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  • Embracing Millennials: Building Tomorrows Leadership Pipeline Today

    Margaret Roberts

    Director Eberhardt Career Management Center

    2017 Spring Conference & Expo

  • Who are these Millennials?

    Experienced Millennials are: Directors Sr Managers Dept Heads Business

    Owners Mentors

    Younger millennials are: New grads Students In HS

  • The changing demographics of our workforce

    2015: Millennials surpass Gen X to become biggest part of workforce with 53M+ employed (Pew Research Center Study)

    2020: Millennials projected to comprise 75% of the workforce with 90M+ employed (2014 Brookings Report)

    Sources:

    http://www.industryweek.com/leadership-five-questions

    https://www.brookings.edu/research/how-millennials-could-upend-wall-street-and-corporate-america/

    http://www.industryweek.com/leadership-five-questionshttps://www.brookings.edu/research/how-millennials-could-upend-wall-street-and-corporate-america/

  • Values in Common

    Stability 88% of Millennials prefer stable employers more risk averse than we might assumeFinancial security 67% are likely to switch

    employers for a better retirement packageCollaboration 74% prefer to work in small

    groups, learning from others and contributing to a greater impact

    Sources:

    iCIMS A Recruiters Guide to Attract & Retain Millennials, 2016

    http://windgatewealthmanagement.com/millenials-the-diy-generations-take-on-401ks-how-do-you-compare/

    http://windgatewealthmanagement.com/millenials-the-diy-generations-take-on-401ks-how-do-you-compare/

  • Factors that influence job acceptance

    Money (compensation package)Professional developmentOpportunities to advance

    Source:

    https://business.linkedin.com/talent-solutions/blog/2015/05/what-you-need-to-know-to-successfully-recruit-millennails-infographic

    https://business.linkedin.com/talent-solutions/blog/2015/05/what-you-need-to-know-to-successfully-recruit-millennails-infographic

  • Millennials are on the move

    Defining loyalty

    Loyalty to employer = 5+ years on job 41% of Baby Boomers vs. 13% of Millennials

    agree

    By 30, Millennials have nearly 2x more job and organizational changes as GenXersMedian tenure in a job is 3 years for Millennials

    (< 1/3 of tenure of professionals 50 and older)

    Sources:

    iCIMS A Recruiters Guide to Attract & Retain Millennials, 2016

    https://www.psychologytoday.com/blog/diverse-and-competitive/201503/are-millennials-more-likely-switch-jobs-and-employers

    https://business.linkedin.com/talent-solutions/blog/2015/05/what-you-need-to-know-to-successfully-recruit-millennails-infographic

    https://www.psychologytoday.com/blog/diverse-and-competitive/201503/are-millennials-more-likely-switch-jobs-and-employershttps://business.linkedin.com/talent-solutions/blog/2015/05/what-you-need-to-know-to-successfully-recruit-millennails-infographic

  • Attracting Millennials is one thing. Retaining them is another!

    Keys to retention:

    Communication

    Work-life balance

    Empowerment

    Contributing to a larger purpose

    Delivering on the stuff that influenced job acceptance, particularly professional development and advancement

  • Communication in many forms and venues

    Millennials appreciate directness, plain talk, and inclusiveness, over a rules-based authoritarian approach.During Onboarding educate new hires on:

    organizations mission, customers, results, and future goals; clarify roles and expectations, including what success looks like at

    your organization help them see the big picture and how they contribute to that

    purpose

    Sources:

    https://www2.deloitte.com/global/en/pages/about-deloitte/articles/millennial-survey-preference-plain-talk-inclusiveness.html

    http://www.industryweek.com/leadership-five-questions

    https://www2.deloitte.com/global/en/pages/about-deloitte/articles/millennial-survey-preference-plain-talk-inclusiveness.htmlhttp://www.industryweek.com/leadership-five-questions

  • Communication in many forms and venues

    Contemporary thought suggests the annual performance review is dead. Millennials value honest, frequent feedback from managers.Through On-going Feedback motivate future performance (vs. evaluate past):

    80% want feedback in real-time Feedback nurtures growth (which Millennials highly value) Provide framework for what is expected and show them what

    good looks like Give clear feedback Jessica Kriegel (author of Unfairly Labeled)

    suggests separating positive and developmental feedback to create better clarity

    Sources:

    https://www.google.com/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=performance+reviews+are+dead

    iCIMS A Recruiters Guide to Attract & Retain Millennials, 2016

    http://www.industryweek.com/leadership-five-questions

    Kriegel, J. Unfairly Labeled. How your workplace can benefit from ditching generational stereotypes. (Wiley, 2016) Pages 90-91

    https://www.google.com/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=performance+reviews+are+deadhttp://www.industryweek.com/leadership-five-questions

