MILLENNIALS AT WORKPLACE

ABV - Indian Institute of Information Technology and Management, Gwalior

BY –

Aakash KhandelwalArun Pant

* All the images in this document are obtained from google images

WHO ARE MILLENNIALS?

• Born between 1980 – 2000• Brought up in an era of advanced and

disruptive technologies• Natives of digital world• Global citizens• Pampered kids• The most educated generation• Generation with highest student debt• The “ME” generation• The liberal generation• Barely religious

67 % want to do business. Only 13% want to climb business ladder and become CEOs

ENTREPRENEURIAL ESCAPISM

Most business ideas that come out of college students are not feasible.50% of all startups cease to exist after 5 years of incubation, many die much sooner.

VS

Millennials start companies because they are too lazy to get real jobs

Survey: Bentley University, 2014

ENTREPRENEURSHIP IS NEVER BAD

Idea of Playbour [work that feels like leisure]

Innovate And

Create A Legacy

Don’t Have

Anything Better To

Do

Easier Than Ever

Crave More

Meaning

Freedom To Do Work

Opportunity To Give

Back

“I don’t believe in

failure. It’s not failure if you enjoyed the process”- Oprah Winfrey

The Social Good Summit is a two-day conference examining the impact of technology on social good initiatives.

Millennials pay most emphasis on leadership skills. 39% millennials believe leadership skills are important to succeed in business.

However 63% believe that their leadership skills are not fully developed. Only 28% believe that their organizations make full use of their talents

Source: Deloitte, Millennial survey 2016

LEAST LOYAL GENERATION

Millennials have one foot out of the door. Even the millennials in senior management level expect to leave their organization soon. Clearly they no longer have potential to shape the future of their organization

TALENT MOBILITY

RIGHT SKILLS

RIGHT PLACE

RIGHT TIME

Mobility is evolving from a straightforwardtransfer of skills to a far more complexconcept, designed to address a diverse set of business needs:

• International perspective• Exciting career opportunities to the best talent as

competition to attract.• Two-way transfer of knowledge, skills and

experience• Borderless Workforce

There is a growing recognition that the best

future leaders of today’s organizations must reflect the world in which they operate. International experience is an essential part of their development.

Source: PWC, Talent mobility 2020 and beyond

Proportion of those who would like to work outside home country in their career

Source: PWC, Talent mobility 2020 and beyond

Millennials: The Job-Hopping Generation

Source: PWC (2016), Talent mobility 2020 and beyond

According to, Sir Kenneth Robinson

“Academic inflation”, or “education inflation”, is the process of inflation of the minimum job requirement, and the simultaneous growing number of higher educated persons.

This results in an excess of college-educated individuals with lower degrees (associate and bachelor's degrees), and even higher qualifications (master's or doctorate degrees), competing for too few jobs that require these degrees, and devaluation of educational degrees.

ACADEMIC INFLATION

Sir Kenneth Robinson is a British author, speaker and international advisor on education in the arts to government, non-profits, education and arts bodies there is a shift in the educational requirements of most jobs.

Degrees aren’t worth anything

WORK LIFE BALANCE

• Work life balance is most influential factor in job after money

• It carries more weight for women

• 69% responded that their job provides good work-life balance

• 28% feel their company does not provide enough opportunities for work-life balance

Source: PWC, Millennials at work ; Deloitte, Millennial survey 2016

Degree of importance excluding salary

FLEXIBLE WORKING

• 70% allowed to access email and other mobile applications during work

• 67% allowed to work flexible hourswithin limits

• Only 43% allowed to work from homeor other locations where they feel most productive

• 51% believe productivity will increaseif they are allowed to work from their place of comfort

Source: Deloitte, Millennial survey 2016

75% would like to start/do more

43%, currently offered

51%, positive impact on productivity

Work from home or other locations where you feel you are most productive

FAMILY, FRIENDS AND MILLENNIALS

IMPACT OF FAMILY ON WORK• Millennials are more likely to take paid

parental leaves (48%) as compared to older generations (Gen X 35% and Boomers 24%)

• Millennials are more likely to have made or willing to make sacrifices to manage work and family/personal responsibilities

• 77% ready to change job/careers for better managing families (Gen X 44%, Boomers 62%)

• 44% ready to take pay cut to have flexibility (Gen X 35%, Boomers 31%)

• 53% ready to leave job to take care of family (Gen X 48%, Boomers 42%)

Source: EY (2015), Global Generation

Millennials expect to keep on learning as they enter the workplace and spend a high proportion of their time gaining new experiences and absorbing new information.

According to PwC - 35% said they were attracted to employers who offer excellent training and development programmes for this reason and saw it as the top benefit they wanted from an employer.

Chance To Work With Strong

CoachesAnd Mentors

Opportunity To Engage, Interact

AndLearn From

Senior Management

ParticularlyEffective And Also Help To

Relieve Tensions Between

Generations

Like to devote more time to the discussion of new ideas and ways of working, on coaching and mentoring,and on the development of their leadership skills.

CURIOUS LEARNERS

Source: PWC (2016), Talent mobility 2020 and beyond

BUSINESS VALUES FOR LONG TERM SUCCESS

26% Employee satisfaction/ loyalty/

fair treatment

25% Ethics/trust/ integrity/honesty

19% Customer care/ focus

13% Quality/ reliability

8% Environmental impact and Corporate social responsibility

7% Good Products, Efficiency

6% Innovation and Respect

Source: Deloitte, Millennial survey 2016

FEEDBACK, FEEDBACK AND MORE FEEDBACK

“To summarize, using money to motivate people can be a double-

edged sword. For tasks that require cognitive ability, low to moderate performance-based incentives can help. But when the incentive level is very high, it can command too much attention and thereby distract the person’s mind with thoughts about the reward. This can create stress

and ultimately reduce the level of performance.”

― Dan Ariely, Professor of Psychology and Behavioral Economics (Duke University) in his book –The Upside of Irrationality: The Unexpected Benefits of Defying Logic at Work and at Home

Millennials want and value frequent feedback. Unlike the past where people received annual reviews, millennials want to know how they’re doing much more regularly.

ADAM SMITH vs KARL MARX

Efficiency vs Meaning

INDUSTRIAL REVOLUTION - Adam Smith

KNOWLEDGE ECONOMY - Karl Marx

MARX'S THEORY OF HUMAN NATURE

In theory, one can speculate that ideologies will motivate people to love the work they are doing and stay creative without monetary incentives, so work would be a way of self-realization rather than a grind out of economic necessity.

To quote Marx, “Labor has become not only a means of life but life’s prime want.” In other words, you do work because you love the work, not because you have to work. Alienation of labor is equally important.

Machines will do the labor that no man wants to do. People will find rewards in the work itself, so to speak.

Motivation = PaymentMeaningCreationPrideChallenge OwnershipIdentity

THANK YOU