Marissa Valente - GenRe

Topsham Public LIbrary Business Roundtable Luncheon Topic Presentation: Millennials and the Workplace

Transcript

1. Millennials as Employees: Reaching, Recruiting and Retaining Presented by Marissa Valente Market Research Analyst, Gen Re
2. Proprietary Notice The material contained in this presentation has been prepared solely for informational purposes by Gen Re. The material is based on sources believed to be reliable and/or from proprietary data developed by Gen Re, but we do not represent as to its accuracy or its completeness. The content of this presentation is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances. Millennials as Employees: Reaching, Recruiting and Retaining | Marissa Valente | 04/27/2016 Proprietary and Confidential | © General Re Life Corporation 2
3. Two-thirds of Millennials express a desire to leave their organization by 2020. Businesses must adjust how they nurture loyalty among Millennials or risk losing a large percentage of their workforces. Millennials as Employees: Reaching, Recruiting and Retaining | Marissa Valente | 04/27/2016 Proprietary and Confidential | © General Re Life Corporation 3 Source: Deloitte, The Deloitte Millennial Survey 2016
4. Brief Background – Millennials in the Workplace Millennials as Employees: Reaching, Recruiting and Retaining | Marissa Valente | 04/27/2016 Proprietary and Confidential | © General Re Life Corporation 4
5. Millennials in the Workplace The Millennial Employee: Reaching, Recruiting and Retaining | Marissa Valente | 04/27/2016 Proprietary and Confidential | © General Re Life Corporation 5 BUSINESS IMPACT GLOBAL WORKFORCE 75% OF WORKFORCE BY 2025 Median salary is $39,700 15% are already managers 8 in 10 Millennials found working with people to solve problems to be appealing Largest Generation in the U.S. Source: http://socialmediatoday.com/irfan-ahmad/2023461/rise-millennials-infographic; The Institutes, Millennial Generation Attitudes About Work and the Insurance Industry, 2012; Pew Research, Millennials overtake Baby Boomers as America’s largest generation,
6. Overview of Workplace Needs Transactional needs are more dominant: -Control over work -Development opportunities -Pay satisfaction Social needs are more dominant -Team cohesion -Supervisor support & appreciation -Flexibility Non-Millennials vs. Millennials Millennials as Employees: Reaching, Recruiting and Retaining | Marissa Valente | 04/27/2016 Proprietary and Confidential | © General Re Life Corporation 6 Non-Millennials (Before 1980) Millennials (Before 1980-1995*) Source: PwC, NextGen: A Global Generational Study, 2013 *Please note: The defined age range of millennials varies by source.
7. Reaching & Recruiting Millennials Social Needs and the Collective Mentality Millennials as Employees: Reaching, Recruiting and Retaining | Marissa Valente | 04/27/2016 Proprietary and Confidential | © General Re Life Corporation 7
8. Millennials Want Careers that are Flexible and Personalized Who Are the Millennials? | Marissa Valente | 08/05/2014 Proprietary and Confidential | © General Re Life Corporation 8 72% say their career is essential to their identity -Barna Group: 20 and Something, 2013 Who am I? “50% of Millennials surveyed want to work for a business with excellent ethical practices.” -The Deloitte Millennial Survey, 2014 would prefer to choose when and where they work rather than being placed in a 9-to-5 position 89% Source: Odesk, Announces New Study on Millennials and the Future of Work
9. Millennials Have a Collective Mentality Cause Driven Who Are the Millennials? | Marissa Valente | 08/05/2014 Proprietary and Confidential | © General Re Life Corporation 9 Source: NPR – Debate: Millennials Don’t Stand A Chance, April 2014 Millennial: David D. Burstein “ 56% of Millennials would take a pay cut to work somewhere that is changing the world for the better.” -Brand Channel, 2012 “87% of Millennials consider a company’s commitment to social and environmental causes when deciding where to work.“ -CONE, Millennials Close at Mom’s Heels: 2010 Cone Cause Evolution Study, 2010
