Strategic New Research on Generation X: Invaluable to the Future of Corporate Leadership; Research Launches Second Annual Summit on Corporate Issues for Women CEOs

Business Wire, Sept 30, 1999

NEW YORK--(BUSINESS WIRE)--Sept. 30, 1999--

In a landmark study examining attitudes and opinions of Generation X and senior managers in the workplace, new strategic research delves deeply into the values of Generation X, and provides effective strategies that will enable corporations to successfully manage and motivate them. The research was prompted by The Corporate State: A Women's CEO and Senior Management Summit, conducted in September 1998 for the first time. The executives recognized that corporate America needed a better perspective on this generation and on how to impact and manage them.

The stereotypes about "Generation Xers" in corporate America - their self-absorption, lack of loyalty and unwillingness to "pay their dues" - have been reported widely. Cynicism aside, corporations that are committed to future growth must address the issues of how to attract, manage, motivate and retain this up-and-coming generation of corporate executives.

The research, "A Generational Xchange: A Guide to Managing and Mentoring Generation X," was commissioned by Deloitte & Touche and The Corporate State, and conducted by Yankelovich Partners. The research profiled 104 Senior Executives, aged 35 ; and 152 Generation Xers, ages 21-34, working in business.

Key findings of the research were released last night, September 29, 1999, at the opening event of The Corporate State: A Women's CEO and Senior Management Summit, at The Mark Hotel in New York City. Amy Dorn Kopelan, President of Bedlam Entertainment and Founder of The Corporate State, said, "Our Generational Xchange research is critical to understanding the values and expectations of Generation X as they evolve within corporate America, and what senior executives can anticipate with regard to their retention and success."

STRATEGIC RESEARCH FINDINGS

A summary of key research findings follows.

"Me.com" Generation

"Having parents who have been downsized, restructured, etc., after working hard for a long time, has led them (Generation Xers) to strike out on their own and develop themselves as a brand."

-Female Executive in the Survey

- Gen Xers are entrepreneurial by nature, and act like

independent contractors rather than company "lifers."

- Although hard working and committed to the growth and

success of the companies they work for, they are less loyal

than older executives.

- While the research showed that 91% of Gen Xers are committed

to their companies, only 30% are strongly committed vs. 89%

of executives.

- In terms of loyalty, only 45% of Gen Xers feel strong

loyalty to their companies and 55% to their bosses, compared

to 79% and 73% of senior executives, respectively.

- 90% of Generation Xers say they could easily find a new job

right now if they wanted to.

Generation X Wants Structure and Guidelines

- Perhaps as a result of the unstable world they grew up in,

Gen Xers crave stability and structure: 95% of them describe

an ideal work environment as one that is "stable," and 77%

of them describe it as "clearly structured."

- It may be hypothesized that although Gen Xers want

guidelines and structure, they also want the freedom to bend

the rules if they choose.

Corporate "Parenting"

- 75% of Generation Xers believe that mentors are very

important for personal career growth.

- 72% of Gen Xers like the idea of having several mentors with

different levels of expertise.

- 69% of them prefer to find their own mentors outside of the

corporation.

- While 83% of Baby Boomers claim they are mentoring others,

only 57% of Gen Xers report that they have a mentor. -more-

Generation X

MANAGING AND RETAINING GENERATION X

It is clear from the research that Generation X has a strong sense of individual control, initiative and confidence. What, indeed, can corporations do to attract, manage, motivate and retain Generation X? The research provides important strategies for corporate America:

- Give Gen Xers the opportunity to learn, take responsibility

and sharpen their professional skills on a regular basis;

- In a job market that promises no guarantees, give Gen Xers

short-term rewards and recognition to assure them that they

are valued;

- Communicate the objectives of the company to Gen Xers and

where they fit in, and set clear expectations;

- Support and encourage mentoring relationships and programs

in the company, and make sure proteges know they're being

mentored.

THE CORPORATE STATE: A WOMEN'S CEO AND SENIOR MANAGEMENT SUMMIT

Following the overwhelming success of the 1998 conference, The Corporate State is holding its second annual Summit for women CEOs and senior managers today, September 30, 1999. Sponsored by Deloitte & Touche, The Corporate State was created as a private debate on corporate leadership in which women senior executives can redirect and redefine business leadership in corporate America.

"Deloitte & Touche is proud to be the sole sponsor of this unprecedented Summit. We are committed to the advancement of women into key leadership roles within our firm, and are dedicated to helping women in corporate America develop into the leaders of tomorrow," said Mary Ellen Rodgers, newly appointed National Director for the Advancement of Women for Deloitte & Touche.