Catalyst: releases study of next generation of leaders.

Key Findings

From The Next Generation

* Today's professionals are highly committed to their current organizations. Almost one-half (47%) would be happy to spend the rest of their careers with their current organizations.

* Today's professionals are attracted to their organizations for traditional reasons, including: perceived advancement opportunities (88%), the offer of an appropriate position (79%), compensation offered (78%), the organization's reputation (77%), and benefits offered (76%).

* Employees of color are more likely than white employees to report intentions to leave their current organizations (44% compared to 31%).

* Men and women respondents agree on several top strategies for career advancement including: consistently exceeding performance expectations (70%), seeking out difficult or highly visible job assignments (54%), networking with influential colleagues (49%), initiating discussions with managesr/partners about career aspirations (48%).

The Buzz

Catalyst released it's latest study, The Next Generation: Today's Professionals, Tomorrow's Leaders, at NBC Studios in New York City on December 11, 2001. The event was hosted by Sheila Wellington, President of Catalyst; Jim Turley, Chairman and CEO of Ernst & Young; and Bob Wright, Vice Chairman of General Electric and Chairman and CEO of NBC. Soledad O'Brien, co-anchor of NBC's Weekend Today, led a panel of four young professionals in discussing the work-related motivations and expectations of the rising generation of business leaders. The panel featured Christy Haubegger, of Latina Media Ventures and Latina Magazine, L. Jasmine Kim of Yahoo! Inc., Susan F. Shank of General Motors, and Christopher Wilcha of MTV. Panelists addressed a number of topics in Catalyst's report, including work/life balance and common myths about the new generation of business professionals. Fellow "Gen X-er" Soledad O'Brien shared her enthusiasm for the report: "As a working mother and a mother to be, I find it very interesting that the Catalyst study has taken a very hard look at both men and women in the workplace--at our desires and all of our frustrations in trying to juggle work and home."

Catalyst chose to focus on the generation of people born between 1964 and 1975 because they are uniquely positioned to teach us about how the workplace is changing or should change to attract, develop, and advance new talent. "In today's economic climate, when companies are scaling back on employees, this study is a must-read for managers," said Catalyst President Sheila Wellington. "If companies lose their rising stars now, then five years later when they need them, they will be faced with the dilemma of not having the talent to fill their leadership ranks."

Study Findings

Catalyst finds that members of this generation are highly committed to their current employers. Almost one-half (47 percent) of respondents report that they would be happy to spend the rest of their careers with their current organizations and 85 percent say they care about the fate of their organizations.

The study also explores the reasons behind this generation's career choices. "They are not looking for gyms, valet services, or concierges to run their lives," said Wellington. "But they are looking for some things that would have seemed unusual 30 years ago." Some of these new programs described in the report are flexible work arrangements, opportunities to telecommute, and a casual dress code.

The study demonstrates that despite the widespread adoption of organizational diversity programs and policies, women and people of color continue to report many barriers to job satisfaction and advancement. Although the majority of respondents work in organizations where employees of different backgrounds and cultures show respect for one another, nearly one-quarter of employees of color believe that being a person of color hinders advancement opportunities at their organizations. Thirty-six percent of employees of color believe that many stereotypes about people of color exist in their organizations (compared to 14 percent of white employees). Employees of color are more likely than white employees are to report intentions to leave their organizations (44 percent compared to 31 percent).

To gather data for The Next Generation, Catalyst surveyed and interviewed men and women professionals and managers born between 1964 and 1975 from ten organizations--eight based in the US and two in Canada. In addition, Catalyst reviewed existing literature on this generation and conducted best practices research and interviews.

The study was sponsored by Ernst & Young and GE Fund.

Action Steps for Employers

Attracting Today's Professionals

* Communicate to candidates what they can expect from your organization.

* Target women, people of color, and individuals from a range of age groups in your recruitment efforts.

Retaining & Advancing Today's Professionals

* Create a flexible work environment.

* Create and communicate individual development strategies.

* Develop effective performance-management strategies and train managers to use them.

* Provide customized career planning and management.

* Assess your work environment to ensure that all employees feel valued and have meaningful opportunities to contribute.

To order your copy of the Next Generation: Today's Professionals, Tomorrow's Leaders, visit us at www.catalystwomen.org