The Number One Secret to Managing Millenials

If you are a Boomer or Gen X leader tasked with managing a team of Millenial employees, there is really only one thing you need to know – they aren’t that different from you.

Much ado has been made in the media about the differences between generations, but there is also ample research on their similarities. One such study, conducted by Ben Rosen, a PhD. and Professor of Organizational Behaviour at the University of North Carolina, reveals that the top motivators for all four generations are:

· To work on challenging projects.

· To receive competitive compensation.

· To have opportunities for advancement and chances to learn and grow in their jobs.

· To be treated fairly.

· To maintain a work-life balance.

The main difference between Millenials and their older colleagues – especially their managers – is that Millenial’s ideals regarding what work can and should be are still intact. They have not bought into the “work is a necessary evil” mindset and still – possibly naively – expect that work should be about more than a paycheque. Rather than seeing this as a sense of entitlement, managers and colleagues would do well to welcome their youthful enthusiasm and learn to provide the necessary guidance to channel it without squashing it all together.

Instead of investing time and energy in courses and books on how to manage Millenials, look at what all workers want across the board and put those foundations in place first. The philosophy of managing younger workers effectively is the same as the skills and knowledge required to engage the performance, potential and commitment of workers of all ages.

To be sure, there are some needs and interests that will differ as people move through their lives. Boomers, for example, value a manageable workload because they might be dealing with aging parents, being grandparents, and addressing their own health issues. Millenials value work-life balance so that they can pursue hobbies, start their own business ventures, and have an active social life. Gen X ers want the extra time available to spend it with their young families. Regardless of why balance is important to them, the best leaders understand that bringing out the best in people is about respecting and valuing differences, understanding their personal strengths, cultivating their career aspirations, and aligning all of these with the interests of the company.

At the end of the day, we are all busy. If you are a leader with limited time to develop your skills and knowledge, I would suggest that investing your time in studying more widely beneficial topics like employee engagement, effective communication, conflict resolution, systems design, and time and energy management techniques would give you far more “bang for your buck” than focusing too heavily on Millenials.

Andrea Jacques and The Kyosei Team
Suite 502, 2045 Barclay St.
Vancouver, BC, Canada
V6G 1L6
P: (604) 558-0909

Assets That Do Not Form Part of the Estate

When somebody die, they are deemed to have sold all of their assets just before death. Of course, in reality, nothing has been sold yet, and it will be up to the executor to sell or bequeath the assets of the estate, following the terms of the will. However, in many estates there are assets which are not owned by the estate. But how can that be? How can the assets be owned by the deceased while he was alive, but not owned by his estate after death? If the estate doesn’t own those assets, who does?

Some assets are owned jointly, with each owner having the right of survivorship. For example, a joint bank account. Each of the two owners owns the entire bank account, and when one of them passes away, the name of the deceased is removed from the account, leaving the survivor as the only owner. The estate is not the owner of that bank account, but rather the survivor is the owner. Another common example is the family home, which is often times owned by a couple in joint tenancy. When one of the two owners dies, the name of the deceased is removed from title, leaving the survivor’s name on title. Once again, the house does not form part of the estate.

There are other common examples, too, such as insurance policies and retirement savings. Most insurance policies and retirement savings accounts have one or more named beneficiaries, so the proceeds of the policy will go directly to the named beneficiaries, meaning the policy and RRSP/RRIF do not form part of the estate.

If you need to file for probate, only those assets owned by the estate will get included, meaning you will not have to pay probate fees for those other assets. So why then are insurance policies sometimes included in the probate application? If the policy owner never named a beneficiary, or if the beneficiary died, then the estate becomes the beneficiary, meaning the value of the policy needs to be included in the list of assets, on which probate fees are calculated.

By now some of you might be thinking you could save a lot of time and money if you became a joint owner on your parents’ house. You’d save on probate fees, and you might even eliminate the need for probate altogether. Well, you’d be correct on those two points, but there’s more to consider, especially for your parent(s), so you’d be well-advised to speak with an accountant before going on title.

Sometimes real estate is owned by two or more people as Tenants in Common, rather than Joint Tenancy. If one of the owners dies, that person’s share of the property forms part of the estate, can be sold or bequeathed, and does not automatically transfer to the surviving owner(s). You’d rarely see this type of ownership for the family home, but you would frequently see it for investment properties.

Gregg Medwid is the owner and president of Executor Support, a firm based in Coquitlam, British Columbia, with expertise assisting executors and administrators in settling estates. The project management expertise and customer service focus Medwid brings to Executor Support ensures questions are answered and help is given when it is most needed.

This article is in no way intended to substitute for competent legal advice.

Gregg Medwid, Owner
Executor Support
gregg@executorsupport.ca

Fight the Flu – 3 Easy Steps

Spread the Word…Not the Flu

It’s flu season again and adults over 65 are particularly vulnerable to the flu and its complications.

According to the Centers for Disease Control and Prevention (CDC), influenza is a major cause of hospitalization, disability and even death for older people. Every year about 9 out of 10 flu-related deaths occur in adults over 65. Because the immune system may decline with age, traditional flu vaccines sometimes don’t work as well in elderly people. For these people, a higher-dose version is also available. The higher dose triggers the body to produce more antibodies against the flu virus.

