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The Millennial Generation: A Blessing or Curse for the Workforce Terri Manning Bobbie Everett Cheryl Roberts A Study Funded by the Workforce Development Board

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Page 1: Millennial Workforce Presentation

The Millennial Generation:A Blessing or Curse for the

Workforce

The Millennial Generation:A Blessing or Curse for the

Workforce

Terri ManningBobbie EverettCheryl Roberts

Terri ManningBobbie EverettCheryl Roberts

A Study Funded by the Workforce Development BoardA Study Funded by the Workforce Development Board

Page 2: Millennial Workforce Presentation

It May Take a Village to Raise a Child, but it Takes a Society to

Raise a Generation

Economic ConditionsSocietal NormsPolitical EventsMajor Crises

Page 3: Millennial Workforce Presentation

Each GenerationEach Generation• Consists of approximately a 20-year span

(not all demographers and generation researchers agree on the exact start/stop dates)

• Has a unique set of values • Reacts to the generation before them• Looks at their generation as the standard

of comparison• Looks at the next generation skeptically

“these kids today…”• Those born on the “cusp” may have a

blended set of characteristics• They are either idealistic, reactive, civic

or adaptive

Page 4: Millennial Workforce Presentation

Business Today…Business Today…• Lives in a world created by generations

who are (mostly, 95%) no longer working.• They were influenced by the military and

created a workplace reflecting a hierarchy with a clear chain of command.

• Employees worked hard to receive raises, bonuses and higher ranks. Higher rank (with the higher salary) was valued and envied by employees on their way up and held in high esteem by those at the top.

Page 5: Millennial Workforce Presentation

Who Are Those GenerationsWho Are Those Generations

• How have their early experiences impacted the workforce?

• What values did they bring to work?

• As generations change – does the workforce keep pace?

• Let’s look at them…..

Page 6: Millennial Workforce Presentation

The Veterans (also known as the Silent Generation or the Greatest Generation) 1925–1943 (adaptive)

The Veterans (also known as the Silent Generation or the Greatest Generation) 1925–1943 (adaptive)

Core ValuesDedicationHard WorkConformityLaw and OrderPatienceDelayed RewardDuty before PleasureAdherence to RulesHonor

Core ValuesDedicationHard WorkConformityLaw and OrderPatienceDelayed RewardDuty before PleasureAdherence to RulesHonor

Page 7: Millennial Workforce Presentation

The VeteransThe Veterans• Children of the Great Depression and WWII,

this generation decided not to attack the institutions created by the generation before them, but instead, as global thinkers, they chose to focus on improving and refining them so that they could be good for everyone, not just a select few.

• The overall goal was not to change the system, but to work within it.

• While economically very successful, they were also the inventors of "the midlife crises" probably because they didn't get a chance to enjoy the freedoms of their youth.

Page 8: Millennial Workforce Presentation

The VeteransThe VeteransImportant Events• Lindbergh Completes

First Transatlantic Flight

• Stock Market Crash• Depression• The New Deal• Social Security• Pearl Harbor• The End of WWII• FDR Dies• Korean War

Page 9: Millennial Workforce Presentation

Cultural Memorabilia for the VeteransCultural Memorabilia for the Veterans

• Kewpie Dolls• Mickey Mouse• Flash Gordon• Radio• Wheaties• Tarzan• Jukeboxes• Blondie• The Lone Ranger• The McCarthy Era

Page 10: Millennial Workforce Presentation

The Veteran Generation ChildhoodThe Veteran Generation Childhood

• Raised by the GI Generation (civic)• Large families (3-5 children)• Strong sense of extended family (same

town or home)• Grandparents in the home• Average 10-year-old spent 4-6 hours

daily with a significant adult role model• Rural society• Apprenticeship businesses and farming• Perception of the world as “safe”

Page 11: Millennial Workforce Presentation

The Baby Boomers 1943–1964 (the largest generation, idealist)The Baby Boomers 1943–1964 (the largest generation, idealist)

Core ValuesOptimismTeam OrientationPersonal GratificationHealth and WellnessPersonal GrowthYouthWorkInvolvement

Core ValuesOptimismTeam OrientationPersonal GratificationHealth and WellnessPersonal GrowthYouthWorkInvolvement

Page 12: Millennial Workforce Presentation

Baby BoomersBaby BoomersImportant Events• Rosa Parks• First Nuclear Power Plant• The Civil Rights Act• Cuban Missile Crisis• John Glen Orbits the Earth • Martin Luther King Leads March on Washington,

