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Unleashing the Power of the Millennial Generation
 

Unleashing the Power of the Millennial Generation

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Unleashing the Potential of the Millennial Generation: As a new generation of highly skilled knowledge workers enter the workforce, managers are increasingly challenged by how to relate to and incent ...

Unleashing the Potential of the Millennial Generation: As a new generation of highly skilled knowledge workers enter the workforce, managers are increasingly challenged by how to relate to and incent the millennials. Our research discusses this group’s unique characteristics and strengths, and then analyzes how to attract, retain, and inspire millennials who have the potential to be the most productive and innovative generation to ever enter the workforce.

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    Unleashing the Power of the Millennial Generation Unleashing the Power of the Millennial Generation Presentation Transcript

    • Unleashing the Potential of the Millennial Generation Bharat Chopra Reff Cheng Soumya Korde Faheem Noor Ali Kari Wilson Faculty Advisor: Professor Scott Stern
    • How to engage millennial knowledge-workers to maximize innovation in your organization
    • Organizations must embrace these traits Engage Millennials through the 4Cs for greater innovation 9,"%%"' !"#$%&' (%)*'+,$$-' "#$!%&! 91&&%)0$#6-! '())*++(,)! 9:/6:"%' -+.,.*/*+0! .%/,01&2*#34' +1)#,//-' 5"#%&6%7! .%231&2#8/%! 91;;:&#6-!
    • Unleashing the Potential of the Millennials Agenda 564!06*4!/,7*8! 56%!06*4!,8*! 9+!06*!5%82:),;*! 1,2*,3,4$! <($;=$$(%+!>=*$?%+$!
    • Three Generations Coexist in the Workforce Millennials will soon be the largest group with their own characteristics <11;%"2' =%&'>' ?#//%&&#,/2' @!AB"C!D!ABCE! !! @!ABC"!D!ABKB! @!ABFG!D!ABBF! @!FG!/())(%+! @!"G!/())(%+! @!KN!/())(%+! @!H(I*!0%!3%82! @!5%82!0%!)(I*! @!5%82D)(&*!O,),+;*! @!P*8%! @!J8%:6*0! ! @!L%/,M! Source: Delloitte, “Who Are the Millennials?”
    • The Millennials are a Force By 2015, this generation will be the heart of the workforce @!YKQ!%&!TUVU! @!RI*8!ASE!/(+%8(?*$! :%:=),?%+! (+!TUV! @!YAQ!%&!3%82&%8;*! @!L%!/,W%8!:%)(?;,)! ,+M!.8%3(+.! ,X)(,?%+$! Large Diverse Educated Innovative •!!'%$0!*M=;,0*M!! ! !!!.*+*8,?%+! @!KFQ!O*)(*I*!/%8*! •!!C"Q!;%))*.*!*+8%))/*+0! ! )(2*)4!0%!*/O8,;*! (++%I,?%+!,+M!+*3! (M*,$! Sources: PEW, PWC, Rutgers, Greenberg Millennial Study, Defense AT&L
    • Millennials are a Global Phenomenon 1.5B Millennials share common traits but exhibit local idiosyncrasies Z^8$0!.*+*8,?%+!3(06%=0! /*/%8(*$!%&!#%//=+($/]! !"2+.&$"2/$&,"3)43*)5+167+4" Z$/,80*8!06,+!*I*8[!O=0!$?))! +%0!=*$?%+(+.!,=06%8(04]! !"#$%&"'())*)+,"-&.*)/)+"01.$" NA/! KN/! NNG/! NAK/! YGG/! 16*!_V(+.,:%8*`!a*+!b! KN/! */:)%4**!($!(+08(+$(;,))4! Z6,)&!%&!,))!06*!3%/*+! /%?I,0*M!O4!06*!(+$0,+0! 6(8*M!3())!%:0!%=0!%&!06*! .8,?^;,?%+!%&!06*!0,$2U! 3%82&%8;*!O4!,.*!EGZ! !"@.&>$34+)"<8"2&1A6B6)" !"849)+6":+411;$&," <8"=$>$?.&)"
    • Unleashing the Potential of the Millennials Agenda 564!06*4!/,7*8! 56%!06*4!,8*! 9+!06*!5%82:),;*! 1,2*,3,4$! <($;=$$(%+!>=*$?%+$!
