Are Millennials Destroying Business As We Know It
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This is the companion PowerPoint to our Webinar: Are Millennial Employees Destroying Business As We Know It...Nate Smith of Smith Durant interviews Brad Szollose (me) on the impact Millennials will have on business... I drop out in the beginning and return at 12:24...sorry for the technical problems;-) https://youtu.be/XM_1hqFZMxA
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Are Millennials Destroying Business As We Know It
- 1. Are Millennial Employees Destroying Business As We Know It?
- 2. “The millennials are different than you and me,” says Jay Gilbert. “Managers accustomed to using certain practices to engage boomers are going to have to change their ways – and practices – if they hope to engage and retain the newest heavily scrutinized employee cohort, the Millennials.”
- 3. Nathan Smith Business Coach | Growth Expert Twitter: @coachvegas, @smithdurant Email: nsmith@smithdurant.com Phone: 702-583-7301 “Where logical intuition defies average.” Brad Szollose Global Advisor | Workforce Engagement Expert | Keynote Speaker Twitter: @bradszollose, @liquidleader Email: info@liquidleadership.com Phone: 917-405-5930 Helping You Prepare The Next Generation of Leaders
- 4. Smart companies… • Understand the 21st century workforce culture and customer • Motivate and set expectations for millennial employees • Determine if and when millennial employees will leave them
- 5. Why does this matter???
- 6. • Often have employee engagement and retention issues • Don’t consider engagement policies based on differentiation in generations of employees • Will fall behind if they don’t keep up with tomorrow’s workforce needs Yesterday’s companies… COMPANIES CAN NO LONGER EXPECT THEIR EMPLOYEES TO BE LOYAL ENOUGH TO STAY FOR 10 OR 20 YEARS, AND MAYBE THAT’S A GOOD THING.
- 7. The Millennial difference – outlook and expectations • Seek challenges • Well educated • Tech-savvy • Prefer teams • Work-life balance • Speedy advancement
- 9. say that giving back and being civically engaged are their highest priorities. 70%
- 10. Millennial CEOs influencing other Millennials? Snapchat CEO, Evan Spiegel (age 25) •Started Snapchat when he was 23 •Turned down a $4 billion offer from Facebook, speaks on changing the status quo Facebook CEO, Mark Zuckerberg (age 31) •Became a billionaire at age 23 •Created an enormous entity quickly and rapidly, and global communications advocate NastyGal CEO, Sophia Amoruso (age 31) •Company does $100 million in sales •Wrote a memoir how she raised nearly $50 million from top venture capitalists
- 11. They’re creative because they think it’s necessary for change “I guess I just expected that I would get to act on more of my ideas, and that the higher ups here would have figured out by now that the model’s changing.”
- 12. How does this contrast with Baby Boomers?
- 13. 1. Employers need to adjust to this increasing Millennial workforce 2. Motivating, engaging and retaining them needs to be a priority for smooth and consistent business 3. Nurture their needs and create a strong team to grow and maintain successful outcomes How to manage this trend? WHEN IT COMES TO TECHNOLOGY AND SOCIAL MEDIA ... THE PERSON WITH THE MOST INNOVATIVE IDEA IN THE ROOM MAY HAPPEN TO BE THE YOUNGEST.
- 14. Inspiration leads to success •Focus more on communicating the results expected •Allow flexibility in achieving those results •It’s more about the outcome and less about the process •Clearly define and convey your company culture and professionalism means •Becoming a leader ranks high on the Millennial to-do list – channel their energy. For Millennials...
- 15. They want feedback – more often •Give them checklists •Offer plenty of help •Reward them for innovating and taking appropriate risks •Engage them with frequent feedback •Provide them with mentors •Create a collegial and team-oriented culture For Millennials...
- 16. •Don’t just talk about impact; make an impact •Value means inclusions and giving your talent a voice •Create opportunities for mentorship, skills acquisition •Give feedback but clarify your expectations Let’s Recap...
