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  • drdianehamilton 7:49 am on April 27, 2017 Permalink | Reply
    Tags: Employees, , , , Millennials, ,   

    Improving Employee Engagement 

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    Employers struggle with a variety of motivation and emotion-based issues with employees. How to attract, engage, and inspire top talent to create winning teams is one of the most requested keynotes.  This is usually combined with some form of addressing generational differences, communication, culture, leadership, teamwork, and personality conflict.  Engagement has been broken down into three parts by Gallup including engaged (13%), not engaged (63%), and actively disengaged (60%).

    Engagement

    With such a large percentage of workers in the category of not engaged, it brings attention to the costs involved with ambivalence.  If workers are not engaged, they do not put forth any extra effort, they are less innovative, less effective at customer service, less loyal, more likely to job hop, and are less productive.  Ambivalent workers are there to get a paycheck, but they are not likely to volunteer for much more.  They may be harder to spot because they are not necessarily unhappy, but they do not feel connected to the organization and therefore, are less concerned about customers, profitability, and safety.  They are more likely to leave, resulting in costly turnover expenses.

    Consider the costs associated with engagement:

    • The U.S. economy loses $250 billion a year to turnover; there is a loss of $30.5 billion just for Millennials
    • Cost of a disengaged employee averages $3400 per $10,000 in salary
    • Engaged companies have a 6% higher net profit margin and grow profits three times faster
    • Managers spend up to 40% of their day dealing with conflict and engagement-related issues
    • Companies with low engagement scores have 32.7% less operating income

    For a complete list of costs involved in engagement, check out 2016 Employee Engagement/Retention Statistics.  There are ways to improve employee engagement. These include:

    • Make engagement a priority
    • Read the SRHM and Deloitte studies for an in-depth understanding of engagement
    • Recognize the importance of understanding emotional aspects of employee behavior
    • Determine levels of engagement to get a baseline
    • Meet with employees and teams to open a dialogue and develop trust
    • Have engaged employees mentor those who are not engaged
    • Determine if employees are in jobs that match their preferences and skills
    • Examine feedback, respect, and recognition employees receive – the number one driver of engagement is recognition
    • Link compensation to engagement

    Engagement may vary based on generations and length of service to the company.  As Millennials become the largest group in the workplace, it behooves leaders to learn more about how to attract and retain this group.  They do not require long, detailed-recognition, but frequent notifications that they are doing well and are on track may be very important to their emotional commitment.

    Engagement2

    Leaders should recognize that the way people work must be evaluated. The days of 8 to 5, no flexibility, and yearly performance reviews are no longer the norm.  People require frequent recognition and feedback.  Leaders who schedule time for feedback will be the ones who reap the rewards. Now that 40% of global workers are remote, it is important to find new ways to connect and to empower people to work virtually.  The successful leaders will begin by hiring the best people, monitor their outcomes, and continue to provide feedback, respect, recognition, and support.

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  • drdianehamilton 5:49 am on February 14, 2017 Permalink | Reply
    Tags: , Conflict, , , , Millennials, ,   

    Managing Millennials Requires Understanding Their Values 

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    Millennials are one of the most misunderstood generations, which has led to frustration in the workplace.  With so many generations working together, it is not unusual that there would be some conflict. The biggest issues have revolved around the clash between Boomers and Millennials.  With varying views on political and leadership issues, as well as differences in the frequency at which they embrace technology, conflict management has become a top concern for many leaders.  Part of learning to manage this unique generation includes understanding and embracing their values.

    The Forbes Mentor Week presentation, “The Future of the Workplace” focused on what will happen when Boomers finally retire, and Millennials take the wheel.  This presentation addressed some myths and facts about Millennials.  In addition to the information provided there, here are a few more Millennials statistics that may be surprising:

    • Millennials are now the largest living generation
    • Millennials make up more than 25% of the U.S. workforce
    • Nearly half of business to business researchers are Millennials
    • Millennials are among the strongest advocates of business
    • Millennials’ top issue that concerns them in business is education (including skills and training)
    • Millennials’ loyalty to employers remains low with many anticipating leaving jobs within 2-5 years
    • Although they embrace technology, 40% believe it poses a threat to their employment

