Dealing With Demanding Millennials
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Dealing With Demanding Millennials

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As millennials come of age in the workplace, getting them to stick around is becoming a concern. Elements of the employment deal like organizational culture, benefits and working conditions play a ...

As millennials come of age in the workplace, getting them to stick around is becoming a concern. Elements of the employment deal like organizational culture, benefits and working conditions play a critical role in retaining top performers. During this spotlight webinar, millennial branding expert Dan Schawbel will uncover the elements that lead to a clash between generations and how employers can better leverage their programs to meet the needs of the young workers.

During this webinar attendees will hear:

How total rewards contribute to employee motivation
The key factors employees look for in positions and their connection to employee retention
Comparison of workforce generations and its impact on workforce planning

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Dealing With Demanding Millennials Presentation Transcript

  • 1. #DEwebinar Speakers: Ladan Nikravan Senior Editor Diversity Executive magazine Dan Schawbel Managing Partner Millennial Branding Dealing With Demanding Millennials
  • 2. #DEwebinar Tools You Can Use Audio Control – A dial in number will not be provided. – Adjust the volume by sliding the indicator in the Media Player box to the left. – Also check your computer’s volume for external speakers or headsets.
  • 3. #DEwebinar Tools You Can Use Question & Answer – Type in your question in the “Q&A” box to the left. – These queries are visible by the presenter ONLY. – Type your question in the space at the bottom. – Click “Send.”
  • 4. #DEwebinar Tools You Can Use Twitter - Click “Post” in the Twitter widget. #DEwebinar @DiversityExec
  • 5. #DEwebinar Tools You Can Use Speaker Bios Resources Media Player Q&A Slides Twitter Help Post Event Evaluation Share This
  • 6. #DEwebinar 1. May I receive a copy of the slides? YES! Click on the resource list located on the top left portion of your screen. 2. May I review the webinar recording at a later date? YES! You may log in again using today’s link to review the presentation on-demand. Frequently Asked Questions
  • 7. #DEwebinar Ladan Nikravan Senior Editor Diversity Executive magazine lnikravan@humancapitalmedia.com Dealing With Demanding Millennials
  • 8. “Today’s rising youth workforce is not a liability and a challenge, but an asset and an opportunity.”— Reena Nadler, coauthor of the book “Millennials in the Workplace.” Ask a Gen Y Blog
  • 9. Words of Wisdom • “The best way to learn and move forward is to try things out fast and let the result speak for itself. Most of the inspiring and relatively successful entrepreneurs are not afraid of failure or even embarrassment.”— David Chen, CEO of Strikingly. • “As any millennial in a truly honest moment will tell you, though we’re a smart, capable, technically savvy, and talented bunch, we still have a lot to learn. And if we can find an environment where that experience gap isn’t shameful but is instead embraced, we can thrive.”—Michael Terrell, managing partner of the Terrell Leadership Group.
  • 10. Words of Wisdom • “For millennials, it’s not all about paying your dues to work your way up the ladder. It’s not about “up or out.” Millennials want to contribute to meaningful work, and it’s more about the career lattice or career scaffold where you can take steps up, down, out or across to create a meaningful career.” — Courtney Templin, author of “Manager 3.0: A Millennial’s Guide to Rewriting the Rules of Management.”
  • 11. #DEwebinar Dan Schawbel Managing Partner Millennial Branding Dan@MillennialBranding.com Dealing With Demanding Millennials
  • 12. Comparing Generations Gen Y Gen X Baby Boomers Born 1982 - 1993 1965 - 1981 1945 - 1964 Size 80 million 45 million 76 million Core values and attributes Realism, confidence, achievement, confidence, diversity, morality, competitiveness, attention seekers Skepticism, fun, informality, balance, education, pragmatism, adaptable, manager loyalty, independent Optimism, involvement, anti war, equal rights, involvement, work ethic Career goals Build multiple careers Build a portable career Build a single career Management style Collaboration Self-command Command and control Work ethic Goal oriented, looking for meaningful work, collaboration Care less about advancement, outcome oriented Loyalty, process oriented, value ambition and teamwork
  • 13. Your Future is Gen Y 0% 20% 40% 60% 2020 2015 2010 The American Workforce by Generation Baby Boomers Gen X Gen Y Gen Z By 2025, Gen Y will account for 75% of the Global Workforce Bureau of Labor Statistics, Business and Professional Women’s Foundation Gen Y accounts for 60% of Ernst & Young and 55% of Quicken Loans.
