2008 Katie School Symposium Presentations and Material

The following information relates to the Katie School Symposium hosted at Illinois State University on April 22nd, 2008. 120 industry practitioners and academics from across the country participated in this event. The Katie Symposium is an annual event that features industry experts and academic researchers who come together to present their findings and analyze the issues related to a given topic.

The 2008 Katie Symposium was on the topic of attracting, retaining and deveoloping the next generation (aka Millenials, Gen Y). It also covered issues related to managing across generations. See attached brochure for symposium overview.

Symposium Presenters

Presenters for the 2008 Katie School Symposium included the following:

Overview of Industry Talent Crisis and Strategies for Managing Generational Issues

Andy Liakopoulos - Senior Manager, Deloitte Consulting LLP Industry

Executive Panel Discussion

Facilitator Leah Reynolds- National Practice Leader for Generational Change and Total Rewards Communication with Deloitte Consulting, LLP

Maintaining, Challenging and Managing the Millennium Generation

Jim Jawahar, PhD. ISU Professor and Chair of Management Department

Gen Y Alumni Panel Discussion

James R. Jones Director- Katie School of Insurance, Illinois State University

Breakouts and Industry Participant Discussion

Facilitator- Erika Williams Regional HR Manager, ACE USA

Symposium Presentations

Andy discusses some of the recent studies that he and his firm had conducted in the insurance industry such as their study on the impending talent gap specifically related to underwriters, claims, and agents.

.

Another study on strategies for how insurance companies can help cultivate talent in Gen Y.

http://www.deloitte.com/dtt/research/0,1015,sid%253D2213%2526cid%253D157654,00.html?WT.mc_id=ISU_Talent_0508

New ways in which workers want to build their careers through employer mass customization of employment.

http://www.deloitte.com/dtt/article/0,1002,sid%3D2250%26cid%3D177498,00.html?WT.mc_id=ISU_Talent_0508

Industry Panel

Following the presentation from Andy, the following group of industry experts offered their views. Some of the takeaways from their thoughts included :

1. That people are finally being seen as an asset and not just an expense. They are the only non depreciating asset a company has.

2. That employees have to be educated about the BUSINESS CASE for making changes

3. That the changes are the kinds of changes that ALL employees want (flexible schedules, supportive bosses, a defined career path, an oportunity to build skills, and opportunity to make a difference, etc).

4. That learning needs to be seen as something that takes place both inside and outside the formal classes offered by companies.

5. The we have to be able to reward people differentially. Not same 3 percent raise for everyone.

6. That traditional measures of productivity (like seat time in an office) need to be thrown out and replaced by TRUE productivity measures.

7. We have to be able to leverage technology better in order to meet the expectations of this generation.

8. Need to make sure that this generation understands the value of personal relationships. Not everything can be handled with a text message.

9. Need to understand the value of internships and job shadowing experiences is getting talented people. Have to make sure they have a good experience and each party gets a good look at the other.

10. Need better assessment tools to determine who will succeed (especially as agents and others in specific roles). Current assessment tools may be out of date.

Gen Y Panel

In the afternoon, a group of five Gen Y panelists and alumni of Illinois State University's College of Business shared their views with the audience on how companies can better, attract, retain, and develop Gen Y talent. The following are facilator questions, and audience questions, with panelists' responses.

Gen Y Panel Question 1. Please describe your career path and why you chose the path you took?

Meagan--Graduated May 05 Marketing and Insurance

Adam-Graduated May 04- Insurance and Finance

Nadine-·May 05 grad- Sales and Marketing

·Works in N.W. Chicago at Lemme, smaller niche broker in Chicago area, since graduating

Seth- ·Graduated in 1998- Accounting and Insurance

Jennifer-Graduated in 2001.- Insurance

Gen Y Panel Question 2: What do you look for in a company?

Gen Y Panel Question 3: What are the best sources for reaching you for recruitment purposes?

Gen Y Panel Question 4. What suggestions do you have on developing you and people in your generation?

Panel Question 5: How do you respond to the comments and perceptions of your generation such as "you don't want to pay your dues" or you are "narcissistic"?

• Well it’s true! Why should we want to wait to move ahead if we are really qualified to move up? If paying your dues means just biding your time until something opens up regardless of what you are capable of doing. Who wants that?
• Telling me that I can do something in ten years seems almost insulting. Why would it take me ten years for that. It seems to suggest that I am a slow learner.
• We want you to show you our value. We want to be contributors. We can't do that if we are tied to a very narrow technical role for years.
• Lay out what you need. And we’ll do it.
• Narcissistic – we have to set the bar high for our group; it can be done in a positive manner.Entitlement issues do cross the line. We don't want anything more that what we earn. Don't reward the slackards but do reward those of us that contribute. You have to be able to differentiate. We're not all the same.
• We respect competent people, not the title. Not just seniority.
• We have to be proactive and look out for ourselves. We don’t believe the company is going to look after our interest so we have to look after our own interest and advocate for ourselves.
• We are quickly going to be in a competitive environment. Right now we are the novelties but in a few years we are going to be competing with younger and smarter people, even globally. We have to look out for ourselves. That may seem narcissistic to some but that just seems realistic to us.

