How to Manage Millennials

How to Manage

MillennialsJanuary 15, 2015

Tami Boyer

Moderator

Rebecca Ward

Marketing Writer

(303) 219-7802

rward@kpaonline.com

Presenter

Tami BoyerSenior HR Client Advocate (303) 228-8767tboyer@kpaonline.com

Questions

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them using the “Questions” feature

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MILLENNIALS IN THE WORKFORCE:

CREATING A MUTUALLY BENEFICIAL

RELATIONSHIP

Millennials………..

Why Organizations Care About Millennials

By 2025 millennials will comprise 75% of the

workforce.

Currently millennials remain at a job for 2.3 years

(Bureau of Labor Statistics 2013).

Average turnover cost for a millennial is 15k-25k

Future leaders.

Generations in the Workforce Over Time

What Does This Mean for Organizations?

Currently most organizations have created engagement strategies around the baby boomer generation. Baby boomers’ values and expectations of the workforce are:

– Job Security

– High Salaries

– 9-5 Work Schedule.

– Loyalty and Tenure = Job Promotions

Millennials have different values and expectations of the workforce

Organizations must reevaluate the nature and length of employee-employer relationships in order to engage the millennial generation.

Who Are the Millennials?

Millennials were born in the years 1982-1995.

They are “digital natives.”

They are socially conscious

They are the least trusting generation

They were raised by “helicopter parents.”

Digital Natives

Raised in a time with rapid technological advancement.

Many have used computers before starting school.

Consider technology a large part of their generational

identity.

Gives them a competitive advantage in the workforce.

Socially Conscious

Source: Data adapted from Nielsen survey on Millennials 2014

Least Trusting Generation

Source: Data adapted from Pew Research Survey (2014 ).

“Helicopter Parents”

Overly involved parents.

Wish to be involved in all aspects of child’s life.

Have a “technological umbilical cord”

– Created a high touch relationship

– Expectation of quick responses

Parents are extremely invested in children’s

success.

What Do Millennials Expect in the Workplace?

Work/Life Balance

Flexible Work Schedules

Change

Professional Development

Work/Life Balance and Flexibility

Technology has changed the way we work.

– Teleworking options

– Flexibility of work hours

– Ability to connect globally

Millennials do not value money the same as other

generations.

Millennials are willing to quit if work-life balance

integration is not met (Levenson 2010).

Change and Professional Development

Source: Deloitte study, Generation Y: powerhouse of the global economy (2009).

Using This Information to Engage the Millennials: Three Strategies

Be Flexible

Provide Options

Mentorships

Be Flexible

Offer teleworking options

Work with employees to find a schedule that works best.

Work share options.

Collaborating with employees on creating work schedules that

work for both parties helps build a trust between the

employee/employer from the beginning of the relationship.

Offer Options

Offer options to employees with regard to benefits, pay, vacation time.

– Some employees value better benefits over higher pay. Allow

employees to decide what that package looks like.

– Many millennial employees prefer more vacation time over higher

salary. Allow the option of more vacation time for a reduction in

salary.

Millennial employees like to feel in control of their career. Providing options

to this generation allows them to feel more in control. It also allows them to

feel investment from the organization—something they did not necessarily

see during their parents career.

Mentorships

Bridging the knowledge gap.

Diminishing stereotypes

Team building

Understanding the business

Conclusion

There is a current opportunity for organizations to gain a

competitive advantage by engaging the millennial generation.

By understanding the wants and expectations of the millennial

generation, companies can begin implementing programs that

will keep them engaged—ultimately leading to higher

productivity for companies and happier employees.

References

Bureau of Labor Statistics. 2013. Tenure of American Workers. Survey report

conducted on American Households year ending 2013. Washington D.C.

Accessed June 28, 2014. http://www.bls.gov/spotlight/2013/tenure/.

Casnocha, Ben, Reid Hoffman, and Chris Yeh. 2013. “Tour of Duty: The New

Employer-Employee Compact.” Harvard Business Review.

Deloitte. 2009. Generation Y: Powerhouse of the Global Economy Restless

Generation is a Challenge and a Huge Opportunity for Employers. New York:

Deloitte Development LLC. Accessed June 13, 2014.

http://www.deloitte.com/view/en_US/us/Services/consulting/human-

capital/organization-and-

talent/a90f49642dff0210VgnVCM100000ba42f00aRCRD.htm.

References Cont.

Levenson, Alec. 2010. “Millennials and the World of Work: An Economist’s Perspective.” J Bus

Pyschology, no. 25 (March): 257–264.

Nielsen Survey. “Investing in the Future: Millennials Are Willing To Pay Extra For a Good

Cause”. The Nielsen Company.

Pew Research Center. 2014. Millennials in Adulthood Detached from Institutions, Networked

with Friends. Washington D.C.: Pew Research Center. Accessed June 12, 2014.

http://www.pewsocialtrends.org/2014/03/07/millennials-in-adulthood/.

Skapinker, Lisa. 2012. “Millennials’ High Demands May Improve Corporate Culture.”

Human Resources, Thought leadership blog. (May). Accessed July 3, 2014.

http://work.com/blog/2012/05/millennials-high-demands-may-improve-corporate-culture/.

Questions

Contact Us

Tami Boyer

Senior HR Client Advocate

(303) 228-8767

tboyer@kpaonline.com