[Fredslist] Monthly Inter-Generational Relations e-tip - April

Tue Apr 19 10:53:43 EDT 2005

I want to share these thoughts on a very important subject for Gothamites and their clients.
I welcome your comments.
Phyllis

Phyllis Weiss Haserot
Practice Development Counsel
Consulting/Coach to the Next Generation
Author of "The Rainmaking Machine: Marketing Planning, Strategy and Management"
Voice:: 212-593-1549
Fax:      212-980-7940
pwhaserot at pdcounsel.com  
please visit: www.pdcounsel.com  

Phyllis Weiss Haserot's
INTER-GENERATIONAL RELATIONS E-TIP

April 2005

BRIDGING THE TALENT AND LEADERSHIP VOID

It's coming. In some firms it is already here or at least current leaders are worrying about it.

Labor statistics reveal that 10,000 people per day in the U.S. become 55 years of age or older, and by 2010 we'll see shrinkage in the workforce. This is not only shrinkage in general, but especially a decrease in the "creative class" of workers, creating a bench strength issue.

Further, the desired workers are migrating: over 60% of U.S. executives in recent surveys report they are not satisfied in their current position; 44% of employees say their jobs are more stressful than a year ago; 45% are looking to leave their employer in 2005. In law and other professional services there are daily reminders that make the statistics real.

For professional and service businesses this suggests two sources of loss. One source is the key revenue generators in your firm; the other is possible loss of clients as they move. These are serious threats to business continuity at the level we all would like to see it.

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Here's where the void both in numbers and required competencies is likely to come from, as inspired for me by a recent webinar called "The Gift Of Struggle" by Karen Armon, founder of Alliance Resources LLC. Look at the people who should be at their prime production levels and have acquired the most experience in a knowledge-based business. If people age 54-65 are thinking of winding down, how can firms capture their wisdom and retain their contact base for the future?

If those age 42-53 are the "wandering class of leaders" as Armon calls them, who are frequently looking around for the best fit or most tempting offer, how will firms retain the most valuable professionals? They are the ones most likely to be "poached" (as the press likes to phrase it) by competitors and must be given really compelling reasons to stay. In most professional firms they are the partner level people who are relied upon to serve clients, develop business, train junior people and take part in management. If they are living up to expectations, their loss is more painful than the other age groups.

And I see a few other phenomena that have been taking place over the last few decades as the pressure to bill more hours has increased and the badge of honor has been bestowed, sometimes self-bestowed, on those who are constantly "busy" and over-committed. Values that perpetuate:

    * Doing a lot of "stuff" - whether or not it's meaningful or satisfying.

* Production vs. innovation or breakthrough ways of doing things (at least the dot-com era tried the latter).

* Task-orientation rather than vision-orientation or people-orientation - because that's what people have been rewarded for. This is especially true for Generation X.

* Training that is task- and data-oriented, filling heads with facts and data rather than strategic thinking and soft skills.

    * A sense of entitlement - not just among the young.

Armon suggests that the best way to learn, to prepare the next generation of creators and leaders is to give people challenges they can rally around together, what she calls "the gift of struggle." Among the dimensions of the "challenge-ready leader", Armon includes: 

     - Tolerance of ambiguity (and connecting the dots between unconnected data and events)

     - Recovering from failures rather than burying failures and encouraging cover-ups

     - Political savvy

     - Resourcefulness to deal with what you've got

     - Organizational intellect

     - Knowing how to align people, especially at crucial times

Achieving the crucial alignment will require a greater focus on people at all levels and ages, harnessing the wisdom and institutional memory of the senior professionals and executives, and capturing the hearts and imagination of the best mid-level and junior-level people your firm has. Perhaps free-agency has gone too far.

There are no studies or statistics to indicate that people prefer firm-hopping to finding a satisfying long-term home. Professionals are not gypsies in their souls.

A recent Merrill Lynch study found that 76% of Baby Boomers expected to work at least some of the time during "retirement" years. Firms can establish flexibility policies to value their contributions and challenges of choice toward professional development of the generations following them, smoothly transitioning responsibilities and a sense of responsibility to the firm and their colleagues. Alignment will come from rewarding all desired behaviors and needed actions, especially those that reduce turnover and keep the "keepers." Firms will be stronger and clients will be happier. And if clients are happier they are likely to stick around, making firms happier. 

Phyllis

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Phyllis Weiss Haserot
Practice Development Counsel
Consulting/Coach to the Next Generation
Creator of *Coach-for-the-Coach* and *The Flexible Firm*

Voice: 212-593-1549
Fax: 212-980-7940
pwhaserot at pdcounsel.com 
please visit: www.pdcounsel.com 
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