Generation Impact: Millennials & Tomorrow's Workplace - E2 Keynote Presentation 9/26/12

1. Generation Impact: Millennials & Tomorrow’s Workplace Ed Wolf E2 Virtual Conference - 9/26/12
2. Introduction About Me • Product Manager/ Business Analyst @ Time Inc. • BS Computer Engineering, RIT • 10+ years IT experience • A Millennial! Connect with me: Twitter: @EdWolfNYC Blog: www.Ed-Wolf.com LinkedIn: linkedin.com/in/EdwardWolf E-mail: Edward.Wolf@gmail.com
3. Agenda • What Defines A Generation? • What’s Shaped Millennials? • Tomorrow’s Workforce • 5 Ways to Leverage Millennials • The Cost of Inaction • Tomorrow’s Workplace
4. What Defines A Generation? •Typically spans 20 years •A shared, common experience •Events, trends and technology
5. The Current Generations Traditionalists Other Names •Silent Generation •Radio Babies •Greatest Generation Birth Years Prior to 1945 Current Age 67+ Influences •WWII •Korean War •Great Depression Family Traditional nuclear Technology Adapted Value Family/Community Education A dream
6. The Current Generations Traditionalists Baby Boomers Other Names •Silent Generation •Boomers, •Radio Babies •“Me” Generation •Greatest Generation •Vietnam Generation Birth Years Prior to 1945 1946-1964 Current Age 67+ 48-66 Influences •WWII •Civil Rights •Korean War •Vietnam •Great Depression •Cold War Family Traditional nuclear Disintegrating Technology Adapted Acquired Value Family/Community Success Education A dream A birthright
7. The Current Generations Traditionalists Baby Boomers Gen X Other Names •Silent Generation •Boomers, •Post Boomers •Radio Babies •“Me” Generation •Baby Busters •Greatest Generation •Vietnam Generation •13th Generation Birth Years Prior to 1945 1946-1964 1965-1980 Current Age 67+ 48-66 33-47 Influences •WWII •Civil Rights •Watergate •Korean War •Vietnam •Divorced Parents •Great Depression •Cold War •Y2K Family Traditional nuclear Disintegrating Dual income families Technology Adapted Acquired Assimilated Value Family/Community Success Time Education A dream A birthright A way to get there
8. The Current Generations Traditionalists Baby Boomers Gen X Millennials Other Names •Silent Generation •Boomers, •Post Boomers •Gen Y •Radio Babies •“Me” Generation •Baby Busters •Echo Boomers •Greatest Generation •Vietnam Generation •13th Generation •Facebook Generation Birth Years Prior to 1945 1946-1964 1965-1980 1981-2000 Current Age 67+ 48-66 33-47 12-32 Influences •WWII •Civil Rights •Watergate •9/11 •Korean War •Vietnam •Divorced Parents •Columbine/VA Tech •Great Depression •Cold War •Y2K •Recession Family Traditional nuclear Disintegrating Dual income families Blended families Technology Adapted Acquired Assimilated Integral Value Family/Community Success Time Individuality Education A dream A birthright A way to get there An incredible expense
9. What’s Shaped Millennials?
10. US Department of Labor
11. Crushing Student Loan Debt
12. Tomorrow’s Workforce
13. Changes In Labor Force
14. MTV “No Collar Workers” Study
19. They’re Different • Connected • Collaborative • Ambitious • Fearless • Embrace change • Hate bureaucracy • Yearn for mentors
20. 5 Ways To Leverage Millennials
21. Offer Workplace Flexibility
22. Offer Workplace Flexibility • Flexible hours, not just 9-5
23. Offer Workplace Flexibility • Flexible hours, not just 9-5 • Telecommuting & Telepresence
24. Offer Workplace Flexibility • Flexible hours, not just 9-5 • Telecommuting & Telepresence • Vacation time
25. Offer Workplace Flexibility • Flexible hours, not just 9-5 • Telecommuting & Telepresence • Vacation time • Roth retirement plans - 401(k) & IRA
26. Start A Mentoring Program
27. Start A Mentoring Program • Millennials strive for constant feedback
28. Start A Mentoring Program • Millennials strive for constant feedback • Pass on institutional knowledge
29. Start A Mentoring Program • Millennials strive for constant feedback • Pass on institutional knowledge • Empower Millennials to reverse mentor
30. Start A Mentoring Program • Millennials strive for constant feedback • Pass on institutional knowledge • Empower Millennials to reverse mentor • Can be as informal as going to lunch
31. Be Transparent & Communicate Effectively
32. Be Transparent & Communicate Effectively • Embrace and encourage feedback/ideation
33. Be Transparent & Communicate Effectively • Embrace and encourage feedback/ideation • Share the company’s and your goals
34. Be Transparent & Communicate Effectively • Embrace and encourage feedback/ideation • Share the company’s and your goals • Communicate quickly
35. Be Transparent & Communicate Effectively • Embrace and encourage feedback/ideation • Share the company’s and your goals • Communicate quickly • Trust that they will get the job done
36. Question Everything & Pivot
37. Question Everything & Pivot • Millennials will question how things are done
38. Question Everything & Pivot • Millennials will question how things are done • Millennials want to make the company better
39. Question Everything & Pivot • Millennials will question how things are done • Millennials want to make the company better • Ask yourself ‘Do we have to do it this way?’
