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Demographic data indicate that the Millennial generation (those born between 1982 and the early 2000s) are entering the workforce and will become an increasingly…
Demographic data indicate that the Millennial generation (those born between 1982 and the early 2000s) are entering the workforce and will become an increasingly significant component of the workforce in the near future. The Millennial generation appears to have significant differences in values, attitudes and expectations regarding work than prior generations.
The authors reviewed the literature on the “Millennial” generation (those born between 1982 and the early 2000s) and the research on giving negative feedback to identify issues that are significant with respect to the manner in which managers give negative information to this new generation of workers.
To be effective, negative feedback to Millennials needs to be consistent and ongoing. The feedback must be perceived by Millennials as benefitting them now or in the future. Managers must be assertive enough to make sure the employee understands the concerns, but sensitive to the fact that many Millennials have difficulty accepting such feedback.
These findings offer suggestions for future research that needs to explicitly examine the differences in the new generation of workers and how these persons respond to current managerial practices.
Millennials are now entering the workforce in significant numbers. Managers will find increasing opportunities to address the organizational and individual needs of these workers. Managers must learn how to effectively direct and motivate this generation of workers, including how to provide constructive negative feedback.
Demographic data indicate that the so-called “Baby Boom” generation will be leaving the workforce in large numbers over the next few years, and will be replaced by the Millennial generation.
To date, there has been little attempt by management researchers to address the organizational implications of the generational shift that is occurring. We seek to draw attention to one specific area of management practice – delivering negative feedback – and explore how the knowledge may be changing as a new generation of workers enter the workplace.
Strategy Question: Is there a way to help me follow through on the changes I personally need to make?
Summary: You are not doing yourself or your organization a favor by neglecting changes you need to make to be more effective. You know what you really need to work on. If not, your boss, Board or peer group can probably help you. The Ten-Quarter Tool provides a simple method to identify a behavior you want to change, forces you to be aware of it throughout your day, and gives you a method to reinforce repetition. Here is how it works. You determine the behavior you want to improve. You take 10 quarters and put them in your left pocket. Your goal is to do the new behavior 10 times each day. Every time you do it, you move one quarter from your left to your right pocket. At the end of the day your goal is to have all 10 quarters in your right pocket. Kind of simple, right? Yet it works. You jingle a bit when you walk, but the weight of 10 quarters and the noise emanating from your pocket reminds you of the task at hand.
Strategy Question: How do I develop an effective plan and strategy in an environment that is highly uncertain, turbulent, and unpredictable?Summary: An organization exists…
Strategy Question: How do I develop an effective plan and strategy in an environment that is highly uncertain, turbulent, and unpredictable?
Summary: An organization exists as a subset of numerous spheres of influence, including the overall environment, the economic forces within that, and the industry forces within that. The Strategic Environmental Scan (SES) uses a structured approach to survey each of those areas, compile responses, sort responses, forecast impacts of those issues seen as higher probability, and highlight those issues for plan consideration. Since a strategist can’t control these forces, it is important to understand the environmental forces to develop real-time course corrections within the planning horizon. The tool consists of a basic one-page framework along with a process to gather, assess, and organize information that the strategist can use to determine what environmental issues deserve serious attention in the development of the strategy and plan, which issues need to be monitored, and which can be ignored (for the time being). This tool builds upon Dr. Michael Porter’s gold standard Five Forces Industry Analysis and employs stakeholder input to ensure a full appreciation of the broad environmental factors.
Strategy Question: How do I better understand the make-up of my overall market?Summary: Assuming that the market has been properly sized, it is important to also spend…
Strategy Question: How do I better understand the make-up of my overall market?
Summary: Assuming that the market has been properly sized, it is important to also spend similar effort to define segments and size these appropriately. This tool basically mirrors the approach of the Bottom-up Market Sizing Tool. At this stage, emphasis turns to breaking the overall market into actionable segments. Two to three iterations again are common to improve accuracy. The tool output casts the segments as a rectangular graphic, made up of one column for each segment. Segment width is representative of its size relative to the other segments. The width of all segment columns, added together, ties back and equals the overall size of the markets. The result provides guidelines for determining strategic market segments and niches, and how to best position the firm within those segments.
