Phyllis Weiss Haserot's
INTER-GENERATIONAL RELATIONS e-TIP
September 2007
TRENDWATCHING 2007 -
from
"The Rainmaking Machine"
Since the new edition of my book, THE RAINMAKING MACHINE (West Legalworks) has just come out, I am offering a taste using an excerpt from the "Trendwatching" chapter as this month's e-tip.
GENERATIONAL INFLUENCES
The presence in firms today of three or four generations
with obviously differing attitudes and objectives is forcing managers
to challenge their long-held assumptions about a common viewpoint on professionals'
motivations, what constitutes personal success, rewards and the most effective
approaches to getting work done. A large part of my work and my firm's
work has shifted to multi-generational issues in the workplace
because they will be critical to the constitution and productivity of
firms as never before.
More training and coaching than has been done previously is needed to
assure that clients of different generations are being served satisfactorily.
Better orientation, more feedback and both formal professional development
and informal guidance are needed to retain and maximize the productivity
of younger generations. Their attitudes will create change in the traditional
way of doing things in many firms, though not without resistance.
Many young professionals have appeared to need more attention and guidance
and to be concerned with stability and security than those coming before
them. However, a recent study sponsored by Intuit on the changing face
of small business has concluded that Generation Y (those born from approximately
1979 to 1995) are the most entrepreneurial generation ever, based on their
digital prowess and the start-up businesses produced in high school and
college.. Some researchers call them risk-takers; others see the opposite.
Probably there is some truth in both of those observations. Firms need
to identify the entrepreneurial ones and support, rather than put a damper
on, their strengths so firms can retain their talent and capitalize on
innovation in their practices. Otherwise they will take their business
developing skills and talent elsewhere - a loss to the profession.
Generation Y is also more socially and environmentally minded than Generation
X (born approximately 1962-1978). Firms should take advantage of their
pro bono interests and entrepreneurial instincts to launch and advise
business and not-for-profit entities that will help build their reputations
and goodwill.
Firms can also encourage Generation Y employees to channel some of the
creativity exhibited on social networking sites such as MySpace and Facebook
for business-appropriate uses approved by the firm. While providing individual
expression and recognition which may entice young associates and staff
to stay longer, firms can benefit from a way to reach younger generations
outside the firm.
Two other significant trends relate to the older end of the generational
spectrum. Firms will need to be more flexible to retain some of the leading
edge Baby Boomers whose skills and experience, judgment, contacts and
reputations are assets that cannot be nearly replaced by younger partners
(a smaller group of Generation X). Crucial issues go way beyond whether
to have mandatory retirement age requirements or not and influence client
retention, referrals, recruitment, and the degree of teamwork vs. territorial
culture and free agency a firm will enjoy going forward.
The other interesting generational trend is the shift of top management
responsibilities from partners in their 60s to those in their 40s, increasingly
in their early 40s (Generation X rather than Baby Boomers). They are likely
to have a different and more aggressive approach to growth, management,
business development and valued attributes from their older predecessors,
and that has an impact on marketing, firm culture, acquisitions and retention.
© Phyllis Weiss Haserot, 2007. All rights reserved.
tel: 212 593-1549
fax: 212 980-7940
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