40. Question Everything & Pivot • Millennials will question how things are done • Millennials want to make the company better • Ask yourself ‘Do we have to do it this way?’ • Pivot when there's a better way
41. What NOT To Do
42. What NOT To Do • Discount their authority about technology
43. What NOT To Do • Discount their authority about technology • Treat them as too young to be valuable
44. What NOT To Do • Discount their authority about technology • Treat them as too young to be valuable • Be condescending, inconsistent, disorganized
45. What NOT To Do • Discount their authority about technology • Treat them as too young to be valuable • Be condescending, inconsistent, disorganized • Give them boring work
46. What NOT To Do • Discount their authority about technology • Treat them as too young to be valuable • Be condescending, inconsistent, disorganized • Give them boring work • Ignore that change is happening
47. The Cost Of Inaction
48. (Average time spent in a job) US Bureau of Labor Statistics
49. 86% Looking for a job that is “interesting” Net Impact
50. Millennials see themselves as “Free Agents” Forbes
51. Tomorrow’s Workplace
52. Non-Traditional Career Paths Deloitte
53. Less Physical
54. Creative & Innovative
55. Recap Traditionalists Baby Boomers Gen X Millennials Other Names •Silent Generation •Boomers, •Post Boomers •Gen Y •Radio Babies •“Me” Generation •Baby Busters •Echo Boomers •Greatest Generation •Vietnam Generation •13th Generation •Facebook Generation Birth Years Prior to 1945 1946-1964 1965-1980 1981-2000 Current Age 67+ 48-66 33-47 12-32 Influences •WWII •Civil Rights •Watergate •9/11 •Korean War •Vietnam •Divorced Parents •Columbine/VA Tech •Great Depression •Cold War •Y2K •Recession Family Traditional nuclear Disintegrating Dual income families Blended families Technology Adapted Acquired Assimilated Integral Value Family/Community Success Time Individuality Education A dream A birthright A way to get there An incredible expense
56. Recap 5 Core Attributes of Millennials:
57. Recap 5 Core Attributes of Millennials: 1. Connected & Tech-Savvy
58. Recap 5 Core Attributes of Millennials: 1. Connected & Tech-Savvy 2. Collaborative
59. Recap 5 Core Attributes of Millennials: 1. Connected & Tech-Savvy 2. Collaborative 3. Embrace Change
60. Recap 5 Core Attributes of Millennials: 1. Connected & Tech-Savvy 2. Collaborative 3. Embrace Change 4. Hate Bureaucracy
61. Recap 5 Core Attributes of Millennials: 1. Connected & Tech-Savvy 2. Collaborative 3. Embrace Change 4. Hate Bureaucracy 5. Yearn for Mentors & Feedback
62. Recap 5 Ways to Leverage Millennials:
63. Recap 5 Ways to Leverage Millennials: 1. Offer Workplace Flexibility
64. Recap 5 Ways to Leverage Millennials: 1. Offer Workplace Flexibility 2. Start a mentoring program
65. Recap 5 Ways to Leverage Millennials: 1. Offer Workplace Flexibility 2. Start a mentoring program 3. Be Transparent & Communicate Effectively
66. Recap 5 Ways to Leverage Millennials: 1. Offer Workplace Flexibility 2. Start a mentoring program 3. Be Transparent & Communicate Effectively 4. Question Everything & Pivot
67. Recap 5 Ways to Leverage Millennials: 1. Offer Workplace Flexibility 2. Start a mentoring program 3. Be Transparent & Communicate Effectively 4. Question Everything & Pivot 5. Don’t discount them
68. Recap 5 Attributes of Tomorrow’s Workplace:
69. Recap 5 Attributes of Tomorrow’s Workplace: 1. Collaborative
70. Recap 5 Attributes of Tomorrow’s Workplace: 1. Collaborative 2. Non-Traditional Career Paths
71. Recap 5 Attributes of Tomorrow’s Workplace: 1. Collaborative 2. Non-Traditional Career Paths 3. Less Physical
72. Recap 5 Attributes of Tomorrow’s Workplace: 1. Collaborative 2. Non-Traditional Career Paths 3. Less Physical 4. Creative & Innovative
73. Recap 5 Attributes of Tomorrow’s Workplace: 1. Collaborative 2. Non-Traditional Career Paths 3. Less Physical 4. Creative & Innovative 5. Expanded use of technology
