recruiting and retaining millennials
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About the facilitatorsABOUT YOUR FACILITATORS Angie Salmon, SVP – EFL Associates
Angie has completed over 120 executive search assignments during her ten-year tenure at EFL Associates. The ability to effectively recruit and retain emerging talent has become more important as Millennial candidates reach the executive ranks.
Wayne Larson, Marketing – EFL AssociatesThe token Millennial, Wayne leads CBIZ Human Capital Services & EFL Associates' national marketing efforts, specifically working cool, engaging stuff.
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GENERATIONS – OUR DEFINITIONS
Generations Born Age
1. Traditionalists 1930-1945 69-84
2. Baby Boomers 1946-1964 50-68
3. Gen X 1965-1976 38-49
4. Gen Y/Millennials 1977- 37 and younger
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YOUR CURRENT MILLENNIAL INVESTMENT
Number of employees under 37 years oldX
Group's average total compensation=
Total millennial investment
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ESTIMATED U.S. POPULATION
Millennials (20-34)
Gen X (35-49)
Baby Boomers (50-69)
Traditionalists (70-84)
0
10
20
30
40
50
60
70
80
US Population Estimates (Millions) US Census as of July 2013
Millennials will become
75% of the global work
force by 2025 and more
are stepping into
management positions
every day.
65.6M61.7M
76.4M
24.0M
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UNDERSTANDING DIVERSITY VS STEREOTYPING
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DEFINING MOMENTS & IDENTIFICATION
95% OF TRADITIONALISTS ARE RETIRED FROM THE
WORKPLACE
AKA: THE SILENT GENERATION
TRADITIONALISTS (69-84)
• Comfortable with delayed gratification
• Hard work, sacrifice
• Recognition for great contributions
• Utilize the lifetime of wisdom
• Ask them (they might not volunteer)
• Mentor – Millennials trust them
PERFORMANCECLUES
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DEFINING MOMENTS & IDENTIFICATIONAKA: POST WWII BABY BOOM
BABY BOOMERS (50-68)
BABY BOOMERS CONTROL OVER 80% OF PERSONAL FINANCIAL
ASSETS & MORE THAN HALF OF ALL CONSUMER SPENDING.
PERFORMANCECLUES
• Competitive
• Enjoy leading teams
• “Work hard, pay your dues”
• Measure work effort in hours per week
• Want to be recognized for contributions
• Prefer phone, personal interaction, meetings
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DEFINING MOMENTS & IDENTIFICATIONAKA: GEN Xers
GENERATION X (38-49)
PERFORMANCECLUES
49% OF GEN Xers HAVE AT LEASTSOME COLLEGE EDUCATION
• Naturally skeptical
• Loyal to individuals (not companies)
• Training is security
• Savvy with technology, media and information
• Wants career security rather than job
security
• Balance now – not late in life
• Prefer email, voicemail, direct and immediate
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PERFORMANCECLUES
DEFINING MOMENTS & IDENTIFICATIONAKA: MILLENNIALS
GENERATION Y (<37)
53% OF MILLENNIALS FEEL A MENTORING RELATIONSHIP WITH
THEIR MANAGER WOULD IMPROVE THEIR VALUE & PRODUCTIVITY.
• Respect accomplishment vs. authority
• Accustomed to praise/feel entitled
• Great multi-taskers, team members
• Want meaning and good balance
• Build parallel careers
• Want excitement & challenge
• Purpose/mission focused
• Technology driven
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Traditionalists Boomers Xers Millennials
I need Respect Status Feedback/ Autonomy
Structure/ To Contribute
Reward/ Motivation
Acknowledge expertise
Symbols of achievement/ Promotion
Professional development/ Flexibility
Flexibility/ Growth
Attitude “Get the job done”
“Let’s have a meeting and talk about it”
“I’ll do my part, you do yours – we’ll meet up later.”
“I can, I will – just let me.”