    • Defining Moments Shaped the Millennials Making Millennials self-reliant, success driven, and flexible ! V*)&D8*)(,+0! B&)%"6,#&6-' ! f($2D,I*8$*! BDAA[!98,!5,8[!!g,08(+,! ! -+I(8%+/*+0,))4!/(+M*M! @)1&1;#)'9*,&A%' ! -+08*:8*+*=8(,)! a)%O,)(e,?%+[!-+8%+! ! V=;;*$$!M8(I*+! ! <*/,+M!08,+$:,8*+;4! (%)*&1/1A-' ! 9+$0,+0!.8,?^;,?%+! '''L*I*8!)(I*M!3(06%=0!J#$! ! 1*;6!$,II4! <! <*/,+M!c*d(O()(04! Source: Delloitte, “Who Are the Millennials?”; Greenberg Millennials Study
    • Defining Characteristics Emerged Millennials are talented and poised to make an impact !"#$%&' (%)*'+,$$-' .%/,01&2*#34' +1)#,//-' 5"#%&6%7! .%231&2#8/%!
    • Defining Characteristics Emerged Millennials are eager to contribute and ready to take on responsibility !"#$%&' •! Pendulum has swung back when compared to Gen X and their intrinsic motivation •! 63.5% choose employer based on opportunity for growth and development •! 57% plan to fund their own retirement Sources: Deloitte Gen Y Study, Deloitte Ireland Survey, PWC Survey
    • Defining Characteristics Emerged Multi-tasking is the norm for the “video game generation” (%)*'+,$$-' •! Over 75% grew up with a computer at home •! Spend 6.5 hours a day using media, but consume 8.5 hours worth during that time •! Facebook membership rivals the population of Brazil Sources: Northwestern Media Management Center
    • Defining Characteristics Emerged Millennials have proven themselves to be responsible +1)#,//-' .%231&2#8/%' •! 78% are willing to make sacrifices in their own life to address the major challenges facing our country •! 71% of college freshman report volunteering once a week •! Reported drug use and teen pregnancies down Sources: National Institute on Drug Abuse;UCLA American Freshman Survey
    • Defining Characteristics Emerged Family is most important but virtual relationships also flourish .%/,01&2*#34 5"#%&6%7' •! 73% say family is most important thing in their life •! Friendship is a strong motivator when choosing a company •! Strong ability to network and develop new relationships Source: Forrester
    • Each Generation has a Unique Perspective At the same stage in their lives, past generations were different <11;%"2' =%&'>' ?#//%&&#,/2' @!h+?D @!V2*:?;,)!%&! @!f*$:*;0!,=06%8(04! *$0,O)($6/*+0! ,=06%8(04! 06,0!*,8+$!8*$:*;0! @!J%)(?;,)! @!-M.4! @!T:O*,0! @!i,)=*D%8(*+0*M!! @!J8,./,?;! @!#%//=+(04D %8(*+0*M! Source: Howe and Strauss, “The Next 20 Years”
    • A Generational Gap Exists Managers must understand the new expectations in order to close gap ?,&,A%"',22:;%2C'' C'D*#/%'?#//%&&#,/2'%E3%)6' •! 1%!O*!8*$:*;0*M!O4!*/:)%4**! •! ',+,.*/*+0!/=$0!*,8+!8*$:*;0! •! 1%!8*;%.+(e*!*/:)%4**!&%8! •! f*;%.+(?%+!($!O,$*M!%+!*j%80! M*)(I*8(+.!8*$=)0$! •! J8%/%?%+!,0!:8*D:),++*M! •! -/:)%4**!3())!;)(/O!06*!;%8:%8,0*! (+0*8I,)$! ),MM*8! Source: Delloitte, Greenberg Millennials Study
    • Unleashing the Potential of the Millennials Agenda 564!06*4!/,7*8! 56%!06*4!,8*! 9+!06*!5%82:),;*! 1,2*,3,4$! <($;=$$(%+!>=*$?%+$!