  • 14. The Retention Rate Problem 10752 Tenure Rate Across Generations Silent GenerationBaby BoomersGen XGen Y It Costs ~$20,000 to Replace each Gen Y employee. Millennial Branding & Beyond.com
  • 15. How Are Companies Reacting? 48% 37% 12% 40% 11% 10% 11% What are you doing to retain millennial workers? Workplace flexibility programs Internal hiring programs Rotational programs Mentoring programs Entrepreneurship/intrapreneurs hip programs Community service programs Other Millennial Branding & Beyond.com - http://millennialbranding.com/2013/08/cost-millennial-retention-study
  • 16. The Generational Clash Problem 1. Experience 2. Wisdom 3. Willingness to mentor 1. Unrealistic salary expectations 2. Poor work ethic 3. Easily distracted Gen Y Their Managers Millennial Branding, PayScale and American Express Today 15% of Gen Y’s are already Managers.
  • 17. The Generational Clash Problem Beyond.com Study
  • 18. What Do They Want?  Constant feedback & mentoring  Transparency  Social media  Internal career opportunities  Freedom & flexibility  Intrapreneurship  Community support
  • 19. Constant Feedback  Helps them improve.  Shows that you care.  Example) Adobe’s “Check-in” approach  Abolished the annual performance review.  Expectations are set annually but feedback is given along the way.  2% decrease in voluntary attrition globally 80% of Millennials prefer to receive feedback in real-time. Achievers - http://www.achievers.com/sites/default/files/WP_ClassOf2012_0.pdf
  • 20. Mentoring Programs  They seek career support  Knowledge transfer  Reverse mentoring  Example) PepsiCo Conn3ct • Executive sponsorship and support • Idea and voices are heard
  • 21. Transparency Transparency is 1 of the 4 characteristics Gen Y wants in a leader. Time - http://business.time.com/2012/03/29/millennials-vs-baby-boomers-who-would-you-rather-hire
  • 22. Social Media & Gen Y  40% check their cell phone every 10 minutes  45% check social media as part of their daily routine  Connect and engage with them.  Don’t block Facebook at work. 56% of Gen Y won’t work at your company if you ban it! Cisco - http://www.cisco.com/en/US/netsol/ns1120/index.html
  • 23. Showcase Your Culture 50% of employers believe Gen Y will stay if there is a good cultural fit. Millennial Branding & Beyond.com Study
  • 24. What is Your Office Like?
  • 25. Who Works For You?
  • 26. Social Recruiting  Build your employer brand  Be a content source  Engage by responding  Activate your employees 92% of companies use social networks for recruiting. Jobvite - http://recruiting.jobvite.com/company/press-releases/2012/jobvite-social-recruiting-survey-2012/
  • 27. Case Study: Sodexo  Tools used: • Facebook, LinkedIn, Twitter, Flickr, Mobile App, Widget  How they use it: • 18 properties • Employee and event pictures • Recruiters answer candidate questions in under 24 hours  Results: • 46% of 2012 hires used Sodexo social media profiles • Traffic increase of 26% every year • Built a talent pipeline of 300K • 10,700 fans and 6.8 million media impressions per year
  • 28. Case Study: Salesforce.com  What they do? • CEO emailed sales team to spread job opening on social networks. • Posted 350 status updates on LinkedIn.  Benefits • Free referrals • Employer branding  Results: • Postings visible to 159K professionals from 40K companies. • 60% increase in sales employee referral submissions in week one. “Employee referrals are 10 times more likely to be hired than other sources.” - Kate Israels, Talent Acquisition, Salesforce.com Coca Cola: http://coca-colacompany.com/stories/hire-power-how-social-media-is-changing-the-way-people-search-for-jobs
  • 29. Internal Hiring Programs  Saves you money (costs 1.7x to hire externally)  Increases employee morale  Allows talent to develop  The #1 reason Gen Y leaves is lack of career opportunities 40 – 60% of external hires are unsuccessful compared to 25% of internal hires. Time - http://business.time.com/2012/08/15/the-power-within-why-internal-recruiting-hiring-are-on-the-rise/
  • 30. Case Study: Novelis  What did they do? • 41% of new hires are placed internally • Employees get first shot at new openings  Benefits • Increased engagement • Weeks to fill positions instead of months • Cost avoidance  Results • Contributed $2 million in cost avoidance over the last two fiscal years. • 411 employees put through innovative development programs “We have found that internal candidates get to peak performance faster than do externals.” - Leslie Joyce, Chief People Officer at Novelis
  • 31. Case Study: Intel  What did they do? • Created DOT, an employee development opportunity tool. • Connects talent to short-term needs to match development goals.  Benefits • Fosters collaboration. • Good for employee career development.  Results • 178 assignments in 2010 and 2,371 in Q1 2013. • 36 employee profiles in 2010 and 2,933 in 2013 so far.