    Millennials want to experience engagement at work.  For this group, engagement requires that they have a sense of belonging.  To meet this need, leaders must clearly share their vision, to obtain their cooperation.  Millennials must feel valued; therefore, it is critical that leaders show them respect and reward them for their efforts.  In research by Zemke, Rains, and Filipczak, the authors found that Millennials had nine more frequent requests. These included:

    • Help us learn
    • Believe in us
    • Tune on to our technology
    • Connect us
    • Let us make it our own
    • Tell us how we’re doing
    • Be approachable
    • Plug into our parents
    • Be someone we can believe in

    Part of being successfully in meeting their requests is to provide timely and detailed feedback.  Millennials like to receive feedback more frequently than past generations.  They like to meet privately and learn about their performance immediately after, with concrete observations.  They do not mind hearing they need to improve, but they will want to have specifics on how to accomplish that.  To ensure proper training occurs, managers should vary the way in which they present information. Millennials are avid learners and like to get their information through technology.  Allowing for workplace flexibility may be critical to Millennials staying with their employer.  Flexible working conditions are linked to improved productivity and engagement in this group.  By offering flexibility, employers have found that it has encouraged their sense of accountability.   By demonstrating to Millennials that leaders appreciate their values, they will have a better opportunity to lead this group in a way that meets their unique needs, leading to improved engagement and productivity.

    Please click on the following link to take a Generational Engagement Survey.

    About the Author:

    Dr. Diane Hamilton is a speaker, educator, and the co-author of It’s Not You, It’s Your Personality and award-winning speaker at DrDianeHamilton.com.  She is a former Editor in Chief at an online education site and has written for several sites including Investopedia.  Dr. Hamilton has spoken for top companies including Forbes about topics including leadership, engagement, emotional intelligence, and generational conflict.  If you would like to learn more about these issues, you can sign up here: Contact.

    fullfrontcover

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  • drdianehamilton 4:43 pm on July 21, 2015 Permalink | Reply
    Tags: , , , , Millennials,   

    Forbes School of Business Mentor Week 

    DianeSpeaking7

    Forbes Mentor Week was held on August 31, 2015. It was an excellent chance to learn career-changing habits and problem solving techniques critical in today’s workplace. This five-day online event brought together influencers and innovators from all corners of the business community for an interactive boot camp to sharpen your personal and professional skills.

    Please see my recorded session here:

     
  • drdianehamilton 1:36 pm on December 4, 2012 Permalink | Reply
    Tags: , Generation Ali, , Millennials, Muhammad Ali, Muhammad Ali Center   

    Generation Ali Passes the Torch to Millennial Generation 

    genali-logo

    Muhammad Ali has been called the most recognizable man on earth. While he is still considered the champ from his boxing days, he has continued to inspire people around the world.  His belief that others can achieve greatness led to his most recent venture the Generation Ali Global Citizenship Scholarship Program.  This program, due to launch December 7, 2012, is aimed at the millennial generation. According to the Generation Ali site, the program is about “Fostering tomorrow’s leaders to achieve personal greatness, contribute positively to their communities, and change the world for the better.”

    According to Alltech, Donald Lassere, president of the Muhammad Ali Center stated, “Muhammad Ali has proven that one person can be a spark that lights the flame of inspiration and change the world. Generation Ali will take up the torch and continue Muhammad’s legacy by inspiring a new generation of leaders to create better lives, better nations, and a better world.”

    In order to apply for this program, applicants must

    • Be a high school senior or graduate or post-secondary undergraduate.
    • Plan to enroll or are currently enrolled in full-time undergraduate study at an accredited United States two- or four-year college, university or vocational technical school.
    • U.S. and international students encouraged to apply.

    Ali’s Facebook site shows a graphic that mentions $10,000 scholarships. Ali stated, “This is it! The Greatest Scholarship of All Time is here! Start spreading the word. Online application starts December 7th! U.S. and international students encouraged to apply.”

    To find out more about his program, check out the video Generation Ali and go to GenerationAli.org.

