƒPearlHarborƒWWIIƒHiroshimaƒCivilRightsMovementƒVietnamWarƒWoodstockƒAssassinations:JFK,RK,MLKƒFalloftheBerlinWallƒGulfWarƒWatergateƒPCboomƒReaganPresidencyƒOklahomaCityBombingƒ9/11TerroristAttackƒColumbineƒInternetboomPercentofU.S.Population22%32%18%28%OftenCitedDescriptionsƒPersonalvalues:personalsacrifice,practicality,respectƒWorkplacevalues:longevity,loyalty,timeliness,productivityƒ“Largestgeneration”ƒDominatedculturallyandeconomicallyƒStrongworkethic:“workaholic”ƒDedicatedƒCompetitiveƒIndividualistic,butvaluesteamworkƒ“Skepticalgeneration”ƒMinimalcorporateloyaltyƒProductsofdownsizingƒNon-existentjobsecurityƒAdaptableƒHardworkingƒComfortablewithtechnologyƒ“Overprotected”generationƒBornwithcellphonesandtheinternetƒCravetechnologicalenvironmentsƒNeedconstantcommunicationƒLivedwithterrorismandviolence12ACloserLookatOurResearch—TheEmployerPerspectiveBusinessTheResearch13Multi-GenerationalEmployerSurveyGettingtheAnswersYouNeedAboutMultipleGenerationsandTotalRewardsinToday’sWorkforceObjectives–DocompaniesunderstandthepreferencesofthegenerationswithrespecttoTotalRewards?–Whataretheydoingaboutit?–Iswhattheyaredoingsuccessful?ParticipantProfile–127companies–Medianrevenueof$1.15B–Mediannumberofemployees3,050BusinessTheResearch14KeyFindingsDocompaniesunderstandthepreferencesofthegenerationswithrespecttoTotalRewards?BusinessTheResearchNo15KeyFindingsBusinessTheResearch43%surveyemployeesregardingsatisfactionand/orpreferences43%surveyemployeesregardingsatisfactionand/orpreferences21%formallyanalyzecompanydemographics21%formallyanalyzecompanydemographics33%conductworkforceanalyses33%conductworkforceanalyses127Companies127Companies16%analyzetheresultsbyagegroup16%analyzetheresultsbyagegroup1/3agedoesnotmatter1/3agedoesnotmatter2/3agedoesmatter2/3agedoesmatter16KeyFindingsBusinessTheResearchWhataretheydoingaboutit?NotMuch17KeyFindingsBusinessTheResearchWhataretheydoingaboutit?Ofthosecompaniesthatdoanalyzebyagegroup(16%):–Thevastmajoritymadenochangesormodestchanges–ThosethatdidmakemajorchangesoracompleteredesignfocusedoncareerdevelopmentprogramsYet,ofallcompanies:–36%addedormodifiedTotalRewardsprogramstoaddressemployeeneedsacrossamulti-generationalworkforceThosethatmodifiedfocusedonhealthcareandtrainingThosethataddedprogramsfocusedonretirementplaninvestmentoptions18KeyFindingsBusinessTheResearchIswhattheyaredoingsuccessful?Sorta...kinda19KeyFindingsIswhattheyaredoingsuccessful?86%saychangeshavebeenatleastsomewhatsuccessfulCaution:Amajorityofthesecompaniesarenotdoingemployeelistening,sothisistheEmployerperspectiveBusinessThe