2. Three different age groups
Millennials: Born from 1981-1997
More than one-in-three American workers today are Millennials
(adults ages 18 to 34 in 2015), and this year surpassed
Generation X to become the largest share of the American
workforce, -new Pew Research Center analysis of U.S.
Census Bureau data
Gen X: Born between 1960 and 1980 (ages 35-50 in 2015)
Baby Boomers: Born between 1946-1964 (ages 51-69 in
2015)
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3. Cultural shift:
Will determine benefits offerings, succession planning and
other aspects of HR’s operations
By 2020, Millennials will comprise 46% of the U.S. labor
force, and will be heavily relied-upon to fill leadership
gaps at many organizations-University of North Carolina
By 2022 Workers 55 and older will represent 25.6% of
workforce-SHRM
Different priorities in what they want (next two slides)
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4. Most similar M=Millennials B=Baby boomers
Job Security
56% M
60% BB
Benefits Overall
49% M
57% BB
Compensation/Pay
58% M
62% BB
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5. Most dissimilar
Defined Contribution
Plans
32% M
44% BB
Career Advancement
50% M
35% BB
Flexibility, Life and Work
50% M
40% BB
Defined Benefit Pension
Plans
33% M
45% BB
Health Care/Medical
Benefits
56% M
66% BB
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6. Impact? (examples)
• State of Connecticut: Hybrid approach to retirement plans. Uses
an individualized target benefit approach: “The employee can go
through a risk assessment and select a portfolio that is managed
by a third party.”
• Recent SHRM research: Employers giving workers more options
how they spend their time in and out of the office. Nearly three-
fifths (57%) of organizations offer flexible work arrangements:
• Full- or part-time telecommuting, flexible scheduling or compressed
workweeks
• Career growth/tracks/options
• Learning and development: Move to learner centric (experiential, shared
knowledge, social technologies, portable, accessible, speed)
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7. Retention keys
Millennials will make up majority of the workforce and most likely to change jobs. Keys:
flexibility, cutting edge technology, and a fun work environment -75% of global
workforce 2025
Gen Xers are independent and entrepreneurial; foster these skills-Middle of their
careers
Baby boomers Solid wages and healthcare options.
Both millennials and gen Xers value flexible work schedules
Baby boomers prefer a stable, but shortened schedule.
Both millennials and gen Xers value mentorships and growth opportunities
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