- 17. 17 There is only ONE BOOK that can help you truly understand Millennials... Liquid Leadership by Brad Szollose Bestseller
- 18. 18 Journeys to Success V4: The Millennial Edition. Written BY Millennials FOR Millennials. Foreword by Brad Szollose Bestseller
- 20. Nathan Smith Business Coach | Growth Expert Twitter: @coachvegas, @smithdurant Email: nsmith@smithdurant.com Phone: 702-583-7301 “Where logical intuition defies average.” Brad Szollose Global Advisor | Workforce Engagement Expert | Keynote Speaker Twitter: @bradszollose, @liquidleader Email: info@liquidleadership.com Phone: 917-405-5930 Helping You Prepare The Next Generation of Leaders
Editor's Notes
- I like this quote here: “The millennials,” a wistful F. Scott Fitzgerald might have written today, “are different than you and me.” Managers accustomed to using certain practices to engage boomers are going to have to change their ways – and practices – if they hope to engage and retain the newest heavily scrutinized employee cohort, the millennials.
- More about Brad Szollose Brad Szollose is a TEDX Speaker, a global business adviser and the foremost authority on workforce performance strategies…which includes a deep understanding of Millennials. Author of the award-winning international bestseller Liquid Leadership, Brad is a former C-Level executive of a publicly traded dot com agency that he cofounded. The world’s leading business publications seek out Brad’s insights on Millennials, and he has been featured in Forbes, Inc., The Huffington Post, New York Magazine, Inc., Advertising Age, The International Business Times, and The Hindu Business Line to name a few, along with television, radio and podcast appearances on CBS and other media outlets. He is a Subject Matter Expert for the American Management Association and has created millennial leadership training programs for them as well as Tony Robbins Business Mastery Graduates.Brad's programs have transformed a new generation of business leaders, helping them maximize their corporate culture, expectations, productivity and sales growth in a New Economy. Brad Go ahead and tell a bit about you and the work you’ve done and it’s relevance to Millennials.
- Millennials account for 75% of today’s workforce, so employers need to get serious about not only competing for them, but keeping them. This affects all businesses. Source: www.pewresearch.org Why does this matter?
- For years, employers have been aware of employee engagement and retention issues in their workplaces. Many companies do not have or consider policies that typically address engagement based on differentiation for the generations of employees. As the millennial generation grows in the workforce and baby boomers retire, business owners, managers and human resources professionals will need to develop new engagement models and take into account the generational differences between baby boomers and millennials. Brad Can you expand on this first point for us from what you’ve seen in the many business that you’ve been involved with? When it comes to engaging employees, what are the biggest factors that come into play for companies who want to succeed? Why is engagement different for Millennials than previous generations?
- Millennials have a drastically different outlook on what they expect from their employment experience. Of course, previous generations have these characteristics, but the outlook and expectations are different in terms of time and even practicality. Millennials are well educated, skilled in technology, very self-confident, able to multi-task, and have plenty of energy. They have high expectations for themselves, and prefer to work in teams, rather than as individuals. Millennials seek challenges, yet work life balance is of utmost importance to them. Millennials are creating a change in how work gets done, as they work more in teams and use more technology. Brad Have you seen technology as the biggest factor in Millennial outlook at expectations? What else? Do you agree that issues in the workforce and because of changing expectations – specifically from Milennials?
- Let’s look at some stats – in terms of outlook and expectations Brad in your experience, How do Millennial look at the corporate ladder and what is their direction in climbing their way up? What have you seen from millennial you’ve spoken to on their idea of career progression? The idea of speedy advancement I think is a big one. Millennial spend less time at a job than pervious generations. Is this a product of their environment, or some other factor? I know that Millennials realize that their need for social interaction, immediate results in their work, and desire for speedy advancement. Do you think these are perhaps seen as weaknesses by older colleagues. Is there a difference in how fast their perceive they can progress and how fast they actually can, or should? Source: http://ihumanmedia.com/
- Leigh Buchanon writes in Meet the Millennials, “One of the characteristics of millennials, besides the fact that they are masters of digital communication, is that they are primed to do well by doing good. Almost 70 percent say that giving back and being civically engaged are their highest priorities.” This is very much a “let’s change the world mindset.” This is a scene from the popular HBO show, Silicon Valley, one that millennials and tech-savvy employees love to watch – exactly because of lines like this one. Brad This mentality may have largely come from the tech world – especially in Silicon Valley – and even in the 90s during the dot come era. Do you that has been the driving force to this kind of thinking in Millennials? Do you think companies should shift priorities to adapt to this kind of thinking? If companies don’t shift, will they have trouble motivating or keeping their millennials employees and colleagues around?
