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Generational Change in the Workplace
SHRM Report 2014
Three different age groups
Millennials: Born from 1981-1997
More than one-in-three American workers today are Millennials
...
Cultural shift:
Will determine benefits offerings, succession planning and
other aspects of HR’s operations
By 2020, Mille...
Most similar M=Millennials B=Baby boomers
Job Security
56% M
60% BB
Benefits Overall
49% M
57% BB
Compensation/Pay
58% M
6...
Most dissimilar
Defined Contribution
Plans
32% M
44% BB
Career Advancement
50% M
35% BB
Flexibility, Life and Work
50% M
4...
Impact? (examples)
• State of Connecticut: Hybrid approach to retirement plans. Uses
an individualized target benefit appr...
Retention keys
Millennials will make up majority of the workforce and most likely to change jobs. Keys:
flexibility, cutti...
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Generation difference

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Generation difference

  1. 1. Generational Change in the Workplace SHRM Report 2014
  2. 2. Three different age groups Millennials: Born from 1981-1997 More than one-in-three American workers today are Millennials (adults ages 18 to 34 in 2015), and this year surpassed Generation X to become the largest share of the American workforce, -new Pew Research Center analysis of U.S. Census Bureau data Gen X: Born between 1960 and 1980 (ages 35-50 in 2015) Baby Boomers: Born between 1946-1964 (ages 51-69 in 2015) 2
  3. 3. Cultural shift: Will determine benefits offerings, succession planning and other aspects of HR’s operations By 2020, Millennials will comprise 46% of the U.S. labor force, and will be heavily relied-upon to fill leadership gaps at many organizations-University of North Carolina By 2022 Workers 55 and older will represent 25.6% of workforce-SHRM Different priorities in what they want (next two slides) 3
  4. 4. Most similar M=Millennials B=Baby boomers Job Security 56% M 60% BB Benefits Overall 49% M 57% BB Compensation/Pay 58% M 62% BB 4
  5. 5. Most dissimilar Defined Contribution Plans 32% M 44% BB Career Advancement 50% M 35% BB Flexibility, Life and Work 50% M 40% BB Defined Benefit Pension Plans 33% M 45% BB Health Care/Medical Benefits 56% M 66% BB 5
  6. 6. Impact? (examples) • State of Connecticut: Hybrid approach to retirement plans. Uses an individualized target benefit approach: “The employee can go through a risk assessment and select a portfolio that is managed by a third party.” • Recent SHRM research: Employers giving workers more options how they spend their time in and out of the office. Nearly three- fifths (57%) of organizations offer flexible work arrangements: • Full- or part-time telecommuting, flexible scheduling or compressed workweeks • Career growth/tracks/options • Learning and development: Move to learner centric (experiential, shared knowledge, social technologies, portable, accessible, speed) 6
  7. 7. Retention keys Millennials will make up majority of the workforce and most likely to change jobs. Keys: flexibility, cutting edge technology, and a fun work environment -75% of global workforce 2025 Gen Xers are independent and entrepreneurial; foster these skills-Middle of their careers Baby boomers Solid wages and healthcare options. Both millennials and gen Xers value flexible work schedules Baby boomers prefer a stable, but shortened schedule. Both millennials and gen Xers value mentorships and growth opportunities 7

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