millennials: who are they and why you should care_who_are_the.pdf · 2018-04-04 · how each...
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Millennials: Who are They and Why You Should Care
Sarah Simoneaux, CPC, President, Simoneaux & Stroud Consulting
Services
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Sarah Simoneaux, CPC, President, Simoneaux & Stroud Consulting Services
Sarah Simoneaux is the founder and president of Simoneaux
Consulting Services. SCS specializes in strategic planning,
business consulting, qualified plan technology consulting,
retirement plan services firms’ best practice development, and
qualified plan technical and soft skills training. SCS’ nationwide
customer base includes third party administrators, recordkeepers,
financial institutions, financial advisors, broker dealers, and other
service providers in the retirement services industry. Ms.
Simoneaux earned her Certified Pension Consultant designation
with the American Society of Pension Professionals and
Actuaries (ASPPA) in 1988, and she served as President of
ASPPA in 2005-2006.
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Sarah Simoneaux, CPC, President, Simoneaux & Stroud Consulting Services
She served as a Technical Education Consultant for the Enrolled
Retirement Plan Agent (ERPA) education program and as an
ASPPA Educational Programs Advocate. She is the author of
the textbook, Retirement Plan Consulting for Financial
Professionals, and is the author of the NAPA Certified Plan
Fiduciary Advisor online course. She recorded the ASPPA DC-1
web course used in the ASPPA Qualified 401(k) Administrator
(QKA) and Qualified Pension Administrator (QPA) programs.
She is a regular columnist in ASPPA’s Plan Consultant and
NAPA’s NAPA Net magazines, and co-authors a quarterly
column in The Journal of Pension Benefits on retirement
organizations’ best practices.
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The Generations and Influences
Baby Boomers born
1946 – 1964
Gen Xers born
1965 – 1980
Millennials (Gen Y) born
1981 – 2000
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What happened when you were in
junior high and high school?
Baby Boomers born
1946 – 1964
Gen Xers born
1965 – 1980
Millennials (Gen Y) born
1981 – 2000
Challenger explosion
AIDS
Parental disruption
Clinton administration
CNN, USA Today,
Internet
Columbine
9/11 – terrorism
Recession-Housing
Difficulty finding work
Global economy
Social networking/blogs
JFK, RFK, MLK;
Viet Nam/Cold War;
Man on moon;
Watergate;
Civil & women’s rights
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How Each Generation Works
Boomers
• Tell me what to do
Gen X
• Tell me what to do and when to have it done
• Let me figure out how to do it by myself
• Let me do it in regular work hours
Millennials
• Tell me what, when and how
• Also tell me why!
• I’ll see if I can figure out a better way
• Let me work with my friends
• I have a fear of failure and conflict
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We asked Millennials, “What are the most important values a business should
follow if it is to have long-term success?”
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This generation evaluates such success in ways that go beyond a focus on
financial performance, increasing the focus on activities and behaviors
that support long-term sustainability.
Millennials are not naive, though. While they certainly wish to see a greater focus on
the needs of the individual, whether employees or those who use their products and
services, they simultaneously demonstrate an appreciation of business fundamentals.
This generation is acutely aware of the impact of the Great Recession and closely
attuned to changing economic conditions. They, therefore, recognize the importance
of ensuring the long-term success of a business and its ability to support and create
jobs.
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When salary or other financial benefits are removed from the equation,
work/life balance and opportunities to progress or take on leadership roles stand
out.
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They are more likely to report high levels of satisfaction
where there is a creative, inclusive working culture (76
percent) rather than a more authoritarian, rules-based
approach (49 percent).
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Teran and his team learned that traditional markers of success — education, experience in the industry, recommendations from employers — were not tightly correlated with success at Q. Instead, Teran said, the two crucial personal characteristics are optimism and empathy.
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Adam Henderson of Millennial Mindset:
“If you can’t trust your employees to work
flexibly, why hire them in the first place?”
“A flexible approach to work also helps
businesses retain their best talent as they are
giving their employees an option to do great
work, but in a way that fits their lifestyles,
providing a win-win scenario for all.”
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“Soft” Skills Training
Management/leadership skills
Giving/accepting constructive criticism
Dealing with rejection (sales)
Dealing with confrontation (difficult customers)
Communication styles and etiquette
Web “hygiene”
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Facilitate; establish “rules”
Create multi-generational groups
Brainstorm strategic topics
Involve staff in implementation of ideas
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Brainstorming Promote Collaboration and Get Buy-in
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Takeaways