74. THANK YOU Twitter: @EdWolfNYC Blog: www.Ed-Wolf.com LinkedIn: linkedin.com/in/EdwardWolf E-mail: Edward.Wolf@gmail.com
75. References • http://assets.aarp.org/www.aarp.org_/cs/misc/leading_a_multigenerational_workforce.pdf • http://moneyland.time.com/2012/03/29/millennials-vs-baby-boomers-who-would-you-rather-hire/ • http://ethics.org/files/u5/Gen-Diff.pdf • http://www.forbes.com/sites/jeannemeister/2012/08/14/job-hopping-is-the-new-normal-for-millennials- three-ways-to-prevent-a-human-resource-nightmare/ • http://pewresearch.org/millennials/ • http://www.bentley.edu/centers/center-for-women-and-business/millennials-and-corporate-world • http://marshallstanton.com/2011/11/20/statistic-of-the-day-millennials-in-the-working-world/ • http://pewsocialtrends.org/files/2010/10/millennials-confident-connected-open-to-change.pdf • http://www.bloomberg.com/news/2012-08-08/recession-generation-opts-to-rent-not-buy-houses-to- cars.html?cmpid=linkedin • http://www.cnn.com/2012/08/15/tech/web/teens-music-youtube/index.html?hpt=hp_t2 • http://www.beloit.edu/mindset/2016/ • http://www.bls.gov/opub/mlr/2005/11/art3full.pdf • http://www.shrm.org/Education/hreducation/Documents/09-0743%20Rizzo_Generations_Case_SW_Final.pdf • http://www.wmfc.org/GenerationalDifferencesChart.pdf • http://www.deloitte.com/view/en_US/us/Insights/Browse-by-Content-Type/deloitte- review/e207a920f718d210VgnVCM2000001b56f00aRCRD.htm • http://money.cnn.com/2012/05/31/news/economy/fed-student-loans/index.htm • http://www.slideshare.net/StevenDuque/33-essential-social-recruiting-stats-2011 • http://www.corporatewellnessmagazine.com/article/latest-trends-in-concierge.html • http://www.corporatelattice.com/graphics_library.html
76. Photo Credits • http://aaftl.com/wp-content/uploads/2011/10/F_iStock_000007431474_web.jpg • http://www.business-businessnetworking.com/blog/wp-content/uploads/2011/09/buscorporate_photo_1.jpg • http://studentbranding.com/wp-content/uploads/2010/02/generations.jpg • http://bpwusa.files.wordpress.com/2010/04/gen_y_04__001094_copy.jpg • http://www.bsmpg.com/Portals/52884/images/recession.jpg • http://www.infiniteunknown.net/wp-content/uploads/2010/11/Application-For-Jobless-Benefits-Rise-Sharply.jpg • http://edudemic.com/wp-content/uploads/2011/05/mac_class.jpg • http://www.southpointefamilyresourcecenter.com/images/family-on-stomachs-smile.jpg • http://lssacademy.com/wp-content/uploads/2009/03/searching.png • http://blog.dreamhost.com/2010/10/26/301-moved-permanently/ • http://wallpapers.free-review.net/21__LG_Mobile_Phones.htm • http://blog.roundarch.com/2009/09/18/roundarch-takes-the-field-in-the-american-cancer-societys-second-annual-corporate-softball- invitational/ • http://wellnessforallseasons.com/gatherings/wp-content/uploads/2011/03/stressed-woman.jpg • http://www.mouseplanet.info/gallery/d/134984-1/Walt+and+Epcot.jpg • http://leaderchat.files.wordpress.com/2012/05/bigstock-embarrassed-young-woman-holdin-15040118.jpg • http://images.flatworldknowledge.com/portolesedias/portolesedias-fig07_006.jpg • http://www.flexjobs.com/images/uploads/man_suit_laptop_floor_stretching.JPG • http://www.mediasphere.com.au/files/image/24161182.jpg • http://www.mpiweb.org/Libraries/Magazine/employees_talking.jpg • http://sanespaces.com/wp-content/uploads/2011/02/Woman_business_question_photo.jpg • http://www.sicklycat.com/wp-content/uploads/2012/01/serious-young-woman-giving-stop-gesture.jpg • http://pliblog.yournextspeaker.com/uploaded_images/Coins-741466.jpg • http://www.craftlyricalphotography.com/wp-content/themes/village/blueprint/gallery/ajaxupload/server/uploads/IMG_5793.jpg • http://thecoachingsource.files.wordpress.com/2012/06/mp9004265271.jpg • http://www.hiscoxusa.com/small-business-insurance/blog/wp-content/uploads/2011/09/dreamstime_m_13856361.jpg • http://www.hob-trendtalk.com/files/Image/Project_Glass.jpg • http://corevalues.com/wp-content/uploads/2011/11/High-51.jpg • http://c810422.r22.cf2.rackcdn.com/wp-content/uploads/2009/07/cisco_telepresence_3000.jpg • http://4.bp.blogspot.com/_1qc4nQ28dls/TQVzXtDcZnI/AAAAAAAAARA/PnQxasNaY80/s1600/HomeOffice.jpg • http://imagesusa.files.wordpress.com/2012/06/kstrawinski_moreno_6819.jpg • http://cdn5.howzzit.com/wp-content/uploads/2012/08/tablet.jpg?9d7bd4 • http://www.recycler.com/Uploads/d4efeb5e-2891-4065-9a7f-3379bf8d50c4.jpg

