millennials at work - final - pwc€¦ · our global millennials at work report – shows that...
TRANSCRIPT
Millennials at workReshaping theworkforce
www.pwc.com/my
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They’re light on loyaltyexpect to have
employers throughouttheir working lives
%
Their main reason forchoosing an employer
sectors appealing
Rewards Career progression& opportunities
Malaysian millennials Global millennials
Government& publicservices
MetalsInsurance ChemicalsDefence
Malaysian millennials: a quick look
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say it’s veryimportant
They wantwork/lifebalance
%
They want to work overseasTop countries of choice:
#3 USA#2 Australia
United Kingdom#1
The traditional corporate view
LOYALTY
The millennials’ view
CreativityCreativityCreativity
Malaysian millennials: a quick look
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Contents
Malaysian millennials: a quick look 2
Foreword 5
About the survey 6
Why are millennials important? 7
Report highlights 8
Modern millennials 10
Attracting millennials 18
Developing millennials 25
Managing millennials 29
What can employers do? 32
Key contacts 34
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This report – an extension ofour global Millennials at Workreport – shows that millennialsbring some very interestingperspectives to the table. Theseperspectives will be (and insome cases, already are) gamechangers for recruitmentand talent retention. This istrue across most industries,including ours. A key questionfacing CEOs and managementteams everywhere is not whatthe organisation should dotomorrow… it is what you needto do today.
insightful.
Sridharan NairManaging Partner (designate)June 2012
There is a Chinese proverb thatsays a child’s life is like a pieceof paper on which every personleaves a mark. Vibrant coloursmark the happy moments,while dark and sombre colours
Ultimately, the colours create apicture of the individual’s life.
As employers, we too will havethe opportunity to add colour tothat piece of paper. Throughoutmy career, I’ve been fortunateto have bosses and colleagueswho have left bright colours onthe picture of my life. And muchof it has to do with the time andeffort they took to connect withme, understand my ideals, mygoals and the things I value.
As generations evolve, valuesand attitudes change. Thereality is that many companiesdon’t know who their key talentare – never mind how engagedthey are or whether they havethe right incentives to keepthem. By the year 2025, it isestimated that Generation Y –or millennials - will compriseabout 75% of the globalworkforce. Employers cannotignore or fail to address thedifferent dynamics this uniquesegment brings.
Foreword
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About the survey
86%
2%1%
7%
4%
Employed
Continuing in full time education
Unemployed
Due to start work for an employer shortly
Self employed
Four years ago, PwC began a global study into the future of peoplemanagement with our report, ‘Managing tomorrow’s people – thefuture of work 2020’, which explained how globalisation, technology
businesses operate in the future. In a follow-up report in 2009, PwCMalaysia’s People & Change team decided to take a closer look at theleaders of the future in a report titled ‘Malaysia’s Gen Y Unplugged’,which highlighted the characteristics of the new generation ofworkers.
This latest report aims to provide some insight into the minds of recentgraduates in Malaysia and highlights their evolving preferences. Asthey begin their working lives, what are the hopes and expectationsof this generation? More importantly, do business leaders and humanresource practitioners need to revise their workforce strategiesaccordingly?
This report takes a look at the aspirations andpreferences of millennials in Malaysia . It isintended to complement the global surveyreport which can be accessed from thelink below:www.pwc.com/gx/en/managing-tomorrows-people/future-of-work/download.jhtml
For this survey, PwC Malaysiaconducted a survey of 515millennials across thecountry in the last quarter of2011. Of the respondents,more than 50% ofrespondents were underthe age of 25. All wereaged 31 or under and morethan 60% had graduatedafter 2008. 80% of thosewith a job said it was agraduate role, while 20% hada job which did not require adegree. For the global report,responses of 250 millennialsfrom Malaysia were included.
Quotes from the millennials whoparticipated in this survey are includedthroughout this report.
survey respondents
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Why are millennialsimportant?
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The millennial generation nowentering the workforce in vastnumbers, will shape the worldat work for years to come.Sources indicate that presently,Malaysian millennials make up40% - 50% of the workforce.*
They will also be more valuable– this generation will work
larger older generation as lifeexpectancies increase. CEOs tellus that attracting and keepingyounger workers is one of theirbiggest challenges. It is clearthat the millennials will be
a powerful generation of
how and where they work,and how they operate atthe workplace.
