FMI Research

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MILLENNIALS IN CONSTRUCTION:
ENGAGING A NEW WORKFORCE
May 6, 2016 | Dustin Bass and Ryan Howsam | FMI

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Overview
Debunking millennial myths
Employees perspective

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It’s not that people born after 1980 are
narcissists, it’s that young people are narcissists,
and they get over themselves as they get older.”
— Elspeth Reeve, The Atlantic

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Boomers
Born: 1945 - 1964
Age: 52 – 71 years old
Gen X
Born: 1965 - 1980
Age: 36 – 51 years old
Millennials
Born: 1981 - 2000
Age: 35 years and
younger
Multi-Generation Workforce

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Myth # 1: Millennials have different career aspirations
Fact: Millennials care as much as older workers about career
opportunities and getting ahead.

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Myth # 1: Millennials have different career aspirations
Having clear career advancement
opportunities in place is key to
engaging millennials long term.

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Myth # 2: Millennials are lazy
Fact: Millennials are eager to
be challenged and ready to go
beyond what is required to
make their companies succeed.

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Myth # 2: Millennials are lazy

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Myth # 3: Millennials are job hoppers
Fact: There is a strong correlation
between a company’s vision and
millennials’ loyalty to their company.

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Myth # 3: Millennials are job hoppers
Employee engagement starts at the top.
When the company’s vision/direction is
clearly communicated and inspires
enthusiasm for work, millennials are
25% more likely to stay longer with the
company compared to millennials who
don’t have a clear vision/direction.

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Myth # 4: Millennials want constant acclaim
Fact: Millennials
want regular
feedback – not
because they are
looking for a
trophy but because
they are still
learning the ropes.

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Myth # 4: Millennials want constant acclaim

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Myth # 5: Millennials are entitled
Fact: Millennials are ambitious and eager to make
an impact in their careers, which sometimes can be
misread as entitlement or even arrogance.

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Myth # 5: Millennials are entitled
“The young people in this industry are eager to
contribute and participate.
Oftentimes standard job descriptions and policies
stand in the way of them contributing at a level
that would bring real value to the companies that
they work for.”
— Barbara Jackson, director at the Franklin L. Burns School of Real
Estate & Construction Management at the University of Denver

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Myth # 6: Millennials are anti-capitalist
Fact:
For millennials,
money counts.

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Myth # 6: Millennials are anti-capitalist

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Forward From the Future…
2008 2018
From Boomer Control …………………………....To a Millennial Overthrow

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Solutions
• Vision led Strategic Plans providing direction
• Human Capital as a Strategic Initiative
• Effective Careerpath Opportunities through Succession
Management
• Compensation Practices – Competitive pay and enticing
Short-term Incentive Plans

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We need to move
away from Einstein’s
definition of insanity:
doing the same thing
over and over again
and expecting
different results.
We just have to try
something completely
different.

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Presenters Contact Info
Dustin Bass
303.681.1721
dbass@fminet.com
Ryan Howsam
303.398.7275
rhowsam@fminet.com

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About FMI
Founded in 1953 by Dr. Emol A. Fails, FMI is the leading management consulting, investment banking†
and people development firm dedicated exclusively to the engineering and construction industry. FMI
professionals serve all sectors of the industry and combine more than 60-plus years of industry context
and leading insights to achieve transformational outcomes for our clients. We have subject matter experts
in the following practice areas and serve clients throughout the U.S., Canada and internationally:
† Investment banking services provided by FMI Capital Advisors, Inc., a registered broker-dealer and wholly owned subsidiary of FMI.
People Development
 Organizational Leadership
Development
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 Executive Coaching
 Succession Planning
 Training and Talent Development
Management Consulting
 Strategy
 Market Research
 Business Development
 Operations and Project Execution
 Risk Management
 Compensation
 Peer Groups
 Performance Management
Investment Banking†
 M&A Representation
 Valuations and Fairness Opinions
 Private Capital Placement
 Ownership Transfer Planning