Editor's Notes

Photo: http://aaftl.com/wp-content/uploads/2011/10/F_iStock_000007431474_web.jpg
By 2025, 3 out of 4 workers will be millennials GLOBALLYThat’s only 13 years away!
For the first time in modern history, 4 generations are in the workplacePhoto Credit: http://www.business-businessnetworking.com/blog/wp-content/uploads/2011/09/buscorporate_photo_1.jpg
What defines a generation:Typically spans 20 yearsThey share a common ExperienceInfluenced by events, trends, and developmentsPhoto: http://studentbranding.com/wp-content/uploads/2010/02/generations.jpg
Source: Mike Allen and Renee Allen - www.mmc.org/workfiles/mh_physicianleadership/Generational_Differences_Chart.pdf
Photo: http://bpwusa.files.wordpress.com/2010/04/gen_y_04__001094_copy.jpg
Deepest recession and weakest recovery since World War II (Bloomberg)Photo:http://www.bsmpg.com/Portals/52884/images/recession.jpg
A Jobless rate above 8% (Labor Department)Photo: http://www.infiniteunknown.net/wp-content/uploads/2010/11/Application-For-Jobless-Benefits-Rise-Sharply.jpg
Student loans debt topped out over $1 Trillion this year (US Consumer Financial Protection Bureau)Average student loan debt is over $20kThe wars and Afghanistan and Iraq cost $1.3 TrillionSource: http://money.cnn.com/2012/05/31/news/economy/fed-student-loans/index.htm
Hyper-connected, tech savvy, entrepreneurial, collaborativePhoto: http://edudemic.com/wp-content/uploads/2011/05/mac_class.jpg
First generation of kids with schedules, Sheltered, Told they can do anythingPhoto: http://www.southpointefamilyresourcecenter.com/images/family-on-stomachs-smile.jpg
Photo: http://lssacademy.com/wp-content/uploads/2009/03/searching.png
The labor force as we see it today will be drastically different (show graph)We’re at the point now where Boomers are starting to retireAround 2020, Gen Y will comprise of half the working populationThis generation will dominate the workforce for the next 40 yearsBy 2025 3 out of 4 workers globally will be Gen YSource:http://www.slideshare.net/StevenDuque/33-essential-social-recruiting-stats-2011
Photo: http://www.recycler.com/Uploads/d4efeb5e-2891-4065-9a7f-3379bf8d50c4.jpg
There will be different expectations for what the workplace looks like9/10 millennials want their workplace to be social and funThe lines between personal and professional lives are blurring because of hyper connectivity (No Collar)Photo:http://blog.dreamhost.com/2010/10/26/301-moved-permanently/
93% want a job where they can be themselves(No Collar)Typical trait attributed to millennials are innovative or able to think outside the box (Differences chart) Photo:http://wallpapers.free-review.net/21__LG_Mobile_Phones.htm
71% want their co-workers to be like a second family(No Collar)They want their co-workers to be their friends too (chart)Photo:http://blog.roundarch.com/2009/09/18/roundarch-takes-the-field-in-the-american-cancer-societys-second-annual-corporate-softball-invitational/
Millennials are fundamentally differentHalf of millennials would rather have no job than a job they hate (No collar)Photo: http://wellnessforallseasons.com/gatherings/wp-content/uploads/2011/03/stressed-woman.jpg