They may also representone of the biggestchallenges that many
organisations will face.
Are millennials reallydifferent?
world clearly sets them apart.They respond poorly to rigid
hierarchical structures, believethey can learn quickly and getturned off by information silos.
They expect rapid progression,wide and interesting careersand constant feedback.Globally, the companieswhich have been able tosuccessfully attract talentedmillennials - Google and Adobeamong them, are naturallyinnovative companies whichnever get restrained by ‘howthings used to be done’. These
target millennials but theirculture, management styleand approach to talent hiringand retention appeals to themillennials. And because ofthat, they are able to pick thebest of the younger talent.
Regardless of the long termaims and ambitions of anindividual organisation, theability to attract and retainmillennial talent will be a keystep towards achieving them.
Who are the ‘millennials’?
The term millennials, or GenY, describes someone bornimmediately after ‘Gen X’. Inboth, the global as well as theMalaysian cuts of this survey,we refer to the millennials asthose born from 1980 onwards.
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Report highlights
report reinforce many ofthe features of Malaysian
previous report. We have alsohighlighted the differences inthe attitude and expectationsof the Malaysian millennialsin comparison to their globalcounterparts.
Loyalty-lite: The globaleconomic crisis has hada gradual impact on themillennials’ view on thelength of time they think theywill stay with employers. Theproportion of respondentswho believe they will have
employers throughout theircareers has reduced by 16%between 2009 and 2011. Thenumber of respondents whobelieve that they will havemore than six employers hasincreased by 4% between2009 and 2011.
Money matters: Millennials inMalaysia are very concernedabout the earning potentialof their jobs. Globally,opportunities for careerprogression was thenumber one drawfor millennialsin selecting theiremployers. However,Malaysian millennials
by the rewards
choosing their employers.
Work/life balance continuesto be very important: Thisyear’s results show thatwork/life balance is apriority for millennials whoare already employed, with97% of respondents sayingthat it is important to them.
working hours more thancash bonuses when it comesto seeking employment
and development was the
cash bonuses.
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Government jobs are losingtheir charm: One in everyfour respondents in Malaysia(the highest for any sector)said that they would avoidworking in the governmentand public services sectorsolely because of its image.Globally, the oil and gassector was seen as mostunappealing, with 14% ofthe respondents choosing toavoid the sector.
A technology drivengeneration avoiding facetime? With technologydominating every aspect of
their lives, it is perhapsnot surprisingthat 36% saythat they preferto communicateelectronically atwork than face-to-face or even over thetelephone. However,technology is oftenthe catalyst forintergenerational
workplace. Manymillennials feel held
back by rigid or outdatedwork styles.
“I expect my career to be
previous generation. Less rigid.More challenging.”
Male graduate, Malaysia
Wanderlust: Malaysianmillennials have a strongappetite for working overseas.88% want an assignmentoverseas at some point intheir career. Globally, 71% ofmillennials aspire to do so.
For Malaysian millennials,the UK is the most preferreddestination followed byAustralia and the USA. Inspite of their preferences,one half of all respondentsare ready to work in lessdeveloped countries tofurther their careers.
Generational tensions:Millennials say they arecomfortable working witholder generations and valuestrong coaches and mentors.But there are tensionsbetween the generations.50% of the millennialssay that the older seniormanagers do not relate wellto the younger workers.More than 30% say that theirpersonal drive is intimidatingto older generations. Almost42% felt that their managersdid not always understandthe way they use technologyat work.
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Is the concept of loyaltychanging?
In 2009, we argued thatMalaysian millennials wereloyal to their employer, butonly as long as it suited them.The results of this year’ssurvey suggest that the globaleconomic turmoil over thepast three years has had animpact, albeit a gradual one,on the length of time theythink they will stay.
In 2009, 86% of therespondents expected to
employers only, during theirworking lives. Today, theproportion has reduced to70% indicating an increasingtendency to switch employers.The proportion of respondentswho expect to have more thansix employers stands at 15%while those expecting to havemore than 10 employers, hasincreased from 3% in 2009 to5% in 2011.