D.C.• President John F. Kennedy Assassination• National Organization for Women Founded• Martin Luther King Assassination • Robert F. Kennedy Assassination• Watergate• Kent State Massacre• Vietnam War

Page 13: Millennial Workforce Presentation

Cultural Memorabilia for Baby BoomersCultural Memorabilia for Baby Boomers

• Television• The Ed Sullivan Show• Barbie Dolls• Fallout Shelters• Poodle Skirts • Pop Beads• Slinkies• TV Dinners• Hula Hoops• The Peace Sign• Laugh In

Page 14: Millennial Workforce Presentation

The Baby Boomer ChildhoodThe Baby Boomer Childhood• Divorce reached a low in 1960 of 9%• Families moved due to GI Bill, GI housing

and industrialization• First generation to live miles from

extended family• Family size smaller (2-3 children)• Few grandparents in the home• Moms stayed home, dads carpooled• Children spent significant time with adult

role models• Perception of the world as “safe”

Page 15: Millennial Workforce Presentation

The Gen Xers 1965–1982The Gen Xers 1965–1982A Lost Generation… A Nomadic Generation…..Half the Size of the Baby Boom (reactive)

Core ValuesDedicationHard WorkConformityLaw and OrderPatienceDelayed rewardDuty before pleasureAdherence to rulesHonor

A Lost Generation… A Nomadic Generation…..Half the Size of the Baby Boom (reactive)

Core ValuesDedicationHard WorkConformityLaw and OrderPatienceDelayed rewardDuty before pleasureAdherence to rulesHonor

Page 16: Millennial Workforce Presentation

Gen X Gen X Important Events• Women’s Liberation Protests• Watergate Scandal• Energy Crisis begins• Tandy and Apple Market PCs• Mass Suicide in Jonestown• Three Mile Island• US Corporations begin Massive Layoffs• Iran Hostage Crisis• John Lennon Shot and Killed• Ronald Reagan Inaugurated• Challenger Disaster• Exxon Valdez Oil Tanker Spill• HIV

Page 17: Millennial Workforce Presentation

Cultural Memorabilia for Gen XCultural Memorabilia for Gen X

• The Brady Bunch• Pet Rocks• Platform Shoes• The Simpsons• Evening Soaps (Dallas and

Dynasty)• ET• Cabbage Patch Dolls• Super-hero Cartoons on TV

(He-man)

Page 18: Millennial Workforce Presentation

Generation XGeneration X

• This is the conscientious, extremely pragmatic, self-sufficient generation that has a ruthless focus on the bottom-line.

• Born and raised at a time when children were at the bottom of our social priorities, Gen Xers learned that they could only count on one thing - themselves. As a result, they are very "me" oriented.

• They are not active voters, nor are they deeply involved in politics in general.

Page 19: Millennial Workforce Presentation

The Gen X ChildhoodThe Gen X Childhood• Divorce reached an all-time high• Single-parent families became the norm• Latch-key kids were a major issue of the time• Children not as valued – looked at as a

hardship• Families spread out (miles apart)• Family size = 1.7 children (many only-

children)• Perception of the world as “unsafe”• Average 10 year old spent 14 ½ minutes a

day with a significant adult role model• Parents looked around and said – we need to

do this better

Page 20: Millennial Workforce Presentation

Generation Next (civic)Generation Next (civic)

Page 21: Millennial Workforce Presentation

The Echo Boom/Millennials…The Echo Boom/Millennials… The Millennials are almost as large as the baby boom-

some say larger - depending on how you measure them (approx. 81M).

The Millennials are the children born between 1982 and 2002 (peaked in 1990), a cohort called by various names:

Generation Y Echo Boom

Net GenerationMillennials

Page 22: Millennial Workforce Presentation

MillennialsMillennials• This generation is civic-minded, much like

the previous GI Generation. • They are collectively optimistic, long-term

planners, high achievers with lower rates of violent crime, teen pregnancy, smoking and alcohol use than ever before.

• This generation believes that they have the potential to be great and they probably do. We are looking to them to provide us with a new definition of citizenship.

Page 23: Millennial Workforce Presentation

The Millennial ChildhoodThe Millennial Childhood

• The most monumental financial boom in history.

• Steady income growth through the 1990’s.