    • Employers can Unleash Millennials’ Potential Cultivating four dimensions can engage this generation 9,"%%"' !"#$%&' (%)*'+,$$-' "#$!%&! 91&&%)0$#6-! '())*++(,)! 9:/6:"%' -+.,.*/*+0! .%/,01&2*#34' +1)#,//-' 5"#%&6%7! .%231&2#8/%! 91;;:&#6-!
    • Basic Demands Have Not Changed Like past generations, Millennials value salary and benefits most Rank the following traits in importance On a scale of 1 (least important) to 10 (most important) V,),84! V,),84! BUGN! k*+*^0$! FUFC! a8%306!R::%80=+(?*$! FUK"! H%;,?%+! FU""! k*+*^0$! f*:=0,?%+! KUNN! #6,8(0,O)*!-j%80$! CUC! Source: Robert Half International, Yahoo! HotJobs, “What Millennial Workers Want”
    • Companies Must Engage on More Dimensions Employee expectations have evolved through the generations Boomers 9,"%%"' "#$!%&! '())*++(,)! -+.,.*/*+0! Live to Work
    • Companies Must Engage on More Dimensions Employee expectations have evolved through the generations Gen X 9,"%%"' "#$!%&! '())*++(,)! 9:/6:"%' -+.,.*/*+0! Work to Live
    • Companies Must Engage on More Dimensions Employee expectations have evolved through the generations Millennials 9,"%%"' "#$!%&! 91&&%)0$#6-! '())*++(,)! 9:/6:"%' -+.,.*/*+0! 91;;:&#6-! Work Hard, Play Hard
    • Millennials Need More Mentorship Millennials were raised with constant coaching and recognition CAREER ?%"#64<,2%7' @!#)*,8!;,8**8!:,06! .%)1A&#01&' @!J8%/%?%+!O,$*M!%+!8*$=)0$! @!l8*=*+0!&**MO,;2!%+!:*8&%8/,+;*! 91,)*#&A' @!9+;8*,$*M!!08,(+(+.!%&!$%m!$2())$! @!58(7*+!;%+08,;0$!0%!*+$=8*!;%//(0/*+0! ?%&61"2*#3' @!'*+0%8$!O,$*M!%+!$2())$[!+%0!8,+2$! Source: Robert Half Internationall, Yahoo! HotJobs, “What Millennial Workers Want”, Fortune, Fast Company, HRExecutive Online
    • Intel Reinvented Mentorship Programs The program emphasizes accountability and skills, not rank CAREER Source: Fast Company
    • They are Driven by a Values-based Culture Provide an environment of clear values and work autonomy CULTURE @!#%/:,+4!$=::%80!%&!%=0$(M*!;%//(0/*+0$! F1"G4H#I%'<,/,&)%' @!h=0%+%/4!n!36,0[!36*+[!36*8*[!6%3! @!R:*+!M*;($(%+D/,2(+.!:8%;*$$! (",&23,"%&)-' @!J%)(;(*$!/,M*!3(06!:=O)(;!8,?%+,)*! @!J8%I(M*!$0,0*/*+0!%+!;%8:%8,0*!I,)=*$! !%J&%7'K,/:%2' @!-d6(O(0!;%//(0/*+0!0%!06%$*!I,)=*$! Source: Deloitte, “Decoding Generational Differences”
    • Organizations Should Stress Values Provide Millennials with the purpose and structure they seek CULTURE 1%!%8.,+(e*!06*!3%8)Mo$!(+&%8/,?%+! ,+M!/,2*!(0!=+(I*8$,))4!,;;*$$(O)*! ,+M!=$*&=)U! !"#$%&'()$*% •! <%+o0!0,2*!$=;;*$$!&%8!.8,+0*M! •! <%!06*!8(.60!06(+.p!M%+o0!O*!*I()! •! 5*!,$:(8*!0%!(/:8%I*!,+M!;6,+.*!06*!3%8)M! Source: Google Website