There is a big differencebetween millennials thinkingthey will have multiple jobsand wanting to be job hoppers.Among employed graduates,34% say they track the jobmarket for new opportunitiesthough 61% of all respondentsthink they would prefer toprogress within the sameorganisation they have beenrecruited to. Employers whofail to invest in this group arelikely to see less loyalty thanthose who do.
Modern millennials
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How many employers do you expect to have in your career?
Base: All employed respondents (443)
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Millennials want work/lifebalance
This year’s results showthat work/life balance is apriority for millennials. 97%of respondents say that it isimportant to them and 75% sayit is very important.
For many though, theirexperience of working lifehas not lived up to theirexpectations. Only 14% of theemployed millennials said thatthe work/life balance had beenbetter than they expected,but for 48%, the reverse wastrue. The expectations ofnew employees are set bytheir experiences during therecruitment processes andby their view of the employerbrand. Results suggest thatcompanies need to be sure thatthey are not creating unrealisticexpectations that could lead to Male graduate in Malaysia
Employees in many industriescould be rewarded by resultsrather than the number ofhours worked and be allowedto decide when and where todo their work.
Long hours are oftenencouraged and rewardedwithout any measure of theproductivity involved. We hopeto see newer models evolvingover the next decade.
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How important is it that you have a good work/lifebalance?
Base: All respondents (515)
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Somewhat better than expected
As I expected
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How has your work/life balancelived up to any expectations youhad before starting your job?
Base: All employed respondents (443)
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Digital citizens
Millennials grew up withcell phones and computers.They see themselves as digitalcitizens, modern multi-taskerswho consider technology to bean extension of themselves.
It’s hardly surprising then that
about how technology is usedat the workplace. Millennialsexpect the technologies thatempower their personal lives toalso drive communication andinnovation in the workplace.36% of the respondents preferto communicate electronicallyrather than face-to-face.
76% say that provision ofstate of the art technology bytheir prospective employeris important to them whenconsidering a job. Theyhabitually use workplacetechnology alongside theirown. 80% believe that accessto preferred technology makesthem more effective at theworkplace.
I will make use of social media while at work
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60% 23% 17%AgreeNeitherDisagree
Base: All respondents (515)
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AgreeNeitherDisagree
Access to the technology I like to usemakes me more effective at work
Base: All respondents (515)80%
17%3%
This relationship withtechnology can be a cause
use of technology was notproperly understood by seniormanagement.
In response to this, someemployers are alreadyadapting their informationtechnology and humanresources policies to appealmore directly to millennials.For example, offering a choice
and increasing their businesspresence using the social media.Employers will need to viewtechnology as a ‘necessary’platform for conducting workand not just as a ‘tool’, toappreciate the millennials’ view.
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And although they expect to bebetter off, only half (46%) havethought about how they willfund their retirement.
In 2009, 65% of the Malaysianmillennials expected to fundtheir own retirement throughpersonal investments andsavings plans. In 2011, 86%of the millennials expect todo so. This may be due to anincreased level of awarenesson investments and savingsschemes and because of relianceon government initiatives suchas the Malaysia RetirementSavings Scheme, in addition tothe Employees Provident Fundand private pension funds.
Our future will be bright
economic downturn have donelittle to dent the optimism ofthe millennials in Malaysia. Amajority (87%) expect to bebetter off than their parents’generation, with 55% expectingto be considerably better off.This view is much stronger thantheir global counterparts, outof which only 67% expect to dobetter than their parents.
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Do you expect your retirement to be funded by…?
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The number of respondentsexpecting the government tofund their retirement has alsoincreased from 3% in 2009 to28% in 2011.
10% of respondents expectto continue working past theretirement age.
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My MY… All about themoney?
The unique characteristicsof the millennials demanda different approach to therecruitment and retention. Theyare looking for employers whocan give them a platform forenrichment and development.
But when selecting theiremployer, money is veryimportant for the Malaysianmillennials – 54% of thosesurveyed said that competitivewages made an employervery attractive. 50% of therespondents looked for
programmes.
Apart from pay, a big drawfor the millennials is theopportunity for enrichmentprovided by the prospectiveemployer.
working arrangements,opportunities for globalmobility and the values of theorganisation when consideringan employer. Once again, theambition and optimism of thisgeneration comes through.