• Still great disparity between races.• Saw their parents lose all their

stocks and mutual funds (college funds) during the early 2000’s.

Page 24: Millennial Workforce Presentation

Demographic TrendsDemographic Trends

The Baby Boomers chose to become older parents in the 1980s while Gen X moms reverted back to the earlier birth-age norm, which meant that two generations were having babies.

In 1989, 29 percent of the 4.4 million live births were to women aged 30 and older.

Millennials have older largely Baby Boomer parents: Average age of mothers at birth at an all time high of 27 in 1997.

Page 25: Millennial Workforce Presentation

Demographic Trends, cont.Demographic Trends, cont.

Smaller families: Only children will comprise about 10% of the population.

More parental education: 1 in 4 has at least one parent with a college degree.

Kids born in the late ‘90s are the first in American history whose mothers are better educated than their fathers by a small margin.

Page 26: Millennial Workforce Presentation

Demographic Trends – Changing DiversityDemographic Trends – Changing Diversity Increase in Latino immigration

- Latino women tend to have a higher fertility rates than non-Latino women.

Nearly 35% of Millennials are nonwhite or Latino.

Twenty percent of this generation has at least one parent who is an immigrant.

Millennials have become the most racially and ethnically diverse generation in US History.

Page 27: Millennial Workforce Presentation

Safety IssuesSafety Issues

The Safest Generation• This generation was buckled up

in car seats, wore bike helmets, elbow and knee pads when skating, and were the inspiration for “Baby on Board” signs.

The Well-Being of U.S. Teens• Mortality Rate for US teens aged 15–19

declined from 1960 to 1997.-Teens are having fewer accidents than Boomers

Page 28: Millennial Workforce Presentation

Major Influencing FactorsMajor Influencing Factors

1. Their parents2. The self-esteem movement3. The customer service movement4. Gaming and technology5. Casual communication

Page 29: Millennial Workforce Presentation

Parenting MillennialsParenting Millennials• This generation is being parented by well-

educated, over-involved adults who participate in “deliberate parenting.” They have outcomes in mind.

• Boomers were the first generation to be thrown out in to an unsafe world as adolescents.

• The 60’s and 70’s were very scary and many of us felt unprepared for it.

• We were naïve and didn’t have enough tools in our tool box to deal with it.

Page 30: Millennial Workforce Presentation

Baby Boomers as ParentsBaby Boomers as Parents• Boomers rebelled against the parenting

practices of their parents.• Strict discipline was the order

of the day for boomers.• They made conscious decisions

not to say “because I told you so” or “because I’m the parent and you’re the child.”

• Boomers became more “friendly” with their children. They wanted to have open lines of communication and a relationship with them.

Page 31: Millennial Workforce Presentation

Baby Boomers as ParentsBaby Boomers as Parents• They explained things to their children,

(actions, consequences, options, etc.) – they wanted them to learn to make informed decisions.

• They allowed their children to have input into family decisions, educational options and discipline issues.

• We told them “just because it is on television doesn’t mean it’s true” or “you can’t believe everything you read.”

• We wanted them to question authority.

Page 32: Millennial Workforce Presentation

The ResultThe Result

• Millennials have become “a master set of negotiators” who are capable of rational thought and decision-making skills at young ages.

• They will negotiate with anyone including their parents, teachers and school administrators.

• Some call this “arguing.”

Page 33: Millennial Workforce Presentation

Helicopter ParentsHelicopter Parents• Helicopter Parent (n) A

parent who hovers over his or her children.

• Or Snowplow parent: Parents who clear the way for their children

• ……these (echo) boomers are confident, achievement-oriented and used to hovering "helicopter" parents keeping tabs on their every move. (Anthony DeBarros, "New baby boom swamps colleges," USA Today, January 2, 2003)

Page 34: Millennial Workforce Presentation

Baby Boomer Parents have been their Biggest CheerleadersBaby Boomer Parents have been their Biggest Cheerleaders

• Millennials expect and need praise.

• Will mistake silence for disapproval.

• Millennials expect feedback.

Page 35: Millennial Workforce Presentation

Parental Care in the Millennial EraParental Care in the Millennial Era

• Today’s typical family is spending more, not less, time with kids.

• Smaller families mean more time with each child.

• Fathers are spending more time with children.

• Less housework is being done.• There is a strong connection

between the social lives of parents and kids.

• They get along with their parents and share their parents’ values.

