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Myths, exaggerations and
uncomfortable truths
The real story behind Millennials in the workplace
Carolyn Heller Baird
Glob...
© 2015 IBM Corporation
IBM Institute for Business Value
Table of contents
Introduction - The Millennial impact
Study metho...
© 2015 IBM Corporation
IBM Institute for Business Value
Millennials—as digital natives—bring vital value to a work
environ...
© 2015 IBM Corporation
IBM Institute for Business Value
The hype swings from one extreme to the other
Millennials are open...
© 2015 IBM Corporation
IBM Institute for Business Value
©2015 IBM Corporation June 16, 20155
The first paper is the one we...
© 2015 IBM Corporation
IBM Institute for Business Value
Table of contents
Introduction - The Millennial impact
Study Metho...
© 2015 IBM Corporation
IBM Institute for Business Value
In a multigenerational study of
1,784 professionals
from companies...
© 2015 IBM Corporation
IBM Institute for Business Value
Table of contents
Introduction - The Millennial impact
Study metho...
© 2015 IBM Corporation
IBM Institute for Business Value
50 90807060403020100 100
Myth 1:
Millennials’ career goals
and exp...
© 2015 IBM Corporation
IBM Institute for Business Value
Percentage of respondents who agreed
Myth 2:
Millennials want
cons...
© 2015 IBM Corporation
IBM Institute for Business Value
Fact:
Millennials are comfortable using interactive online
tools t...
© 2015 IBM Corporation
IBM Institute for Business Value
Myth 4:
Millennials, unlike older
colleagues, can’t make
a decisio...
© 2015 IBM Corporation
IBM Institute for Business Value
Myth 5:
Millennials are more
likely than employees
of other genera...
© 2015 IBM Corporation
IBM Institute for Business Value
Myths:
Implications
Fact:
Build a workplace environment where Mill...
© 2015 IBM Corporation
IBM Institute for Business Value
Table of contents
Introduction - The Millennial impact
Study metho...
© 2015 IBM Corporation
IBM Institute for Business Value
Many employees aren’t sure they
understand their organization’s
bu...
© 2015 IBM Corporation
IBM Institute for Business Value
The majority of respondents
believe their organization
effectively...
© 2015 IBM Corporation
IBM Institute for Business Value
Only 4%
of respondents say their
organization has no
problem imple...
© 2015 IBM Corporation
IBM Institute for Business Value
Employees need to
understand their business
fundamentals so they…
...
© 2015 IBM Corporation
IBM Institute for Business Value
Table of contents
Introduction - The Millennial impact
Study metho...
© 2015 IBM Corporation
IBM Institute for Business Value
21
We’ve made five practical recommendations for helping a
multige...
© 2015 IBM Corporation
IBM Institute for Business Value
Table of contents
Introduction - The Millennial impact
Study metho...
© 2015 IBM Corporation
IBM Institute for Business Value
Millennials as
a catalyst
for change
IBM Institute for Business Va...
Millennial myths, exaggerations and uncomfortable truths - The real story behind Millennials in the workplace
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Millennial myths, exaggerations and uncomfortable truths - The real story behind Millennials in the workplace

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A presentation of IBM's Institute for Business Value research study on Millennials in the workplace.

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Millennial myths, exaggerations and uncomfortable truths - The real story behind Millennials in the workplace

  1. 1. Myths, exaggerations and uncomfortable truths The real story behind Millennials in the workplace Carolyn Heller Baird Global Research Leader IBM Institute of Business Value 1
  2. 2. © 2015 IBM Corporation IBM Institute for Business Value Table of contents Introduction - The Millennial impact Study methodology Five myth busters Three uncomfortable truths Recommendations Summary 2
  3. 3. © 2015 IBM Corporation IBM Institute for Business Value Millennials—as digital natives—bring vital value to a work environment in the midst of a digital revolution 3 5050%% USA workforceUSA workforce 7575%% Global workforceGlobal workforce By 2020, Millennials will be roughly 50% of the USA workforce, and 75% of the global workforce by 2030.1 Source: Meister, Jeanne. “Three Reasons You Need To Adopt A Millennial Mindset Regardless Of Your Age.” Forbes. October 5, 2012. http://www.forbes.com/sites/jeannemeister/ 2012/10/05/millennialmindse/ By sheer numbers alone, Millennials have become the catalyst for accelerated change in the workplace. They are the first wave of digital natives to enter the workforce, and this does distinguish them. Organizations that have embarked on their own transformation urgently need this digital capital. 2020 2030 3
  4. 4. © 2015 IBM Corporation IBM Institute for Business Value The hype swings from one extreme to the other Millennials are open-minded, have a strong sense of community, and are bent on saving the world.2 Notes: 1 Stein, Joel. “Millennials:The Me Me Me Generation” Time magazine. May 20, 2013. 2 Feldmann, Derrick & Emily Yu. “Millennials and the Social Sector: What’s Next?” Stanford Social Innovation Review. June 18, 2014. Millennials are lazy, entitled, selfish and shallow.1 IBM Institute for Business Value Yet the buzz about Millennials suggests that the differences between them and their older colleagues go much deeper 4