“To maintain my interest and
know that I will receive monetaryrewards and recognition.”
Female graduate, Malaysia
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Which of the following things do you believemake an organisation an attractive employer?
Attracting millennials
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What I look for in myemployer…
That said, millennials areprepared to be more practicalwhen it comes to acceptingjob offers. The sector and thereputation of the organisationare the most important factors
in choosing the organisationthey work for.
Additionally, opportunitiesfor personal development andthe long term potential for
the millennials’ choice whenaccepting their current job.
Millennials want to work fororganisations where there arehigh levels of engagement andthis should drive HR plansfor managing and retainingmillennials.
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Which of the following factors most
current job?
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Reputation counts. And how.
The employers that appeal the most to this generation are the ones that successfully answer thistricky question: ‘Why do I want to work here?’
The brands that appeal to young people as consumers including those that stress their environmentaland social record, are the same brands that appeal to them as employers.
One in every four Malaysian respondents said that they would avoid working in the government andpublic services sector solely because of its image. Globally, the oil and gas sector was seen as mostunappealing because of its image, with 14% of the respondents choosing to avoid the sector.
The survey suggests that the government and companies in certain sectors will have to work muchharder in the future to communicate the positive aspects of the employer brand.
“What matters most? Knowingthat my job contributes positively
company and the society.”
Female graduate, Malaysia
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Are there any sectors* in which you would NOTwish to work solely because of their image?
Base: All respondents (515)*only top sectors shown
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A question of reward
In a recently concluded survey (PwC’s 15th Annual Global CEO survey), we found that 65% of
part of the overall reward strategy.
“I think previous generations had tohold onto the jobs they had. I expect my
on work timings and attendance in the
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Corporate values continue
Millennials want their work tohave a purpose, to contributesomething to the world.They want to be proud oftheir employer. Clearly, thisgeneration wants employerswith a sense of responsibilitytowards the environment andsociety.
While lower than in 2009,66% of the respondents saythat they have, or will seekemployers whose corporate
their own values. Additionally,60% would consider leaving anemployer which no longer mettheir expectations.
93% said an employer’s policieson diversity and equality wereimportant when choosing ajob, and 74% said the sameregarding an employer’senvironmental policy.
“We should be integrating humanvalues and implementing changes
not the individual.”
Female graduate, Malaysia
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Have/will you seek employerswhose corporate responsibility
Would you consider leavingan employer whose corporateresponsibility behaviour no longermeets your expectations?
How important is an employers’ policyon diversity/equality when decidingwhether you should work for them?
Yes
No
Unsure
Very important
Somewhat important
Neither
Not very important
Base: All respondents (515)
Base: All respondents (515)
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A time to compromise?
Inevitably, many millennials across the globe said they hadto make compromises to get employed during the economicdownturn. Millennials in Malaysia felt that they had to
respondents said they had to accept a lower salary while 29%
prepared to make compromises - 49% of the respondents saythey were more willing to do so.
The risk for employers is that employees will move on as soonas possible especially as the job markets improve and thecompromises made currently are no longer deemed acceptable.
“It’s not the means to an end but themeans themselves which are important.I want to enjoy what I do.”Male graduate, Malaysia
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Did you have to make any of thefollowing compromises whenaccepting your current job?
Base: All employed respondents (443)
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The need for speed
their optimism and energy . Thesurvey shows clearly that theybelieve they can achieve anythingwith the right focus and accessto learning. Most are intenselyambitious and are looking forrapid career progression - 45%of millennials were attractedto employers offering goodopportunities for progression.One out of every three millennialswho are currently employed
would rise to the top with theircurrent employer. Though onlymarginally, male respondents
rising to the top than their femalecounterparts (20%).
However, only 48% of therespondents who are currently
with the opportunities forprogression in their organisation.With so many aiming for thetop, some will be eventuallydisappointed and employerswill need to play an increasinglycritical role of managingexpectations in this area.
opportunities for careerprogression in your currentjob?
Base: All employed respondents(443)
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Developing millennials
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Continuous learning
Millennials expect to keepon learning as they enterthe workplace and spend ahigh proportion of their timegaining new experiences.33% of those employed wereattracted to employers whooffered excellent training anddevelopment programmes.Working with strong coachesand mentors is the mostpreferred option for 40% of therespondents.