  • 32. Workplace Flexibility  Want to work from home • More productive • Save money  Less barrier between personal/professional  Collaboration Cisco - http://www.cisco.com/en/US/solutions/ns341/ns525/ns537/ns705/ns1120/cisco_connected_world_technology_report_chapter2_press_release.pdf 69% believe office attendance is unnecessary on a regular basis.
  • 33. Case Study: Aetna Wall Street Journal: http://online.wsj.com/article/SB10001424127887324677204578185180450152760.html  What did they do? • All workers (35,000) can work from home after they have proved their worth.  Benefits • Culture of trust • Lower turnover • Improved productivity/health • Decrease costs  Results • Real-estate and related costs are 15% to 25% lower • Annual savings of about $80 million.
  • 34. Case Study: American Express  What did they do? • Introduced BlueWork, an innovative program designed to support and promote flexibility, workplace collaboration and business optimization  Benefits • Increase employee engagement and satisfaction • Cost savings through better utilization of resources and real estate • Support a highly collaborative and results- oriented culture  Results • The BlueWork program has delivered not only improved employee productivity, but also saved millions in real estate cost savings.
  • 35. Intrapreneurship  Need to adopt a startup culture to attract Gen Y.  Create programs, contests and hire EIR’s. • LinkedIn’s [in]cubator • Google’s 20% program • Facebook Hackathon’s • Microsoft Garage • 3M’s “Skunk Works” 46% of Gen Y wants to start a business in the next 5 years Fortune - http://money.cnn.com/galleries/2012/smallbusiness/1206/gallery.gen-y-entrepreneurs.fortune/index.html
  • 36. Case Study: DreamWorks  What did they do? • All workers can pitch new ideas to executives and can take pitching courses.  Benefits • Lower turnover • Cater to entrepreneurial minded Gen Y’s • Harness new ideas • Build a sense of meaning/belonging  Results • Invested millions in a new social media mobile application created internally by a Gen Y employee. “Ideas flow up and down the organization very very quickly.” - Dan Satterthwaite, Head of HR, DreamWorks
  • 37. Case Study: Quicken Loans  What did they do? • Launched “Bullet Time,” a weekly four hour period every Monday in which technology team members can work on any personal project.  Benefits • Gen Y can explore passions, network and make a big impact.  Results • More than 1,150 IT team members have participated since 2011. • 67 Bullet Time innovations have been implemented into daily business processes. • 146 new projects started since January 1st, 2013 “We make sure our team members have the freedom to create.” – Linglong He, Chief Technology Officer at Quicken Loans
  • 38. Community Matters 92% believe that business should be measured by more than just profit and should focus on a societal purpose. Deloitte: http://www.deloitte.com/view/en_GX/global/press/global-press-releases-en/cce7dc2887cf4310VgnVCM1000001a56f00aRCRD.htm
  • 39. Case Study: Ernst & Young LLP  What did they do? • EY Connect Day - a day of community service for employees  Benefits • Appeals to Gen Y employees who want to give back • Encourages community building  Results • 61,500 volunteer hours in 2012 • 48,500 participants in 2011
  • 40. Case Study: Panera  What did they do? • Opened up “Panera Cares,” a café where only donations are accepted.  Benefits • Millennials want to work for and purchase from companies that give back.  Results • Press in the Boston Globe, ABC News, The New York Times, etc. • 700 transactions for the Boston opening. • Expanded to five locations already.
  • 41. Millennial Job Seekers Can Be Consumers 1/3rd won’t buy from you if they don’t receive a response to their job application. 55% share bad experiences on social media. YouGov – http://www.prweb.com/releases/2013/5/prweb10722718.htm CareerBuilder - http://business.time.com/2013/03/21/make-sure-job-applicants-have-a-good-experience
  • 42. The Future of Work No firewalls Gamification No 9 to 5 Flat hierarchy Results-oriented Community driven
  • 43. What You Can Do Right Now 1. Set expectations 2. Become a mentor 3. Introduce them to executives 4. Create an open environment 5. Allow for flexibility 6. Give regular feedback
  • 44. Your Future is Gen Y
  • 45. Continue Your Journey Promote Yourself Order on Amazon DanSchawbel.com Subscribe to the newsletter
  • 46. #DEwebinar . Please complete the webinar evaluation.
  • 47. #DEwebinar Join our next Webinar! How to Manage Good Faith Efforts Stress Free Thursday, Jun 5, 2014 Webinars start at 2 p.m. Eastern / 11 a.m. Pacific Register for all upcoming Diversity Executive Webinars at www.diversity-executive.com/webinars