  • Communication in many forms and venues

    Speak their language, and remember, communication goes two ways

    By Messaging in Their Terms bridge communication gaps: Steal a play from Coach Ks playbook use communication tools

    that Millennials are familiar with to send short, encouraging messages (social media platforms are key here)

    Engage your Millennial staff in crafting messages their peers will respond to cultivate communication ambassadors internally to help bridge gaps

    Cultivate collaborative, less hierarchical organizations to promote diverse thought and innovation engage Millennials in meaningful dialogue about the work and the environment, and in implementing some of the ideas they produce

    Voice means giving employees a real say in how the company is run. Voice is the third cornerstone of Googles culture.

    Sources:

    https://www.inc.com/justin-bariso/want-to-reach-millennials-a-simple-trick-from-a-successful-70-year-old-basketbal.html

    http://www.industryweek.com/leadership-five-questions

    Bock, L. Insights from Inside Google. Work Rules! That will transform how you live and lead. (Twelve, 2015) Pages 46-47

    https://www.inc.com/justin-bariso/want-to-reach-millennials-a-simple-trick-from-a-successful-70-year-old-basketbal.htmlhttp://www.industryweek.com/leadership-five-questions

  • Work-Life Balance Measured by what yard stick?

    Millennials want more time off work and more flexibility when/where they are working. Believe working remotely will increase job satisfaction and boost

    productivity.

    Almost twice as likely to have a full-time working spouse than Baby Boomers.

    Stronger loyalty to organizations with higher degrees of flexibility 33% stay 5 years vs. 35% stay only 2 years in high flexibility orgs 27% stay 5 years vs. 45% stay only 2 years in low flexibility orgs

    Engage your workforce in ongoing discussions to come up with solutions that can meet the needs of the business while offering the flexibility employees desire. Help employees find the right balance of work-life integration to create a win-win for them and the company.

    Sources:

    https://www.forbes.com/sites/nataliebacon/2017/01/11/can-millennials-in-corporate-jobs-achieve-work-life-balance/#52837e0216f5

    http://www.ey.com/us/en/about-us/our-people-and-culture/ey-work-life-challenges-across-generations-global-study

    https://www.forbes.com/sites/nataliebacon/2017/01/11/can-millennials-in-corporate-jobs-achieve-work-life-balance/#52837e0216f5http://www.ey.com/us/en/about-us/our-people-and-culture/ey-work-life-challenges-across-generations-global-study

  • EmpowermentIsnt it really engagement that we most desire?

    A definition of engagement: Proactively and passionately adding value while aligning with the company mission. (David Mizine, 15Five author)

    2017 Deloitte Millennial Survey Employees who feel jobs have meaning, or are able to make a

    difference, exhibit greater levels of loyalty Involving employees in initiatives that support good causes

    boost sense of empowerment Millennials feel most accountable at work where they believe

    then can influence client satisfaction

    Sources:

    https://www.15five.com/blog/7-employee-engagement-trends-2016/

    https://www2.deloitte.com/global/en/pages/about-deloitte/articles/millennial-survey-making-impact-through-employers.html

    https://www.15five.com/blog/7-employee-engagement-trends-2016/https://www2.deloitte.com/global/en/pages/about-deloitte/articles/millennial-survey-making-impact-through-employers.html

  • Empowerment learning and growing through failing From Why is Innovation So Hard Forbes.com

    Tech companies have historically been better equipped to promote growth through failure. Lazlo Bock, the former head of People Operations, highlights

    Googles approach as rewarding thoughtful failure. This is in stark contrast to the supposed fail fast, fail often

    mantra of Silicon Valley. The goal is not to glorify failure, but to cultivate adaptability

    and learning from our mistakes.Sources:

    https://www.forbes.com/sites/darden/2014/08/04/why-is-innovation-so-hard/#16d6b5fe46fd https://www.forbes.com/sites/robasghar/2014/07/14/why-silicon-valleys-fail-fast-mantra-is-just-hype/#35d3879524bc

    Bock, L. Insights from Inside Google. Work Rules! That will transform how you live and lead. (Twelve, 2015) Pages 253-257

    https://www.forbes.com/sites/darden/2014/0