10. Millennials Rank Social Well-Being As Top Priority Rank “social well- being” in the top two areas for employer support and resource allocation (more than any other generation)1 Millennials as Employees: Reaching, Recruiting and Retaining | Marissa Valente | 04/27/2016 Proprietary and Confidential | © General Re Life Corporation 10 Source: EBN, Well-being programs key ingredient for retaining millennials, 2016 of Millennials prefer a collaborative work-culture rather than a competitive one Source: Seattle Business, Creative Spaces for Your Millennial Staff ;Officevibe, The Secret to Understanding Millennials at Work, 2014 Want to work in a more social environment where their coworkers are their friends 88% 88%
11. Hours of paid time off for volunteering: Examples in Practice: Deloitte Consulting Volunteering and Community Involvement is Extremely Important to Millennials Unlimited “[Our employees are] tremendously passionate about giving back…With an increased focus on strengthening our nation’s workforce through our education and veterans initiatives, our people’s volunteer efforts are aimed not just at doing good but also at making a long-term, strategic impact where it matters." -Jonathan Copulsky, Principal at Deloitte Consulting
12. Retaining Millennials Purpose Over Profits Millennials as Employees: Reaching, Recruiting and Retaining | Marissa Valente | 04/27/2016 Proprietary and Confidential | © General Re Life Corporation 12
13. Personal Development and Mentoring Is Important Who Are the Millennials? | Marissa Valente | 08/05/2014 Proprietary and Confidential | © General Re Life Corporation 13 “Those intending to stay with their organization for more than five years are far more likely to have a mentor (68 percent) than not (32 percent).” Said the opportunity for personal development was the most influential factor in their current job. Source: UNC Kenan-Flagler Business School, Maximizing Millennials: The Who, How, and Why of Managing Gen Y, 2013; Deloitte, Recruiting and retaining Millennials, 2015; Deloitte, Millennials Study 2016 65% Unfortunately… 63% say their “leadership skills” are not being fully developed.
14. Millennials Need Transparency, Recognition and Feedback 80% Prefer feedback in real time rather than via traditional performance reviews, not to mention frequent check-ins to keep a pulse on progress Source: UNC Kenan-Flagler Business School, Maximizing Millennials: The Who, How, and Why of Managing Gen Y, 2013; Harvard Business Review, Millennials Want to Be Coached at Work, 2015; 15Five, How Important is Communication to Your (Millennial) Employees?, 2015 Overall, Millennials want feedback 50% more often than other employees. 84% Believe an open communication policy is more important than perks in choosing a job
15. “I take these young kids at HubSpot and I give them huge responsibility. Sometimes they mess up, but more often than not they get it right.” Examples in Practice: Hubspot Millennials require constant feedback and recognition Millennials as Employees: Reaching, Recruiting and Retaining | Marissa Valente | 04/27/2016 Proprietary and Confidential | © General Re Life Corporation 15 -Brian Halligan, CEO at Hubspot Source: Business News Daily, Are Millennials Getting Special Treatment in the Workplace?, 2014
16. 3 Key Takeaways Millennials as Employees: Reaching, Recruiting and Retaining | Marissa Valente | 04/27/2016 Proprietary and Confidential | © General Re Life Corporation 16 Millennials require recognition and feedback Source: Seattle Business, Creative Spaces for Your Millennial Staff; Lindsey Pollack, 3 Things Every Employer Needs to Know About Millennials, 2014 1 2 3 Millennials do well in collaborative settings Purpose Over Profits
17. Thank You!! For more information, check out our millennials’ blog series genre.com/millennials
18. 1. Twentysomething: Why Do Young Adults Seem Stuck? by Samantha Henig and Robin Marantz Henig 2. Lindsey Pollack: Millennial Workplace Expert blog series http://www.lindseypollak.com/ 3. PwC NextGen: A global generational study 2013 4. Seth Mattison: Generational Shifts: Why Some Millennials Fail, 2016 5. Business Know-How, Characteristics of Millennials in the Workplace 6. The Institutes, Millennial Generation Attitudes About Work and the Insurance Industry 7. Barkley & The Boston Consulting Group and Service Management Group Joint Partnership for Research Project, American Millennials: Deciphering the Enigma Generation Great Resources
19. Visit genre.com/millennials for more info. Marissa Valente, Market Research Analyst marissa.valente@genre.com 207-347-4623