Incentive - February 2008 - (Page 42)

CASE STUDY Save the Knowledge Construction management firm The Weitz Company retains its boomers by embracing their experience BY LEO JAKOBSON The Weitz Company sees general contracting large, high-end construction projects as a service industry, says Glenn De Stigter, the chairman. That makes it even more important to retain and recruit long-serving employees, like boomers hen it comes to motivating employees, “people have a hard time seeing beyond monetary rewards,” says Kris Jensen, vice president of corporate services of Wisdom Worker Solutions, a nonprofit based in Des Moines, Iowa, that specializes in executive- and life-coaching for workers over 50 and companies that employ them. Still, Jensen says, “We are seeing some shifts occurring relative to incentives. The one-size-fits-all gold watch is going. Incentives are so individually defined, if you figure out what I want, I’m yours for life.” And what boomers want, she adds, is flexibility. “They want control over their environment,” Jensen says. “They’ve been watching Generation X and seeing that you can have work/life balance.” Not that work/life balance is all they want, Jensen says. Broadly speaking, they want the opportunity to build their skills, and they want to stay on the radar of the people who make decisions, she says. That doesn’t just mean they want to keep moving up the corporate ladder. “Boomers recognize that because they W want to keep working, they may want to retool, to shift direction,” Jensen says. “They are looking for an avocation.” Practically, this means benefits like personal coaches have become “a big prize,” Jensen says. “[Boomers] say, ‘Wow, the company invested in me. I must be valuable.’ ” Job rotation and shadowing programs, executive internships and companysponsored community volunteering are also valued. Even mentoring opportunities can be popular, although boomers are suspicious that these can be designed to drain their experience before giving them a premature boot, Jensen says. The best way to counter this, she adds, is to make mentoring programs a two-way street, so all participants give and take knowledge. Founded in 1885, Weitz is the 19th largest general contracting firm in the United States, with revenues of nearly $1.4 billion. Focusing on high-end projects, the company, which De Stigter and executive management took private in 1995, believes in effectiveness rather than just efficiency, he says. This means doing the job right rather than just getting it done. “The right crane, the right software is important,” De Stigter says, “but not as important as people who know their job. We are in the service industry, we are serving the client, and that does not work unless Profile: The Weitz Company Industry: Construction Objectives: Retain highly experienced, older employees by empowering them to use their experience, rewarding them for doing so, and encouraging them to share their knowledge. Results: Since 2001 revenue has doubled from $800 million to $1.6 billion in 2007. And the company has grown into the 19th largest general contracting firm in the United States. Share the Skills One client that Jensen began working for last year, The Weitz Company, has created what she calls “communities of practice” in which peers—junior and senior employees—come together to share best practices. The senior employees, she adds, “are not just offloading knowledge.” At Weitz, also based in Des Moines, this is not something new, but rather an essential facet of the company’s corporate culture, says Chairman Glenn De Stigter, who retired as CEO two years ago. 42 | Incentive | February 2008 | incentivemag.com http://incentivemag.com

Table of Contents Feed for the Digital Edition of Incentive - February 2008

Incentive Magazine - February 2008 Editor’s Note: Archie and the Boys In The News Cover Story: On The Ball Incentives Incentive Primer: How to Use Sporting Events Incentive Interview: Jim Avery on Doing the Right Thing Employee Empowerment Motivates and Pays Dividends Hospitals, Nurses Win With Flexible Scheduling Legal Ease: Safety Programs and Unions Case Study: The Weitz Company Retains Its Boomers Potentials: Here and Now Star Power in the Kitchen Awards: Gift Card Trends for the New Year Travel News The Manhattanization of Las Vegas Classics Renewed: Monaco and France Advertiser Index Off The Cuff: Tumi’s Mike Landry

Incentive - February 2008

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