They want to be a part of the mission and goals of the company, with 93% saying they are motivated to work harder when they know where their work is going. (No Collar)84% say “knowing I am making a difference in the world is more important to me than professional recognition” (Bentley)They want to know how their work is going to help the company accomplish its goals.Photo:http://www.mouseplanet.info/gallery/d/134984-1/Walt+and+Epcot.jpg
Overall they value collaboration, are ambitious, and are open to new ideas. They yearn for mentors and people to learn fromPhoto: http://leaderchat.files.wordpress.com/2012/05/bigstock-embarrassed-young-woman-holdin-15040118.jpg
What to do to leverage millennialsPhoto: http://images.flatworldknowledge.com/portolesedias/portolesedias-fig07_006.jpg
Offer workplace flexibilityFlexible hours, the traditional 9-5 is going away81% millennials think they should be allowed to make their own hoursThey believe that as long as the work gets done, the amount of time spent in the office shouldn’t matterIn their study, flexibility trumped both compensation and career progression in importance (Future Workplace)Photo: http://www.flexjobs.com/images/uploads/man_suit_laptop_floor_stretching.JPG
Start a mentoring and reverse mentorship programMillennials strive for constant feedback, rather than having a yearly performance review80% they want regular feedback from their managers (No-Collar)75% yearn for mentorsMost likely to resonate with Baby Boomers and Traditionalists (AARP)Older employees can pass on institutional knowledge that otherwise would be lostEmpower Millennials to reverse mentor co-works on skills that they may not have mastered (ie. Social networking)Doesn’t need to be a formal program, could be as easy as taking someone to lunch so they can absorb the tricks of the trade Photo Credit: http://www.mediasphere.com.au/files/image/24161182.jpg
Become Transparent & communicate more effectivelyEmbrace and encourage feedback and ideation9/10 Millennials want senior people in their company to listen to their ideas and opinionsThis can be done through ideation platforms, open forums, town halls or by roaming the hallways once in a whileCommunicate goals, it will make them work harderAs I indicated earlier, millennials are motivated to work harder when they know where their work is goingThe company benefits from their ambition, hard work and tireless labor58% of millennials would be willing to take a 15% pay cut in order to work for an organization that aligns with their values (Net Impact)Trust themThey desire to get the job done rightSome have run organizations at their universities with budgets in the millions, plan major events, coordinate and develop strategies and programs at diverse audiences (Bronson)If you show them the right way, they will followPhoto:http://www.mpiweb.org/Libraries/Magazine/employees_talking.jpg
Question everything you do as a business and learn to pivotIn generational theory, Millennials are considered the ‘hero’ archetype. They explore new territories fearlessly and are up for a challengeThey will question how things are doneLeverage this and use this to improve PRODUCTS, OPPORTUNITIES, STRATEGIES and/or business processesLearn to PivotStartups are great because they have learned to transform their business to surviveUse millennials natural ambition to question everything to find a better way to run your businessPhoto: http://sanespaces.com/wp-content/uploads/2011/02/Woman_business_question_photo.jpg
What NOT to doDon’t discount their authority about technology, collaboration and interactive mediaMost have been on facebook since it was called ‘TheFaceBook’ Treat them as if they are too young to be valuableThis is a generation that is globally aware and is more racially tolerant than their elders (Pew Research)Be condescending, inconsistent, disorganizedThis is the perfect opportunity for professional development of existing staff, and a segway into managerial roles Not doing so will turn off and contribute to them leaving the organizationDon’t ignore the changes that are happening now! In less than 15 years, they will be the majority of the workforceGive them boring work (ie. Filing, getting coffee, making copies)They see repeating tasks as a poor use of their energy and time; an example of not taking them seriouslyPhoto: http://www.sicklycat.com/wp-content/uploads/2012/01/serious-young-woman-giving-stop-gesture.jpg
