Recession Sentiments Across the Generations

Since the recession began, we've been observing the impact (or lack thereof!) of the economy on the attitudes and behaviors of the different generations toward work and life. The results of a recent national survey by the Pew Research Center's Social & Demographic Trends provide the statistics behind these observations and offer employers valuable data on the financial wellbeing and motivations of their workforces:

• Traditionalists (age 65+) are most likely to report being very satisfied with their personal finances and least likely to say they will be adversely affected by the recession
• While Baby Boomers (ages 50-64) have the highest incomes of any generation they are the least likely to be satisfied with their quality of life
• An equal number of Generation Xers (ages 30-49) and Baby Boomers have suffered more than a 20% loss to their retirement accounts, but Generation Xers are more likely to believe their personal situation will improve by next year
• Although adult Millennials (ages 18-29) have faired worst in the job market, they are the most confident about their short and long term financial future

The findings above, while partially driven by the current recession, also reflect deep-set generational attitudes. Understanding these attitudes gives us critical insight into the professional motivations and decisions of our current and future employees. How much do you really know about each generation in your workforce? Isn't it time you found out?

Want more insight and tips for managing the different generations in your workplace? Contact us at www.interchange-group.com.

July 16 Webinar: Generational Differences in Volunteerism

On July 16, the Interchange Group will be hosting its popular online seminar, "Generational Differences in Volunteerism - Recruitment & Retention Strategies for Nonprofits." The 45-minute session is designed to equip nonprofit executives and boards with new insight and techniques for recruiting, retaining and engaging top quality board members and volunteers. Key learning includes:

• Tap into the unique values and motivations for volunteering that each generation possesses
• Optimize the skills, experience and resources of older generations to increase participation and effectiveness
• Harness the energy of younger generations and the power of social online networking in nonprofit fundraising and advocacy
• Identify the best communication channels and messages for each generation to maximize recruitment impact and to increase volunteer engagement

Nonprofit executive directors, board members and development professionals are especially encouraged to attend!

Details and registration

Boomers As Interns & Volunteers

Executive Internships. Returnships. Career Reengineering Programs. Call it what you like, we're seeing a growing trend in Baby Boomer internships and volunteer programs. Once reserved for students and entry-level job seekers, these programs are attracting the increasing supply of unemployed mid-career professionals. As the economy worsens, Baby Boomers are eyeing internship and volunteer opportunities as a way to learn new job skills that will keep them up to date with their profession and allow them to break into new careers. Employers in both public and private sectors are seeing the advantage of hiring skilled, mature interns and volunteers to meet their current needs and fill their future talent pipelines. Here are some examples of the growing number of programs specifically geared to Baby Boomers:

• AmeriCorps, thanks to the 2009 Serve America Act, now dedicates 10% of all new volunteer slots to people 55 and older.
• Civic Ventures, a think tank focused on Baby Boomers, spearheads a variety of cause-related career and volunteer programs for individuals 55 and older.
• Babyboomers.TV, a website start-up targeting Baby Boomers, hires mid-career interns, offering each a $100 weekly stipend.
• Investment bank Goldman Sachs provided a pilot internship program last year offering midcareer women a chance to return to the finance industry.

How will your organization be able to leverage the strengths and expertise of the Baby Boomer population? What opportunities exist to engage them as volunteers and interns?

Want more insight and tips for engaging volunteers in your organization? Register now for our July 16th online seminar, "Generational Differences in Volunteerism - Recruitment & Retention Strategies for Nonprofits".

India's Talent Shortage

India, with its growing economy and young workforce (the median age of India's 422 million workers is 25), is projected to become the world's third-largest economy by 2035. In point, 34 Indian companies were already listed in the Forbes Global 2000 ranking in 2008. However, India is facing a sizable shortage of talented workers that will threaten its own growth and the success of multinational companies reliant on young Indian talent. Here's why:

• India's literacy rate is less than 60% (the rate in the U.S. is 99% by comparison)
  
• Less than 12% of India's workforce has a college degree
• 50% of India's working women will opt out of the workforce by the age of 30
  
• Good benefits and high salaries rank as top priorities for young Indians, resulting in highly mercenary behavior toward employment opportunities

In recent years, employers in India have seen attrition rates as high as 70% in some industries. The situation poses a significant challenge to executives in India and abroad tasked with finding and keeping top global talent and magnifies the need for strategic workforce planning. Are you prepared?

