the rising tide of the millennial workforce€¦ · rather, they should minimize weaknesses and...
TRANSCRIPT
4/23/2018
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The Rising Tide of
the Millennial Workforce
Jan McKeel, PresidentSouth Central TN Workforce Alliance
World Population by Generation
Worldwide and in the US, Millennials are the largest generation yet –2.3 billion strong.
(US Census Bureau)
South Central Regional Population by Generation
(EMSI; UTCBER)
South Central Regional% Population by Generation
% Workforce by Generation
(EMSI; UTCBER)
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Filling Boomer’s ShoesEven though many Baby Boomers have delayed retirement, many are beginning to leave the workforce and are taking their knowledge and expertise with them – leaving a gap that can only be filled by Millennials.
= 1 million
(Pew Research; Gallup)
HOW DO MILLENNIALS COMPARE TO THEIR GRANDPARENTS 50 YEARS AGO?
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A GREATER SHARE OF MILLENNIAL WOMEN HAVE A BACHELOR’S DEGREE THAN THEIR MALE COUNTERPARTS – A REVERSAL FROM THE SILENT GENERATION.
Pew Research Center
YOUNG WOMEN TODAY ARE MUCH MORE LIKELY TO BE WORKING, COMPARED WITH SILENT GENERATION WOMEN DURING THEIR YOUNG ADULT YEARS.
Pew Research Center
MILLENNIALS TODAY ARE MORE THAN
3XAS LIKELY TO HAVE NEVER MARRIED AS
SILENTS WERE WHEN THEY WERE YOUNG.
Pew Research Center
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MILLENNIALS ARE MUCH MORE LIKELY TO BE RACIAL OR ETHNIC MINORITIES THAN WERE MEMBERS OF THE SILENT GENERATION.
Pew Research Center
YOUNG SILENT MEN WERE MORE THAN
10XMORE LIKELY TO BE VETERANS THAN
MILLENNIAL MEN ARE TODAY.
Pew Research Center
GREATER SHARES OF MILLENNIALS TODAY LIVE IN METROPOLITAN AREAS THAN SILENTS OR BOOMERS DID WHEN THEY WERE YOUNG.
Pew Research Center
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Millennial Population Density
(EMSI)
Millennial Population Density
20202015
(EMSI)
Millennial Attrition CostsReplacement cost of Millennials due to turnover
Millennials are more likely to job-hop than previous
generations. Some estimates show turnover rates for
Millennials at nearly 2 times that of older workers.
For an organization with 1,000 employees, the
additional cost of replacing Millennials is over
$300,000 on average annually. These costs add up
and can quickly grow to millions of dollars for
larger organizations who don't improve employee
retention among younger workers.
(Pew Research; Hoovers)
= $50K
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Half of Millennials would rather have no job than have a
job they hate
3 out of 5 Millennials feel that they
will switch jobs in less than 5 years
4 out of 5 Millennials feel want
regular feedback from their boss
9 out of 10 Millennials think they deserve their dream job
4 out of 5 Millennials think they
deserve to be recognized more for
their work
One Third of Millennials Prefer recognition from their boss or
coworkers or a promotion over higher pay
1 out of 4 Millennials say they
are completely satisfied with
their current job.
4 out of 5 Millennials think they
deserve to be recognized more for
their work
7 out of 10 Millennials say the need “me time” at work
Millennials at WorkYounger employees have different expectations and opinions about their work.
Half of Millennials would rather have no job than have a
job they hate
3 out of 5 Millennials feel that they
will switch jobs in less than 5 years
4 out of 5 Millennials want
regular feedback from their boss
9 out of 10 Millennials think they deserve their dream job
Millennials at WorkYounger employees have different expectations and opinions about their work.
(Pew Research)
Millennials believe that business has the power to make a difference
regard business as a force for positive social impact
consider business leaders to be committed to helping improve society
But there is a gap and multinational business could do more
believe business has the potential to solve the challenges that concern them.
But only
believe they are doing so
(Deloitte)
Technology is changing the way we work. Millennials believe this will bring more opportunities than risks
see employers making significant use of automation/ robotics/Ai to reduce human involvement
Millennials see technology benefitting the wider economy and themselves
feel productivity will increase
believe it will drive economic growth
feel the workplace will become more impersonal
think it will enhance an organization’s ability to use people flexibly and increase time to spend on value added projects
believe they will need to retrain
think technology will put their jobs at risk
(Deloitte)
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7
(Deloitte)
of millennials would prefer a permanent full-time job rather than working freelance or as a consultant
In a period of uncertainty millennials want the best of both worlds
For millennials who have flexible working arrangements
feel flexibility has a positive impact on productivity
But they want flexibility as well and believe it brings benefits to them.
think flexibility improves their well being, health and happiness
think flexibility increase their levels of engagement with work
believe flexibility enhances their work/life balance
feel flexibility has a positive impact on their organization’s ability to meet their objectives
believe flexibility enhances their organization’s financial performance
…but also to business
Empowered millennials are more optimistic and loyal
(Deloitte; Pew Research)
1.Millennials don't just work for a paycheck -- they want a purpose. For millennials,
work must have meaning. They want to work for organizations with a mission and purpose.
Baby boomers & X-ers didn't necessarily need meaning in their jobs. They often just
wanted a paycheck -- their mission and purpose was 100% their families and communities.
2. It's not just my job -- it's my life.
"Does this organization value my strengths and my contribution?”
“Does this organization give me the chance to do what I do best every day?"
Navigating the Millennial Workforce
The emphasis for this generation
has switched from paycheck to
purpose -- and so must your culture.
(Gallup; Deloitte)
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3. Millennials are not pursuing job satisfaction -- they are pursuing development.
Most millennials don't care about the bells and whistles found in many workplaces
today -- the Ping-Pong tables, fancy latte machines and free food that companies
offer to try to create job satisfaction. Purpose and development drive this
generation.
4. Millennials don't want bosses -- they want coaches.
Millennials care about having managers who can coach them, who value them as
both people and employees, and who help them understand and build their
strengths.
5. Millennials don't want annual reviews -- they want ongoing conversations.
The way millennials communicate -- texting, tweeting, Skype, etc. -- is now real-time
and continuous.
6. Millennials don't want to fix their weaknesses -- they want to develop their
strengths. Rather, they should minimize weaknesses and maximize strengths. It is
recommended organizations transition to strengths-based cultures, or they won't
attract and keep their stars.
Navigating the Millennial Workforce
(Gallup; Deloitte)
1. Evaluate the impact that generations may have on the contingent workforce
strategy of your organization.
2. Consistently tune-up your processes and systems. Accelerate your mobility
programs!
3. Keep working on your flexible work culture that’s inclusive of both gender
diversity and generational.
4. Enable your people by fully leveraging technology – adopt a mantra similar to
DeLoitte’s #HRTechEurope “Optimise, Enable and Unleash Your People!”
5. Increase transparency around compensation, rewards and career decisions. If
you don’t do it – Glassdoor will!
6. Build talent communities – internal (workforce) and external, real world in-person
and online collaborations.
7. Invest time, resources and energy in connecting with your people and connecting
your people.
One size does NOT fit all(Gallup; Deloitte)
Rupa [email protected]
Questions?