Strategy Question: Is there a simple yet comprehensive way to characterize the business health of my markets, segments, and niches?
Summary: Now that we have the markets segmented and niched, we need to research each segment relative to attractiveness. This can be simply an indication of segment growth prospects in the chosen planning horizon, or it can be a conglomeration of key elements important to the organization (market strength, opportunity for growth, margin yield opportunity, etc.). This tool takes the user through ways to evaluate the segments for use in prioritizing the importance of various segments to product/service and channel actions. We build on either the Market Segmentation Tool or the Segment Niching Tool by assigning an attractiveness code to the column heading (green, yellow, or red). We then recommend the organization rank order the segments, with the one chosen most attractive positioned on the far left, and those next bests located in decreasing order to the right. We have found the resulting one-page Market Map Tool output extremely helpful in simply conveying what is usually a difficult and very complex picture to explain and communicate.
Strategy Question: How do I assess the “business health” of my products or services?Summary: The Product–Volume–Margin Chart tool is used to construct a picture of the…
Strategy Question: How do I assess the “business health” of my products or services?
Summary: The Product–Volume–Margin Chart tool is used to construct a picture of the “business health” of a product or service. The one-page chart is designed to provide a clear and concise “current state” business profitability picture by casting revenue of key product/service forms in Pareto fashion against a corresponding profit metric for each (we use Gross Margin) plotted in bullet point form. Concurrently the chart structure provides a means for quickly developing a deeper insight to product/service profitability issues that may exist. The PVM analysis is among the most helpful tools in our arsenal, and is one of the first, if not the first tool we use entering a new situation. Many companies we encounter simply have not pulled information together in this way, for a variety of reasons (numbers being held close to the vest, legacy ERP shortcomings, sales reporting buckets being different, etc.) The tool shows the user, especially those who have never done a comparison like this, how to structure the product/service forms, how to choose profit metrics and construct them if necessary.
Strategy Question: How do we determine and prioritize which products/services need action?Summary: This very important tool helps provide a perspective on where…
Strategy Question: How do we determine and prioritize which products/services need action?
Summary: This very important tool helps provide a perspective on where product/service improvements are needed relative to performance and margin parameters. It is designed to provide a concise “current state” assessment of product/service offerings using three categories: (1) No deficiency — competitive in both Product and Price/Cost areas (color coded white), (2) One deficiency — Product performance or Price/Margin deficiency (color coded gray); and (3) Two deficiencies — Product performance and Price/margin deficiency (color coded black). When these product/service deficiencies are displayed relative to the most important market segments (ranked in decreasing order of priority), the tool output serves as an insightful baseline from which to scope, frame, define and prioritize product improvement and margin-enhancement projects needed. Your list of potential projects begins here. Many of the prior tools come together at this point. Through previous tools, the markets, environment, and the current competitive positions of the products or services are understood. This tool helps to define a structure to pull all this information together in a simple way to add perspective toward defining and prioritizing potential actions.
Strategy Question: How should we approach our internal cost reduction/value enhancement efforts?Summary: Cost reduction and process improvement techniques are everywhere…
Strategy Question: How should we approach our internal cost reduction/value enhancement efforts?
Summary: Cost reduction and process improvement techniques are everywhere. The tools all work, but how do you know which tool to use when? You can waste precious time and demotivate your teams if the wrong approach is chosen. But where to start? It is a dilemma for all of us. This chapter discusses the basics of each improvement approach. It is in no way a comprehensive treatment of each, but it is thorough enough to steer the user to the right approach. The tool provides guidance regarding proper selection among numerous methodologies and techniques currently ubiquitous in business literature. Overviews of three major cost reduction/process improvement approaches are discussed, (1) Seven Basic Quality tools, (2) Lean Manufacturing, and (3) Six Sigma. The Process Improvement Clarification Tool helps direct the user to the appropriate approach based on the user’s knowledge of the process state. Real-world examples are used to help users select the right technique for the right situation.