Have you ever struggled to understand why the younger generation doesn’t appear to have a work ethic? Can’t see why you would ever want to take on the responsibility of practice ownership? It could all be down to your generation. If sociologists are right, your generation could influence everything from the hours you work, to your loyalty to your practice.
The degree of skepticism you might be feeling right now might even be a reflection of the generational group you belong to. Suffice to say that many organizations, including the UN,1 are grappling with this issue right now. According to Harvard Business School,2 ‘Managing multigenerational workforces is an art in itself.’
Although no one is suggesting that everyone can be stereotyped into convenient little categories, understanding what drives different generations might provide practice managers and partners with some food for thought.
Baby Boomers (Born 1946-1964)
The baby boomers followed on from the rule loving, team playing traditionalists who respected authority. Baby boomers are the workaholics and their sense of worth is often defined by what they do in the workplace. They see work-life balance as a quaint idea. They are motivated by salary and prefer to communicate by telephone rather than email. They tend to be uncomfortable with conflict and don’t handle negative feedback very well.
Although quite team orientated, baby boomers don’t respect titles, rigid absolutes or structures. It’s quite likely that many practices will be run by baby boomers and when the priorities and outlooks of other generations are examined, it’s clear that the scene is set for potential intergenerational conflict.
Generation X (1965-1979)
Generation X people are motivated by security. They like flexibility and don’t need or seek much feedback. They tend to be impatient, goal orientated and good multi-taskers. Informality is the rule of the day; they will question authority and see their job as ‘just a job’. Having seen what their baby boomer parents gave up in the name of work, generation Xers tend to be more independent, resilient and cynical. They work to live, rather than live to work. The secret with generation Xers is to give them lots to do and complete freedom over how to do it.
Generation Y (1980-1995)
Generation Y has been described as ‘Generation X with self-esteem on steroids’. They question everything and want instant results. For generation Y maintaining their personal life is really important. They need constant feedback and their personal relationship with their boss is really critical in terms of being a motivating force. They are more comfortable with having portfolio careers and may have several jobs at once. They tend to be creative, confident, sociable, tech-savvy but may lack capability to deal with difficult people.
They love a challenge, like to be team members and to be thought of as heroes. An ‘always on’ mentality, fostered by social media, means that flexibility is highly valued. Some may want to take the afternoon off and then work from 6 till midnight.
The down side of the Y generation is that they tend not to be very good at being told they are under-performing; having never been brought up with negative feedback (everyone wins a medal) they may lack basic coping skills to deal with these types of situations.
Implications for Practices
The reward structure with baby boomers is really very clear – they work long and hard. Pay them commensurate with this effort and they will be both happy and loyal. In contrast, generation X likes their salary and bonuses right now and are less attracted to deferred compensation. This, and the preference for financial security, probably accounts for the lack of interest in traditional partnership models. They may prefer the idea of working a standard working week to have more opportunities to spend time with their families, or on a favourite hobby. It’s clear to see why corporate and joint venture structures might appeal to this generation.
Generation Y is known to have a sense of entitlement and will demand more flexible working conditions. But they also require lots of friendly support and feedback. Managers should commit to a schedule of regular feedback meetings to keep these individuals focused and engaged. Concentrating very much on their needs, identifying with their career aspirations and possibly helping them develop portfolio careers within the practice may hold the key to retaining these individuals. This might involved some lateral thinking: could a vet also manage the practice’s social media activities, or be a part-time recruitment manager, or web co-coordinator? These types of activities might also help engage these individuals with the running of the practice. Perhaps groups of friends might buy one partner-equivalent share – blending fun and business in a way that appeals.
What next?
The generation entering the workplace now – generation Z is anticipated to be highly intelligent but also incredibly high maintenance and needy. They are always ‘connected’ therefore rarely have to rely on their own resources – there is always someone to pick up the pieces. Some are likely to see their boss as a parent figure. Instant feedback and flexibility will still be highly prized and professional freelancing is likely to be popular. Interesting times are ahead.
References
- WHAT MATTERS AND HOW THEY LEARN? How different are they? fact and fiction
Executive Office, Talent Management Team United Nations Joint Staff Pension Fund New York Secretariat Headquarters
- Harvard Business School “Working Knowledge” Newsletter – April 17, 2006:! “Can you manage different generations?”