     
  • drdianehamilton 3:06 pm on August 22, 2012 Permalink | Reply
    Tags: Aprimo, , , , , , , , Millennials, ,   

    Companies Jump through Hoops to Please Millennials 

    Sixty Minutes did a great show on the millennial generation titled The Millennials Are Coming.  In that report, they explained how Generation Y or millennials are unique in their expectations at work.

    The Wall Street Journal’s article Firms Bow to Generation Y’s Demands continues to explore how companies are offering incentives and jumping through hoops to keep millennials happy.  This has become a problem for older employees who feel this is inappropriate.

    Companies are bowing to younger generations’ needs because, “they bring fresh skills to the workplace: they’re tech-savvy, racially diverse, socially interconnected, and collaborative. Moreover, companies need to keep employee pipelines full as baby boomers entire retirement.”

    Companies like Aprimo are dangling the carrot of the probability of a one-year promotion to attract talent.  Their OnTrack program, launched in 2005, has had 100% of participates receive promotions and increased salaries within a year.

    Companies are witnessing personality conflicts within the workplace because boomers may view that millennials receive special treatment.  “Boomers often gripe about their younger colleagues as arrogant kids who don’t know how to dress appropriately, deal with customers or close deals.”

    The key to handling multiple generations within the workplace may revolve around understanding individual personality preferences. To find out more about personality types in the workplace check out:  It’s Not You It’s Your Personality:  Skills to Survive and Thrive in the Modern Workplace.

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  • drdianehamilton 11:01 am on December 20, 2011 Permalink | Reply
    Tags: , , , , , Millennial Generation, Millennials, ,   

    Is the Millennial Generation the Best Generation Ever? 

    Check out an infographic about the Millennial Generation from OnlineGraduatePrograms.com.  This is based on research from the Pew Research Organization.  Note how the Millennials have differ from the Baby Boomers, Generation X and the Silent Generation. 

    Millennials
    Created by: Online Graduate Programs

     

     
    • Tim Lau 11:00 pm on December 31, 2011 Permalink | Reply

      Thanks for sharing this infographic. It’ll be interesting to follow see millennials’ identity as they continue to enter the workforce in the years ahead. http://www.themillennialist.com

  • drdianehamilton 7:57 am on November 11, 2011 Permalink | Reply
    Tags: , , , , , , , , , Millennials, , ,   

    Impact of Boomers Working Past Retirement Years 

    As people are living longer and the age for receiving social security payments is extended, baby boomers have found that they are working well into what used to be considered retirement years.  USA Today reported, “The Associated Press-LifeGoesStrong.com poll found a baby boom generation planning to work into retirement years — with 73% planning to work past retirement, up from 67% this spring. The poll involved online interviews with 1,095 baby boomers.” According to the Examiner, “boomers are likely going to work five to 10 years longer before retiring.”

    There are currently 77 million baby boomers.  This group has found it difficult to retire because “41% of boomers said they are expecting to have to scale back their lifestyle in some way in retirement and 31% believe they will struggle financially.”

    Having a lot of baby boomers in the workplace has had an impact on the post-boomer generations.  In the article Millennials Hoping for Boomers to Retire, it was noted that many people who used to retire in their 60s are continuing to work, making it harder for Millennials to find employment.

    There are currently four generations coexisting in the workplace. These 4 generations include:

    World War II Generation (aka depression babies) – Those born prior to 1945

    Baby Boomers – Those born 1946 to 1964

    Generation X – Those born 1965 to 1982

    Generation Y (aka the Millennials) – Those born after 1982

    Baby Boomers represent the largest segment of the American work force.  However, millennials will be replacing the baby boomer group soon.  According to Harvard Business Review /HBR.org, “The makeup of the global workforce is undergoing a seismic shift: In four years Millennials—the people born between 1977 and 1997—will account for nearly half the employees in the world. In some companies, they already constitute a majority.”

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  • drdianehamilton 11:38 am on June 13, 2011 Permalink | Reply
    Tags: , Bureau of Labor, , , , , , Dr. Paula Zobisch, , Excellence in Economic Education, , Immediate Gratification, JumpStart, , Millennials, , , , Ohio State Center for Human Research, Social Science Research, Universities,   

    New Study Shows Young Adults Find Power in Debt: Lack of Education to Blame 

    In recent research published in the journal Social Science Research, the data showed that young adults aged 18-27 actually felt empowered by having debt.  They felt that it increased their self-esteem and made them feel in control of their lives.  Because they were able to attain goals of buying things, they perceived this as a good thing. 

