maximizing the positive impact of millennials in the workplace€¦ · maximizing the positive...
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Presented at WorldatWork 2017 Total Rewards Conference and Exhibition
Maximizing the Positive Impact of
Millennials in the Workplace
May 9, 2017
Michael Enos
Mike Ng
Steffany Jay
Tobi-Lee Russell
Introductions
2
Michael Enos, Chief People Officer, Pearl Meyer
Mike Ng, Executive Compensation Leader, Adobe
Steffany Jay, Senior Compensation Manager, CCP PHR
Tobi-Lee Russell, Adjunct Professor, Graduate Business School, Human Resources, Framingham State University
Vice President, Human Resources
Overview
3
Introduction
Interesting Facts about Millennials
Survey Findings
• Challenges
• Performance Feedback
• Turnover
• Compensation
• Professional Development
• Benefits
• HR Practices
Maximizing the Positive Impact of Millennials in the Workplace
Millennials
4
For the purposes of this session, millennials are individuals who were
born between 1981 and 1997.
5
Interesting Facts
Millennials in the U.S. Workplace Survey
6
Average total number
of regular U.S.-based
employees
8865
From that total,
average number that
are millennials
1515
Average number of
contract employees
who are millennials
394
What are the challenges in managing millennials?
Other:
Challenges
10%
17%
21%
22%
32%
43%
58%
85%
Lack of common sense
Difficulty to focus and/or stay focused
Other
Require different work benefits
Immaturity
Require constant feedback
Increased turnover
Faster career advancement expectations
7
Excessive cell phone use
Expect greater flexibility in work arrangements and work life balance
Expectations of salary are often unrealistic
Not being cognizant of what they don't know and thinking they do know
Location, networking opportunities, socialize after work
More focus on self than on the customer or company
Need for formal professional/career development programs
No information about the challenges in managing millennials
Not willing to do additional job duties within the company; they have a
"that is not my job mentality”
Sense of entitlement
Is frequency of performance feedback different for millennials than non-millennials?
23%
77%
Yes
No
Performance Feedback
8
How frequently do employees want to receive feedback?
For 61.67% of organizations, millennial employees want to receive feedback more frequently.
Performance Feedback
9
13%
16%
19%
28%
9%
6%
3%
6%5%
2%
10%
22% 22%
3%
17%
20%
0%
5%
10%
15%
20%
25%
30%
Annually Bi-Annually Quarterly Monthly Weekly Bi-Weekly Daily Constantly
U.S Population Millennial
Turnover
10
14%
12%
0%
2%
4%
6%
8%
10%
12%
14%
16%
U.S. Population Millennials
What was the approximate voluntary turnover rate for U.S. employees at your
organization for the year ending December 31, 2016?
What is the average time employees stay at your organization?
10 yearsor more
9 to lessthan 10years
8 to lessthan 9years
7 to lessthan 8years
6 to lessthan 7years
5 to lessthan 6years
4 to lessthan 5years
3 to lessthan 4years
2 to lessthan 3years
1 to lessthan 2years
U.S Population 35% 8% 7% 10% 10% 14% 3% 7% 7% 0%
Millennial 0% 3% 2% 2% 0% 15% 8% 29% 23% 20%
35%
8%7%
10% 10%
14%
3%
7% 7%
0%0%
3%2% 2%
0%
15%
8%
29%
23%
20%
0%
5%
10%
15%
20%
25%
30%
35%
40%
U.S Population Millennial
Turnover
11
Compensation
12
Does your organization share salary ranges with employees?
Other: Shared only with managers
No formal salary ranges
Employee knows their own salary range only
Range for own job shared upon request
Paid on Maturity Curve
30%
49%
21%
0%
10%
20%
30%
40%
50%
60%
All U.S. Employees Salary ranges are not sharedwith any employees
Other
How do millennial employees prefer to learn new skills?
Other: All of the above
On the job and coaching/mentorship
On the job, coaching/mentorship, peer-supervisor interaction
On-the-job via self-directed, social media channels
Unknown
Professional Development
4%
4%
10%
11%
11%
29%
30%
Training
Conferences
Webinar
Other
Peer-supervisor interaction
On the job
Coaching and/or Mentorship
13
Does your organization offer flexible benefits, such as…
2%
7%
10%
14%
18%
16%
25%
32%
48%
58%
65%
85%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Unlimited Paid Time Off
Meals
Other
Lifestyle solutions (child care, dog walker?)
On-site Massage
On-site physicians and/or nurses
Customized benefit package (cafeteria)
Free Food (soda, juices, coffee, snacks, tea, others)
Fitness Center
Telecommuting
Flexible work hours
Wellness Programs
Benefits
Has your organization changed any HR practices in light of the millennial population?
13%
66%
21%
0% 10% 20% 30% 40% 50% 60% 70% 80%
Unknown
No
Yes
HR Practices
15
MAXIMIZING
16
the
of
in the
IMPACT
MILLENNIALS
About Pearl Meyer
Pearl Meyer is the leading advisor to boards and senior management on the alignment of compensation with organizational and leadership strategies, making pay programs a powerful catalyst for value creation and competitive advantage. Our survey team provides organizations with accurate, on-point information supporting effective business decisions. Pearl Meyer’s global clients stand at the forefront of their industries and range from emerging high-growth, not-for-profit, and private companies to the Fortune 500 and FTSE 350. The firm has offices in New York, Atlanta, Boston, Charlotte, Chicago, Houston, London, Los Angeles, and San Francisco.
Pearl Meyer
93 Worcester Street, Suite 100
Wellesley, MA 02481
(508) 460-9600
www.pearlmeyer.com
www.pearlmeyer.com/surveys
17© 2017 Pearl Meyer & Partners, LLC