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Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

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Page 1: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

Millennial Expectations of the Workplace

Millennial Attraction

Eduardo BaudetClement Bel

Leila Jahanshahi Yash Mehta

Vilian Zhekov

Page 2: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

Agenda Objectives Introduction Methodology Themes

- Results and Discussion

Most admired companies Feedback

Values

Pay

Social Media Benefits

Teamwork

Optimism

Career advancement Skills and

training

Work-life balance

Mentoring

Recommendations

Page 3: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

Oracle: Background

• Second largest software maker in the world by revenue, with $ 37.2 billion in revenue in 2014.

• Particular specialization in provision of database services and the cloud.

• Over 400,000 customers in 145 countries.

• Also owns one of the most popular programming languages in the world – Java.

Page 4: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

The aim of the project is to understand what attracts millennials to employers

Objectives:

• Understand which employers millennials admire and the rationale behind it.

• Explore what expectations millennials have of their employers.

• Provide recommendations for companies to attract millennials.

Page 5: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

Introducing Millennials

Page 6: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

Who are Millennials?1982-2000

• The Millennial Generation, born from 1982 until 2000, represents a generational cohort distinct from the Baby Boomer generation, and their immediate predecessors, Generation X (Howe and Strauss, 2003).

High expectations for careers

• They have strong expectations regarding job content, training, career development, and financial rewards, which are largely embedded within the generation. Moreover, Millennials’ expectations are significantly influenced by individual variables, careerism, and optimism (De Hauw, 2010).

Globally connected

• They have a more global orientation and understand the need for interconnectivity in the worldwide market (Alch, 2000).

Page 7: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

Methodology

Page 8: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

The team followed an integratedresearch approach

Quantitative

• Survey with 25 questions.

• Most questions given as a Likert scale - 1 (Strongly Disagree) to 5 (Strongly Agree).

Qualitative

• 18 semi-structured interviews for average of 20-45 minutes.

• Sampled mainly from students of the London School of Economics.

• Reliability and Validity checks: Interviewed students until no new information was being discovered and patterns started to repeat. Each interview conducted by two members of the team.

1

2

Page 9: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

Male50%

Female50%

A-Level or equivalent

(high school diploma etc.)

First year bachelor's

Penultimate year bache-

lor's

Final year bachelor's

degree

Master's degree

Phd Other0%

10%

20%

30%

40%

50%

60%

70%

2% 2% 2%

27%

59%

1%6%

We surveyed 260 millennials• The dropout rate was 47%. • 136 surveys were fully completed.

N=136

59% of respondents stated their highest level of education was a Master’s degree. 27% said they were pursuing their final year of their bachelor’s degree.

Page 10: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

The sample was representative of the diversity of the Millennial generation

• We had a diverse group of respondents. Around 50% of the the respondents were either French, American or Indian.

American Belgian British Bulgarian French Germany Indian0%

5%

10%

15%

20%

25%

11%

5%

10%

7%

21%

3%

21%

N=136

Page 11: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

Data Analysis

Page 12: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

13%

9%

9%

18%

11%

11%

11%

Apple BCG Facebook Google McKinsey

Nike United Nations

We asked millennials which companies they admired

Out of 130 respondents in the survey18% chose Google to be their most admired company.

Q. Which company do you admire the most?“I love Google’s creative culture, open atmosphere, background diversity and the their constant innovation.”

“Apple is the reference in the technology industry. I love their iconic products and their global impact.”

“BCG is my dream company and the ultimate reference in strategy consulting. I want to learn from the best and I know that working for BCG will open doors for me in the future.”

Page 13: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

Consulting and Marketing are the most popular industries

Consu

lting

Mar

ketin

g & P

RO

ther

Entre

pren

eurs

hip

IT/T

echn

ology

Bankin

g an

d fin

ancia

l ser

vices

Public

sec

tor

Law

NGO's

Real e

stat

e

FMCG

Oil/G

as/M

ining

0%

5%

10%

15%

20%

25%

21%

15%13%

12%

9%8%

6%4%

4%3%

2% 2%

Q. Which industry do you want to work in the most?N=136

*Other includes arts & culture, sport, tourism, telecommunication

Page 14: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

Millennial Values

Page 15: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

Values: Results

• 84% of the respondents from the survey either agree or strongly agree that they would want to work for a company that matches their values.

