8 Requirements for Retaining Millennials

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Do you know what benefit Millennial employees want 3 TIMES MORE than cash bonuses? …

Do you know what benefit Millennial employees want 3 TIMES MORE than cash bonuses?

Millennials, or the Gen Y workforce born between 1982 and 2002, are success-oriented but can be very high maintenance. They don’t adapt to corporate cultures. Your company must be “Millennial-friendly” or risk a high turnover rate with this not-so-tolerant generation.

With mass Boomer retirement starting, and the smaller number of Gen X workers replacing them, smart employers are currently scrambling to determine not only how to recruit their next generation of young employees, but how to retain the Millennials they have now.

Join us as Lisa Orrell, author of 2 best-selling books, Millennials Incorporated and Millennials into Leadership, explains the eight critical retention requirements Millennials seek from an employer. Lisa’s insight is backed by recent research into the Millennial generation and her years of experience working with multi-generations in organizations large and small.

In this presentation you will learn:

What makes the Millennial worker tick?
Where do you find and recruit this next generation worker?
How can you motivate, inspire and retain your Millennial workers?

Learn how your company can keep its best & brightest future leaders.

For more on recruiting and retaining Gen Y workers, visit
http://www.monsterthinking.com

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  • 1. For more, visit MonsterThinking.com Millennial Retention Requirements 8 Key Things Gen Y Requires to Stay at Your Company Presented by: Lisa Orrell The Generation Relations Expert Stay Connected w ith Monster.http://www.facebook.com/monsterww @monster_workshttp://www.monsterthinking.com/ @monsterwwhttp://www.youtube.com/user/MonsterVideoVault
  • 2. Webinar Agenda 1 Why Is This Important? 2 Understanding the Generations 3 8 Strategies for Retaining Millennial Talent 4 Q&A
  • 3. Millennial Overview: 1The Generational Snapshot Millennials/ Generation Boomers: Jones: Gen Y: Gen X: ~ 1980 ~1942 ~1954 to to ~1966 to 1953 1965 to 2002 1979 3
  • 4. Why Is This Important? 1 “Generationally determined lifestyles & social values exercise as much influence on buying and purchasing as more commonly understood demographic factors like income, education, and gender do – maybe even more.” Rocking the Ages by J. Walker Smith, Ph.D. and Ann Clurman
  • 5. Why Is This Important? 1 1 Boomer is retiring every 8 seconds At a typical large company in the U.S. 30-40% of employees will hit retirement age in the next 5-10 years Challenges U.S.- based companies to sustain their growth & competitive edge Boomer Brain Drain Generational Dynamics: Diversity Millennials = 52% of the US population
  • 6. Understanding the Generations 2 “63% of top executives say that most managers’ careers are stalled because they simply do not understand others.” Across the Board Magazine for Business Leaders
  • 7. Our History = Our Perceptions/Values 2 Assumptions & Biases Personal Filters Affect Our Perceptions & Ability to Interact With Others Everyone Expects People to Think the Way They Do Being Inflexible Causes Conflict
  • 8. Meet the Boomers 2 “We wanted what they want. We just felt we couldn’t ask. Herein lies the truth: what young workers want isn’t so different from what everyone else wants. However, young workers are asking for it.” “Mastering People Management” Article in Financial Times
  • 9. Boomers: How They Came to Be 2GROWING UP POSITIVE TRAITS Dr. Spock  Service Oriented Nuclear Families/  Optimistic Stay-At-Home Moms  Go the Extra Mile Attitude “Your voice matters!”  Loyalty/Longevity Economic Boom  Great Rapport Builders Wake of WWII CHALLENGING TRAITS Parents Stayed At One Job  Technology (some)  Put Process Ahead of Results  Can Be Judgmental