    ScienceDaily reported, “The study involved 3,079 young adults who participated in the National Longitudinal Survey of Youth 1979 — Young Adults sample. The NLSY interviews the same nationally representative group of Americans every two years. It is conducted by Ohio State’s Center for Human Resource Research on behalf of the U.S. Bureau of Labor Statistics.”

    The young adults who had less money to begin with, felt more empowered by this new found ability to purchase things.  “Results showed that those in the bottom 25 percent in total family income got the largest boost from holding debt — the more debt they held, both education and credit card, the bigger the positive impact on their self-esteem and mastery.”

    The study found that as young adults became older, they had a more realistic idea of what this debt was doing to their lives.  By age 28-34, the stress caused by the debt was starting to be felt.

    The results of this study back up what has been called a movement toward an instant gratification society.  The Arizona Republic reported, “Many young adults might feel good about incurring debt because it lets them purchase desired items without having to delay gratification.  They are happy they can actually get credit and feel more like adults now.  .  .But they don’t actually understand what that entails.”  

    Eventually the bills start piling up and these young adults will have to face the consequences of paying off what they have charged. 

    How did this generation get to this point?  Lack of education may be to blame. Here is a reprint of an article I wrote several years ago that addressed this problem:

    Lack of Education to Blame for Financial Crisis 

    The current financial crisis is entirely our fault.  We are a nation of financially-ignorant people doing crazy things like buying a $450,000 home on a $40,000 a year salary with a 120% loan. How in the world did we think that this was OK?  What are we doing to be sure that this won’t happen again?  People are sick of reading about bad news and the economy. They’d rather just put their heads in the sand and hope Obama is here to save the day. Well I’m here to tell you, if we don’t change the way we teach personal finance to the youth in our country, we will have learned nothing from this economic disaster and future generations are doomed to repeat our mistakes. 

    FROM AN EDUCATOR’S PERSPECTIVE

    Having taught college business students for many years, I am horrified by the lack of personal finance training our youth receives.  Should it be up to the young adult to learn this on their own? There are a lot of books on personal finance out there.  If you hang out at a bookstore and watch the type of people who are reading them, however, you will notice it is not the young generation purchasing them.  It is usually the 30 and older crowd that has now found themselves in financial straits and want to know how to get out of it.  The younger generation doesn’t realize that they need this knowledge yet.  Their parents probably never taught them because they probably have a limited understanding of personal finance themselves.  How can we expect parents to teach children something they never learned in the first place?

    Shouldn’t personal finance be something we learn in high school and college to prepare us for our financial futures?  Arizona State University’s W.P. Carey School of Business has a good reputation.  I use that as an example because that is where I received my BS in Business.   Business Week lists ASU in its 2007 rankings as 66th out of the top 100 business schools.  I am not trying to pick on ASU because it is a wonderful school.  However, last semester they offered only one course that addressed personal finance and retirement planning.  Only three sections of this course were even offered.  For one of the largest business schools in the US, there was not much of a focus on educating our youth to be financially savvy.   ASU only required that business minors take this course. 

    I recently ordered the textbook that ASU uses for this course. I love to read all I can read about personal finance; I realize that I am not typical in that regard.  However, even with my keen interest in the subject, just looking through this text, I was so bored!  If I see the words “net present value of money” . . .  even I want to run.  I just don’t think that it teaches the types of things young people need to know in a way that would spark their interest.  This text is busy with charts, pictures, numbers and balance sheets.  A young adult that isn’t savvy in math might get immediately turned off by that.  To be fair, this course is offered to business majors who are probably decent in math.  However, what about the rest of the students who are not?  Why are we only teaching personal finance to business majors?  Granted, it is a class that is open to everyone, but it is not required.  To me, this text would be a “next level” type of teaching tool for those who understand the basics already.  Unfortunately if ASU is typical of what other schools offer, they are missing the boat of what it takes to reach the average student.

