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Engaging millennials

  1. TOP 7 TIPS TO ENGAGE MILLENNIALS AT WORK Liza Bennigson, KonnectAgain January 2016
  2. Who are Millennials?  Born between 1980-2000  Average time on the job? Two years.  Strong entrepreneurial mindset  Digital natives From cubicles to coworking spaces.
  3. Why Millennials Matter Millennials will be 75% of the U.S. workforce by 2025. Deloitte Millennial Survey 2016
  4. “Businesses must adjust how they nurture loyalty among Millennials or risk losing a large percentage of their workforces.” -Deloitte Millennial Survey 2016
  5. But how?
  6. 1. A Sense of Purpose  Nearly 90% of millennials gravitate toward companies with pronounced CSR programs.  86% of millennials would consider leaving if their employer's CSR no longer met their expectations. 55% of millennial employees were influenced to take their job after discussing cause work in the interview.
  7. 2. Learning & Development  68% of millennials who plan to to stay with their organization for 5+ years have a mentor.  Millennials crave new ideas, coaching, mentoring, & development of leadership skills.  71% of those likely to leave in the next two years are unhappy with how their leadership skills are being developed. RetailMeNot Inc. includes millennial employees in hiring decisions. EY & Philips send millennial employees across the globe to develop leadership skills . Employee development opportunities include online training, speaking engagements and mentor programs. It’s just important to promote L&D as it is to plan for it.
  8. 3. Advancement Loyalty results when millennials feel understood and supported in their ambitions to advance and become leaders. 28% of millennials feel that their organizations make “full use” of their skills. 75% of millennials who quit cite “lack of advancement opportunities” as a top reason. 63% of millennials say their leadership skills are not being fully developed.
  9. 4. Communication In a world of instant feedback, semi-annual reviews just don’t cut it. Millennials want feedback on their performance, and they want it now. Recognition must be personal and sincere in order to resonate with millennials. o Millennials like to have their voices heard, and employee surveys are a great tool. Keep them short and sweet, with transparency and follow-through. o Recognition really matters for millennials. Positive feedback increases their drive and determination, and improves performance.
  10. 5. Work/Life Balance What millennials most want is flexibility in where, when and how they work. Many would take a salary reduction, pass up a promotion or move for better work/life balance. o 75% of millennial employees want to work remotely, compared to the 43% who currently do. o 66% of millennials who quit their jobs cite “a boss who doesn’t allow flexibility” as a primary reason.
  11. 6. Culture  76% of millennials report high levels of satisfaction in an inclusive, creative workplace, compared to 49% in a more authoritarian, formal environment.  Nearly 90% of companies cite "Culture and Engagement” as their top challenge. Two- thirds of HR respondents are updating their engagement and retention strategies. “For these young professionals, one of the very top considerations for applying for a job is the company’s work culture, involvement with causes, office environment, and attention to diversity and HR standards.” -Lindsay Gellman, The Wall Street Journal IBM, Coca-Cola and Visa relaxed office dress codes and organized councils of millennial employees to offer feedback on things like marketing campaigns and workplace policies.
  12. 7. Compensation  78% of millennials who quit their jobs cite “minimal wage growth” as a primary reason.  Millennials feel that, in order for a business to be successful long- term, it must prioritize people, products and purpose as much as profit. “Carrot-and-stick” incentives may work in the short-term, but can serve as a distraction when workers become more focused on the reward than the task at- hand.
  13. So, does all of this really make a difference?
  14. YES! Satisfaction with various aspects of working life directly impacts anticipated tenure. Deloitte Millennial Survey 2016
  15. When All Else Fails… Should companies should stop trying so hard to curtail the inevitable? “The Alliance,” a book co-written by LinkedIn co-founder Reid Hoffman, promotes an employer- employee relationship based on shared expectations and openness around the possibility of the employee leaving. “By talking openly about the fact that an employee might leave, you actually increase the likelihood that he or she will stay on.” Ben Casnocha, “The Alliance” co-author and Reid Hoffman’s former chief of staff.
  16.  After millennials leave, keep them connected to your organization via a corporate alumni network.  Former employees can be worth millions in recruiting, referrals, business development, industry insights, mentoring and new client leads.  The acceptance of boomerang employees is Forbes’ #1 Workplace Trend for 2016. …Stay engaged.
  17. Thank you to the following references!  Deloitte Millennial Survey 2016  2015 Millennial Impact Report  5 Ways You Drive Away Millennial Employees, David Sturt and Todd Nordstrom, Forbes, October 1, 2015  Work-life challenges across generations, EY 2015 Global Survey  Why Millennials Quit Their Jobs, Alan Goforth, BenefitsPro, May 6, 2015  Global Human Capital Trends 2015, Deloitte  How employers wrangle restless millennials, Lindsay Gellman, Wall Street Journal, May 6, 2015  The Alliance, Reid Hoffman, Ben Casnocha and Chris Yeh, 2014  Drive, Daniel Pink, 2009  Millennials In The Workplace: They Don't Need Trophies But They Want Reinforcement, Jeff Fromm, Forbes, November 6, 2015  Millennials at work: Reshaping the workplace, PwC Survey, 2011