1、THE NEXT GENERATION WORKFORCEand its implicationsGeorge Lai27 Oct 2019 Shanghai,China1.The Baby Boomers,Gen X,Gen Y(Millennials)and Gen Z2.How Gen X,Y and Z Are-and Arent Different3.What Gen Y(Millennials)want from work4.Building your workforce of tomorrowB-BXYBaby BoomersGen XGen Y(Millennials)Gen

2、Z(Post-Millennials)Pre-Baby BoomersGen Y became the largest generation in the labor force in 2016(US)The GenerationsBaby Boomers 1946-1964Gen X1965-1980Gen Y1981-2000Gen Z 2000 By 2017,there were around 600 million Millennials in the Asia-Pacific region including 200 million in South East Asia Baby

3、Boomers were retiring at a pace of 10,000 per day1The Baby Boomers,Gen X,Gen Y and Gen ZBaby Boomers 1946-1964Brought up in a healthy post-war economy Lifestyle is to live-for-work,high level of dedication and work ethicsPrefer face-to-face communication and interactive teamsOften branded workaholic

4、s leaving little to work-life balanceLoyal to their organizations,enjoy the notion of life-time employment and prefer to be valued or neededGen X 1965-1980Born after WWII(the term was noted by photographer Robert Capa in early 1950s)Brought up more independent,resilient and adaptablePrefer freedom t

5、o manage their work and tasks their own wayMore comfortable questioning authorityThe Generations1The Baby Boomers,Gen X,Gen Y and Gen ZGen Y(Millennials)1981-2000Referred to as the“Millennials”.Raised during the good time or empowerment yearsFirst generation to grow up with computers and the interne

6、tEnjoy a work life balance,akin to Gen X,and prefer to work with bright and creative peopleParticipative as opposed to directive,enjoy multi-tasking and are goal orientedConsidered the most educated and self-aware generation in employment but were not considered to be team players and have an attitu

7、de of entitlementThe GenerationsOn management,they are considered inclusive leaders and enjoy diversification and input when making decisions1The Baby Boomers,Gen X,Gen Y and Gen ZGen Z(Post-Millennials)2000Born approximately after year 2000Even more reliant on new technology and in particular commu

8、nication technologiesLimited knowledge on the attitude and characteristics of Gen Z given that the eldest of this generation are still coming into their late teens The Generations1The Baby Boomers,Gen X,Gen Y and Gen Z2How Gen X,Y and Z Are-and Arent DifferentGEN XGEN YGEN Z57%61%61%78%77%70%40%50%5

9、0%57%71%59%49%62%56%3rd1st2nd3rd1st2ndBecoming a LeaderPrefer on-line trainingBase on survey-(1)led by INSEAN on 18,000 Professionals and students across three generations from 19 countries;(2)EY on 1,800 people in the U.S.Fitting in where they workIt is important to understand the different prefere

10、nces among the different generations in order to make better decisions about leadership development,technology,training and culture-buildingAchieve high position/titleAble to dress how I want My own officeAchieve high-level salaryOther Observations:Gen ZYounger Gen YOlder Gen YHealth insurance cover

11、ageFeeling my ideas are valuedHealth insurance coverageFeeling my ideas are valuedHealth insurance coverageWork-life balanceRecognition for my contributionWork-life balanceVacation/paid time offSuggestions to turn the next-generation into Competitive Advantage:Feed the younger generations hunger to

12、learnRecognize differences among MillennialsSpeak to their independent natureUnderstand life priorities matter and evolveWork on the gender equality2How Gen X,Y and Z Are-and Arent Different(Gen Y)3What Gen Y(Millennials)want from workABCOther Observations More disengaged at work Less loyal Place Pe

13、ople before Profits Value MentorshipTips for effective recruitment of Gen Y Flexible work arrangements Promote a sense of meaning in the work Avoid a sole focus on profitability growth Nurture a cross-generation workplaceGen Y wants a lot of opportunities to learn and growThey also want more opportu

14、nities for advancement(leadership)Moderate on the compensation expectationABC Identify the skills and capabilities that will be needed to win in the future,based on your company strategy Objectively assess the current skills and capabilities to identify gaps Also identify your high performers Develo

15、p and acquire the talent you need to close the gaps4Building your workforce of tomorrowBuild the workforces you need in order to stay ahead On average,15%of a companys workforce are A players(Stars)Purposely deploy your Star talent on areas where these individuals can have the biggest impact on company performanceClustering your Star talent