Photo: http://pliblog.yournextspeaker.com/uploaded_images/Coins-741466.jpg
Turnover: They won’t stick around waiting for you to figure out how to fix your organizationAverage worker stays 4.4 years at job (Bureau of Labor Statistics)91% Millennials expect to stay at job less than three years (Future Workplace)Average cost is $17,000 to replace median wage (ACI http://www.corporatewellnessmagazine.com/article/latest-trends-in-concierge.html)According to the Pew Research Center survey, about two-thirds of all employed Millennials say it is “very likely” (39%) or “somewhat likely” (27%) they will switch careers sometime in their working life, compared with 55% of Gen Xers and 31% of Baby Boomers (PEW)Embrace this, and try to keep them within the organizationPhoto: http://www.craftlyricalphotography.com/wp-content/themes/village/blueprint/gallery/ajaxupload/server/uploads/IMG_5793.jpg
Talent: Looking for advancement, and increasing their experienceNot interested in waiting forever “paying dues” to get promotion86% Looking for a job that is interesting (Net Impact)They will move on to broaden their experiencesThe cost is a loss of institutional knowledgeThere is a loss of opportunity to innovateGiven the strong personal values of Millennials, companies that provide multiple routes and timeframes to leadership will be more likely to retain talented Millennials and ultimately, build a more gender-diverse leadership team. (Bentley)Photo: http://thecoachingsource.files.wordpress.com/2012/06/mp9004265271.jpg
Innovation: Loss of a competitive advantageWorkers today know they can be laid off at any time. We’ve seen it happen to their parents, so we play defensively and consider ourselves “free agents” (Forbes)88% say positive culture is important or essential to their dream job (Net Impact) Millennials want a connection to the company; they want to have a sense of pride. Look at Google and tech companies. Their employees are some of the best ambassadors for their brands and products.Photo: http://www.hiscoxusa.com/small-business-insurance/blog/wp-content/uploads/2011/09/dreamstime_m_13856361.jpg
Photo: http://www.hob-trendtalk.com/files/Image/Project_Glass.jpg
Photo Credit Deloittehttp://www.corporatelattice.com/graphics_library.html
Photo: http://corevalues.com/wp-content/uploads/2011/11/High-51.jpg
Photo: http://c810422.r22.cf2.rackcdn.com/wp-content/uploads/2009/07/cisco_telepresence_3000.jpg
Office space is evolving to meet the requirement of this fluid set of customers. Someday, work at the corporate building will be perceived largely as a social activity within a work frame of reference and workplace design will be led by that. And that would mean a significant portion of work will be conducted at home, in public, in transit, or at a client site. (Workspace design magazine)Photo: http://4.bp.blogspot.com/_1qc4nQ28dls/TQVzXtDcZnI/AAAAAAAAARA/PnQxasNaY80/s1600/HomeOffice.jpg
Photo: http://imagesusa.files.wordpress.com/2012/06/kstrawinski_moreno_6819.jpg
By 2025, 3 out of 4 workers will be millennials GLOBALLYThat’s only 13 years away!
Photo:http://cdn5.howzzit.com/wp-content/uploads/2012/08/tablet.jpg?9d7bd4

Generation Impact: Millennials & Tomorrow's Workplace - E2 Keynote Presentation 9/26/12

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Generation Impact: Millennials & Tomorrow's Workplace - E2 Keynote Presentation 9/26/12

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