Page 36: Millennial Workforce Presentation

Focus on Self-esteemFocus on Self-esteem• This generation was the center

of the “self-esteem” movement.• 9,068 books were written about

self-esteem and children during the 80s and 90s (there were 485 in the 70s).

• The state of California spent millions studying the construct and published a document entitled “Toward a State of Self-esteem.”

• Yet they can’t escape the angst of adolescence – they still feel disconnected, question their existence, purpose and the meaning of life. They want to feel valued and cared about.

Page 37: Millennial Workforce Presentation

Focus on Customer ServiceFocus on Customer Service

• Expect access (24/7)• Expect things to work like

they are supposed to• If they don’t “that is your

problem”• They want what they have paid for• Everything comes with a toll-free

number or web address• Want “Gateway Go Back”

in classes

Page 38: Millennial Workforce Presentation

Add the Impact of GamingAdd the Impact of Gaming• Gaming has impacted children

– The game endings changed based on the decisions children made (Role Playing Games [Legend of Zelda, Final Fantasy, Chronotrigger]) impacting locus of control.

– Involves a complex set of decision- making skills.

– Teaches them to take multiple pieces of data and make decisions quickly.

– Learning more closely resembles Nintendo, a trial and error approach to solving problems.

Page 39: Millennial Workforce Presentation

We navigated our way through…..We navigated our way through…..

Page 40: Millennial Workforce Presentation

They navigated their way through…..They navigated their way through…..

Page 41: Millennial Workforce Presentation

TechnologyTechnology• This generation has been plugged in

since they were babies.• They grew up with educational software

and computer games.• They think technology should be free.• They want and expect

services 24/7.• They do not live in an

8–5 world.• They function in an

international world.

Page 42: Millennial Workforce Presentation

The “Information Age” MindsetThe “Information Age” Mindset• Students have never known life without

the computer. It is an assumed part of life.• The Internet is a source of research,

interactivity, and socializing (they prefer it over TV).

• Doing is more important than knowing.

• There is zero tolerance for delays.

• The infrastructure of many many businesses may not meet

the expectations of these young adults raised on the Internet and interactive games.

Page 43: Millennial Workforce Presentation

Cell Phone TechnologyCell Phone Technology• They all have cell phones and expect

to be in contact 24/7.• Not a phone – a lifestyle management

tool• Staying “connected” is essential.• Communication is a safety issue for

parents.• Communication has become

casual for students (IM, email and cell phones.

Page 44: Millennial Workforce Presentation

What Do Businesses Need to Know about Today’s College Graduates

What Do Businesses Need to Know about Today’s College Graduates

Here Come the GirlsHere Come the Girls

Page 45: Millennial Workforce Presentation

Boys Issues in K-12Boys Issues in K-12

For Every 100 Girls Who….

Number of Boys

Enroll in Kindergarten 116

Enroll in Ninth Grade 101

Enroll in Twelfth Grade 98

Are Suspended from K-12 250

Are Expelled from K-12 335

Diagnosed with Learning Disability

276

Enroll in the gifted and talented program

94

The Boys Project. http://www.boysproject.net/statistics.htmlThe Boys Project. http://www.boysproject.net/statistics.html

Page 46: Millennial Workforce Presentation

Boys and Their Educational ChoicesBoys and Their Educational Choices

For Every 100 Girls Who….

Number of Boys

Enroll in the gifted and talented program

94

Graduate from High School 96

Enroll in College 77

Earn an Associates Degree 67

Earn a Bachelors Degree 73

Earn a Masters Degree 62

Earn a Doctorate 92The Boys Project. http://www.boysproject.net/statistics.html

Page 47: Millennial Workforce Presentation

College Graduation Projections (numbers in thousands) (61% of degrees will go to

women)

College Graduation Projections (numbers in thousands) (61% of degrees will go to

women)

250

350

450

550

650

750

850

950

1050

Assoc. Degree MaleAssoc. Degree FemaleBach. Degree MaleBach. Degree Female (37.4%)(37.4%)

(62.6%)(62.6%)

(40%)(40%)

(60%)(60%)

(38.3%)(38.3%)

(61.7%)(61.7%)

(59%)(59%)

(41%)(41%)

Page 48: Millennial Workforce Presentation

AmbitionsAmbitions Most popular college majors:• Medicine• Education/teaching• Business and

marketing

• Engineering• Law and

politics• Computer

science Most sought after qualities in careers:

• Responsibility• Independence• Creativity

• Idealistic and committed co-workers

Most common job trends :

• Multi-taskers• Change Careers

• Seek security & benefits

• Stay with company that offers a challenge

Source: Industry Week, March, 1998.

