dealing with demanding millennials
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As millennials come of age in the workplace, getting them to stick around is becoming a concern. Elements of the employment deal like organizational culture, benefits and working conditions play a critical role in retaining top performers. During this spotlight webinar, millennial branding expert Dan Schawbel will uncover the elements that lead to a clash between generations and how employers can better leverage their programs to meet the needs of the young workers. During this webinar attendees will hear: How total rewards contribute to employee motivation The key factors employees look for in positions and their connection to employee retention Comparison of workforce generations and its impact on workforce planningTRANSCRIPT
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Speakers: Ladan NikravanSenior EditorDiversity Executive magazine
Dan SchawbelManaging PartnerMillennial Branding
Dealing With Demanding Millennials
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Ladan NikravanSenior EditorDiversity Executive [email protected]
Dealing With Demanding Millennials
“Today’s rising youth workforce is not a liability and a challenge, but an asset and an opportunity.”— Reena Nadler, coauthor of the book “Millennials in the Workplace.”
Ask a Gen Y Blog
Words of Wisdom
• “The best way to learn and move forward is to try things out fast and let the result speak for itself. Most of the inspiring and relatively successful entrepreneurs are not afraid of failure or even embarrassment.”— David Chen, CEO of Strikingly.
• “As any millennial in a truly honest moment will tell you, though we’re a smart, capable, technically savvy, and talented bunch, we still have a lot to learn. And if we can find an environment where that experience gap isn’t shameful but is instead embraced, we can thrive.”—Michael Terrell, managing partner of the Terrell Leadership Group.
Words of Wisdom
• “For millennials, it’s not all about paying your dues to work your way up the ladder. It’s not about “up or out.” Millennials want to contribute to meaningful work, and it’s more about the career lattice or career scaffold where you can take steps up, down, out or across to create a meaningful career.” — Courtney Templin, author of “Manager 3.0: A Millennial’s Guide to Rewriting the Rules of Management.”
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Dan SchawbelManaging PartnerMillennial [email protected]
Dealing With Demanding Millennials
Comparing Generations
Gen Y Gen X Baby Boomers
Born 1982 - 1993 1965 - 1981 1945 - 1964
Size 80 million 45 million 76 million
Core values and attributes Realism, confidence, achievement, confidence, diversity, morality, competitiveness, attention seekers
Skepticism, fun, informality, balance, education, pragmatism, adaptable, manager loyalty, independent
Optimism, involvement, anti war, equal rights, involvement, work ethic
Career goals Build multiple careers Build a portable career Build a single career
Management style Collaboration Self-command Command and control
Work ethic Goal oriented, looking for meaningful work, collaboration
Care less about advancement, outcome oriented
Loyalty, process oriented, value ambition and teamwork
Your Future is Gen Y
2020
2015
2010
0% 20% 40% 60%
The American Workforce by GenerationBaby Boomers Gen X Gen Y Gen Z
By 2025, Gen Y will account for 75% of the Global Workforce
Bureau of Labor Statistics, Business and Professional Women’s Foundation
Gen Y accounts for 60% of Ernst & Young and 55% of Quicken Loans.
The Retention Rate Problem
10752
Tenure Rate Across Generations
Silent GenerationBaby BoomersGen XGen Y
It Costs ~$20,000 to Replace each Gen Y employee.
Millennial Branding & Beyond.com
How Are Companies Reacting?
48%
37%
12%
40%
11%
10%11%
What are you doing to retain millennial workers?
Workplace flexibility programs
Internal hiring programs
Rotational programs
Mentoring programs
Entrepreneurship/in-trapreneurship programs
Community service programs
Other
Millennial Branding & Beyond.com - http://millennialbranding.com/2013/08/cost-millennial-retention-study
The Generational Clash Problem
1. Experience
2. Wisdom
3. Willingness to mentor
1. Unrealistic salary expectations
2. Poor work ethic
3. Easily distracted
Gen Y Their Managers
Millennial Branding, PayScale and American Express
Today 15% of Gen Y’s are already Managers.