    • They Want to be Part of Something Bigger Millennials want their employer to be more than just a workplace COMMUNITY @!R:*+!*+I(8%+/*+0!0%!*d;6,+.*!(M*,$! 91//,81",01&' @!#8%$$D&=+;?%+,)!,+M!M(I*8$*!0*,/$! @!#)%$*D2+(0!;%//=+(04! 9,;,",7%"#%' @!l8(*+M$6(:!,+M!08=$0!,/%+.!;%))*,.=*$!! @!J*%:)*[!J),+*0[!J8%^0! ("#3/%'<1L1;'H#&%' @!5%82(+.!0%3,8M$!.)%O,)!:8%$:*8(04! Source: Robert Half Internationall, Yahoo! HotJobs, “What Millennial Workers Want”, Fortune, Fast Company, HRExecutive Online
    • Salesforce is Committed to Positive Impact Donates 1% of equity, 1% of time, and 1% product COMMUNITY Source: Fast Company
    • Millennials are Tech-savvy Multi-taskers Born during the Age of Technology, life is about being connected CONNECTIVITY @!#%+;=88*+0!3%82!$08*,/$! ?:/046,2G#&A' @!J),q%8/$!0%!:*8&%8/!0,$2$!$(/=)0,+*%=$)4! 91;;:&#),01&' @!'=)?:)*!;6,++*)$!r9'[!O)%.$[!3(2($s! (%)*&1/1A-' @!-+,O)*!;%D;8*,?%+!,+M!2+%3)*M.*!08,+$&*8! @!i(80=,)!;%//=+(?*$!%+)(+*! +1)#,/'M%6D1"G#&A' @!#8%$$D&=+;?%+,)[!.)%O,)!+*03%82$! Source: Robert Half Internationall, Yahoo! HotJobs, “What Millennial Workers Want”, Fortune, Fast Company, HRExecutive Online
    • Web 2.0 Can Encourage Ideas Companies have gained creative new ideas by using such tools CONNECTIVITY
    • Unleashing the Potential of the Millennials Agenda 564!06*4!/,7*8! 56%!06*4!,8*! 9+!06*!5%82:),;*! 1,2*,3,4$! <($;=$$(%+!>=*$?%+$!
    • Employers can Unleash Millennials’ Potential Cultivating four dimensions can engage this generation 9,"%%"' "#$!%&!! 91&&%)0$#6-! '())*++(,)! 9:/6:"%' -+.,.*/*+0! 91;;:&#6-!
    • Actions Your Company Can Take Now To Unleash the Power of the Millennial Generation •! Implement Reverse Mentoring program •! Establish a company-wide Idea Management Tool •! Ignite innovation through highly visible Contests Source: Deloitte, “Generation Y: Powerhouse of the Global Economy”
    • Unleashing the Potential of the Millennials Agenda 564!06*4!/,7*8! 56%!06*4!,8*! 9+!06*!5%82:),;*! 1,2*,3,4$! <($;=$$(%+!>=*$?%+$!
    • 9,"%%"' !"#$%&' (%)*'+,$$-' "#$!%&! 91&&%)0$#6-! '())*++(,)! 9:/6:"%' -+.,.*/*+0! .%/,01&2*#34' +1)#,//-' 5"#%&6%7! .%231&2#8/%! 91;;:&#6-! At what level is your organization engaging the Millennial generation?
    • 9,"%%"' !"#$%&' (%)*'+,$$-' "#$!%&! 91&&%)0$#6-! '())*++(,)! 9:/6:"%' -+.,.*/*+0! .%/,01&2*#34' +1)#,//-' 5"#%&6%7! .%231&2#8/%! 91;;:&#6-! How can organizations – both public and private – leverage the distinctive qualities and goals of Millennials?
    • 9,"%%"' !"#$%&' (%)*'+,$$-' "#$!%&! 91&&%)0$#6-! '())*++(,)! 9:/6:"%' -+.,.*/*+0! .%/,01&2*#34' +1)#,//-' 5"#%&6%7! .%231&2#8/%! 91;;:&#6-! What have been the biggest successes and failures you have had in trying to manage Millennials?
    • 9,"%%"' !"#$%&' (%)*'+,$$-' "#$!%&! 91&&%)0$#6-! '())*++(,)! 9:/6:"%' -+.,.*/*+0! .%/,01&2*#34' +1)#,//-' 5"#%&6%7! .%231&2#8/%! 91;;:&#6-! What are some best practices that companies might be able to use to better manage the challenges and opportunities from Millennials?