  5. 5. © 2015 IBM Corporation IBM Institute for Business Value ©2015 IBM Corporation June 16, 20155 The first paper is the one we are covering today: Myths, exaggerations and uncomfortable truths – The real story behind Millennials in the workplace Get the Executive Report: ibm.biz/millennialmyths The IBV Millennial study is a 2-part series The second paper in the Millennial study series: To buy or not to buy – How Millennials are reshaping B2B marketing Get the Executive Report: ibm.biz/millennialsb2b
  6. 6. © 2015 IBM Corporation IBM Institute for Business Value Table of contents Introduction - The Millennial impact Study Methodology Five myth busters Three uncomfortable truths Recommendations Summary 6
  7. 7. © 2015 IBM Corporation IBM Institute for Business Value In a multigenerational study of 1,784 professionals from companies large and small across 7 regions and more than 6 targeted industries, we compared the workplace preferences and behavioral patterns of Millennials, Gen X, and Baby Boomers So what’s the real story? Now that the first wave of Millennials is reaching the top echelons and making – or influencing – major business, it’s time to take stock. 65% Millennials (21-34) 20% Gen X (35-49) 16% Baby Boomers (50-60) Generational breakdown  All respondents - currently employed with at least a bachelor’s degree  Each generation - wide range of job roles, from senior leaders to entry-level staff  30% – 40% of respondents influence B2B purchasing decisions (single purchases of US$10,000 or more) Source: IBV Millennial survey issued July-August 2014 7 ages in summer of 2014
  8. 8. © 2015 IBM Corporation IBM Institute for Business Value Table of contents Introduction - The Millennial impact Study methodology Five myth busters Three uncomfortable truths Recommendations Summary 8
  9. 9. © 2015 IBM Corporation IBM Institute for Business Value 50 90807060403020100 100 Myth 1: Millennials’ career goals and expectations are different from those of older generations Fact: Millennials have similar goals as their older colleagues—and they place much the same weight on each goal. Make a positive impact on my organization Help solve social and/or environmental challenges Work with a diverse group of people Work for an organization among the best in my industry Do work I am passionate about Become an expert in my field Manage my work/life balance Become a senior leader Achieve financial security Start my own business Percentage of respondents who ranked the following goals among their top two career aspirations Source: IBV Millennial survey: Select the two long-term career goals that are most important to you. (Millennials n=1,153, Gen X n=353, Baby Boomers n=278) 9
  10. 10. © 2015 IBM Corporation IBM Institute for Business Value Percentage of respondents who agreed Myth 2: Millennials want constant acclaim and think everyone should get a trophy Fact: It’s largely Gen X employees, not Millennials, who think everyone on a successful team should be rewarded, and employees should be recognized for information sharing and collaboration. 64% 55% 44% If a team is successful, everyone should be rewarded Employees should be rewarded for sharing information and collaborating 10 55% 64% 44% Millennials Gen X Baby Boomers 55% 66% 43% Millennials Gen X Baby Boomers Source: IBV Millennial survey: How should work performance be rewarded? To what extent do you agree or disagree with the following statements? (Millennials n=1,153, Gen X n=353, Baby Boomers n=278)
  11. 11. © 2015 IBM Corporation IBM Institute for Business Value Fact: Millennials are comfortable using interactive online tools to acquire new work-related knowledge and skills, but they prefer in-person interaction. 39% 37% 36% 35% 35% 34% 33% 27% 23% …attending in-person classroom training …working along side knowledgeable colleagues …accessing self-paced interactive modules, apps or online simulations …reading education/training manuals/instructions …figuring it out on my own …attending a live webinar …attending a Massive Open Online Course (MOOC) …watching a video Millennials prefer to obtain work-related knowledge by… …attending a third-party sponsored event Percentage of Millennials who selected these options as one of their top three preferences 39% 37% 36% 35% 35% 34% 33% 2727%% 2323%% Source: IBV Millennial survey: How do you prefer to obtain network-related knowledge and skills? (Millennials n=1,153, Gen X n=353, Baby Boomers n=278) 11 Myth 3: Millennials are digital addicts who want to do everything online
  12. 12. © 2015 IBM Corporation IBM Institute for Business Value Myth 4: Millennials, unlike older colleagues, can’t make a decision without first inviting everyone to weigh in Fact: Millennials value others’ opinions, but Gen X is even more inclined to want a variety of people to provide input and to seek group consensus. 37% 36% 39% 55% 61% Percentage of respondents who agreed It is important to have group consensus I make better decisions when a variety of people provide input 64% 56% 49% 61% 55% 39% Source: IBV Millennial survey: To what extent do you agree or disagree with the following statements about how you make business-related decisions? (Millennials n=1,153, Gen X n=353, Baby Boomers n=278) 12
  13. 13. © 2015 IBM Corporation IBM Institute for Business Value Myth 5: Millennials are more likely than employees of other generations to jump ship if a job doesn’t fulfill their passions Fact: Millennials change jobs for much the same reasons Gen X and Baby Boomers do. Employees of all ages have much the same reasons for moving to another position 13