The Generational Clash Problem
Beyond.com Study
What Do They Want?
Constant feedback & mentoring Transparency Social media Internal career opportunities Freedom & flexibility Intrapreneurship Community support
Constant Feedback
Helps them improve.
Shows that you care.
Example) Adobe’s “Check-in” approach Abolished the annual performance review. Expectations are set annually but feedback is given
along the way. 2% decrease in voluntary attrition globally
80% of Millennials prefer to receive feedback in real-time.
Achievers - http://www.achievers.com/sites/default/files/WP_ClassOf2012_0.pdf
Mentoring Programs
They seek career support
Knowledge transfer
Reverse mentoring
Example) PepsiCo Conn3ct• Executive sponsorship and support• Idea and voices are heard
Transparency
Transparency is 1 of the 4 characteristics Gen Y wants in a leader.
Time - http://business.time.com/2012/03/29/millennials-vs-baby-boomers-who-would-you-rather-hire
Social Media & Gen Y
40% check their cell phone every 10 minutes
45% check social media as part of their daily routine
Connect and engage with them.
Don’t block Facebook at work.
56% of Gen Y won’t work at your company if you ban it!Cisco - http://www.cisco.com/en/US/netsol/ns1120/index.html
Showcase Your Culture
50% of employers believe Gen Y will stay if there is a good cultural fit.
Millennial Branding & Beyond.com Study
What is Your Office Like?
Who Works For You?
Social Recruiting
Build your employer brand
Be a content source
Engage by responding
Activate your employees
92% of companies use social networks for recruiting.Jobvite - http://recruiting.jobvite.com/company/press-releases/2012/jobvite-social-recruiting-survey-2012/
Case Study: Sodexo Tools used:
• Facebook, LinkedIn, Twitter, Flickr, Mobile App, Widget
How they use it:
• 18 properties
• Employee and event pictures
• Recruiters answer candidate questions in under 24 hours
Results:
• 46% of 2012 hires used Sodexo social media profiles
• Traffic increase of 26% every year
• Built a talent pipeline of 300K
• 10,700 fans and 6.8 million media impressions per year
Case Study: Salesforce.com
What they do?• CEO emailed sales team to spread
job opening on social networks.• Posted 350 status updates on
LinkedIn. Benefits
• Free referrals• Employer branding
Results:• Postings visible to 159K
professionals from 40K companies.
• 60% increase in sales employee referral submissions in week one.
“Employee referrals are 10 times more likely to
be hired than other sources.”
- Kate Israels, Talent Acquisition, Salesforce.com
Coca Cola: http://coca-colacompany.com/stories/hire-power-how-social-media-is-changing-the-way-people-search-for-jobs
Internal Hiring Programs
Saves you money (costs 1.7x to hire externally)
Increases employee morale
Allows talent to develop
The #1 reason Gen Y leaves is lack of career opportunities
40 – 60% of external hires are unsuccessful compared to 25% of internal hires.
Time - http://business.time.com/2012/08/15/the-power-within-why-internal-recruiting-hiring-are-on-the-rise/
Case Study: Novelis
What did they do?• 41% of new hires are placed internally
• Employees get first shot at new openings Benefits
• Increased engagement
• Weeks to fill positions instead of months
• Cost avoidance Results
• Contributed $2 million in cost avoidance over the last two fiscal years.
• 411 employees put through innovative development programs
“We have found that internal candidates
get to peak performance faster than do externals.”
- Leslie Joyce, Chief People Officer at Novelis
Case Study: Intel
What did they do?• Created DOT, an employee
development opportunity tool.
• Connects talent to short-term needs to match development goals.
Benefits• Fosters collaboration.
• Good for employee career development.
Results• 178 assignments in 2010 and
2,371 in Q1 2013.
• 36 employee profiles in 2010 and 2,933 in 2013 so far.