Work ethic Sacrifice Driven Balanced Integration
Communication style
Formal/ Protocol Formal/ Process
Informal/ Pragmatic
Casual/ Immediate
MOTIVATING A MULTI-GENERATIONAL WORKFORCE
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MILLENNIALS
RECRUITING & RETAINING
TIPS TO TAKE AWAY
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RECRUITMENT
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Ethics
RECRUITMENT HOT BUTTONS
Employer that fits lifestyle, personality, and
priorities:
Challenge
Entrepreneurship
Opportunity
CreativityTechnology Mission
Lifestyle
Diversity
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ATTRACTING MILLENNIALS - TACTICSRECRUITMENT TACTICS
Make it personal
Instant
gratification
Entertaining
Authentic
Straightforward
Set expectations
Y-Size your
website
Offer more than
money
Compensation
package
Explain career
path
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Y-SIZE YOUR WEBSITE
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PERCEPTION IS REALITY
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RETENTION
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RETENTION STRATEGIES
Week One is All-Important
Create Customized Career Maps – Be
Specific
Model the Way – Reward Performance
Create Challenges and Milestones
Promote Collaboration
Communicate & Provide Feedback - OFTEN
Transparency & Access to Leaders
Understand Motivations
Talent Management Reviews
Range Spreadm
inim
um
max
imum
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DESIGNING SALARY STRUCTURES
Traditional Salary Structure Design
Accounting Clerk
Accountant
Bookkeeper
Controller
Chief Financial Officer
Range Spreadm
inim
um
max
imum
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DESIGNING SALARY STRUCTURES
Salary Structure (and Career Paths) modified for Millennials
Junior Accounting Clerk
Junior Accountant
Junior Bookkeeper
Controller
Chief Financial Officer
Intermediate Accounting ClerkSenior Accounting Clerk
Intermediate BookkeeperSenior Bookkeeper
Accountant
Senior Accountant
Accounting Supervisor
Accounting Manager
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OFFER MORE THAN MONEY
V
S
VS
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OFFER MORE THAN MONEY
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UNDERSTAND CONFLICTS & “CLASHPOINTS”
Parallel Careers/Freelancing Professionalism Advancement Flextime/Telecommuting Inclusion Rewards Measuring Results vs. Time Personal Technology
EXAMPLES:NEED FOR CONSTANT FEEDBACK:• Others see it: Irritating, bid for attention• Millennial perspective: Eager to please, efficiency CONFIDENT/SELF-ASSURED• Others see it: Entitled, unwilling to pay dues • Millennial perspective:
Want meaningful, important work
DISLIKING RIGID WORK SCHEDULES• Others see it: Lazy, won’t “put in the time”• Millennial perspective: Work can be done anywhere, will work tirelessly for something exciting
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WHAT ALL GENERATIONS WANT
Challenging, meaningful work
Opportunities for learning
Development and advancement
Successful integration of work/personal
life
Fair treatment
Competitive compensation
Leaders who are:
– Accessible, lead by example
– Acts as a coach, holds people accountable.
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SOURCES & WORK CITED
Online Sources “Managing Tomorrow’s People: The Future of
Work to 2020,” and “Millenials at Work: Reshaping the Workplace,” by Michael Rendell, Sandy Pepper, Karen Vander Linde, Leyla Yildririm, et. al. PriceWaterhouseCoopers
“Millennials facing unique workplace challenges,” by Lexy Gross, USA Today, September 24, 2013.
“Money no longer the motivator for Gen X and Gen Y?” by Ray Williams, Wired for Success-Psychology Today, August 1, 2010.
“Study Reveals Surprising Facts About Millennials In The Workplace,” by Shama Kabani, Forbes.com, December 5, 2013.
“What Millennials Want In The Workplace (And Why You Should Start Giving It To Them,” by Rob Asghar, Forbes.com, January 13, 2014.
The Beat (Up) Generation,” by Abby Ellin, Psychology Today, March 11, 2014.
Practical Advice for Managing a Multi-Generational Workforce, IBM“Leading and Motivating a Multi-Generational Workforce, Leadstar
Concerns Grow over Workforce Retirements and Skills
Gaps, SHRM & AARP U.S. Census Data 2010
Books Y-Size Your Business: How Gen Y Employees
Can Save You Money and Grow Your Business by Jason Ryan Dorsey (2009)
When Generations Collide: Who They Are. Why They Clash. How to Solve the Generational Puzzle at Work by Lynne C. Lancaster and David Skillman (2003)
Retiring the Generation Gap, Center for Creative Leadership, by Jennifer Deal (2006)
Presentations “Managing Generational Differences” CBIZ
Supervisory Training, 2011. Age Differences in Organizational Leadership,
MRG
Online Sources “11 Tips for Managing Millennials,” by Susan
Heathfield, About.com. “Gen Y Job Seekers: How They’re Different
from Gen X and Baby Boomers,” by Dan Schawbel, TIME.com, September 24, 2012.
“How Millennials are Transforming Careers and the Workplace,” by Ray Williams, Wired for Success – Psychology Today, September 16, 2013.
“How the Millennial Generation Will Change the Workplace,” by Ray Williams, Wired for Success-Psychology Today, March 19, 2014.
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