Attracting & Retaining Top Talent: Millennials In the Workplace
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This webinar will be hosted by McKonly & Asbury Human Resources Director, Suzanne Sentman, and Human Resources Coordinator, Holly Kressler. Millennials, the cohort of Americans born between 1980 and the mid-2000s, now surpass Baby Boomers as the largest living U.S. generation. In 2013, they represented one-third of the total U.S population and by 2020, they are expected to make up half of the workforce. How are employers responding to this employee population shift? This webinar will explore the defining characteristics of the Millennial generation and how companies can utilize this information to successfully attract, recruit, and retain these employees. As employers create a culture that supports this generation’s need and desire for career growth and advancement, best practices will be examined in areas such as recruiting, onboarding, training, and performance management.
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Attracting & Retaining Top Talent: Millennials In the Workplace
- 2. Building Successful Employee Relationships A Cornerstone to Fraud Prevention and Risk Management
- 3. Building Successful Employee Relationships A Cornerstone to Fraud Prevention and Risk Management
- 4. Building Successful Employee Relationships A Cornerstone to Fraud Prevention and Risk Management
- 5. Attracting & Retaining Top Talent Millennials in the Workplace
- 6. Introductions Suzanne Sentman, SPHR • McKonly & Asbury • Human Resources Director • ssentman@macpas.com Holly Kressler • McKonly & Asbury • Human Resources Coordinator • hkressler@macpas.com
- 7. Generation Definitions The Millennial Generation • Born 1981 to 1997 • Age 18-34 in 2015 • Share of Adult Population: 30% Generation X • Born 1965 to 1980 • Age 35 - 50 in 2015 • Share of adult population: 27% The Baby Boom Generation • Born 1946 - 1964 • Age 51 – 69 in 2015 • Share of adult population: 30% The Silent Generation • Born 1928 - 1945 • Age 70 - 87 in 2015 • Share of adult population: 11% The Greatest Generation • Born before 1928 • Age 88 - 100 in 2015 • Share of adult population: 2% Pew Research Center
- 10. Generation Characteristics Pew Research Center
- 11. Confident • On track to become most educated generation • In 2008 a record share of 18-24 year olds (39.6%) were enrolled in college. • Despite the recent recession, about 9 in 10 say they will eventually meet long- term financial goals. • More optimistic than Gen Xers and Baby boomers with respect to financial future and earning power Pew Research Center
- 12. Connected • As mentioned earlier, technology is their most defining characteristic • “Always connected” generation & “Fused social lives into technology” • 8 in 10 say they sleep with the cell phone by the bed • 2/3 admit to texting while driving • 75% have a profile on a social networking site; and of these 29% check their favorite site several times a day • 1 in 5 have posted a video of themselves online • Information and knowledge readily accessible online • Able to adapt well to new technology and will multi-task using various technology Pew Research Center
- 13. Open to Change • More ethnically and racially diverse than older adults • 43% non-white • 25% first language not English • 20% have at least one immigrant parent • More accepting of new patterns of social behavior (same sex marriage, single parenting) • Impact of recession • last ones hired / first ones fired • taking entry level positions • Relocation is more attractive since 22% own home vs. 71% of those 30 and older Pew Research Center / U.S. Census Bureau
- 14. Traits of Millennials in the Workplace • Diverse • Highly educated • Tech-savy • Crave collaboration • Want feedback • Looking for growth Average tenure by generation: • Millennials- 2 years • Gen X- 5 years • Baby Boomers- 7 years • Silent Generation- 10 years Association Subculture
- 15. Traits of Millennials in the Workplace • Expect coaching, feedback / measurement from an employer • Expect career progression / professional development • Expect technology to optimize work – they are prepared to lead the charge! • Highly collaborative • They prefer 24/7 availability • Multi-taskers
- 16. What 3 Things do Millennials Want in a Career? • Flexible schedules! (no 9-5 jobs) • Invest time acquiring the skills and knowledge • Sense of purpose (self and employer) Fortune.com
- 17. Creating the Right Culture: Communication with Employees • Constant, clear communications • Don’t dumb down messaging • The power of the written word • Short concise communications • Use employee feedback to include making top-level leaders accessible • Embrace the direct communication style
- 18. Creating the Right Culture: Leveraging Technology • “On-demand” information that Millennials expect • 35% of Millennials agree that employer doesn’t leverage technology in workplace very well! • Automate tasks • Increase efficiency • Provide for knowledge sharing • Encourage collaboration • Social collaboration for ideas – Yammer • Project management – Basecamp UNC Kenan-Flagler Business School
- 19. Creating the Right Culture: Community Involvement • Aim for quarterly events where everyone participates in a cause. • Allow employees time away from work to volunteer. • Showcase how the company gives back to the community on your website. • Do you have a product or service that can be shared with the community?