“It’s really important for my values to match company’s value. If not, then technically I am simply working for a living, rather than work for my value or

the company. It would be painful to work in that kind of surrounding.”

“Opportunities for development within the company are important for me. It’s important that the company allows me to grow; while making a valuable

contribution to society.”

“I like companies that emphasize egalitarianism among its employees. I like when teamwork is emphasized as opposed to working individually. In general

companies that have a flatter structure.”

Page 16: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

Most valued job attributes

Page 17: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

Most important job attributes

Friend

ly wor

k en

viron

men

t

Challe

nging

pro

jects

Variet

y of

wor

k

Compe

titive

pay

Wor

k-life

bala

nce

Job

secu

rity

Inte

rnat

ional

assig

nmen

ts

Prest

igiou

s em

ploye

r

Goo

d he

alth

& ben

efits

plan

Emplo

yee

diver

sity

CSR0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

3% 1%

18% 16%

3% 4%10% 7%

25%20%

15%

84%89%

58%

48%

81% 79%

61%

71%

49% 49%56%

Not Important

Important

Q. Scale the attributes you consider most important when making career choices

Page 18: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

Social media

Page 19: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

Social Media: Results• On average, millennials spend 2 hours 50 minutes on social media per day.

• 66% of respondents stated that they would use social media to look for potential employers.

Q. What is your prefered method of communication at work?

Email Email Face-to-face meetings

Telephone Company social network

0%

10%

20%

30%

40%

50%

38%

9%

40%

6% 6%Chat Service

Page 20: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

Teamwork

Page 21: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

6%

10%

84%

Team WorkIndividual WorkBoth

Q. Do you prefer to work individually or in a team?

Teamwork: Results

N= 136

Page 22: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

Career Advancement

Page 23: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

Career Advancement: Results (1)

• 75% of those surveyed expect to be promoted within 18 months.

Less than 6 Months

6 - 12 Months 12 - 18 Months 18 - 24 Months More than 24 Months

0%

13%

25%

38%

50%

4%

28%

43%

21%

4%

Q. When would you expect to be promoted after being recruited into your first job?

N=136

Page 24: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

Career Advancement:Results (2)• 81% expect to stay no more than 3 years at their first job.

Less than a year

1 year 2 years 3 years 4 years 5 years more than 5 years

0%

10%

20%

30%

40%

4%

17%

37%

24%

7%5%

7%

N=136

Q. How long do you expect to stay at your first job?

Page 25: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

Work-Life Balance

Page 26: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

Friend

ly wor

k en

viron

men

t

Challe

nging

pro

jects

Variet

y of

wor

k

Compe

titive

pay

Wor

k-life

bala

nce

Job

secu

rity

Inte

rnat

ional

assig

nmen

ts

Prest

igiou

s em

ploye

r

Goo

d he

alth

& ben

efits

plan

Emplo

yee

diver

sity

CSR0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

3% 1%

18% 16%

3% 4%10% 7%

25%20%

15%

84%89%

58%

48%

81% 79%

61%

71%

49% 49%56%

Not ImportantImportant

N=136

Q. Scale the attributes you consider most important when making career choices

Work-Life Balance: Results (1)

Page 27: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

It was also found through the survey that millennials expect to work 9-10 hours on average per day.

N=137

Health

Insu

ranc

eG

ym

Reloca

tion

Assist

ance

Subsid

ised

Trans

porta

tion

Wor

king

from

Hom

e

Emplo

yee

Stock

Opt

ion

Flexibl

e W

orkin

g Hou

rs

Pensio

n Plan

Denta

l Ins

uran

ce

18%

49%

25% 24%

31% 32%

9%

17%

33%

56%

26%

45%40%

35%

26%

74%

57%

41%

Not Important Important

Q. How important are the following benefits to you when you are looking for a job:

Work-Life Balance: Results (2)

Page 28: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

4%

24%

20%

41%

12%

Very UnlikelyUnlikelyUndeterminedLikely

53% of respondents are either likely or very likely to sacrifice work-life balance in exchange for higher pay.

