Use Recognition and Reward to Grow Future Leaders

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Presented by Donna Stevenson and Faye Wales

Objective

Create leadership continuity through recognition and reward

• Recognize expertise of senior leaders and reward them for their contribution

• Promote knowledge transfer between the generations in the workplace

• Motivate future leaders.

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Today – 4 Cohorts

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Traditionalists Pre 1947 5%Boomers 1947 – 1966 40%Generation X 1967 – 1980 25%Generation Y 1981 – 1995 30%

Question

To which generational cohort do you belong?

Traditionalist

Baby Boomer

Generation X

Generation Y

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2020 – 5 Cohorts

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• Traditionalists @1%

• Boomers @22%

• Generation X @ 20%

• Generation Y @ 50%

• Generation Z @ 7%

Question

What is the largest cohort in your organization?

Traditionalist

Baby Boomer

Generation X

Generation Y

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The Leadership Continuity Challenge

Expertise and knowledge drain as boomers leave

• Replace lost knowledge and lost skills.

• Use recognition and reward to foster leadership continuity.

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What each cohort seeks at work

Traditionalists Boomer Gen X Gen Y

Loyalty

Respect for authority

Sacrifice for others

Company loyalty

Competition

Self reliance

Independence

Community loyalty

Equity

Company goals Team & personal

goals

Career goals Learning and growth

Relevance

Company performance Personal &

company

performance

Personal results &

amount of fun

Learning opportunities

Speed of career

movement

For doing the job Reward for results,

recognition for

contribution

Reward for

outcomes

Rewarded for learning

and knowledge

acquisition.

Job security

Company success

Live to work.

Work defines self

worth and others’

worth. Live to

work.

Work/life balance

Work to live.

Lines between

personal and work

blurred. Pack

orientation.

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Values

Focus

Measures

Reward

Lifestyle

How the cohorts learn

Digital Immigrants Digital Natives

Linear acquisition of information Nonlinear (hyperlinked) logic of learning

Focused mainly on facts and knowledge acquisition

Focused more on learning how to learn

Guided learning Autonomous learning

Learning in specified time periods Learning 24/7

Face-to-face learning Interactive virtual learning

Learning as duty Learning as fun

Rote learning Analogical learning

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9*Conference Board of Canada, Bridging the Gaps.

How the cohorts view each other*

Current Leaders Graduates

Need to gain experience, put in the time and develop skills – want too much too soon.

Ambitious, motivated by money, statusand career – feel kept back by current managers

Performance feedback and setting clear goals as critical. Believe this is what new hires are seeking.

Value high degree of autonomy and freedom regarding how they perform their jobs. Don’t like hands-on management style.

Believe they are acting as coaches and mentors. Do not want subordinates as friends.

Seek bosses who are coaches and friends.

Value work-life balance – but believe in putting in long hours – taking work home

Value work-life balance – prefer to work within standard hours – spend more personal time at work.

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10*Ashbridge Business School, UK, Generation Y: Inside and Out and Great Expectations: Managing Generation Y.

Concerns of Senior Leaders

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30

40

50

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Do not enjoy mentoring or

coaching

If they share their knowledge, afraid

they will no longer be required

They believe no one needs their knowledge

Not interested in giving their

knowledge away

Other

Reasons why senior leaders will not transfer their knowledge, skills and expertise to future leaders

Motivators for Senior Leaders

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30

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70

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Organization sees skills transfer as a

priority

They will receive reward/recognition

for doing it

Skills transfer part of retirement

planning

They get satisfaction from teaching others

Reverse mentoring in place

Other

Reasons why senior leaders will transfer their knowledge, skills and expertise to future leaders

What motivates GenY?

‘GenY have an insatiable need for development as well as a high requirement for coaching and mentoring. Early in their careers, compensation and benefits are important along with learning and development.’

From a report titled GenerationY: Inside Out by S. Honore & Dr. Schofiled, Ashbridge Business School

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Leadership Continuity

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Skills

L&D Opportunities

Career Development

Coaches and Mentors

Lifestyle Plans

Recognition and Reward

Leadership Continuity

3 step process to get you started

1. Capture the cost of lost knowledge

2. Build a knowledge transfer process

3. Implement succession planning tools.

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Leadership Continuity

Step 1 - Capture the cost of lost knowledge.

Prepare a risk assessment

Skills and knowledge lost

Skills and knowledge needed

Bottom line – today and tomorrow? BM

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16What are the top 3 skills your organization either needs to maintain or needs to develop to ensure its’ continued success?

Leadership Continuity

Step 2 - Build a knowledge transfer process.

Critical skills

Learning process

Methodologies

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Knowledge Transfer Methodologies

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CaptureSelf Capture

Education and DistillationMentoring

Social-technical MentoringPeer Assist

Leadership Transition WorkshopCommunities of Practice

Action ReviewStorytelling

PodcastRetrospectWikipedia

IMBlog

Buddy systemWebinar

Knowledge Transfer Methodologies

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CaptureSelf Capture

Education and DistillationMentoring

Social-technical MentoringPeer Assist

Leadership Transition WorkshopCommunities of Practice

Action ReviewStorytelling

PodcastRetrospectWikipedia

IMBlog

Buddy systemWebinar

Leadership Continuity

Step 3 – Implement succession

planning tools.

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Continuity of employment

Learning and development opportunities

Retirement planning

Leadership Continuity Alignment

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Leadership Continuity

Recognition & Reward Senior Leaders Future Leaders

Lifestyle & financial planning

X

Social-technical mentoring X X

Legacy X

Skills development X

Work life balance X X

Flexibility in working style X X

Open communication X X

Career development X

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This is your ‘Demographic gift’ -

OPEN IT!

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Use Recognition and Reward to Grow Future Leaders

match@bm2b.ca www.bm2b.ca 905.662.5130 BM

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