Workplace Flexibility
Want to work from home• More productive• Save money
Less barrier between personal/professional
Collaboration
Cisco - http://www.cisco.com/en/US/solutions/ns341/ns525/ns537/ns705/ns1120/cisco_connected_world_technology_report_chapter2_press_release.pdf
69% believe office attendance is unnecessary on a regular basis.
Case Study: Aetna
Wall Street Journal: http://online.wsj.com/article/SB10001424127887324677204578185180450152760.html
What did they do?• All workers (35,000) can work from
home after they have proved their worth.
Benefits• Culture of trust• Lower turnover• Improved productivity/health• Decrease costs
Results• Real-estate and related costs are 15% to
25% lower • Annual savings of about $80 million.
Case Study: American Express
What did they do?• Introduced BlueWork, an innovative
program designed to support and promote flexibility, workplace collaboration and business optimization
Benefits• Increase employee engagement and
satisfaction• Cost savings through better utilization of
resources and real estate• Support a highly collaborative and results-
oriented culture Results
• The BlueWork program has delivered not only improved employee productivity, but also saved millions in real estate cost savings.
Intrapreneurship
Need to adopt a startup culture to attract Gen Y.
Create programs, contests and hire EIR’s.• LinkedIn’s [in]cubator • Google’s 20% program• Facebook Hackathon’s• Microsoft Garage• 3M’s “Skunk Works”
46% of Gen Y wants to start a business in the next 5 yearsFortune - http://money.cnn.com/galleries/2012/smallbusiness/1206/gallery.gen-y-entrepreneurs.fortune/index.html
Case Study: DreamWorks
What did they do?• All workers can pitch new ideas to
executives and can take pitching courses.
Benefits• Lower turnover• Cater to entrepreneurial
minded Gen Y’s• Harness new ideas• Build a sense of
meaning/belonging Results
• Invested millions in a new social media mobile application created internally by a Gen Y employee.
“Ideas flow up and down the organization
very very quickly.”
- Dan Satterthwaite, Head of HR, DreamWorks
Case Study: Quicken Loans
What did they do?• Launched “Bullet Time,” a weekly
four hour period every Monday in which technology team members can work on any personal project.
Benefits• Gen Y can explore passions,
network and make a big impact. Results
• More than 1,150 IT team members have participated since 2011.
• 67 Bullet Time innovations have been implemented into daily business processes.
• 146 new projects started since January 1st, 2013
“We make sure our team members have
the freedom to create.”
– Linglong He, Chief Technology Officer at
Quicken Loans
Community Matters
92% believe that business should be measured by
more than just profit and should focus on a societal purpose.
Deloitte: http://www.deloitte.com/view/en_GX/global/press/global-press-releases-en/cce7dc2887cf4310VgnVCM1000001a56f00aRCRD.htm
Case Study: Ernst & Young LLP
What did they do?• EY Connect Day - a day of
community service for employees
Benefits• Appeals to Gen Y employees who
want to give back
• Encourages community building
Results• 61,500 volunteer hours in 2012
• 48,500 participants in 2011
Case Study: Panera
What did they do?• Opened up “Panera Cares,” a
café where only donations are accepted.
Benefits• Millennials want to work for and
purchase from companies that give back.
Results• Press in the Boston Globe, ABC
News, The New York Times, etc.• 700 transactions for the Boston
opening.• Expanded to five locations
already.
Millennial Job Seekers Can Be Consumers
1/3rd won’t buy from you if they don’t receive a response to their
job application.
55% share bad experiences on social media.
YouGov – http://www.prweb.com/releases/2013/5/prweb10722718.htm CareerBuilder - http://business.time.com/2013/03/21/make-sure-job-applicants-have-a-good-experience
The Future of Work
No firewallsGamificationNo 9 to 5Flat hierarchyResults-orientedCommunity driven
What You Can Do Right Now
1. Set expectations2. Become a mentor3. Introduce them to
executives4. Create an open
environment5. Allow for flexibility6. Give regular feedback
Your Future is Gen Y
Continue Your Journey
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