Page 49: Millennial Workforce Presentation

Difference in ValuesDifference in Values• They have witnessed their

baby boomer parents coming home from stressed jobs, exhausted, falling asleep at the dinner table; and don’t want that for themselves.

• They are a generation who is interested in a life with value and meaning – they do not aspire to what the “boomers” aspire to – they want something different.

Page 50: Millennial Workforce Presentation

True Multi-taskersTrue Multi-taskers• Millennials have lived programmed

lives and are already quite capable of learning several jobs simultaneously and performing them admirably.

• Millennials will change careers many times.

• Retooling and recycling their skills and talents will become common.

• To retain them, smart employers will encourage Millennials to try out different careers within the same company.

Page 51: Millennial Workforce Presentation

2004 Research Study2004 Research Study• Central Piedmont Community College’s

Center for Applied Research was contracted to do this study by the Workforce Development Board.– Data collected January–March 2004 from the

University of NC at Charlotte, Central Piedmont Community College and Johnson C. Smith University.

Funded By:Funded By:

Page 52: Millennial Workforce Presentation

Two-part StudyTwo-part Study

• One looked at the millennial college student

• One looked at business and industry and how they were preparing for the 84M millennials headed their way.

• I am reporting on the business/industry portion of the study.

Page 53: Millennial Workforce Presentation

Salary ExpectationsSalary Expectations• Realistically, what do you expect your

starting salary will be when you begin working?

Millennials– $15-20K 7.7%– $21-30K 29.3%– $31-40K 27.0%– $41-50K 15.9%– $50K+ 7.0%– Not sure 12.5%

Approximately 65% felt they would earn $40K or lessApproximately 65% felt they would earn $40K or less

Page 54: Millennial Workforce Presentation

Importance of Career ComponentsImportance of Career Components

• Elements thought to be very important

Respected on the Job Opportunity for Professional

Development Ability to Have an Impact on the World

Page 55: Millennial Workforce Presentation

Importance of Career ComponentsImportance of Career Components

• Items thought to be somewhat important:

Access to Information and Expression of Personal Opinion

Having High Job PrestigeWorking with Inspiring Colleagues Geographic Location of Job Receive Guidance and Direction from

Supervisor

Page 56: Millennial Workforce Presentation

Importance of Career ComponentsImportance of Career Components

• Items thought to be somewhat important:

Participating in Company Decisions Independence/Professional AutonomyUsing Creativity on the JobLots of Responsibility Flexible Work Hours Dress Code Appropriate to

Work Environment

Page 57: Millennial Workforce Presentation

Importance of Job BenefitsImportance of Job Benefits• Benefits thought to be very important

Health InsuranceSalary Growth Plans like 401K Life Insurance BonusesEmployer-paid Retirement

• Benefits thought to be unimportantStock Options Profit Sharing

Page 58: Millennial Workforce Presentation

Jobs in LifetimeJobs in Lifetime

• How many jobs do you think you will hold in your lifetime?– 1-3 35.7%– 4-6 41.5%– 7-10 16.5%– Over 10 6.2%

64% expect to have 4 or more jobs

Page 59: Millennial Workforce Presentation

How Generational Births Will Impact Retirements

How Generational Births Will Impact Retirements

2,500,000

2,700,000

2,900,000

3,100,000

3,300,000

3,500,000

3,700,000

3,900,000

4,100,000

4,300,000

4,500,000

births

(Boomers)

(Xers)

(Millennials)

Page 60: Millennial Workforce Presentation

Will We Have a Workforce Shortage?Will We Have a Workforce Shortage?

• Will the Boomers retire in droves?• Could see a 4-10 million worker shortage

by 2010.• We don’t have enough well-prepared

young workers.• Greatest needs in fields with advanced

education such as nursing and education.• Also industries with mostly older workers

such as the oil and gas industry.

Page 61: Millennial Workforce Presentation

Older Generations Make AssumptionsOlder Generations Make Assumptions

• That younger generations will measure success just as we have.

• Young worker must pay their dues and follow the same paths to success as previous generations.