- 20. Creating the Right Culture: Work Life Balance Policies and tools that make this happen… • Telecommuting • Flexible scheduling • Technology to support this… • Cloud based content such as Google Drive and Microsoft’s One Drive • VPN • Video calling through Skype and Google Hangouts • Instant Messaging
- 21. Creating the Right Culture: Work Life Balance Other policies to support work life balance… • PTO Time – allows flexible use of paid time off • Social Media policies – set clear expectations! • BYOD • Access to personal social media sites during workday
- 22. Creating the Right Culture: Work Environment • Dress Code – creates a comfortable work environment • Don’t forget to add some fun…
- 23. Creating the Right Culture: Work Environment
- 24. Ask Yourself • How does your company recruit millennials? • Would you rather talk to a candidate on the phone or text them?
- 25. Recruiting and Hiring • “Millennials are going to be changing jobs every three years.” • How do recruiters deal with hiring and then rehiring after three years?
- 26. Social Media • Have a Plan • Engage Daily • Chose Sites Wisely
- 27. Top Social Media Apps
- 28. Being Mobile Friendly • On average nearly 60% of candidates used a mobile device to search for a job • 52% used them to apply for a position • Around 70% hear about companies through friends and job boards • Best practices… • Make sure your job application is mobile friendly. • Develop an online application process that is simple to access and easy to navigate. • Make sure job descriptions are appealing to millennials and keep them short and simple. Spark Hire
- 29. Texting • 92% of U.S. smartphone owners send an average of 111 text messages per week. • 50% of daily social media users would rather text than talk on the phone. “It is apparent that mobile communication is the best way to reach a millennial.” - Recruiter
- 30. Campus Recruiting • All companies should connect with students in their college career. • Who should companies talk with? • What programs can companies offer? • What events or functions can companies attend?
- 31. Employee Referral Programs Key Elements: • Awareness • Communicate • Incentives • Recognition • Advantages
- 32. Interviewing • Location • Employee interaction • Explain position • Keep the candidate engaged
- 33. Onboarding: Best Practices • Short bursts of information best – but make sure information is accessible so they can go back and review later • Be prepared for time allotment – be realistic. Take breaks • Use a comfortable location as much as possible • Be creative! Build in fun to program as a way to get to know the culture
- 34. Onboarding: Best Practices Don’t underestimate the value of a formalized program! Be sure to include: • Low level policies and legal rules - for example social media do’s and don’ts • Job expectations • Ways to connect with other employees & learn culture • Group lunches, “meet and greet” get-togethers • Cross training, shadowing others • Community events • Office scavenger hunts • Training – learning from peers, e-learning
- 35. Training: Best Practices • Make it relevant! Explain how it applies to job • Technical know-how is important but don’t forget soft-skills topics! • Keep it tech-savvy • Coach and praise along way • Use collaboration to your advantage… • Foster an appreciation of diversity within your organization
- 36. Performance Management: Providing Feedback • Be involved as a supervisor or manager! • Provide clear and candid feedback – they value openness and transparency. • Set clear expectations • 61% of millennials say they need specific direction from their boss to do their best work. • Explain the value of what they are doing • Impact to team and company…think big picture TINYpulse
- 37. Feedback • Make your feedback timely • 80% of millennials want feedback in real time. • Ask for input… • Are their responsibilities clear? • Do they have the resources they need? • Are their tasks manageable? Talent Cove
- 38. Professional Development • Engage in career path discussions early on - annual review cycles won’t cut it… • Provide career-building opportunities within their role but also think of ways to get broader work experience. Positives = Smart, confident, ambitious, want promotions Negatives = New to workplace and lack experience • Solution….MENTORING
- 39. Mentoring • Allows for employee to take control of his or her own career development • Context of relationship allows to align with organizational goals • Multiple learning channels offer various perspectives • Teams, departments, divisions, locations…. • Non-traditional approaches: • Team • Reverse
- 40. Mentoring Employer Benefits • Multiple generations working together learn from one another • Transfer of specific company knowledge • Preparing Millennial employees for leadership roles
- 42. Millennials… • Want to make the world a better place • Want to express themselves • Are the most diverse generation ever to exist • Value flexibility • Want feedback By showing Millennials that your company is one where they can learn, grow, find flexibility and high quality of life, you can bring in young talent that will stay with your company and add value. • All generations can benefit from these best practices!
- 43. Questions? Suzanne Sentman, SPHR • McKonly & Asbury • Human Resources Director • ssentman@macpas.com Holly Kressler • McKonly & Asbury • Human Resources Coordinator • hkressler@macpas.com
- 46. Questions? Suzanne Sentman, SPHR • McKonly & Asbury • Human Resources Director • ssentman@macpas.com Holly Kressler • McKonly & Asbury • Human Resources Coordinator • hkressler@macpas.com
- 47. Building Successful Employee Relationships A Cornerstone to Fraud Prevention and Risk Management