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1 © 2016 FMI Corporation
MILLENNIALS IN CONSTRUCTION:
ENGAGING A NEW WORKFORCE
May 6, 2016 | Dustin Bass and Ryan Howsam | FMI
3 © 2016 FMI Corporation
It’s not that people born after 1980 are
narcissists, it’s that young people are narcissists,
and they get over themselves as they get older.”
— Elspeth Reeve, The Atlantic
4 © 2016 FMI Corporation
Boomers
Born: 1945 - 1964
Age: 52 – 71 years old
Gen X
Born: 1965 - 1980
Age: 36 – 51 years old
Millennials
Born: 1981 - 2000
Age: 35 years and
younger
Multi-Generation Workforce
8 © 2016 FMI Corporation
Myth # 1: Millennials have different career aspirations
Fact: Millennials care as much as older workers about career
opportunities and getting ahead.
9 © 2016 FMI Corporation
Myth # 1: Millennials have different career aspirations
Having clear career advancement
opportunities in place is key to
engaging millennials long term.
10 © 2016 FMI Corporation
Myth # 2: Millennials are lazy
Fact: Millennials are eager to
be challenged and ready to go
beyond what is required to
make their companies succeed.
12 © 2016 FMI Corporation
Myth # 3: Millennials are job hoppers
Fact: There is a strong correlation
between a company’s vision and
millennials’ loyalty to their company.
14 © 2016 FMI Corporation
Myth # 3: Millennials are job hoppers
Employee engagement starts at the top.
When the company’s vision/direction is
clearly communicated and inspires
enthusiasm for work, millennials are
25% more likely to stay longer with the
company compared to millennials who
don’t have a clear vision/direction.
15 © 2016 FMI Corporation
Myth # 4: Millennials want constant acclaim
Fact: Millennials
want regular
feedback – not
because they are
looking for a
trophy but because
they are still
learning the ropes.
17 © 2016 FMI Corporation
Myth # 5: Millennials are entitled
Fact: Millennials are ambitious and eager to make
an impact in their careers, which sometimes can be
misread as entitlement or even arrogance.
18 © 2016 FMI Corporation
Myth # 5: Millennials are entitled
“The young people in this industry are eager to
contribute and participate.
Oftentimes standard job descriptions and policies
stand in the way of them contributing at a level
that would bring real value to the companies that
they work for.”
— Barbara Jackson, director at the Franklin L. Burns School of Real
Estate & Construction Management at the University of Denver
19 © 2016 FMI Corporation
Myth # 6: Millennials are anti-capitalist
Fact:
For millennials,
money counts.
21 © 2016 FMI Corporation
Forward From the Future…
2008 2018 From Boomer Control …………………………....To a Millennial Overthrow
22 © 2016 FMI Corporation
Solutions
• Vision led Strategic Plans providing direction
• Human Capital as a Strategic Initiative
• Effective Careerpath Opportunities through Succession
Management
• Compensation Practices – Competitive pay and enticing
Short-term Incentive Plans
23 © 2016 FMI Corporation
We need to move
away f rom E ins te in ’ s
def in i t i on o f i nsan i t y :
do ing the same th ing
over and ove r aga in
and expec t ing
d i f fe rent resu l t s .
We jus t have to t r y
someth ing comple te l y
d i f fe rent .
24 © 2016 FMI Corporation
Presenters Contact Info
Dustin Bass
303.681.1721
Ryan Howsam
303.398.7275
25 © 2016 FMI Corporation
About FMI
Founded in 1953 by Dr. Emol A. Fails, FMI is the leading management consulting, investment banking†
and people development firm dedicated exclusively to the engineering and construction industry. FMI
professionals serve all sectors of the industry and combine more than 60-plus years of industry context
and leading insights to achieve transformational outcomes for our clients. We have subject matter experts
in the following practice areas and serve clients throughout the U.S., Canada and internationally:
† Investment banking services provided by FMI Capital Advisors, Inc., a registered broker-dealer and wholly owned subsidiary of FMI.
People Development
Organizational Leadership
Development
Leadership Training
Executive Coaching
Succession Planning
Training and Talent Development
Management Consulting
Strategy
Market Research
Business Development
Operations and Project Execution
Risk Management
Compensation
Peer Groups
Performance Management
Investment Banking†
M&A Representation
Valuations and Fairness Opinions
Private Capital Placement
Ownership Transfer Planning