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EdAssist – Millennials

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EdAssist explores the gaps, tensions, and similarities among younger and older millennials through our latest research survey.

Published in: Recruiting & HR
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EdAssist – Millennials

  1. 1. The Millennial Generation and How it’s Shaking Up the Workplace Mark Ward lVice President and General Manager l EdAssist Jay Titus l Senior Director, Academic Services l EdAssist
  2. 2. Millennials in theWorkforce © 2015 Bright Horizons Family Solutions LLC 66% 34% 2014 Other Generations Millennials 54% 46% 2020
  3. 3. Our Strategy © 2015 Bright Horizons Family Solutions LLC
  4. 4. The Evolution © 2015 Bright Horizons Family Solutions LLC
  5. 5. Commitment to Research © 2015 Bright Horizons Family Solutions LLC
  6. 6. EdAssist 2015 Millennials Survey  1,048 Nationally Representative Americans  Ages 18-35  Margin of Error: +/- 3 percent  Conducted Feb 10-17, 2015 by Kelton Research using email invitation and online survey © 2015 Bright Horizons Family Solutions LLC
  7. 7. The Evolution of Millennial Research 1. Loyalty 2. Entitlement 3. Benefits 4. Education © 2015 Bright Horizons Family Solutions LLC
  8. 8. © 2015 Bright Horizons Family Solutions LLC 1. LOYALTY
  9. 9. © 2015 Bright Horizons Family Solutions LLC What percentage of Millennials believe that to advance professionally, they need to job hop? A. 100% B. 85% C. 50% D. 15% The Millennial Mindset
  10. 10. Millennials are Not Loyal to Employers “Millennials are thought to be a generation who are more apt to move from one opportunity to the next, and employers are having a hard time retaining these workers.” – September 17, 2012, Business Insider © 2015 Bright Horizons Family Solutions LLC
  11. 11. Though they’re eager to climb the corporate ladder, Millennials don’t equate job hopping with success. © 2015 Bright Horizons Family Solutions LLC
  12. 12. Job Hopping ≠ Success © 2015 Bright Horizons Family Solutions LLC
  13. 13. Millennials PledgeTheir Allegiance… to the Right Employers © 2015 Bright Horizons Family Solutions LLC  70% believe their careers would benefit more if they stayed at one company  80% say it would help them make more money  51% say they would stay at their current jobs for 4 years or more
  14. 14. Millennials PledgeTheir Allegiance… to the Right Employers © 2015 Bright Horizons Family Solutions LLC It’s not that Millennials want to job hop, it’s that they’re often forced to job hop because employers are not meeting their needs.
  15. 15. 2. ENTITLEMENT © 2015 Bright Horizons Family Solutions LLC
  16. 16. © 2015 Bright Horizons Family Solutions LLC What percentage of Millennials feel that they can reach the highest level possible in their careers on their own merits alone (without being handed something)? A. 100% B. 80% C. 50% D. 20% The Millennial Mindset
  17. 17. “71% of American adults think of 18-to-29-year-olds — millennials, basically — as “selfish,” and 65% of us think of them as “entitled.” -TIME Magazine (May 2013) © 2015 Bright Horizons Family Solutions LLC
  18. 18. Millennials are willing to work and pay their dues. © 2015 Bright Horizons Family Solutions LLC
  19. 19. Millennials areWilling toWork © 2015 Bright Horizons Family Solutions LLC What do they want?  47% clear path for advancement 51% 41%  Women prioritize clear career path more than men
  20. 20. © 2015 Bright Horizons Family Solutions LLC
  21. 21. © 2015 Bright Horizons Family Solutions LLC What benefit or perk is the top priority for Millennials? A. Retirement Savings Plan B. Company Equity The Millennial Mindset C. Phone Reimbursement D. Commuter Benefits
  22. 22. Millennials have a different set of values than other generations regarding benefits: Millennials value “perks” over “benefits” Millennials: bus passes, paid overtime, and pet healthcare plans © 2015 Bright Horizons Family Solutions LLC -Payscale.com 2014 Generation X: 100% work from home, paid internet access at home, and paid sabbaticals Boomers: defined benefit retirement plans, private medical insurance, and company car
  23. 23. Already focused on saving for retirement, Millennials may be more responsible than we think. © 2015 Bright Horizons Family Solutions LLC
  24. 24. Financial Security Important to Millennials © 2015 Bright Horizons Family Solutions LLC  Millennials care about retirement savings: 71% place 401k plans at top of list  Millennials are not as interested in “perks”  Saving for retirement is more acute for women
  25. 25. © 2015 Bright Horizons Family Solutions LLC 4. EDUCATION
  26. 26. © 2015 Bright Horizons Family Solutions LLC What percentage of Millennials would pick a job with strong potential for professional development over one with regular pay raises? A. 75% B. 25% C: 60% D: 5% The Millennial Mindset
  27. 27. “Millennials believe that work-life balance drives their career choices” © 2015 Bright Horizons Family Solutions LLC -U.S. Chamber Foundation 2012
  28. 28. Today’s Millennials want to keep learning long after getting a college degree. © 2015 Bright Horizons Family Solutions LLC
  29. 29. © 2015 Bright Horizons Family Solutions LLC Education andTraining Feel employers are invested in their development
  30. 30. What isWorking?  How will your organization respond to the demographic shift to Millennials in the workforce?  Are there tangible changes to the business environment or culture as a result of this shift?  How does Benefit, Learning and Development, and Human Resources respond to new demands (i.e. assistance with debt)of this group? © 2015 Bright Horizons Family Solutions LLC
  31. 31. Takeaways 1. Already focused on saving for retirement, Millennials may be more responsible than we think. 2. Though they’re eager to climb the corporate ladder, Millennials don’t equate job- hopping with success. 3. The next generation of workers isn’t that entitled – they intend to pay their dues for the achievements they seek. 4. Today’s Millennials want to keep learning long after getting a college degree, particularly younger members of this generation who may not have received all the training they need. 5. Lack of employer support, along with scheduling and financial roadblocks, could hinder Millennials from reaching their full potential. 6. Employers today aren’t doing enough to meet Millennials’ needs. © 2015 Bright Horizons Family Solutions LLC
  32. 32. Coming Up! Thursday, April 16, 2015 7:30-8:30 a.m. Eggs & Innovation Breakfast Roundtable 10:30-11:20 p.m. Learning Lab #3: Non-Degree Programs: Heroes orVillains? 11:30-12:20 p.m. Learning Lab #4:Tuition Assistance Think Tank Unleashing the “M” Factor: New Research on What Millennials Want atWork Tuesday, May 5, 2015 at 12:00pm © 2015 Bright Horizons Family Solutions LLC
  33. 33. © 2015 Bright Horizons Family Solutions LLC

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