    Even if some form of money management is taught before college, part of the problem stems with allowing kids to be able to advance through school without passing tests to prove their personal finance knowledge.  Dr. Danielle Babb, author, entrepreneur and professor who appears frequently on national television and radio claims, “Kids shouldn’t be allowed to move on if they haven’t mastered the basics.”  Unfortunately many are learning about finance the hard way.  Right now that may be through watching the collapse of the current economy. As Dr. Babb pointed out, “Right now an entire generation is learning about markets; that they don’t just go up – they can go down, too.” 

    Paula Zobisch, Ph.D., a well-respected professor who teaches business at ten online universities, agreed that this issue needs to be addressed.  When asked how she felt about the personal finance education that our youth is receiving she responded, “Sure, let us lean on the high educational institutions to teach financial management, but let us not also forget high school. And even more importantly, let us remember parents who could teach financial management by giving younger children an allowance and then guiding the management of that allowance. Financial management begins long before college.”

    Fox News (2009) reported 48% of high school seniors correctly answered finance and economics questions.

    This is not to say that more colleges and universities aren’t realizing the importance of teaching personal finance.  In fact, universities such as Lynn University, University of Cincinnati, Kent State, Fairfield University, Scripps College and Texas State all are among the colleges offering courses in personal finance and money-management.  However, some universities have had some convenient relationships with credit card companies which seem at odds with teaching fiscal responsibility. 

    New York Times recently featured a story about how colleges profit from marketing credit cards to their students.  Michigan State University came under fire as it was noted that they allowed Bank of America to offer advertising items to their students to sign up for banking and credit services.  In fact, according that the New York Times (2008) “Bank America’s relationship with the university extends well beyond marketing at sports events.  The bank has $8.4 million, seven-year contract with Michigan State giving it access to the students’ names and addresses and use of the university’s logo.  The more students who take the banks’ credit cards, the more money the university gets.  Under certain circumstances, Michigan State even stands to receive more money if students carry a balance on these cards.”

    If we step back to look at our children’s personal finance education even before college, it is interesting to check out the National Standards (2007) in K-12 personal finance education.  The standards define financial literacy as “the ability to use knowledge and skills to manage one’s financial resources effectively for life time financial security”.  The standards include areas such as financial responsibility, planning and money management, credit card and debt, as well as saving and investing.  Some of the 12th grade goals include having the ability to “analyze how economic, social-cultural, and political conditions can affect income and career potential” as well as “explain the effect on take-home pay of changing the allowances claimed on an employee’s withholding allowance certificate (IRS form W-4).  What they don’t really cover is how much time they are devoting to these topics.

    The National Standards are created by the JumpStart Coalition for Personal Financial Literacy in Washington, DC.

    There are educators and organizations set up that are trying to do something about educating our youth.  The DuPont Fund is one of these organizations. In 2008 this organization created a presentation to increase awareness of the lack of financial literacy.  In that program, the author addressed the areas that required attention.  “There are three parts to a successful financial literacy education program. (1) Quality Financial Education Products (2) Qualified and Trained Financial Educators (3) Evaluation Program in Place to Measure Results” (Lindfield, 2009).  If we do not have quality financial education products, then we are limiting the educators’ ability to reach this group of students. 

    FROM A YOUTH’S PERSPECTIVE

    Having two grown daughters and after teaching for 6 different universities online, I personally have not found too many students who can meet many of the required standards.  If we have set guidelines for what seems to be admirable goals in educating our youth, why haven’t the graduating high school and college seniors learned these important lessons?  There are several reasons.  These schools may only be devoting a small amount of time to very important topics.  It is also quite possible that personal finance is the last thing on their minds while attending school.  They can’t even relate to it yet.  Lastly, when and if they actually do receive personal finance training, it is usually in a format that is hard for them to digest.

    Many financial websites like Charles Schwab’s have some interesting statistics on how our youth view the importance of personal finance training. “Among the ideas tested, young people believe providing incentives for states to mandate financial education in schools is the most important step the Obama Administration can take to improve financial literacy.” (Schwab, 2009).  In fact, studies are showing that facing future demands without a financial education is a source of serious concern for young adults.  “Seven in 10 (71%) are “very concerned” about the country’s economic future. More than half (53%) are “very concerned” about their personal financial future” (Schwab, 2009).

