eBook#2 Millennials final

ATTRACTING, MANAGING & APPRECIATINGTODAY’S WORKFORCE

Written & Produced By: Danielle Richards

TABLE OF CONTENTS
Introduction...................................................................
Chapter1: Defining Millennials.............................................
Chapter 2: How Millennials Compare to Other Generations...........
Chapter3: Generational Timelines..........................................
Chapter 4: What Makes Millennials Different............................
Chapter5: Managing Millennials...........................................
Chapter 6: The Cost of Millennials.........................................
Chapter 7: Millennials are Worth the Investment.......................
Chapter 8: Attracting and Retaining Millennials........................
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5
9
12
19
22
30
32
36
3

Over 80 million people in the United States consider themselves a millennial.
Unlike any other generation, millennials have made an unprecedented entrance into today’s marketplace and
workforce. Highly educated and technologically savvy, the millennial generation is different from any other. It
is therefore critical for executives to grasp the unique
characteristics of the members of this millennial
generation.
Millennials learn and communicate differently, and there
is a high cost associated with ignoring the changes they
bring to the table.
The purpose of this e-book is to educate today’s leaders
on understanding, attracting, training, managing, and
retaining members of the millennial generation, so that
businesses can fully capitalize on the contributions of
this growing generation.
INTRODUCTION
14

Generations: A way to categorize and understand a group of people according
to the era in which they were born and the common experiences they likely had
growing up at the same time. The breakdown of generations are as follows:
Ages 0-15Ages 16-34Ages 35-47Ages 48-66
silent
generation
Ages 67+
Gen wEmillennialsgeneration
x
baby
boomers
6

Totaling nearly 80 million people, millennials are currently the largest generation in the United States. Millennials,
also sometimes referred to as Generation Y, are defined as people born between the somewhat flexible years of
1980 through the mid 1990’s, most being in their twenties and early thirties.
How ARE MILLEnnials DeFINED?
While it is nearly impossible to emphatically delineate one generation from another, the most important factor to
consider is that a group of people experienced the same social, political, technological and work-related struggles
as others in their era. Members of the same generation share core values and goals, both of which are shaped by
events that occurred in their
formative years. People
are thus molded by life
experiences, sociopolitical
influences and access to
education and services.
7

For the first time in history, this generation of millennials grew up with technology as a part of their everyday
lives, regularly utilizing the Internet from a very early age. Their parents valued forward progress and upward
mobility, and sought to provide their children with the best start possible. Thus, technology and education are
ingrained in their very identity.
How did millennials grow up?
8

2
HOW millennials compare
to other generations

Just like people, generational cohorts have personalities as well. Now emerging into
adulthood, millennials have a unique personality of their own. Members of this generation
are confident, determined, expressive, open-minded, energetic and excited for change.
Generation X, ages 35-47
Baby Boomers, ages 48-66
Silent Generation, ages 67 and up
Members of Generation X, the generation that preceded millennials are often depicted as smart,
well-rounded entrepreneurs. While millennials share their determination and desire for success,
they go about achieving these aims somewhat differently; happily embracing mobility within
their careers and the latest technology.
Members of the Baby Boomer generation did not grow up with advanced technology, and were likely
raised by parents who believed in staying with companies long-term. They chose to invest in their lives for the promise of
pensions and stable retirement. Baby boomers were driven to raise their children in a way that would allow for the next
generation to be more economically successful. These parents did not want their children to struggle with finances the ways
they, or their families of origin, may have.
Another previous cohort, the Silent Generation describes people born from the year 1928 through 1945. This group includes
children of the Great Depression and World War II. Their label of “silent” refers to their conformist ideals and community
commitments.
10

A Distinctively Different Generation
Bottom line:
Millennials are unique.
They are not driven by
the same motivations as
generations past.
When
compared to
previous generations,
millennials are easily distinguishable
from the rest. Earlier generations differed
markedly from country to country, based
upon socioeconomic factors and access to
public services and education. However,
millennials represent the first truly global
generation. Regardless of location or
nationality, characteristics among the
group are strikingly similar.
11

As a result of the political climate during their childhoods, many members of the
Silent Generation were advocates for community service. During their formative
years they experienced the passing of the 19th amendment, the notorious stock
market crash, and the Great Depression. For the Silent Generation, who were
reared by survivors of the Great Depression, education was a dream reserved only
for a very fortunate few. The Silent Generation refers to the group of people born
following the Great Depression and World War I. They experienced the building of
the Hoover Dam, the invention of the rotary phone and they watched the Atomic
Bomb end WWII. They were a generation who grew up with war and hardships.
Millennials are the first generation in history to have enjoyed access to the internet while growing up. Growing up
with technology certainly impacted their expectations of life as part of the workforce. Millennials expect creativity and
innovation at work. To better understand the exceptional millennials, let’s look at some sociopolitical and economic
highlights from previous generations.
The Silent Generation (1900-1945)
13