N=137

Q. How likely are you to sacrifice work-life balance in exchange for higher pay?

Work-Life Balance: Results (3)

Page 29: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

Feedback

Page 30: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

Feedback: Results

• 76% of respondents would like to receive job performance feedback on a monthly or quarterly basis.

How often would you like to receive job performance feedback?

12%

9%

41%

35%

3%

Q. How often would you like to receive job performance feedback?

Once a weekOnce a fortnightOnce a monthQuarterlyAnnually

N=137

Page 31: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

Pay

Page 32: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

Pay: Results

Less than £20,000

£20,000 - £24,999

£25,000 - £29,999

£30,000 - £39,999

£40,000 - £49,999

£50,000 - £74,999

£75,000 - £99,999

More than £100,000

0%

5%

10%

15%

20%

25%

30%

35%

6%

17%

20%

30%

14%

9%

1%

4%

N= 138

Q. What is your annual pay expectation immediately after graduation?

Page 33: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

Benefits

Page 34: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

N=137

Health

Insu

ranc

eG

ym

Reloca

tion

Assist

ance

Subsid

ised

Trans

porta

tion

Wor

king

from

Hom

e

Emplo

yee

Stock

Opt

ion

Flexibl

e W

orkin

g Hou

rs

Pensio

n Plan

Denta

l Ins

uran

ce

18%

49%

25% 24%

31% 32%

9%

17%

33%

56%

26%

45%40%

35%

26%

74%

57%

41%

Not Important Important

Q. How important are the following benefits to you, when you are looking for a job:

Benefits: Results

Page 35: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

Optimism

Page 36: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

Optimism: Results

• Only 36% are either optimistic or very optimistic about securing a job with their ideal company after graduation.

9%

21%

34%

29%

7%

Q. How optimistic are you of the chances to secure a job with your ideal company?

Very pessimisticPessimisticNeutralOptimisticVery optimistic

N=137

Page 37: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

Skills and Training

Page 38: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

Skills and Training: Results

• 87% of respondents agree that they would like to have additional training sessions at work.

Page 39: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

Mentoring

Page 40: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

Mentoring: Results

• 86% percent of respondents stated that they would like to have a mentor at their job.

“The teacher should not strike fear into the student; the teacher should strive to

make the student exceed his own ability”

“I would want a very informal relationship. I would like to know that I can be honest and don’t feel as if I am

talking to a superior”

Page 41: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

Key takeaways

Skills development

• New skills

• Variety of work

• Promotion opportunities

• Frequent feedback

Open culture

• Bosses as friends

• Collaborative environment

• Work-life balance

• Group and individual work

Pragmatic

• Realistic expectation about pay

• Job security as priority

• Willing to take job outside preferred industry

• Pension plan and health insurance

Meaningful work and

innovation

• Value matching

• Innovative companies most

admired

• Positive impact

• 2.5 hours per day in social

media

Page 42: Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov

Recommendations

Skills development

Open culture

Pragmatic

Meaningful work and

innovation

Offer new and challenging projects plus training sessions for both technical

and soft skills.

Provide fast-track promotion opportunities

Advertise company’s friendly environment and opportunities for

flexible working hours.

Implement mentor and buddy schemes.

Ensure transparency in pay and benefits

Advertise company’s provision of pension & retirement plans.

Advertise company’s mission and benefits to society

Active company presence in social media.

• Strengths-based tool

• Seniors active hiring

• Reverse mentoring

• Short-term projects

• Diversity in training

• Incremental feedback

• Structured schemes

• Clarity with P&B

• Tailored packages

• Societal values

• Partnerships

• #Opportunities

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3

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