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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 ...
Millennials Value Innovation
Born from 1980 to 2000, Millennials now in their 20s and 30s
are participants in the workforc...
The Innovation Lag
Although most Millennials feel innovation is critical to an
organization’s success, few are finding the...
Shifting Dynamics

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

42%
Seek leaders...
The Value of Innovation
Organizations that place innovation at the forefront
of their business are more successful.
The mo...
Fostering the Right Culture
Encouraging Millennials to be Creative Can Establish and
Encourage an innovative culture.

75%...
The Path Forward
Companies seeking to attract Millennials can learn
from organizations that have been successful in
struct...
check out blog.socialcast.com
For more ideas on how to foster an innovative culture and how
Enterprise Social Networking c...
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Millennials Crave a Workplace That Fosters Innovation

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

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Transcript of "Millennials Crave a Workplace That Fosters Innovation"

  1. 1. THE IDEA GENERATION Millennials Crave a Workplace That Fosters Innovation
  2. 2. TABLE OF CONTENTS Millennials Value Innovation The Innovation LaG Shifting Dynamics The Value of Innovation Fostering the Right Culture The Path Forward
  3. 3. 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
  4. 4. 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
  5. 5. 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
  6. 6. 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
  7. 7. 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.
  8. 8. 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
  9. 9. check out blog.socialcast.com For more ideas on how to foster an innovative culture and how Enterprise Social Networking can help.
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