the aging retaining workforce: all generations scenario chris 23 year-old estimator chris is just...

The Aging Workforce:

Rusty Sherwood

© FMI Corporation 2014

Retaining Employees of

All Generations

www.conexpoconagg.com

• What challenges do you face in retaining different generations?

• What tactics have you used to attract Millennials?

• How would more effectively leading different generations help your organization?

www.conexpoconagg.com© FMI Corporation 2014

4 Leadership Trends

1. Complexity is the new normal

2. The most important leadership skills you’ll need

3. Leadership is becoming more collective, less individual

4. The talent shortage is intensifying


4 Leadership Development Trends

© FMI Corporation 2014 www.conexpoconagg.comSource: Forum Corporation

Complexity is the new normal

© 2013 FMI Corporation 5

It’s a VUCA World

© FMI Corporation 2014 www.conexpoconagg.com

Source: Forum Corporation

The four most important leadership

skills are

A. Think like a leader

B. Coach your team

C. Get results through others

D. Engage people



© FMI Corporation 2011

What is

World View

A set of beliefs and assumptions

we hold consciously and

unconsciously about how

the world operates and how

we operate in the world


Multi-generation workforce

© 2014FMI Corporation

BoomersBorn: 1946 - 1964

Age: 50 – 68 years old

Gen XBorn: 1965 - 1980

Age: 34 – 49 years old

MillennialsBorn: 1981 - 2000Age: 33 years and

younger


Know Your People Deeply



Leadership is becoming more collective, less individual



VIRTUAL TEAMS



The talent shortageis intensifying



Source: Manpower Group© FMI Corporation 2014 www.conexpoconagg.com

Retaining Employees

Generationsof all


Why do people

stay?


MotivatorsWorksheet

Motivators 1-10Achievement – seeing favorable results of ones work

Recognition – attention or favorable notice or praise

Work itself – nature of work (varied, challenging, interesting)

Responsibility – for own work or work of others

Advancement – promotion in rank within the organization

Growth – opportunity to rise in company or enhance skills

Salary – total compensation, salary and benefits

Relationships – interactions with peers, supervisors and others

Status – pleasure derived from position of stature in the organization

Job security – stability of job, low fear of loss of work


Attracting and Retaining Boomers

To Boomers, job changing is okay as long asthey do not lose any ground

Boomers tend to stay in the organizationbecause they feel they are making a difference

difference


Leading Boomers

Lead Boomers by:

Becoming a coach

Facilitating,not dictating results

Offering themflexibility, authority

and respect

Challenging themto keep growing

(in their own way)


Attracting and Retaining Gen Xers

Create opportunities to move laterally and vertically within the organization

Allow an appropriate level of autonomy

Address how individual needs can be met within the organization


Leading Gen XersLead Gen Xers by:

Providing a fair andBalanced work schedule

Leading witha coaching style

Providing immediate feedbackand credit for results

Pushing them to keeplearning just in time for

every new mission


Leading MillennialsLead Millennials by:

Putting them in rolesthat push their limits

Treating them asprofessional colleagues

Keeping them focusedwith speed, customization

and interactivity


Factors

Personality Type

Generational Peer Group

MillennialsXersBoomersSilents

Life Stage

Exploring Nurturing Taking Charge Re-Evaluating

Career Stage

Recollecting

Beginning Launching Plateauing Managing the Doldrums

Sorting Things Out

Restructuring

20’s 30’s 40’s 50’s 60’s 70’s

1925-1945 1946-1964 1965-1980 1981-1999

Generational Source: “Generations” by William Strauss and Neil Howe

Life Stage Source: Elizabeth Kubler-Ross

Career Stage Source: Hudson Model – Frederic Hudson

E or I S or N T or F J or P

Reflecting

Driving Motivation


Motivating & Retaining Millennials

• Work-life Balance

• Meaning & Passion

• Training & Development

• Mentoring & Coaching

• Stretch Assignments

• Career Progression

• International Assignments

• Rotational Assignments

• Instant Feedback

• Flexibility


Millennial

Scenario

Chris23 year-old estimator

Chris is just out of college and has an overly optimistic view of

his chances of promotion. He has explained that he took the job

because it allows for time for him to spend in competitive

mountain-biking, but the pace of the organization is too slow for

him. You want to keep Chris because he is a hard worker and

has great long-term potential with the organization, however, he

has grown increasingly frustrated with how things work there.


39

Biggest Leadership Mistakes


Retaining Your Talent: Next Steps

Review your talent development strategies

Have a conversation with your people about their career goals

Ask your people what professional development they want

Find out what motivates each of your people


Implications for Future Leaders

Need to Think Differently – Strategically

Understand how to Motivate and Inspire

Importance of Development of Individuals vs. People


Action

Planning

1 - 2 areas of focus

Positive statements

Specific

Developmental versus business goal

I Will…


43

Developing Exceptional Leaders One at a Time

About FMI

FMI is the largest provider of management consulting, investment

banking and research to the engineering and construction

industry. We work in all segments of the industry providing clients

with value-added business solutions, including:

• Strategy Development

• Market Research and Business Development

• Leadership and Talent Development

• Project and Process Improvement

• Mergers, Acquisitions and Financial Consulting

Founded by Dr. Emol A. Fails in 1953, FMI has professionals in

offices across the U.S. FMI delivers innovative, customized

solutions to contractors; construction materials producers;

manufacturers and suppliers of building materials and equipment;

owners and developers; engineers and architects; utilities; and

construction industry trade associations. FMI is an advisor you

can count on to build and maintain a successful business, from

your leadership to your site managers.

Rusty Sherwood

Senior Consultant210 University Blvd,

Suite 800

Denver, CO 80206

(303) 398-7257

[email protected]

www.fminet.com

DenverRaleigh Phoenix Tampa

@FMI_Leadership

© 2014 FMI Corporation www.conexpoconagg.com

the aging retaining workforce: all generations scenario chris 23 year-old estimator chris is just...

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