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Unleashing the "M" Factor: New Research on What Millennials Want at Work.

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What do Millennials want? It’s the question being asked in every executive suite and human resources office today. As Baby Boomers move out and Millennials move in, a new study from EdAssist reveals the opportunities and benefits Millennials want most, and how employers can best cater to their needs. Presented by Mark Ward, Vice President and General Manager, EdAssist, and Janice Burns, Chief Learning Officer, Mastercard.

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Unleashing the "M" Factor: New Research on What Millennials Want at Work.

  1. 1. #SAWLIVE
  2. 2. #SAWLIVE AGENDA  Why Millennials?  Old Perspectives vs. Current Survey Data – Loyalty – Entitlement – Benefits – Education  Insights From MasterCard © 2015 BRIGHT HORIZONS FAMILY SOLUTIONS LLC2
  3. 3. #SAWLIVE MASTERCARD Janice Burns, Chief Learning Officer © 2015 BRIGHT HORIZONS FAMILY SOLUTIONS LLC3
  4. 4. #SAWLIVE BEST PLACETO WORK  #32 — Forbes Most Innovative Companies (2014)  #65 — Training Top 125  #28 — Fortune Magazine Top People in Business — Ajay Banga, CEO (2014)  SSON — Excellence in Improvement and Innovation Award  Working Mothers — 100 Best Companies to Work For © 2015 BRIGHT HORIZONS FAMILY SOLUTIONS LLC4
  5. 5. #SAWLIVE PARTNERSHIP WITH BRIGHT HORIZONS  Back-Up Care Advantage®  Bright Horizons Child Care Tuition Subsidies  Bright Horizons Care Direct®  Special Needs  College Coach®  EdAssist® © 2015 BRIGHT HORIZONS FAMILY SOLUTIONS LLC5
  6. 6. © 2015 Bright Horizons Family SOLUTIONS LLC WHY MILLENNIALS? 6
  7. 7. #SAWLIVE MILLENNIALS INTHE WORKFORCE © 2015 BRIGHT HORIZONS FAMILY SOLUTIONS LLC 66% 34% 2014 Other Generations Millennials 54% 46% 2020 7
  8. 8. #SAWLIVE MASTERCARD 10% 38% 0 10 20 30 40 2005 2015 Percentage Millennials © 2015 BRIGHT HORIZONS FAMILY SOLUTIONS LLC  10,000 employees  80 locations worldwide  210 countries 8
  9. 9. #SAWLIVE COMMITMENTTO RESEARCH © 2015 BRIGHT HORIZONS FAMILY SOLUTIONS LLC9
  10. 10. #SAWLIVE EDASSIST 2015 MILLENNIALS SURVEY  1,048 nationally representative Americans  Ages 18-35  Margin of Error: +/- 3%  Conducted Feb. 10-17, 2015, by Kelton Research using e-mail invitation and online survey © 2015 BRIGHT HORIZONS FAMILY SOLUTIONS LLC10
  11. 11. #SAWLIVE THE EVOLUTION OF MILLENNIAL RESEARCH © 2015 BRIGHT HORIZONS FAMILY SOLUTIONS LLC 1. LOYALTY 11
  12. 12. #SAWLIVE THE EVOLUTION OF MILLENNIAL RESEARCH © 2015 BRIGHT HORIZONS FAMILY SOLUTIONS LLC 1. LOYALTY 2. ENTITLEMENT 3. BENEFITS 4. EDUCATION 12
  13. 13. 1. LOYALTY © 2015 BRIGHT HORIZONS FAMILY SOLUTIONS LLC13
  14. 14. #SAWLIVE© 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 14
  15. 15. #SAWLIVE OLD PERCEPTION MILLENNIALS ARE NOT LOYALTO 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.” © 2015 BRIGHT HORIZONS FAMILY SOLUTIONS LLC – Business Insider, September 17, 2012 15
  16. 16. #SAWLIVE 2015 EdAssist Survey Though they’re eager to climb the corporate ladder, Millennials don’t equate job hopping with success. © 2015 BRIGHT HORIZONS FAMILY SOLUTIONS LLC16
  17. 17. #SAWLIVE© 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 job for four years or more MILLENNIALS PLEDGETHEIR ALLEGIANCE… TOTHE RIGHT EMPLOYERS 17
  18. 18. #SAWLIVE JOB HOPPING ≠ SUCCESS © 2015 BRIGHT HORIZONS FAMILY SOLUTIONS LLC18
  19. 19. #SAWLIVE MILLENNIALS PLEDGETHEIR ALLEGIANCE… TOTHE RIGHT EMPLOYERS © 2015 BRIGHT HORIZONS FAMILY SOLUTIONS LLC19
  20. 20. 2. ENTITLEMENT
  21. 21. #SAWLIVE© 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 (by paying their dues)? A. 100% B. 80% C. 50% D. 20% THE MILLENNIAL MINDSET 21
  22. 22. #SAWLIVE “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, May 2013 © 2015 BRIGHT HORIZONS FAMILY SOLUTIONS LLC OLD PERCEPTION THETROPHY GENERATION 22
  23. 23. #SAWLIVE© 2015 BRIGHT HORIZONS FAMILY SOLUTIONS LLC 2015 EdAssist Survey: Millennials are willing to work and pay their dues. 23
  24. 24. #SAWLIVE WILLINGTO PAY THEIR DUES  80% of Millennials want to achieve the highest level possible during their careers on their own  16% expect to be promoted on a regular basis (18-to-24-year-olds)  10% expect to be given an annual bonus regardless of performance © 2015 BRIGHT HORIZONS FAMILY SOLUTIONS LLC24
