Download - 2014-10 The Millenial Career Shift
The Millennial Career Shift:How to Address the Evolving
Career Expectations for Canada's Future Workforce
Welcome to the Financial Management Institute WebinarThursday, October 17, 12:00pm EDT
Panel:• Lori Watson, Partner for Finance Effectiveness and
Enterprise Management, PricewaterhouseCooper• Dr. Ed Ng, Associate Professor, Faculty of
Management, Dalhousie University• Andrew Francis, Director General of Corporate
Accounting and Material Management, Aboriginal Affairs and Northern Development Canada
Moderator:• André LaFlamme, Project and Program Officer,
Financial Management Institute of Canada
Millennials at work – Understanding the workforce of the future
Financial Management Institute
October 17, 2013
Lori Watson, Partner
Leader – Federal Public Sector Finance Effectiveness
www.pwc.com/ca
PwC Alumni Business Session Millennials at work - Understanding the workforce of the future4
Baby Boomers (Born between 1943 – 1960)
General characteristics
• Focus is on quality and efficiency
• See life as an adventure
• Prefer to communicate in person
• Interested in traditional forms of reward (e.g. bonus, raise, promotion)
• Prioritize work first
PwC Alumni Business Session Millennials at work - Understanding the workforce of the future5
Generation X (Born between 1961 – 1981)
General characteristics
• Focus is getting the job done
• Like being independent
• See work as a challenge
• Enjoy direct communication (in person/phone)
• Less concerned about promotion
• Want freedom and flexibility
• Want work/life balance
The Millennial Generation / Generation Y(Born between 1982 – 2000)
General characteristics
• Always looking to the future
• Goal orientated
• See work as a means to an end
• Prefer communicating via email and social media
• Desire instant feedback and recognition where it is due
• Want balance between work and life.PwC Alumni Business Session:
Millennials at work - Understanding the workforce of the future6
Millennials are attracted to employers who can offer more than just good pay
7PwC Alumni Business Session:Millennials at work - Understanding the workforce of the future
Opportunities for career progression
Competitive wages/ other financial incentives
Excellent training/ development programmes
Good benefits packages
Flexible working arrangements
International opportunities
Good reputation for ethical practices
Corporate values that match your ownA reputation as an employer of the best and
brightest peopleThe employer brand
Diversity/ equal opportunities record
The sector in which the organisation operates
Other
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Which of the following things do you believe make an organization an attractive employer?
Base: All graduates
Millennials favour training and development and flexible working hours over financial benefits such as cash bonuses
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Which three benefits would you most value from an employer? Bars show % ranking for first place
8PwC Alumni Business Session:Millennials at work - Understanding the workforce of the future
The most valued opportunity is the chance to work with strong coaches and mentors
46% of employed millennials said the development opportunities offered by their employer influenced their choice to accept the job.
9PwC Alumni Business Session:Millennials at work - Understanding the workforce of the future
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Which of the following training/ development opportunities would you MOST value from an
employer?
Most millennials expect to have between two and five employers in their careers
Millennials from Australasia expect to have the most employers on average - 20% expect 6-9, and 17% 10 or more.
10PwC Alumni Business Session:Millennials at work - Understanding the workforce of the future
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How many employers do you expect to have in your career?
Total
The millennial generation is all about:
1. Flexibility2. Feedback3. Options4. Development
11FMI October 17, 2013Millennials at work - Understanding the workforce of the future
Thank you! For more information, please contact:Lori WatsonPartner, Financial Effectiveness613 755 [email protected]
Detailed results available at:www.pwc.com/millennialsatwork
12FMI October 17, 2013Millennials at work - Understanding the workforce of the future
Eddy Ng, PhDRowe School of Business
E-mail: [email protected]
Shifting Career Expectations, Experiences, Attitudes and ValuesEmpirical Findings Across Four Generations
Generational Career Shift Study
Sample Characteristics Completed Spring 2011 3,009 respondents
Millennials = 906 (30.1%) Gen X = 900 (29.9%) Boomers = 901 (30.0%) Matures = 300 (10.0%)
Age effect – school, first job, house, start a family Period effect – economic recession, internet, energy crisis Cohort effect – middle-class upbringing, high self-esteem
14
1. Employee Mobility the New Normal
Mean Job Changes Mean Organizational Changes
Matures
Boomers
Gen Xers
Millenn
ials0
0.5
1
1.5
2
2.5
3
3.5
4
25-29<24
Matures
Boomers
Gen Xers
Milennia
ls0
2
4
6
8
10
12
25-29<24
Boundaryless and Protean Careers
2. Shifting Work Values25 Work ValuesThings individuals deem most important to their job and working lives
Advancement
Worklife Balance
Achievement
Impact
2.5 2.7 2.9 3.1 3.3 3.5 3.7 3.9 4.1 4.3
3.79
4.07
3.92
3.54
MaturesBoomersGen XersMillennial
3. Millennials have High Expectations
Salary Expectations
Male Female $-
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
$180,000
$200,000
$48,860 $42,060
$84,868
$67,766
$171,036
$125,664
Starting5 YrPeak
Time to First Promotion
Years3.6
3.8
4
4.2
4.4
4.6
4.8
MaleFemale
Pay and Advancement Expectations
74%
102%
61%
85%
4. Gen Xers are the Unhappiest
Career Satisfaction
Met Expecta-tions
Earnings Increases
Advancement rate
Recognition2.52.62.72.82.9
33.13.23.33.43.5
MillennialsGen XersBoomersMatures
5. Millennials are Looking for Directions
Career Efficacy
Career Effic
acy
Career Res
ilienc
e
Locus o
f Contr
ol1
2
3
4
5
6
7
MillennialsGen XersBoomersMatures
Career Influencers
Parents Managers0
0.5
1
1.5
2
2.5
3
MillennialsGen XersBoomersMatures
Career Attitudes and Experiences
Generational Career Shift
Contact:
Ed Ng, PhDRowe School of BusinessDalhousie UniversityE-mail: [email protected]
So What?
What’s the relevance of all this for public sector management?
Questions and Answers
Be sure to tune in to next month’s bilingual webinar!• “Change Management: An overview of the Project
Management Institute (PMI) and the importance of Benefit Realization Management for Project Managers and Financial Professionals”
• Presenters: Yvan Bastien and Marc Billard• Thursday, November 7th, 2013 at 12:00pm EST