The question of how learningshould be structured for themillennials is an important one.Their preference for ‘on-the-job’ training and developmentmeans that they expectmeaningful insights from theirwork environment on how theycan develop capabilities andevolve as professionals.
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Which of the following training/development opportunitieswould you MOST value from anemployer?
I would like to workoutside my home countryin my career
Base: All respondents (515)
Base: All respondents (515)
Human resource leaderswill need to take note of thispreference when craftingworkforce developmentstrategies and involve seniormanagement in the learningframework.
Global careers
Millennials see internationalexperience as being vital forsuccessful careers. Millennialshave strong appetite forworking abroad, with 88%keen to do so at some stage.Companies have recognised thispreference and some of themare actively building targetedinternational assignmentprogrammes for their millennialemployees.
The question of wherethey would like to work ,however, is more complex.Developed economiesremain the most populardestinations, with the UK(58%), Australia (56%)and the US (47%) headingthe wish list. 50% of therespondents surveyed arewilling to work in ‘lessdeveloped’ countries tofurther their careers.
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travel much more thanmy previous generation.My career will be aboutenjoying the experience.”Female graduate, Malaysia
Where outside your home countrywould you most want to work? (Top 20)
Base: Those who would like to work outside their home country (453)
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Managing millennials
“I reply to my clients’ emailson my blackberry when I wakeup and well into the night. Isn’tthat considered working too?”Female graduate, Malaysia
environment and practices?
Most organisations still cling
working time and placewhich is better suited to theindustrial age. However, thereis evidence that employees aremore productive if they havegreater autonomy over when,where and how they will work.
Millennials feel constrained bywhat they see as outdated andtraditional working practices.This is especially true as theiruse of technology blurs theboundaries between workand home. Every three out offour respondents surveyedthink rigid hierarchies andoutdated management stylesdo not get the most out ofyounger recruits. 42% thinktheir managers can’t alwaysunderstand the way they usetechnology in their work.
Given that the millennialswill form the majority of theMalaysian workforce overthe short to medium term,employers must make thenecessary changes to theirengagement models and talentmanagement strategies.
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This is how we want to do it
Overall, 28% of the respondents expect to work across borders usingtechnology to stay connected. It jives well with the fact that Malaysia is oneof the most well connected countries when it comes to social networking.Malaysian millennials are used to engaging different cultures throughtechnology.
A millennial friendly environment may be fully digital but it also must becomfortable, stimulating and creative. Millennials expect to work hard butthey don’t expect to sit in a bland cubicle all day.
This type of an employee focused environment may seem like anindulgence, but it is good for retention – and good for business becauseengaged employees are more productive.
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Looking forward, do you think you will work…?
Base: All respondents (515)
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Looking forward, do you think your working hours will be…?
Base: All respondents (515)
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Intergenerationaltension
Managing the often
of a diverse workforce thatmay cover a wide range ofgenerations is a challengefor many organisations. Theobvious tension betweenthe highly experiencedBaby Boomers who areapproaching retirementand the ambitious,technologically savvy andcollaborative millennials whowill replace them has been asubject of intense discussion.
From their perspective,most millennials arehappy working alongsideother generations. 72% ofgraduates agree that theyenjoy working with oldersenior management while
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I am just as comfortable working withother generations, as I am workingwith my own generation.
Base: All respondents (515)
only 9% disagree. Half ofthe respondents agree thatthey are just as comfortableworking with othergenerations as they are withtheir own. Overall, one out ofevery four respondents believethat their personal drivecan be intimidating to othergenerations.
But when questioned moreclosely, they recognise thetensions 50% feel that older
hard to relate to youngerworkers.
Bringing generations togethershould be a priority for thehuman resources department.Employers face two primaryrisks with a multi-generational
willingness of the millennialsto move on quickly whenthey feel their needs are notbeing met. It is increasinglylikely that many employeeswill work longer and retirelater, blocking the path formillennials to grow fast.
The second risk is that overthe coming years, millennials
older workers, some of whommay be resentful of the fact.Unless employers invest increating an environmentwhere the needs of differentgenerations are easilyunderstood and addressed,
struggling to manage theirevolving workforce.