• The company ladder will remain intact

• Workers go where the jobs are.Marston, Cam, Motivating the “What’s In It for Me” Workforce: Managing Across the Generational Divide and Increasing Profits, 2007Marston, Cam, Motivating the “What’s In It for Me” Workforce: Managing Across the Generational Divide and Increasing Profits, 2007

Page 62: Millennial Workforce Presentation

What Millennials WantWhat Millennials Want• Ability to work whenever and

wherever they want.• Variation on the job• Continual feedback from supervisors• Opportunities to learn, retool and

reinvent themselves• Challenge, new problems to solve• To be in charge of their lives and

futureMarston, Cam, Motivating the “What’s In It for Me” Workforce: Managing Across the Generational Divide and Increasing Profits, 2007Marston, Cam, Motivating the “What’s In It for Me” Workforce: Managing Across the Generational Divide and Increasing Profits, 2007

Page 63: Millennial Workforce Presentation

What They Are Not Interested InWhat They Are Not Interested In• Time-honored traditions• Doing things the way they have

always been done• Paying their dues• How their managers got to where

they are (rank)• A work ethic that requires a 10

hour day• Unquestioning loyalty to a

companyMarston, Cam, Motivating the “What’s In It for Me” Workforce: Managing Across the Generational Divide and Increasing Profits, 2007Marston, Cam, Motivating the “What’s In It for Me” Workforce: Managing Across the Generational Divide and Increasing Profits, 2007

Page 64: Millennial Workforce Presentation

Change in ValuesChange in Values• Two youngest generations:

– Define success differently– Their time is equal in value to money– Will pursue other rewards for their

work– The company/corporate ladder has

become irrelevant– View their predecessor’s experience

as a warning, not a road map– Don’t value the rules of management,

motivation and rewardMarston, Cam, Motivating the “What’s In It for Me” Workforce: Managing Across the Generational Divide and Increasing Profits, 2007Marston, Cam, Motivating the “What’s In It for Me” Workforce: Managing Across the Generational Divide and Increasing Profits, 2007

Page 65: Millennial Workforce Presentation

SkepticismSkepticism• The two younger generations:

– Have been given ample reason to question authority

– Don’t believe their leaders tell the truth

– Question the motives and truthfulness of institutions across the board

– Invest their loyalty and trust in individuals and therefore, the right boss is critical (otherwise they change jobs, #1 reason they quit)

Marston, Cam, Motivating the “What’s In It for Me” Workforce: Managing Across the Generational Divide and Increasing Profits, 2007Marston, Cam, Motivating the “What’s In It for Me” Workforce: Managing Across the Generational Divide and Increasing Profits, 2007

Page 66: Millennial Workforce Presentation

What Will It Take for All Generations to Work Well Together

What Will It Take for All Generations to Work Well Together

• A new understanding of what employees want from their jobs, bosses and workplace experience

• A new understanding of loyalty and how to develop it (not through pay, promotions and benefits)

• A new definition of self – young employees define themselves by what they do outside the job, not what they do for a livingMarston, Cam, Motivating the “What’s In It for Me” Workforce: Managing Across

the Generational Divide and Increasing Profits, 2007Marston, Cam, Motivating the “What’s In It for Me” Workforce: Managing Across the Generational Divide and Increasing Profits, 2007

Page 67: Millennial Workforce Presentation

What Will It TakeWhat Will It Take• New behavior from leaders who realize

younger workers enter the workforce seeking self-fulfillment and aren’t interested in “paying their dues” for an unspecified amount of time for a vague reward

• Because young people are doing everything later – staying in school, living at home, getting married, having kids – this impacts their commitment to work

Marston, Cam, Motivating the “What’s In It for Me” Workforce: Managing Across the Generational Divide and Increasing Profits, 2007Marston, Cam, Motivating the “What’s In It for Me” Workforce: Managing Across the Generational Divide and Increasing Profits, 2007

Page 68: Millennial Workforce Presentation

Reasons US Workers Change JobsReasons US Workers Change Jobs

In 2006, 21% of US workers made voluntary

job changes for the following reasons:

• Growth and earnings potential (30%)• Time and flexibility (23%)• Financial compensation (22%)• Culture and work environment (22%)• Benefits (12%)• Supervisor relationship (10%)• Travel and development (9%)• Management climate (9%)

Benefit News Benefit News

Page 69: Millennial Workforce Presentation

Changing WorkforceChanging Workforce• Workers are demanding the ability to balance

their work and personal responsibilities.• Workers are not afraid of changing jobs.• The idea that the best way to grow financially

and otherwise is to stay with one employer has been eroding to the point of extinction.