Fight the flu with 3 simple steps:

1. Get flu shots.

A yearly flu vaccine is the first and most important step to protecting not just yourself but those in your care against flu viruses. Both you and the person in your care should be vaccinated, ideally in later summer or fall, before the flu season starts. A yearly vaccine is needed because the flu virus changes year to year; each year’s vaccine is made to protect against the three most common viruses for that year. The most serious complication of flu is pneumonia, so, in addition to age, people with chronic health conditions like asthma, COPD, diabetes or heart disease are at especially high risk.

2. Stop the spread of germs

• Cover coughs and sneezes with a tissue and toss it after use.
• Wash your hands often with soap and water. If soap and water are not available, use an alcohol based hand sanitizer. Hand washing is the NUMBER ONE way to reduce spreading germs.
• Avoid touching your eyes, nose and mouth.
• Avoid close contact with sick people.
• If you are sick with flu-like illness, stay home for at least24 hours after your fever is gone(without the use of fever-reducing meds) except to get medical care or for other necessities. While you are sick, it is important to limit contact with others as much as possible to keep from infecting them.

3.Use flu antiviral if a doctor prescribes them.

Prescription antiviral do not prevent or cure the flu. They are sometimes given to make the flu milder and possibly prevent serious complications. They work best if used within 48 hours of first symptoms (cough, sore throat, fever, aches and stuffy/runny nose), but may be given later if the person is very sick or is at high-risk of complications. Antiviral is not  a substitute for the flu vaccine.

Source: National Council on Aging; CDC

Heather Martin, CDP
Comfort Keepers
Helping you stay Happier, Healthier & At Home
Serving Vancouver, Burnaby, New Westminster, Delta, White Rock and Surrey South of Fraser Hwy
14-1480 Foster Street
White Rock, BC V4B 3X7
Tel: (604) 689-8609/(604)541-8653
Cell: (778) 997-5685
Email: heathermartin@comfortkeepers.ca

 

We Are What We Keep

Clutter comes in many different forms and varieties. We accumulate it over time and every major life stage seems to spawn its associated assortment of material possessions. Boomers are in that unique mid-life position- still working and able to continue to buy. Many are inheriting assets from the previous generation, as well. It is likely that no generation in the history of the world has had as much stuff to contend with, as this one does. The average Canadian household wastes $1,300 a year on items that are purchased but never used.

A study undertaken by the Australian Institute in early 2008, entitled “Stuff Happens” Unused things cluttering up our homes, identified which kinds of people were likely to retain clutter, and which were not. Among the findings were:

· People under 35 were less likely to have cluttered rooms than people over 35

· Couples with children had more clutter than those who were childless

· Single parents and more clutter than singles without children

· People who own their homes have more clutter than those who have a mortgage- who in turn have more clutter than renters

· People who live in detached houses have more clutter than those who live in townhouses or apartments, presumably because they have less space.

In an attempt to understand the nature of clutter and how it invades the home, the author, Stephen Fear, classified 4 categories of clutter.

1.  Emotional clutter– Things with high sentimental but little financial value. This includes many items and photographs that we inherit from loved ones.

Examples:

• Record albums, cassette tapes and 8 tracks
• Devices or players in which to play them
• Comic book collections
• Action figure collections
• Birthday cards
• A cell phone the size of a milk carton! (Yes, one of my clients had one =.=)
• Homework from elementary school
• College texts
• Autograph dogs
• Bronzed baby shoes
• Macramé hanging plant holder

2. Just in case clutter– little sentimental meaning but held on to for emergency or perceived use in the future basis. 55% of respondents in the survey indicated that they acquired things for that reason.

Examples:

• 30 years worth of pay stubs
• Screws and miscellaneous hardware of undetermined origin
• Duplicate toasters and other appliances in case the main ones break down
• Tax returns older than 7 years
• Recipes
• Boxes and packaging for computers and audio equipment that may have to shipped for repair some day
• Dusty cans of food without expiration dates on them
• Toy stockpiles in case someone’s grandchild comes to visit
• Clothing that’s too sizes to small in case you lose 20 pounds

3. Bought Clutter – impulse items, often purchased recently, that never gets used.

Examples:

• Clothing
• Anything from the Home Shopping Network
• Items bought to replace things you could not find
• Books and magazines
• Gourmet kitchen gadgets
• Electronics
• Stockpiles of gifts for other people

 4. Bargain Clutter – clutter that is acquired cheaply (like garage sales), given to you or picked up at the side of the road

Examples:

• Lumber and building supplies
• Kitschy salt and pepper shakers and creamers shaped like cows
• Bikes in need of repair
• Games with missing pieces
• Punch bowl set for 20

So now that we have listed out pretty much everything that we keep, it is time for cleanup!  However, unlike computer software, we cannot simply hit the “Delete” key ( yes, life is never easy:( )  In my next article, I will share with you 10 Good Riddance tips to make your life clutter-free.  If you have any question, simply comment below or even better, contact us at Good Riddance! We’d love to hear from you.

Susan Borax
E: goodriddance@shaw.ca
P: 604 421 5952

Susan Borax and Heather Knittel

Co-author of Good Riddance: Showing Clutter the Door.
Good Riddance Professional Organizing Solutions
Practically Daughters Senior Move Managers

www.goodriddance.ca