winning the war for talent: attracting millennials in the ... · winning the war for talent:...

Winning the War for

Talent: Attracting

Millennials in the

Workplace

Wendy Gustafson, Full Sail Partners

Graham Gardner, Full Sail Partners

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What is the War for Talent?

The war for talent refers to an increasingly

competitive landscape for recruiting and

retaining talented employees

The term focuses on a mindset that emphasizes

the importance of talent to the success

of organizations

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Fueling the War

For the first time in US history, the percentage of working age population is declining

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But Wait, Where’s the Disconnect?

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Who are these Millennials?

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What is the War for Talent?

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What is the War for Talent?

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Why do we care about millennials

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The Millennial Engagement Challenge

A 2011 Pew study on young adults and work found that 41 percent of the public believed young

adults (between the ages of 18 and 34) were having a tougher time in today’s marketplace than

middle-age and older adults when it came to finding long-term employment

Government statistics appear to back that impression. Since 2010, the share of young adults

currently employed (54 percent) is the lowest since the U.S. government started collecting such

data in 1948

In addition, the gap in employment between young adults and all working adults—about 15

percentage points—is the widest on record. Furthermore, younger adults employed full time have

experienced a 6 percent drop in weekly earning—more than any other age group over the past four

years (Taylor et al, 2012)

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The Millennial Engagement Challenge

For employers, this means that many working Millennials are probably not engaged and, according

to the SBR Consulting survey, 70 percent of them are planning to change jobs once the economy

improves (Nekuda, 2011)

This potential exodus of Millennials from their current jobs combined with Baby Boomer retirements

could put organizations at risk at a time when many are only now finally making it solidly back into

the black

This turnover will mean knowledge and productivity loss, higher recruitment and training

costs, not to mention the leadership gaps that will be created by exiting Baby Boomers. There are

simply not enough Gen Xers in the workplace to fill the leadership gaps that will occur, and

employers must prepare Millennials now to help fill those gaps.

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What Millennials want from their Company

Attract and Retention - Old School

Individual

• Direct Monetary Rewards

– Salary

– 401k

• Indirect Monetary Rewards

– Heath Insurance

– Child Care

– Vacation Time

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Organization

• Office (with a window even)

• Lunches/dinners with

leadership

• Career Training

Retention – New School

Individual

• All of the above..plus

• Continuing Education

• Retention Bonus

• Performance Bonus

• Volunteer Days

• College Debt

Reimbursement

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Organizational

• Flexible work schedule

• Work/Life Balance

• Focus on Production not

“worked”

• Social Conscience

• Individual Career Path

Go Mobile

Work/life balance

• Go Mobile

• Telecommute

Production

• Lay out clear end goals

• Evaluate individuals on

goals not hours

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Social Conscious

• Provide volunteer oppts

• Company mission

Career Path

• Not everyone wants “mgmt.”

• Training and education

Retention – New School

Culture

• Empowered teams

• Continuous feedback

• Autonomy and freedom

• Socially responsible

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Mentoring Challenge

Mentors don’t manage.

• Flexible Mentorship programs – allowing for multiple mentors who

the employee feels comfortable with

• Feedback, Feedback, Feedback

• Mentorship of Millennials is a two way street – Listen as much as you

talk

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Companies Leading the Way

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Companies Leading the Way

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Companies Leading the Way

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More Examples

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Questions?

If you have any questions do not hesitate to reach out:

Wendy Gustafson

– Wgustafson@fullsailpartners.com

Graham Gardner

– Ggardner@fullsailpartners.com