Baby Boomers (1946-1964)
During their formative years, Generation X-ers watched the Vietnam War,
Watergate and Desert Storm. Like their parents, they also experienced space
wonder when Apollo 11 landed the first humans on the moon. Generation X-ers
experienced the invention of the cellular phone, and handheld digital devices.
Generation X-ers families valued education and strongly encouraged children to
attend college. They were also raised to be independent and self-sufficient.
Generation X (1965-1980)
The Baby Boomers emergence marked the end of World War II. Coming of age Baby
Boomers saw the invention of the microwave, touch-tone phones, tape recorders,
the hydrogen bomb and videotapes. They sat glued to the television with their
families as they watched the moon landing and the assassination of President John
F. Kennedy. The Baby Boomers, in a culture focused on civil rights, heard Martin
Luther King Jr.’s “I Have A Dream” speech. Because of the now-forward-thinking
society, Baby Boomers also experienced improved access to higher education. As a
result, many more Baby Boomers were formally educated than their predecessors.
14

Millennials (1981-2000)
This brings us to the Millennials. They literally grew up with technology,
experiencing firsthand the internet, picture phones, e-mail, and text messaging.
Politically, they witnessed September 11th, the nation’s response to Hurricane
Katrina, the fears surrounding Y2K, the Columbine shooting, the Oklahoma
City bombing, and economic recession. Millennials and their parents are aware
that college is expensive, but continue to see it as an entrance ticket to the
competitive workforce. They are comfortable using most forms of digital media,
including Facebook, Myspace, Twitter, smartphones, etc.
15

When it comes to defining their generation, it’s truly technology that sets millennials apart. Over half of the
technology present today was produced during the 1980s, when Millennials were coming into the world. Simply
stated, millennials literally grew up alongside technology. In fact, some simply don’t know what life is like without it.
They watched as Apple created the first iPod and it’s ultimate evolution into the globally recognized iPhone and
iPad. Previous generations cannot truly appreciate the impact that these technological advances had on Millennials.
Technologically speaking, nothing seems impossible to Millennials.
1927 1972 1983
1989
1990
2001
2004
2006
The TV The Video Game The PC
Computer use
reaches 100
million units (vs 1
million in 1980)
Creation of
"The World Wide
Web"
Apple releases
the iPod Facebook
Twitter, iTunes at
peak
1945 1975 1984 1989 1998 2003 2005 2007
The A-Bomb Microsoft Apple releases
the Macintosh
computer (graphical
interface)
AOL Google ranks
on Top 10 best
websites
Wi-Fi YouTube The
iPhone
Technology Timeline:
16

Education
Unlike any other generation, Millennials are invested in education. This interest is a result of several factors.
• The Great Recession forced students to seek higher education in order to secure jobs
• An economy driven by the currency of knowledge.
• With so many successful peers, Millennials don't see any other option but to compete by attaining degrees.
• If a Millennial has difficulty securing employment upon graduation, they may pursue higher degrees to
increase their knowledge and skill set to better prepare for the workplace.
17

These pressures have made Millennials the most educated
generation in history. Unfortunately, they will also be the
generation most saddled with vast amounts of educational
debt.
According to the U.S. Treasury, “Total student outstanding loan
debt surpassed $1 trillion by the end of the second quarter of 2014,
making it the second largest category of household debt.”
According to Pew, “Millennials are on course to become the most educated generation in American history, a
trend driven largely by the demands of a modern knowledge-based economy, but most likely accelerated in
recent years by the millions of 20-somethings enrolling in graduate schools, colleges or community colleges in
part because they can’t find a job.”
18

4
what makes
millennials different?

When surveyed, 24% of millennials say their generation is set apart from the rest
because of their familiarity with technology.
This reality is about more than just their latest gadgets. As a result of
growing up in a tech-savvy environment, millennials’ lives are
completely intertwined with technology. Three-quarters of
millennials have profiles on social networks.
Millennials are also different because they are new
to the workforce. With most being in their early
twenties and thirties, millennials average roughly
5-7 years in the workplace. Because many
millennials attend college, many are very new to
corporations, having only recently graduated.
Millennials are educated and smart. They are full
of energy and passion, but typically are lacking in
experience. They may not fully know their vision,
or what they are capable of. Because of this, their
commitment may be low, leading to various career
changes as they navigate their professional life.
Millennials have a reason for feeling so unique.
20