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Whether millennials areentirely different fromprevious generations isimmaterial in many ways. Thedemographic challenge meansthat businesses need to dealwith the elephant in the room–they need to make sure thatthey understand the millennialgeneration and are acting toattract and inspire the best ofthem.
Business leaders and HR needto work together to:
Understand thisgenerationIt’s particularly importantto understand and addressgenerational differences andtensions. Use metrics andbenchmarking to segmentyour workforce in order tounderstand what millennialswant and how these desiresmight be different from olderworkers. Ensure that employeeengagement results can beanalysed by age groups andconsider how you might usepredictive analysis to highlightpotential retention issues.Look ahead for talent pipelineissues and make sure yourstrategic people planningactivity is on target.
Get the ‘deal’ rightIt’s important for employers toexplain what they are offeringa potential employee andequally – what they expectin return. Think creativelyabout reward strategies andwhat motivates millennials.Remember, the vast majorityare attracted to the prospect
between perception and realitywhen it comes to the promisesmade by employers on diversityand work/life balance. Ifemployers want to continueto attract millennials, this hasto be addressed – companiesshould review the messagesthey are sending out and testthem against the reality of theemployee experience.
Help them grow –but at their own paceManagers need to understandthe personal and professionalgoals of millennials. Putthem on special rotationalassignments more frequentlyto give them a sense that theyare moving toward somethingthey aspire for and are gaininga variety of experiences.Challenge them to come upwith new ways of streamlining
What canemployers do?
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processes and exercisingcreativity. Millennials have astrong desire to work overseasand this is a rich potentialresource for organisationsfocused on global growth. Mixteams generationally.
Feedback, lots of itMillennials want and valuefeedback. Unlike in thepast when people receivedannual reviews, millennialswant to know how they aredoing much more regularly.Give honest feedback inreal time - and highlightpositive contributionsor improvements in keycompetencies.Set them free: Millennials
technology. They work wellwith clear instructions andconcrete targets. If you knowwhat you want done and bywhen, why do you care whereand how they complete thetask? Does it matter if theywork from home or from acoffee shop if that’s wherethey are most productive? Setdeadlines and if they meetthem don’t worry too muchabout their tactics and thetime they clock in and out.
Encourage learningMillennials want to experienceas much training as possible.If your organisation is onlyfocused on developing senioror high performing talentthen you could risk losingyour ‘future’ talent. Build andmeasure the effectivenessof mentoring programmesalongside other learning andeducation. Consider allocatingprojects which fall outsidetheir day job and allows themto collaborate and innovate.
Allow fasteradvancementHistorically careeradvancement was based onseniority and length of service.Millennials beg to differ. Theyvalue results over tenure andsometimes get frustrated overhow much time it takes tomove up the ladder. So for thehigh achievers, who show thepotential to move up the ranksquickly, why not let them?
Expect millennials to goIt is inevitable that therate of churn among themillennials will be higher thanamong employees in othergenerations, especially sincethey have made compromises
allowances should be takeninto consideration whenplanning your talent pipeline.
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Managing Gen Y continuesto be an uphill task for manyorganisations as leaders todayfail to bring out the best withtheir millennial talent. Thisis mainly due to the lack ofunderstanding of millennialcharacteristics and behaviourscoupled with the inability tomanage the complex demandsof millennials at the work place.
At PwC , we believe we havethe right solution to effectivelymanage your millennial talentwhile ensuring higher levels
of workforce stability thatwill result in continuous andsustainable business growth.
The key highlights of ourMillennial Talent Managementframework include:
1. Effective millennial
techniques to bring in theappropriate talent
2. Demonstrating Gen Yleadership and day to dayengaging managementpractices
3.performance work culturethat engages the Gen Y talent
4.management practices tobring the best out of them
5. Creative real time rewardand recognition system toconstantly motivate them.
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Develop
Retain andReward
Deploy
Attract
Key contacts
PricewaterhouseCoopers Advisory Services Sdn BhdPeople & Change team
Sundara [email protected]+603 2173 1318
Kartina Abdul [email protected]+603 2173 0763
Ramon A [email protected]+603 2173 0665
Adwait [email protected]+603 2173 0996
www.pwc.com/my/peopleandchange
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