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Ba 351 Ch 5 Presentation


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  • Why are accounting forms doing so well?Enormous DemandRecruit the best and brightest of the new generation (Generation Y/Gen Y)The Sarbanes-Oxley ActGreatly increasing the need for their service that the firms are facing an epic talent shortage
  • Rise of accounting firms9 companies in the top 50 last year offered starting salaries of at least $55,000.This year, doubled1st year salaries now average $60,000 to $65,000 (before bonuses)
  • Though there are managers who don’t think special treatment is necessaryMicrosoft Corp. – interviewees visiting headquarters are offered concierge servicesErnst and Young – few lucky interns fly with chief executive on the corporate jet to a conference
  • Let employees decided when during their 1st 90 days they would sit down with their boss for performance reviewA second reader is supposed to review the initial written evaluation to make sure it is sufficiently clear
  • Transcript

    • 1. Chapter 5:Managing Diverse Employeesin a Multicultural Environment
      Exploring the Web & Case Study
      Clinton Fought
      Dan McLoughlin
      Matt Vital
    • 2. Equal Employment Opportunity Commission (EEOC)
      Bureau of Labor Statistics
      I. Exploring the Web
    • 3. Formed in 1962
      Federal agency based in Washington DC
      Main Goal: End employment discrimination
      Investigates discrimination complaints based on an individual's race, color, national origin, religion, sex, age, or disability
      Equal Employment Opportunity Commission (EEOC)
    • 4. A division of the department of labor (Formed 1884)
      Main task: gather and analyze economic labor statistics and report this to the public, the DOL and other government agencies
      Bureau of Labor Statistics
    • 5. II. Case in the NewsBusiness Week: The Best Place to Launch a Career
      Accounting firms dominated BusinessWeek’s 2nd annual ranking of the best companies for new college graduates
      “The Big Four”
      Deloitte and Touche
      PricewaterhouseCoopers (PcW)
      Ernst and Young
      Rethink: How to recruit college graduates and keep the happy on the job or just keep the job at all?—Welcome to the post-millennial world.
      Ernst and Young: Facebook
      Deloitte: rap video on office life
      PwC: bosses ask for 2nd opinion from new hires
      And much more explained later…
    • 6. Ranking based on surveys:
      Career services directors at US Colleges
      Employers they identify as the best for new graduates
      College students
      The Google Effect
    • 7. Survey employers dealing with new generation that expects a different workplace from that of their parents
      Successfully marketing to youthful consumers depends on the insights of being tech savvy (IM-ing, YouTube, Facebook, etc)
      • Appealing to new generation by making them more transparent, flexible, responsive, and nurturing.
    • 78 million born between 1982 and 2000 who began entering the workforce 3 years ago
      High expectations and demand meaningful work
      Constructive feedback
      And positions of influence within organizations
      “If you don’t make an effort to provide an environment in which this generation can do their best, they’re going find one where they can.” –Dan Black, Ernst and Young’s director of campus recruitment
      Who are these people?
    • 8.
      • Competition with high-paying, bonus-giving investment banks and major corporations
      • 9. “The ability to recruit and retain younger workers will become critical […] In many ways, Gen Y is our future.” –Barry Salzberg, CEO of Deloitte and Touche USA
      Number of US students graduating with accounting degrees have risen about 29% since 2002
    • 10. Only 3% of corporate interns accepted full-time positions—one of the worst rates in the industry
      Instead of perks…
      Took away Friday afternoons off
      Ordered business etiquette classes
      Brainstorming how to make company products more appealing to Gen Y
      Employees in their first weeks on the job get to make suggestions about how to improve operations
      “We don’t treat them as kids, we treat them as employees” –Elizabeth King, NY Life Insurance
      New York Life Insurance
    • 11. July 2006: Facebook campaign by Dan Black (recruiter)
      Brought together about 10,000 employees and job seekers in an open forum
      Discussion of the application process and prospective workplace
      • It was difficult for that group because clearly Facebook was a new concept, but they thought the reward of reaching Gen Y in a meaningful way would be worth it.” –Dan Black
      Ernst & Young
    • 12. Trying to give Gen Yers a realistic sense of what they have to do to earn that money
      Allowed NYU film grad to shadow 3 young employees for a documentary-style film
      JPMorgan Chase and Co.
    • 13. Present a real picture of working life to potential recruits
      Asked employees to create short videos describing what the company means to them
      Nearly 400 videos judged by a group of interns and employees of all ages
      Rap video
    • 14. Online recruiting campaign that includes a faux sitcom: The Firm
      Real employees acting out scenarios in which the female Gen Y star has awkward interactions with older employees
      Managers are expected to relearn how to manage and deal with young employees who have lived in a constant feedback loop
    • 15.
      • Company is retooling its training to reflect new philosophy—goal: more ongoing and personalized feedback and more honesty
      Boeing Co.
    • 16.
      • Extended orientation that includes goals for 1st, 2nd, and 3rd months on the job as well as the promised of consistent dialogue with managers
      Abbot Laboratories
    • 17. Web-based training program
      Prepare young employees and managers to talk about career building
      9,300+ logged on
      2,500 created their own ideal career paths
    • 18. Usually hires experienced salespeople
      Decided to offer an 11-week program recent to college grads—but selective to only 9
      • Executives do not complain anymore, saying that new hires generate more revenue and more shipments per sale
    • 19.
      • ThinkPlace, online suggestion box to help it cull the best ideas from its global workforce
    • 20. Google Inc
      Free lunches
      On-site massages
      Allowed 1 day devoted to developing new ideas
      Perks: instituted extra 11-day firmwide vacation
      Ernst and Young
      Perks: 4-day weekends several times over summer
      Every summer weekend starts at 3pm, Friday
      Some Perks:
    • 21. 15 companies and investment banks allow new hires to defer employment for 2 years
      During that time they teach troubled high schools around the country through Teach for America
      Now, Questions for Discussion:
      Something interesting to know…
    • 22. Companies and managers are practicing many new techniques and philosophies in order to attract and retain generation Y workers. In order to appeal to the new generation of workers, management had to figure out what these employees responded positively too.
      Companies realized that they needed to be more flexible, transparent, responsive, and nurturing. The employees require more feedback about their progress and like to be kept busy. Companies also learned that using the Internet to recruit prospective employees, provide feedback, and allow for workers to voice their opinions was a great appeal to Gen Y workers.
      How are companies and managers trying to attract and retain Generation Y workers?
    • 23. Companies are concerned about this because retiring employees need to be replaced and new and creative workers are necessary for the success of a company.
      New and younger employees are helpful to reaching out to young consumers.
      Why are they so concerned about doing this?
    • 24. These changers are providing a more nurturing and enjoyable environment to work in. With management working harder to appeal to its workers, the employees are more comfortable and able to be more effective.
      The constant feedback that some organizations are offering their employees allow for productivity to be much greater than when workers are on their own. They feel like they are part of a team and have a desire to contribute to its success.
      How might the changes managers are making, in response to Generation Y workers, contribute to organizational effectiveness?
    • 25. When the employees are genuinely happy and concerned with the company’s well being, it gives the customers a more secure feeling when dealing with them.
      How might these changes increase responsiveness to customers?
    • 26. Deloitte Interns Rapping Video
      YouTube/Video Clip