    Schwab (2009) data shows the concern our youth has about money management.

    The US Census Bureau (2009) predicts there will be 18.4 million college students this fall.

    Part of the problem with educating our youth about personal finance is that books on the subject are written in an unfriendly or boring manner.  Even the books that are aimed at a young audience can be in question and answer format or simply read like text books.  When something is so far-removed from what they deal with on a daily basis as personal finance is in those early years, it must be taught in a way that allows young people to picture themselves in situations that they could relate to. It’s critical to sell them on the idea of the importance of understanding personal finance.

    Having been in sales for over 25 years, I learned many tricks for things to do to “sell my point” so that customers would want my solution.  When I was in pharmaceutical sales, part of my sales training was to paint a picture in the doctor’s mind. If our youth is taught personal finance through picture painting or storytelling, perhaps they will learn more. Techniques like placing images in their heads are important for the person to get the point you are trying to get across.  If I told the doctor to prescribe my drugs because they were good, I got nowhere (this is what the traditional personal finance book does).  If I told them that their patient would be calling them at midnight complaining about migraines or inability to breathe if he didn’t prescribe my drugs, then he had a picture and more reason to do it because he didn’t want to be disturbed in the middle of the night. We need to paint the picture of why personal finance is important in students’ minds.

    It is important to get the message of personal finance responsibility in front of the next generation so that they don’t end up the way previous generations are now, having to file bankruptcy or losing their homes.  By targeting our high school and college students with education that delivers the message in a picture-painted storytelling format to explain the importance of personal finance, perhaps the next generation will avoid the tragedies that we are all dealing with now.  To do this, we need to focus on creating educational materials that are delivering the message in a way that allows us to meet the standards that we have set for our youth. 

    FROM A POLITICAL PERSPECTIVE

    Every day there is another article or news story about families facing foreclosures or bankruptcy.  According to Realty Trac there were more than 3.1 million foreclosures filed in 2008.   Even if people were able to keep their homes, suddenly they are upside down, owing more than it is worth.  We have over 3.5 million homeless people in the US.  If we are fortunate enough to still have a job . . . that may be all we have.  Those of us who had our retirement savings in a 401k are now wondering what we will do when we retire.  As we watch our life savings dwindle away with the falling stock market, shouldn’t we be thinking about how we got here and how we could have avoided this in the first place?

    RealtyTrac (2009) data shows a steep include in foreclosure activity.

    There are foundations and coalitions that focus their attention on such issues.  The New America Foundation addresses challenges facing future generations. Their site has had articles addressing the importance of utilizing what we have learned throughout this crisis to teach our youth.  “Such moments of financial trouble are teachable opportunities for children and youth to learn about personal finance, and to improve their own money management skills.  However, comprehensive strategies for educating children and youth about personal finance so that they can successfully navigate a complex financial market place have not yet emerged.” (Lopez-Fernandini & Murrell, 2008).

    The problem is that changing the education system is no easy task.  Proposals must be made.  Money must be spent.  I recently sent a letter to Arne Duncan with the U. S. Department of Education, explaining my concern about the current lack of personal finance education for our youth. I explained I would like to propose a solution.  What did I get back?  I received a form letter commending my interest in education but politely stating that I should check out the Excellence in Economic Education (EEC, 2009) program already in place.  At the site, you can download current information about national programs currently in place.  According to the EEC, there was $1,447,267 worth of appropriations available for 2008 allotted to personal finance education.  Making grants available is a good start. But what about addressing the problems in the school’s curriculum?

    Obviously the current programs are not working.  If we are not open to looking at alternative solutions to our current lack of education our children are receiving, aren’t we doomed to repeat our past mistakes?  I realize the government has its hands full with the current crisis.  However, our government may need to learn from its past mistakes.  Isn’t the definition of insanity doing the same thing over and over and expecting a different result?  By not addressing the problems within our educational system, we are doomed to repeat our past mistakes.