  25. 25. #SAWLIVE PROFESSIONAL DEVELOPMENT © 2015 BRIGHT HORIZONS FAMILY SOLUTIONS LLC25
  26. 26. #SAWLIVE WILLINGTO WORK © 2015 BRIGHT HORIZONS FAMILY SOLUTIONS LLC  Women prioritize a clear career path more than men do  Women more apt to expect employer to provide specific job description (69% vs. 49%) 26
  27. 27. 3. BENEFITS © 2015 BRIGHT HORIZONS FAMILY SOLUTIONS LLC27
  28. 28. #SAWLIVE© 2015 BRIGHT HORIZONS FAMILY SOLUTIONS LLC What benefit or perk is the top priority for Millennials? THE MILLENNIAL MINDSET A. Retirement Savings Plan B. Company Equity C. Phone Reimbursement D. Commuter Benefits 28
  29. 29. #SAWLIVE “Millennials have a different set of values than other generations regarding benefits: Millennials value ‘perks’ over ‘benefits’.” © 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 OLD PERCEPTION PERKSVS. BENEFITS Millennials: bus passes, paid overtime, and pet healthcare plans 29
  30. 30. #SAWLIVE© 2015 BRIGHT HORIZONS FAMILY SOLUTIONS LLC 2015 EdAssist Survey: Already focused on saving for retirement, Millennials may be more responsible than we think. 30
  31. 31. #SAWLIVE FINANCIAL SECURITY IMPORTANTTO MILLENNIALS © 2015 BRIGHT HORIZONS FAMILY SOLUTIONS LLC  71% of Millennials care about retirement savings  33% expect employer to help repay existing student loans  50% expect financial support in paying fur further education  Interest in saving for retirement is more acute for women 31
  32. 32. © 2015 BRIGHT HORIZONS FAMILY SOLUTIONS LLC 4. EDUCATION4. EDUCATION 32
  33. 33. #SAWLIVE© 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. 5% B. 25% C. 60% D. 75% THE MILLENNIAL MINDSET 33
  34. 34. #SAWLIVE “Millennials believe that work-life balance drives their career choices.” - U.S. Chamber Foundation, 2012 © 2015 BRIGHT HORIZONS FAMILY SOLUTIONS LLC34 OLD PERCEPTION
  35. 35. #SAWLIVE© 2015 BRIGHT HORIZONS FAMILY SOLUTIONS LLC 2015 EdAssist Survey: Today’s Millennials want to keep learning long after getting a college degree. 35
  36. 36. #SAWLIVE© 2015 BRIGHT HORIZONS FAMILY SOLUTIONS LLC EDUCATION AND TRAINING 36
  37. 37. #SAWLIVE© 2015 BRIGHT HORIZONS FAMILY SOLUTIONS LLC EDUCATION AND TRAINING 37
  38. 38. #SAWLIVE LEARNING ANYWHERE, AT ANYTIME  Innovation labs  Peer-to-peer learning  Reverse mentoring  Social learning platform © 2015 BRIGHT HORIZONS FAMILY SOLUTIONS LLC38
  39. 39. #SAWLIVE TUITION ASSISTANCE AT MASTERCARD  ROI, analytics, and reporting – spend smartly  Trends in education and employee learning – certifications  Centralized, global approach to tuition assistance  Education plans, fairs, and easy access to advisors to support employee career goals  Online MBA program through Northeastern University © 2015 BRIGHT HORIZONS FAMILY SOLUTIONS LLC
  40. 40. #SAWLIVE MILLENNIALS  Eager to learn, grow, and build their careers  Desire clear career pathways  Prefer competitive benefits that will provide financial security  Willing to sacrifice personal time for learning opportunities © 2015 BRIGHT HORIZONS FAMILY SOLUTIONS LLC
  41. 41. #SAWLIVE QUESTIONS & ANSWERS  Janice Burns Chief Learning Officer MasterCard  Mark Ward Vice President & General Manager EdAssist, a Bright Horizons Family of Solutions mward@edassist.com © 2015 BRIGHT HORIZONS FAMILY SOLUTIONS LLC41
  42. 42. #SAWLIVE SOLUTIONS AT WORK LIVE & WEBINAR EVENTS Solutions atWork LIVE Even if you missed this year’s annual invitation-only conference for leading employers, you can still access some of the thought leadership our attendees received this year. solutionsatwork.brighthorizons.com/saw-live Don’t miss the next Solutions at Work webinar – June 11 Employee Financial Wellness: Your $1Trillion Problem Bright Horizons and Neuberger Berman will discuss innovative approaches to addressing employee financial wellness challenges. SIGN UP to hear about upcoming Solutions at Work live & webinars events brighthorizons.com/newsletter © 2015 BRIGHT HORIZONS FAMILY SOLUTIONS LLC42
  43. 43. #SAWLIVE info@edassist.com| 877-933-7733 Solutions atWork Website | Blog |YouTube | Twitter | LinkedIn | Sign up at www.brighthorizons.com/newsletter to hear about upcoming Solutions atWork webinars and live events © 2015 BRIGHT HORIZONS FAMILY SOLUTIONS LLC43

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