- Take a look at some millennial CEOs are have a major impact on the masses. Why can’t Millennials adapt to the traditional way of business – they are conditioned not to. The “why” outweighs the “what” The concept of doing work with a purpose, which offers young career professionals personal fulfillment has grown increasingly more important. The appeal of joining a big company and working overtime to get the “manager” stamp on your business card has faded. Rather than working 60-plus hours a week to get a promotion, young career professionals work on causes that speak to their imagination. “Young people want to improve on the status quo. They want to create impact.” Of course, we can’t forget the boomer CEOs with huge influence – Bill Gates, Steve Jobs, Oprah Winfrey, Bill Clinton – but all had this same mentality. Change the status quo.
- Millennials who had been struggling in with their role, often admit to their peers something like this, “I guess I just expected that I would get to act on more of my ideas, and that the higher ups here would have figured out by now that the model’s changing.” Source: (Gen Y in the Workforce, Tamara Erickson, Harvard Business Review, February 2009) Brad, How quickly do you see this model changing? Will we continue to see change in how companies think? How does that affect new generations of employees? What impact do Millennial employees have on the successful of a business or organization? There’s also a need for Millennial to change the company culture – it’s more laid back and fun and not so corporate. Where does this come from? Do you believe this is entitlement coming from Millennials and how do boomers manage this kind of behavior? Do you see this as a positive?
- buytheway.annenbergcourse.org How does this contrast with baby boomers? Research has shown that boomers identify their strengths as organizational memory, optimism, and their willingness to work long hours. This generation grew up in organizations with large corporate hierarchies, rather than flat management structures and teamwork-based job roles. Brad, What are the Baby Boomers currently doing to manage the Millennial generation and how do they keep them around for the long haul? Do you see a lot of resistance from the boomers on how the business landscape is changing? Let’s also consider that baby boomer have to work with Millennials not just manage them. Does their difference in values change their relationship? Affect business? Often, Millennials are the ones managing baby boomers – this is becoming more common. What you have seen?
- Employers will need to make major adjustments in their engagement models. Motivating, engaging, and retaining people will never cease as managerial priorities, but employers will have to carefully consider what strategies they will use to cultivate and retain valuable millennial employees now and into the future. Brad, Of these, which have you seen businesses struggle with the most? Where have they seen the biggest advancements? Would you add to this list?
- Inspiration leads to success Inspiration is a measure of success. Because of global connectivity, millennials have access to unlimited sources of inspiration. “Millennials build mosaics of inspiration from different individual pieces. They might admire a business man in the US, respect a politician in Europe and esteem a community advocate in Asia at the same time. Lack of professionalism among entry-level employees often has more to do with the organization than the individual. Brad, How much does careful training come into play in ensuring employee success? How much does transparency and an emphasis on the organization's values going to affect the outcome?
- They want feedback on their performance - often The millennial employee is interested in feedback on his or her performance. But traditional semi-annual reviews are too infrequent for millennials. They want to know that they’ve done a good job, and they want to know now. The list includes: give them checklists, offer plenty of help, reward them for innovating and taking appropriate risks, engage them with frequent feedback, provide them with mentors, create a collegial and team-oriented culture, etc. Feedback must also be given in such a way that millennials are receptive. Whether positive or negative, feedback needs to be structured in a way that leaves no room for misunderstanding. Feedback needs to be clear and specific to be effective. Brad, What are your thoughts on this list as a way to give feedback? What will be the impact on business for companies who can effectively manage millennials?
- Let’s recap Don’t just talk about impact; make an impact Value means inclusions and giving your talent a voice Create opportunities for mentorship, skills acquisition Give feedback but clarify your expectations
- There is only ONE BOOK that can help you truly understand Millennials.... Buy it on Amazon
- There is only ONE BOOK that can help you truly understand Millennials.... Buy it on Amazon
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