  14. 14. © 2015 IBM Corporation IBM Institute for Business Value Myths: Implications Fact: Build a workplace environment where Millennials, as well as older employees, will thrive Millennials and most older employees want… Career goals and expectations Leadership style and recognition Use of digital technologies Decision making Job satisfaction 1 2 3 4 5 To make a positive impact and feel inspired and informed To be treated ethically and fairly, and valued for their contribution to the team’s success To maximize their digital acuity, but also balance virtual interactions with in-person engagement To collaborate with colleagues and others so the best ideas can surface and flourish To receive competitive compensation and work in a creative, innovative environment 14
  15. 15. © 2015 IBM Corporation IBM Institute for Business Value Table of contents Introduction - The Millennial impact Study methodology Five myth busters Three uncomfortable truths Recommendations Summary 15
  16. 16. © 2015 IBM Corporation IBM Institute for Business Value Many employees aren’t sure they understand their organization’s business strategy Uncomfortable truth 1 IBM Institute for Business Value 16 Percentage of respondents with limited or no understanding …my organization’s business strategy …my manager’s expectations of me as an employee …what my customer’s want …my organization’s brand promise I don’t fully understand… % 6560504035
  17. 17. © 2015 IBM Corporation IBM Institute for Business Value The majority of respondents believe their organization effectively addresses a number of issues, including work-life management, workforce diversity and environmental/societal concerns. The sole exception is the customer experience. Most employees, irrespective of age, think their organization provides a poor customer experience 60% 40% 70% Millennials Gen X Uncomfortable truth 2 IBM Institute for Business Value Percentage of respondents who believe their organization is not addressing the customer experience Baby Boomers 17 © 2015 IBM Corporation
  18. 18. © 2015 IBM Corporation IBM Institute for Business Value Only 4% of respondents say their organization has no problem implementing new technologies Employees of all generations say their organization is slow to implement new technologies Impact on current customer experience Leaders’ lack of technological savvy Complexity of technology Leaders’ inability to envision future needs Organizational culture that is resistant to change Uncomfortable truth 3 72% 44% 44% 36% 32% IBM Institute for Business Value The top barriers to implementing new technologies 18 © 2015 IBM Corporation
  19. 19. © 2015 IBM Corporation IBM Institute for Business Value Employees need to understand their business fundamentals so they… More engaged employees will lead to happier customers Uncomfortable truths Implications IBM Institute for Business Value Employees need improved technologies so they… ─ feel their role matters ─ feel part of a bigger mission ─ feel empowered to make a difference …And can become enthusiastic brand ambassadors ─ can be more collaborative and innovative ─ can be more efficient and effective ─ can be informed decision makers …And can design and deliver differentiated customer experiences 19
  20. 20. © 2015 IBM Corporation IBM Institute for Business Value Table of contents Introduction - The Millennial impact Study methodology Five myth busters Three uncomfortable truths Recommendations Summary 20
  21. 21. © 2015 IBM Corporation IBM Institute for Business Value 21 We’ve made five practical recommendations for helping a multigenerational workforce thrive in today’s volatile environment Recommendations Focus on individuals Use robust workforce analytics, policies and programs that accommodate individual career aspirations, not generational stereotypes Foster a collaborative culture Deploy collaboration technologies and tools along with adoption programs and incentives Make customer experience a priority Investigate weaknesses, be transparent, and work collaboratively on improvements Look within Leaders assess how well you are personally connecting with employees Get everyone on board Help all employees understand the business fundamentals Implications for business leaders The “Millennial” mindset transcends age. Employees in each generation want: A diverse, collaborative, innovative workplace The tools and technologies to help them be their best Delighted customers Inspirational leaders who are invested in employees’ engagement and development These attributes will be the competitive differentiators that attract and retain top talent.
  22. 22. © 2015 IBM Corporation IBM Institute for Business Value Table of contents Introduction - The Millennial impact Study methodology Five myth busters Three uncomfortable truths Recommendations Summary 22
  23. 23. © 2015 IBM Corporation IBM Institute for Business Value Millennials as a catalyst for change IBM Institute for Business Value  Millennials, as digital natives, bring the digital capital organizations need to accelerate their business transformation  Gen X and Baby Boomers have also adopted new ways of doing business - they want many of the same things Millennials do  Organizations need nuanced talent strategies and robust analytics for a multigenerational workforce; employees of all ages are complex individuals Summary 23

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