Millennials expect to continue learning and growing. While
they are willing to accomplish most tasks asked of them, they
also expect employers to invest in their forward development.
They respect older colleagues and management, but also are
assured of what they bring to the table.
Management techniques that worked at one time for previous
generations simply do not translate to millennials. This means
that management has work to do in order to connect.
Managing millennials involves the following tasks:
An absence of clear standards is the leading cause of
millennial dissatisfaction and frustration for management.
• Understand what motivates millennials
• Adapt leadership, management, and
mentoring techniques
• Set clear standards and ways of
measuring success
21

3 steps to managing millennials
Understand what motivates millennials. What drives them?
What goals are they striving for?
Adapt leadership, management and mentoring techniques.
Tweak your management methods to appeal to this new
generation of workers.
Set clear standards and ways of measuring sucess. Make goals
objective and attainable. Always provide feedback.
23

Effective motivation of millennials includes frequent and specific feedback. Millennials like to know how they’re
doing at their job, requiring regular input and encouragement. Simply put, they like to be in almost-constant
communication with management, as they refine objectives and directions. Millennials also want to know that their
specific task contributes to a concrete goal. They will not appreciate completing a task simply because a manager
told them to do it. In terms of their workload, Millennials need a balance of short and long-term objectives, which
will keep their tasks interesting to them. Millennials are motivated by incentives, responding well to the hope of
bonuses and perks. Be honest and open with millennials in your communication, they will respect your authenticity
and transparency, and work harder for you because of it.
Effective management of millennials involves an altering of leadership styles that may have worked in the past.
Millennials enjoy open communication, and will respond best to a conversational management style. They like to
feel like a part of a team, and will enjoy shifting responsibilities and tasks.
Motivation
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FREQUENT, SPECIFIC
FEEDBACK
DIRECTION THROUGH
CONSTANT GUIDANCE
DIGITAL FIRST
LINK TO CONCRETE GOALS
MIX SHORT AND LONG
TERM OBJECTIVES
MOTIVATE WITH
INCENTIVES
PRACTICE RADICAL
TRANSPARENCY
how to motivate millennials 25

They expect employers to be more invested in them as people, rather than just merely interested in the fact that they
complete assigned tasks. Millennials expect management to be a part of their career journey, providing them with
wisdom and guidance on their career path. Bottom line, they want to be mentored and coached. Millennials also
expect employers to invest monetarily in regular, formal training and development programs. Due to their desire for
work-life balance, millennials also expect management to be flexible and respectful of their personal lives, especially
in terms of scheduling or time off.
Millennials also have high expectations of the overall organizations that
they work for. They expect that their company will provide them with
opportunities to develop skills for the future, whether or not they
ultimately choose to stay. They expect their company to be built
upon strong, guiding values. It’s important for Millennials to be
able to get-behind the overarching vision of their workplace.
They also expect customizable benefits and rewards packages,
offering perks like wellness programs. Millennials want their
personal life and aims to be honored, a construct that must be
clear in order for them to stay.
Millennials are eager to continue learning throughout their
lives. Many view their careers as an opportunity for growth and
development. They do not like to be stagnant and will expect
positive change and movement within their jobs.
MILLENNIALS HAVE EXPECTATIONS OF THEIR MANAGERS
26

The company
will help
develop
future skills.
The company
has strong
values.
The company offers
customizable options.
The company
allows a blend of
work and life.
The company
offers a clear
career path.
millennial career expectations 27

Millennials love to learn. They grew up with a drive towards education, and
long for a lifetime of learning. They desire to learn technical skills in their
area of expertise. Ideally, this should be provided for them through their
place of employment, as they will highly value their employer’s investment
in them. Millennials want to learn about self-management and personal
productivity, as they want to make exceptional contributions. They want to
learn about how to become effective leaders and how to better take initiative
on assigned tasks. Millennials also want to learn more about creativity and
ways to innovate.
Learning
There are several effective ways to train millennials.
Overall, it seems that millennials benefit the most
from more informal training, involving one-on-one
coachingandmentoring.Theywantmanagementto
show them how to do things, rather than just being
given a guidebook. They appreciate individual and
group mentoring, along with consistent feedback
on their performance.
training
28

Technical
Skills
self-
management
Leadership
industry &
functional
knowledge
millennials desire to learn
creativity &
innovation
strategies
29