Industry Break Out Sessions and Group Discussion

The attached represents the group participants responses to several initiatives covered previosly in the symposium related to ways in which companies could engage the next generation and attract them, retainithem, develop them, and manage thier contributions. Each group took a different issue and was then asked to identify 1) Potential roadblocks to the iniative, 2) Which areas in thier companies could they enlist to help support the initiative and overcome the roadblocks 3) What specific ideas could they do to help implement the initiative and overcome the roadblocks.

Attracting Next Generation Talent to Insurance Industry

It was noted by presenters and panelist that industry must make itself more appealing to the next generation in order to attract the right talent.

1) What are the potential roadblocks that you see to making this industry appealing?

• Lack of variety in the work day – boring, no sizzle; Industry image –
• Post-Katrina, Reputation re. ethics;
• “It’s a job, not a career”;
• Some colleges do not offer insurance programs – limited visibility or awareness;
• Non-competitive salaries compared to tech jobs;
• Locations in rural or non-metro areas
• Other generations – success of organization is already there…”we are successful”; perception of industry – dull and boring; culture of organization – move slow, decision-making;
• Lack of sense of urgency to recruit Gen Y’ers “That’s the way it has always been”; too many Y’ers on one team;
• Performance rating system;
• Organizational structure and culture;
• Generation of management vs. generation of hires
• Sustainability – keep excitement up when not doing games

2) What departments and/or individuals could campaign for your vision of increasing awareness about good careers in insurance?

• HR: recruiting,
• L&D;
• Diversity & Inclusion committees;
• First Line Management is key in communicating expectations and making connections;
• The employee themselves
• Marketing and Advertising;
• Friends – other Gen Y’ers at your organization;
• Strategic Resources
• Executive Leadership;

3) What action could your company be doing?

• Be aggressive in recruiting;
• Education of the internal employees;
• Employee word of mouth and referrals (bonus)
• Get interns in to see the organization and keep in touch;
• Leveraging marketing and advertising to promote a progressive brand;
• Include Gen Y’ers in recruiting efforts;
• Be more aggressive with job offers;
• Promote social responsibility/community involvement;
• Create touch points for Gen Y’ers that are compelling (career fairs, website, etc) – be where they are!;
• Leverage industry conferences for socializing and promote your brand;
• Engage into a green campaign
• Set common goals – need to do job well; showing them the vision;
• Set realistic & measurable goals;
• Development on this issue with management personnel
• Talk to college employees and get names of people we should target;
• Find company people to participate in college activities, classrooms, resume workshops, informational sessions, etc. (area heads, 1-5 yr. employee in that area, etc.)

Retaining and Developing Next Generation- Flexible Career Path and Mentoring

Companies will need to build a more Flexible Career Path for the next generation and doing a better job of mentoring in order to retain and develop the next generation.

1) What are the potential roadblocks to building a flexible career path?

• Lack of knowledge about this;
• May not be economically feasible;
• Lack of opportunities to implement this;
• Unwillingness of the outgoing dept. to lose the talent;
• Managing the equity of a career path program

Mentoring is another key to engaging this generation.

1) What are the roadblocks to mentoring

• Need buy-in from employee base who value mentoring relationships;
• Need communication and support for program (awareness);
• Value is reliant on individual input and understanding;
• Limited by access to potential mentors; staffing/training issues – want to keep top performers; breaking down silo mentality
• Conflict on specific guidance – but the Y’ers want to own their career – it is contradictory;
• Mentors having a different priority set then upper management;
• Not knowing the tools available to do job effectively

2) What departments and/or individuals could campaign for your vision to improve this?

• HR;
• L&D;
• Buy-in from executives and departments participating
• Need support from direct management of employees involved;

3) What actions could you and your company take to make career path more flexible and to build in mentoring relationships?