For more information on this research and for insight into the recruitment and management challenges of a global workforce, join us for our May 28 online seminar, "Millennials in a Global Context: Workforce Planning for an International Talent Marketplace".

May 28 Seminar: Millennials in a Global Context

Information about generational differences in America abounds, but today's talent marketplace is global. As our workforce ages, U.S. and multinational companies alike will be faced with the challenge of recruiting and retaining younger employees with very different attitudes toward work and life. Understanding how American Millennials (born 1981-2000) compare with their international peers will have a profound impact on the way employers plan for and manage their talent in the next decade.

Based on exclusive research in 17 countries from Kairos Future, this 1-hour webinar will present critical findings about American Millennials in a global context and offer workforce planning and talent management strategies to create a competitive advantage for the future. Learning outcomes include:

• Education and competence level comparisons of U.S. Millennials with their international counterparts
  
• Contrasts in career orientation and entrepreneurialism among young workers around the world
  
• National differences in attitudes toward job security and willingness to work abroad
  
• Strategic considerations for workforce planning professionals
  
• Talent management priorities to balance current economic realities with future labor needs

* This webinar is approved for 1 hour of PHR/SPHR strategic management recertification credit.

Click here to register

Choosing Alternatives to Layoffs

This week I was featured in a Los Angeles Times article, Choosing Alternatives to Layoffs, for helping a client navigate alternatives to layoffs. In this particular situation my client, faced with the challenge of needing to cut expenses, chose to move the workforce to a 4-day work week. Despite the reduction in pay, employees overwhelmingly supported the decision. Morale has stayed positive, productivity has increased, and loyalty to the company is stronger than ever. The 4-day work week may not be right for every organization and circumstance, but it is worth considering. Other options to consider include:

• Temporary unpaid leave of absences - Encourage employees to take time off from work while maintaining their employment status
• Job sharing - Decrease immediate headcount by allowing 2 people to share 1 job and retain benefits
• Reduced hours & pay cuts in exchange for stock - Avoid layoffs and increase loyalty by trading a percentage of an employee's salary for company stock
• Telecommuting - Reduce overhead by eliminating the need for office space
  
• Layoffs with hire back bonuses - When layoffs are unavoidable, position yourself for a quick turnaround by offering hire-back bonuses to anyone willing to be rehired within an 18-24 month period

What innovative actions are you or your companies taking to avoid layoffs now and retain workers for the imminent labor shortage that is looming on the horizon?

Millennials in a Global Context

Information about generational differences in America abounds, but today’s talent marketplace is global. To provide this critical perspective, the Interchange Group has partnered with Kairos Future, an international think tank and consulting firm dedicated to research on emerging workforce and consumer trends around the world. In their Global Youth study, Kairos explores national differences in generational attitudes toward employment across 17 countries. Their findings about American Millennials (born 1981-2000) in a global context have significant implications for U.S. and multinational companies alike.

• Education: American Millennials place a lower value on having a university degree than young people in China, Russian, Taiwan and Poland.
• Entrepreneurialism: American youth rank below Chinese, Russian, Polish, Estonian, Indian, Spanish, Swedish and Taiwanese youth in their interest in starting a company in the next 15 years.
• Job Security: Employment security is among the 3 highest career priorities for young Americans and Europeans, but not for young Russians, Chinese and Indians, who place a higher value on good career opportunities.
• Career Orientation: Childcare, healthcare, and education are among the 4 most popular industries for Millennials in the U.S. - Nowhere else except in France is this the case.
• Willingness to Work Abroad: 21% of American youth state that they would like to live abroad for a period of time, compared with 53% of Chinese, 44% of Indians and 32% of Swedes.
  

Comparisons of American Millennials to their international peers will have a profound impact on the way employers plan for and manage their talent in the next decade. How prepared is your organization for this shift?

For more information on this research and for insight into recruiting and managing the different generations in your workplace, contact us at www.interchange-group.com.