  • 10. Meet Generation Jones 2 “Many believe the concept of jonesing is among this generation’s key collective personality traits. Jonesers were given huge expectations as children in the optimistic 1960’s, and then confronted with a different reality as they came of age in the pessimistic 1970’s, leaving them with a certain unrequited, jonesing quality.” Jonathan Pontell, Leading Social Commentator Coined the Term “Generation Jones”
  • 11. Gen Jones: How They Came to Be 2GROWING UP POSITIVE TRAITS Easy Bake Ovens  Relationship Oriented Pong  Career Focused MTV  Optimistic The Brady Bunch  Strong Work Ethic Torn: Nuclear Families/  Loyalty/Longevity Divorce Rates/Working Moms CHALLENGING TRAITS Vietnam  Hybrid of Boomer/Gen X Civil Rights  Workaholics Watergate  Yearning For More
  • 12. Meet the Gen Xers 2 “It’s no wonder the Xers are angst-ridden. They feel America’s greatness has passed. They got to the cocktail party twenty minutes too late, and all that’s left are those little wieners and a half-empty bottle of Zima.” Comedian Dennis Miller
  • 13. Gen X: How They Came to Be 2GROWING UP POSITIVE TRAITS Working Moms  Adaptable Soaring Divorce Rates  Independent Latchkey Kids  Creative Survival & Independence “Family” Ties With Friends CHALLENGING TRAITS “Be careful out there!”  People Skills “Pro Kid” Disappeared  Cynical Economic Bust of 70s  Solo-Nature
  • 14. 2Meet the Millennials “A Millennial’s psychological contract is with the relationships embedded within the organization, not the organization itself.” Professor of HR Management at the University of Wisconsin at Milwaukee
  • 15. Millennials: How They Came to Be 2GROWING UP POSITIVE TRAITS Told Valued From Day One  Multi-taskers Laws to Protect Them  Team Players Raised to Express Feelings  Confident & Optimistic “Pro Kid” Society  Aware of Others Told to Experience New Things  Entrepreneurial “Don’t make the same CHALLENGING TRAITS mistakes we did!” Raised to Embrace Team Work  Get Bored Fast 9/11, Enron, Wall Street  Don’t “Get” the Old Way & Save the Planet  Impatient With Advancement
  • 16. 8 Retaining Millennial Tips 3 “Do unto others…keeping their preferences in mind.” The Titanium Rule – Created by Claire Danes
  • 17. 8 Retaining Millennial Talent 3 “This is the most high-maintenance workforce in the history of the world. The good news is they’re also going to be the highest performing workforce in the history of the world.” Bruce Tulgan, Author of Managing Generation Y
  • 18. MILLENNIAL RETENTION TIP #1 3 Set-Up an Environment for Idea Sharing
  • 19. MILLENNIAL RETENTION TIP #2 3 Communicate Often
  • 20. MILLENNIAL RETENTION TIP #3 3 Training & Mentorship
  • 21. MILLENNIAL RETENTION TIP #4 3 Structured Path for Advancement
  • 22. MILLENNIAL RETENTION TIP #5 3 Reward with Increased Responsibility!
  • 23. MILLENNIAL RETENTION TIP #6 3 Map Personal Goals to Tasks
  • 24. MILLENNIAL RETENTION TIP #7 3 Find Out What Motivates Them
  • 25. MILLENNIAL RETENTION TIP #8 3 Become A Praise Culture
  • 26. Presentation Recap Millennials expect a lot from their leadership Millennials want to communicate with managers often Respect their opinions & provide mentorship Training, training and more training! Reward & praise your Millennial Talent (and other age groups) often Challenge them! Have fun & enjoy the new generation!
  • 27. SPECIAL OFFER FOR ATTENDEES! RECEIVE A 10% DISCOUNT ON ANY OF THE SEMINARS & WORKSHOPS LISA OFFERS! SIMPLY MENTION THIS MONSTER.COM WEBINAR! CONTACT LISA FOR HER PRESENTATION OVERVIEW PACKAGE!
  • 28. Time for Questions! Lisa Orrell, CPC The Generation Relations Expert Speaker • Author • Leadership Coach for Millennials www.TheOrrellGroup.com Join Lisa Online: LinkedIn & Facebook Twitter @GenerationsGuru Blog: TheOrrellGoup.com/Blog