• Develop business case for the need to create flexible career paths. How does it benefit the employee and employer?;
• Create a plan to implement a flexible career path.
• With respect to mentoring – may be several different mentors;
• Be supportive (encourage) movement between departments (lateral movement);
• Break down silos
• Dialogue – increase communication training between generations and levels;

MENTORING:

• Need to celebrate role models for Gen Y’ers who have succeeded; Use middle management as they are good connector with other departments
• Make the technology for finding mentors and hosting mentors user-friendly;
• Guide people to the mentoring program for insight
• Need to celebrate role models for Gen Y’ers who have succeeded; Use middle management as they are good connector with other departments

Engaging Employees with Workshops and Education on Blending Generations

Specific workshops and activities like those suggested in above action items such as educating employees about "Generations in the Workplace" AND making the business case on why they need to improve retention and development are seen as critical to success of companies. However, they are not yet being implemented widespread.

1) What are the potential roadblocks to this?

• Too many Boomers still in workplace; (No pain for change yet. And they are still resisting it).
• Others don't know why they should change for new people; Won't send people to these non-technical workshops without business case.
• Conservative organizations;
• Large organizations move slow.
• Lack of understanding;
• Time and resources for training/mentoring
• Perception of favoritism

2) What departments and/or individuals could campaign for your vision?

• Human Resources; senior management (Message from upper management/HR to discuss hiring procedures);
• Focus groups;
• D&I groups (Diversity & Inclusion)
• HR;
• L&D

3) What actions could your company take?

• Create informal mentoring programs between Gen Y and Baby Boomers;
• Find projects that lend themselves to knowledge transfer (producer management – agency relationships)
• Do a better job of educating workers about ways to do this and need for it.
• Create interaction of groups – projects include people across the spectrum;
• Share/present info on different groups – highlight strengths; D&I activities

Readings and Research on Generational Differences and Issues.

The following are summaries of books, articles, and research on gnerational differences and issues. (We realilze that this is not a comprehensive list and we encourage you to add others along with your comments to the ones we have listed and the ones you suggest.) Like all the information contained in Katiepedia.com, the descriptions, book summaries, and commentary may not represent the views of the Katie School or Illinois State University and should be viewed in context and scrutinized by the reader for credibility and accuracy.

Connecting Generations: The Sourcebook for a New Workplace

Author: Claire Raines

Publisher: Crisp Learning

Year: 2003

Summary by Kaitlin Heinz – Member of Generation Y

While generational differences can cause stress, conflict, and frustration in the workplace, if effective strategies for overcoming these differences are implemented then they can actually become a source of creativity and productivity.Some of the benefits of a multi-generational team include increased team flexibility, stronger and more broad-based decision-making, a more innovative team, and a team that can better meet the needs of the diverse public they serve.Connecting Generations describes many different strategies that, if implemented, allow generational differences to be harnessed for positive change in the workplace and increased success within the organization.

The World According to Y

Author: Rebecca Huntley

Publisher: Allen and Unwin

Year: 2006

Summary by Kaitlin Heinz – Member of Generation Y

Generation Y is the largest youth generation in history, with over 70 million people – almost three times the size of Generation X.Because of their huge size, it is inevitable that they leave a large footprint on the world, and it is essential to understand their mindset in order for members of other generations to navigate their own future. .

Decoding Generational Differences: Fact, fiction…or should we just get back to work?

Author: W. Stanton Smith

Publisher: Deloitte Development LLC

Year: 2008

Summary by Kaitlin Heinz – Member of Generation Y

Millennials are quickly becoming an influential factor in the workplace, and in order for organizations to remain competitive they must address the business issues arising from this changing workforce.The author, W. Stanton Smith, was asked to “study demographic and workforce attitude trends with the purpose of coming up with practical ways to deal with their impact on Deloitte.”This book details his findings on young people’s expectations and needs, and the next level of workplace initiatives.

Managing the Generation Mix: From Collision to Collaboration

Authors: Carolyn A. Martin, Ph.D and Bruce Tulgan

Publisher: HRD Press

Year: 2002

Summary by Kaitlin Heinz – Member of Generation Y

Generational differences are the new “diversity issue on the block.”Aging employees are clashing heads with their younger counterparts over issues like work ethic, dress code, and respect for authority, and managers must learn how to handle this “generation mix.”In order to successfully integrate this new cohort of employees into existing work environments, managers need to learn how to “steer differing beliefs, attitudes, and values toward collaborative team efforts."

The Gen Y Imperative

Authors: Leah Reynolds, Elizabeth Campbell Bush and Ryan Geist

Publisher: Communication World

Year: March-April 2008

Summary by Kaitlin Heinz – Member of Generation Y

Results from a recent survey of IABC members show that drastic changes are necessary in organizational communication in order to effectively reach the next generation.While there are many abstract solutions being offered to answer the question of how to communicate and connect with the incoming generation of workers, few organizations have come up with concrete solutions.Not only must organizations alter the way they communicate with Generation Y, but they must shift their entire communication strategy with all generations.

The following are a variety of articles and research related to Gen Y (Millenials).