how to manage millennials
TRANSCRIPT
How to Manage
MillennialsJanuary 15, 2015
Tami Boyer
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MILLENNIALS IN THE WORKFORCE:
CREATING A MUTUALLY BENEFICIAL
RELATIONSHIP
Millennials………..
Why Organizations Care About Millennials
By 2025 millennials will comprise 75% of the
workforce.
Currently millennials remain at a job for 2.3 years
(Bureau of Labor Statistics 2013).
Average turnover cost for a millennial is 15k-25k
Future leaders.
Generations in the Workforce Over Time
What Does This Mean for Organizations?
Currently most organizations have created engagement strategies around the baby boomer generation. Baby boomers’ values and expectations of the workforce are:
– Job Security
– High Salaries
– 9-5 Work Schedule.
– Loyalty and Tenure = Job Promotions
Millennials have different values and expectations of the workforce
Organizations must reevaluate the nature and length of employee-employer relationships in order to engage the millennial generation.
Who Are the Millennials?
Millennials were born in the years 1982-1995.
They are “digital natives.”
They are socially conscious
They are the least trusting generation
They were raised by “helicopter parents.”
Digital Natives
Raised in a time with rapid technological advancement.
Many have used computers before starting school.
Consider technology a large part of their generational
identity.
Gives them a competitive advantage in the workforce.
Socially Conscious
Source: Data adapted from Nielsen survey on Millennials 2014
Least Trusting Generation
Source: Data adapted from Pew Research Survey (2014 ).
“Helicopter Parents”
Overly involved parents.
Wish to be involved in all aspects of child’s life.
Have a “technological umbilical cord”
– Created a high touch relationship
– Expectation of quick responses
Parents are extremely invested in children’s
success.
What Do Millennials Expect in the Workplace?
Work/Life Balance
Flexible Work Schedules
Change
Professional Development
Work/Life Balance and Flexibility
Technology has changed the way we work.
– Teleworking options
– Flexibility of work hours
– Ability to connect globally
Millennials do not value money the same as other
generations.
Millennials are willing to quit if work-life balance
integration is not met (Levenson 2010).
Change and Professional Development
Source: Deloitte study, Generation Y: powerhouse of the global economy (2009).
Using This Information to Engage the Millennials: Three Strategies
Be Flexible
Provide Options
Mentorships
Be Flexible
Offer teleworking options
Work with employees to find a schedule that works best.
Work share options.
Collaborating with employees on creating work schedules that
work for both parties helps build a trust between the
employee/employer from the beginning of the relationship.
Offer Options
Offer options to employees with regard to benefits, pay, vacation time.
– Some employees value better benefits over higher pay. Allow
employees to decide what that package looks like.
– Many millennial employees prefer more vacation time over higher
salary. Allow the option of more vacation time for a reduction in
salary.
Millennial employees like to feel in control of their career. Providing options
to this generation allows them to feel more in control. It also allows them to
feel investment from the organization—something they did not necessarily
see during their parents career.
Mentorships
Bridging the knowledge gap.
Diminishing stereotypes
Team building
Understanding the business
Conclusion
There is a current opportunity for organizations to gain a
competitive advantage by engaging the millennial generation.
By understanding the wants and expectations of the millennial
generation, companies can begin implementing programs that
will keep them engaged—ultimately leading to higher
productivity for companies and happier employees.
References
Bureau of Labor Statistics. 2013. Tenure of American Workers. Survey report
conducted on American Households year ending 2013. Washington D.C.
Accessed June 28, 2014. http://www.bls.gov/spotlight/2013/tenure/.
Casnocha, Ben, Reid Hoffman, and Chris Yeh. 2013. “Tour of Duty: The New
Employer-Employee Compact.” Harvard Business Review.
Deloitte. 2009. Generation Y: Powerhouse of the Global Economy Restless
Generation is a Challenge and a Huge Opportunity for Employers. New York:
Deloitte Development LLC. Accessed June 13, 2014.
http://www.deloitte.com/view/en_US/us/Services/consulting/human-
capital/organization-and-
talent/a90f49642dff0210VgnVCM100000ba42f00aRCRD.htm.
References Cont.
Levenson, Alec. 2010. “Millennials and the World of Work: An Economist’s Perspective.” J Bus
Pyschology, no. 25 (March): 257–264.
Nielsen Survey. “Investing in the Future: Millennials Are Willing To Pay Extra For a Good
Cause”. The Nielsen Company.
Pew Research Center. 2014. Millennials in Adulthood Detached from Institutions, Networked
with Friends. Washington D.C.: Pew Research Center. Accessed June 12, 2014.
http://www.pewsocialtrends.org/2014/03/07/millennials-in-adulthood/.
Skapinker, Lisa. 2012. “Millennials’ High Demands May Improve Corporate Culture.”
Human Resources, Thought leadership blog. (May). Accessed July 3, 2014.
http://work.com/blog/2012/05/millennials-high-demands-may-improve-corporate-culture/.
Questions
Contact Us
Tami Boyer
Senior HR Client Advocate
(303) 228-8767