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    • jaysanderscpa 6:56 pm on June 15, 2011 Permalink | Reply

      Wow, quite a tour de force post.

    • Shyam 5:34 pm on July 23, 2011 Permalink | Reply

      true… you know what they say…Being “smart” and being a “smart investor” are not the same thing

  • drdianehamilton 3:24 pm on June 4, 2011 Permalink | Reply
    Tags: Boomerang Generation, , , , , Graduates, , , Labour economics, Millennials, , , , , Work experience   

    Boomerang Generation: College Graduates Giving up on Employment and Moving Back Home 

    EconSide

    There has been an unusual trend with recent college graduates.  After working so hard to become educated for their new careers, recent grads are not jumping into the workplace right away.  This has caused an increase in the numbers for unemployment in this population.  However, this unemployment has been influenced by some of these grads actively making the choice not go to work.

    It’s not only that employers don’t want the recent graduates. In fact, Wall Street Journal reported, “Employers plan to hire 19% more new graduates this year than in 2010.” Part of the choice has been due to the graduates opting to do other things. In that same article, it was reported, “Career counselors at colleges say that in the past two years they have seen increasing numbers of graduates opting to travel, volunteer, or get unpaid work experience rather than head straight into a tenuous job market.”

    Recent statistics show that up to 54% of those under the age of 25 are without a job. Many of them feel that the economy is so bad at this time that they would be wasting their time even trying to get into the workplace.  This has caused a trend of young adults moving back in with their parents.  The New York Post reported, “This year, some three million young people are expected to graduate from college. Facing a double-digit unemployment rate for young people, 85 percent of them will initially move back home with their parents, and that’s up from 67 percent in 2006, according to a poll by researcher Twentysomething Inc.”

    Some have referred to this new generation as the Boomerang Generation.  Just as parents think their children have left the nest, they turn around and come right back.  Some students are holding out for the job they want rather than taking “just any job”. Having gone through the time and effort to get a higher education, they are not willing to take employment beneath what they feel qualified to do.

     
  • drdianehamilton 1:42 pm on May 5, 2011 Permalink | Reply
    Tags: , , , Congressional Budget Office, Coworkers, Depression Babies, , , , , Millennials, Post–World War II economic expansion, , , World War II   

    Coexisting with Four Generations in the Modern Workplace 

    The modern workplace has seen growth in the 16 to 24-year olds and over 55 year olds.  With people living and working longer, this growth has led to four generations of workers trying to coexist. This may present challenges to management.  According to The East Valley Tribune, “It’s not merely age that differentiates these workers, said AARP officials, but rather how they approach accomplishing different assignments and tasks, as well as how much “work” defines their everyday lives.” 

    These 4 generations include:

    World War II Generation (aka depression babies) – Those born prior to 1945

    Baby Boomers – Those born 1946 to 1964

    Generation X – Those born 1965 to 1982

    Generation Y (aka the Millennials) – Those born after 1982

    According to the Tribune each of these groups has unique needs:

    World War II Generation – appreciate a logical approach to work, with clear job expectations that are fair and consistent. This group prefers face-to-face communication rather than phone or email. . .are reluctant to buck the system, uncomfortable with conflict and reticent when they disagree with their boss or fellow co-workers.

    Baby Boomers – represent the largest segment of the American work force. There are roughly 77 million Boomers who are service-oriented, appreciate a team perspective, and are motivated workers . . . appreciate personal communication and the telephone, are not necessarily “budget-minded” and are uncomfortable with conflict. In addition, some may put “success ahead of result.” They also insist on phased retirement and health and wellness programs to foster a healthy lifestyle.

    Generation X – are independent and creative souls who are adaptable, technology-literate and like to buck the system. They don’t need a boss constantly looking over their shoulder as they enjoy being turned loose to meet deadlines. . .this group enjoys communicating by voicemail and email and is looking for development opportunities and to add certifications to their resumes for upward mobility.

    Generation Y – brings to the workplace optimism, a can-do spirit and the ability to multitask, but they are often inexperienced and require supervision and structure. This group, which prefers instant messaging, blogs, text messages and email, has difficulty communicating in the workplace and likes to be spoken with one-on-one.”

     
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