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Millennials Crave a Workplace That Fosters Innovation

Millennials Crave a Workplace That Fosters Innovation



Millennials are attracted to companies committed

Millennials are attracted to companies committed
to creating a culture of innovation.



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    Millennials Crave a Workplace That Fosters Innovation Millennials Crave a Workplace That Fosters Innovation Presentation Transcript

    • THE IDEA GENERATION Millennials Crave a Workplace That Fosters Innovation
    • TABLE OF CONTENTS Millennials Value Innovation The Innovation LaG Shifting Dynamics The Value of Innovation Fostering the Right Culture The Path Forward
    • Millennials Value Innovation Born from 1980 to 2000, Millennials now in their 20s and 30s are participants in the workforce. They consider innovation a key purpose of business and just as important as profit. 78% 71% 66% 62% of Millennials feel innovation is essential for business growth. believe business innovation improves society. say innovation is a critical requirement in choosing a potential employer. describe themselves as “innovative.” Source: www.deloitte.com/MillennialSurvey
    • The Innovation Lag Although most Millennials feel innovation is critical to an organization’s success, few are finding the support they need in the work place. 52% 26% 20% Only half (52%) feel their current work environment helps them to be innovative. And just 26% believe their organizations’ leadership encourages idea generation. While 20% say their companies’ current culture isn’t conducive to innovation. Source: www.deloitte.com/MillennialSurvey
    • Shifting Dynamics Millennials are attracted to companies committed to creating a culture of innovation. 42% Seek leaders that encourage sharing new ideas, regardless of seniority. 39% Want companies that reward idea generation and creativity. 32% Crave cultures that promote openness and freedom to speak up. Source: www.deloitte.com/MillennialSurvey
    • The Value of Innovation Organizations that place innovation at the forefront of their business are more successful. The most innovative companies are seeing improvements in: Revenue Growth Companies with a formulized innovation strategy grew significantly faster:13% average annual growth rate, compared to other companies’ meager 5%. 13% Employee Loyalty 23 NPS score 5% Compounded over 5 years, top performers will grow 84%, compared with lower performers’ 28%—a threefold difference. -56 NPS score 84% 28% Companies in the top quartile for innovation measured a 23 NPS* score, compared with others’ low -56. *Net Promoter score (NPS) measures employee loyalty and enthusiasm, from as low as -100 to as high as +100. Source: http://www.bain.com/Images/BAIN_BRIEF_Taking_the_measure_of_your_innovation_performance.pdf
    • Fostering the Right Culture Encouraging Millennials to be Creative Can Establish and Encourage an innovative culture. 75% Want opportunities to lead and participate in high-profile initiatives. 73% Seek recognition and rewards for new ideas. 64% Would join internal communities with similar interests and goals. 63% Expect innovation to be an equally high-priority function within their companies.
    • The Path Forward Companies seeking to attract Millennials can learn from organizations that have been successful in structuring a creative climate. Make Innovation a Priority Demonstrate Commitment Connect with Employees 80% 78% 67% of the most innovative organizations have well-defined strategies to cultivate new ideas. of the most innovative organizations manage new ideas in a structured way. of the most innovative companies use social media to encourage idea generation. Source: http://www.pwc.com/gx/en/innovationsurvey/index.jhtml
    • check out blog.socialcast.com For more ideas on how to foster an innovative culture and how Enterprise Social Networking can help.