• Younger workers and those earning $15,000 or less were the most likely to change jobs.

• The cost of turnovers range from $7,000 for hourly employees to $30,000 for mid-level managers and $80,000 for technical or senior level management (Center for Workforce Learning).

Charlotte Biz, March 2007Charlotte Biz, March 2007

Page 70: Millennial Workforce Presentation

Feedback from Employers

Feedback from Employers

Page 71: Millennial Workforce Presentation

Types of CompaniesTypes of Companies• Type

– For profit (14)– Public (4)– Not for profit (5)– Private (11)

• Size– < 50 employees (13)– 51-100 employees (2)– 101-500 employees (2)– More than 500 employees

(3)

Page 72: Millennial Workforce Presentation

How is Your Organization Doing Now With Characteristics of the MillennialsHow is Your Organization Doing Now With Characteristics of the Millennials

52.3

61.9

76.271.4

61.9

0

10

20

30

40

50

60

70

80

Percent Agree or Strongly Agree

Technology based onemployee needAdapting to fast-paced learningUse team concept

Up-to-datetechnologyOpen to change

Page 73: Millennial Workforce Presentation

On What is Scheduling Based?On What is Scheduling Based?

61.9

55

50

52

54

56

58

60

62

Percent Agree or Strongly Agree

FamilyResponsibilitiesEmployeePreferences

Page 74: Millennial Workforce Presentation

The Organization is Open to the Following Issues of DiversityThe Organization is Open to the Following Issues of Diversity

6052.4

81

42.8

0

10

20

30

40

50

60

70

80

90

Percent Agree or Strongly Agree

OthergenerationsmentoringmillennialsAssimilation ofnew employeesinto oldemployeesIncreasingawareness ofgenerationaldifferencesIncreasingtraining ondiversity

Page 75: Millennial Workforce Presentation

The Organization is Attempting to Recruit and Retain Employees by:The Organization is Attempting to Recruit and Retain Employees by:

52.4

75

45

65

0

10

20

30

40

50

60

70

80

Percent Agree or Strongly Agree

Assimilating techsavvy invididualsinto areas usingproblem solvingskillsProvidingincreasedchallenge andresponsibility

Encouragingmovement withinthe organization

Providingrealistic salaryexpectations

Page 76: Millennial Workforce Presentation

Greatest Challenges Millennials Will Face in the WorkforceGreatest Challenges Millennials Will Face in the Workforce

• Patience with the time it takes most things to happen.

• Lack of work ethic (as long as the baby boomers get to define it).

• Understanding their relative unimportance to the “big picture” of a business.

• Developing true skills while changing jobs often.

• Becoming discouraged with the aging workforce still wanting to work.

Page 77: Millennial Workforce Presentation

Greatest Challenges Millennials Will Face in the WorkforceGreatest Challenges Millennials Will Face in the Workforce• Working more hours than they want to and

being forced into an 8 – 5 world• The low level of technology in many businesses• How poorly professional development

is done in most businesses• Staying challenged• Many organizations don’t

want to be “forward thinking” and won’t value that characteristic.

• How rigid many institutions are – no telecommuting, job sharing etc. – doing what we have always done

Page 78: Millennial Workforce Presentation

Some are already in the workforce. What are they saying?Some are already in the workforce. What are they saying?

• “Just because I’m young doesn’t mean I should be given low pay and a poor work schedule.”

• “I expect to be treated fairly.”• “We are inheriting a mess in the workforce

– who got us there?”• “My dad worked 60 hours a week and then

lost his pension – no way I’m doing that.”• “I can get my work done in 40 hours –

sorry if you can’t.”Charlotte Observer, Sunday, March 5, 2006.Charlotte Observer, Sunday, March 5, 2006.

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How They Will Push Us…How They Will Push Us…

• More independence in the workforce• Consumer-based fairness • Better technology• Enhanced professional development• Get rid of “that’s the way we’ve

always done it”• Have more life balance• Re-establish priorities

Page 80: Millennial Workforce Presentation

For a copy of this presentation:

http//www.cpcc.edu/planning

Click on: “studies and reports”

Contact: [email protected]@adler-kensilgroup.com [email protected]

For a copy of this presentation:

http//www.cpcc.edu/planning

Click on: “studies and reports”

Contact: [email protected]@adler-kensilgroup.com [email protected]

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