It’s clear that every generation has specific characteristics and perspectives. Each cohort views the concept of work
differently. This is due to their unique cultural experiences and influences from families of origin. Instead of seeing
these characteristics as frustrations or roadblocks, it is important to consider that each generation brings special
gifts to the workforce, as well. But, we can’t ignore that each generation brings significant challenges, too.
Baby Boomers generation x
Most leaders and executives
today are Baby Boomers.
Ranging in age from late
forties to early sixties, these
professionals are in the prime
years of their careers. As a large
group, they are powerful and in
charge.
In their mid-thirties to late forties, Generation X
makes up the bulk of today’s workforce. They’ve
been settled in their career long enough to
have developed a high level of experience and
expertise. Generation X-ers have likely gained
some notoriety, and are recognized by their
peers for their contributions. They are typically
well-compensated for their skills.
The problem is this: there simply are not an
abundance of Generation X-ers. This generation
is about 40% smaller than the generations
ahead and behind them. As tempting as it is,
management cannot rely too heavily on this
generational cohort to fuel growth.
These are the new kids on
the block, most being in their
twenties or early thirties.
They have been a part of the
workforce for an average of 5-7
years, some just out of school for
a short time.
millennials
Executives who ignore these generational differences may endure loss.
31

7
millennials are worth
the investment

Leadership,managementandmentoringtechniquesmustbestructuredtobeeffectivewiththisemerginggeneration.
The top two things to do when managing millennials:
• Expect more from millennials. They enjoy high standards and work exceptionally well under pressure.
• Provide training and mentoring, especially as they are accustomed to continued education.
Without a doubt, Millennials are disrupting some of the traditional leadership and management practices businesses
have long utilized. On the flip side, Millennials bring a fresh perspective to the workforce.
33

While Millennials are known to stay with their first professional job for at least one year, they are also more likely to
hop from one job to the next after a few years in the workforce. This trend is a result of Millennials expecting their
millennials and employee turn over
job hoppers
careers to provide them with much more
than just a paycheck. They look for fulfillment.
And why shouldn’t they? Fulfillment could
come through social outreach, personal
accomplishment or a sense they are doing
work that impacts the greater-good.
34

A recent survey included responses from hundreds of HR professionals in various
industries, found that 87% of companies reported it costs between $15,000
and $25,000 to replace each Millennial employee they lose.
When you consider that approximately 40% of companies
employ more than 50 Millennial workers, these costs are
staggering and only expected to rise over the coming
years. Current data shows that more than 60% of millennials
leave their positions in under three years, meaning many
employers are facing an expensive dilemma.
This increase in employee turnover is obviously troubling to
organizations. Turnover costs money, especially if turnover
will only continue to grow as Millennials enter the workforce.
35

8
Attracting and
retaining millennials

According to participants in a recent survey, 51% of companies state that the expense of training and development
is high when hiring Millennials. Moreover, 71% of companies reported that losing Millennial employees had a big
impact on other employees, increasing the overall workload and stress. In addition, 56% of employers state that it
takes anywhere from 3 to 7 weeks to get a new millennial hire up to speed.
In response to the staggering costs of turnover, some companies are putting retention programs in place. Listed by
order of importance to Millennials, these retention programs address issues like:
Flexibility
Mentoring
Internal Hiring & Promotions
Community Service Programs
Scheduled, time-off, breaks, lunches, paid time off
Informal and formal, individual and small group
RETENTION PROGRAMS
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The results indicated that the majority
of Millennials analyze a job based upon
whether or not they feel it is a good fit
for them. Millennials expect their goals
to be in line with that of their employer.
They must feel their values are honored,
and that there are chances for growth. The
survey also revealed that Millennials are
paid an average salary between $30,000
and $50,000, with some reporting a salary
of $50,000 or greater.
A recent survey asked Millennials about why they stay or leave their jobs. Researchers wondered, what is the main
factor deciding whether or not millennial workers stay with a particular company?
why Do millennials stay?
38

Of the professionals surveyed, 62% use job boards and
corporate websites to recruit millennials. Believe it or not,
social networking sites trail far behind. Only 9% of human
resources professionals reported using LinkedIn, 3% used
Facebook and only 1% cited Twitter as a resource for
recruiting employees.
how do employers hire millennials?
39

Millennial workers are emerging in the workforce in increasing numbers. Beyond salaries, these young employees
desire a sense of purpose and fulfillment from their work. They also strive for a greater work-life balance.
The problem is, if they don't find fulfillment and work-life balance, they move on.
Dan Schawbel, founder of Millennial Branding says it this way:
what are the trends?
"This generation has different views of the workplace and what a workplace should
be like, and the companies aren't evolving to meet those changes and needs fast
enough. In the years to come, companies are going to have trouble, because if they
can't retain these employees, those costs really add up.”
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Don’t let your workplace turn into a
generational battlefield.
Harness the many positives of Millennials in the workforce by
properly attracting and retaining them.
41

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