ATTRACTING, MANAGING & APPRECIATING TODAY’S WORKFORCE

Written & Produced By: Danielle Richards

TABLE OF CONTENTS

Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Chapter 1: Defining Millennials. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Chapter 2: How Millennials Compare to Other Generations. . . . . . . . . . .

Chapter 3: Generational Timelines. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Chapter 4: What Makes Millennials Different. . . . . . . . . . . . . . . . . . . . . . . . . . . .

Chapter 5: Managing Millennials. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Chapter 6: The Cost of Millennials. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Chapter 7: Millennials are Worth the Investment. . . . . . . . . . . . . . . . . . . . . . .

Chapter 8: Attracting and Retaining Millennials. . . . . . . . . . . . . . . . . . . . . . . .

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Over 80 million people in the United States consider themselves a millennial.

Unlike any other generation, millennials have made an unprecedented entrance into today’s marketplace and

workforce. Highly educated and technologically savvy, the millennial generation is different from any other. It

is therefore critical for executives to grasp the unique

characteristics of the members of this millennial

generation.

Millennials learn and communicate differently, and there

is a high cost associated with ignoring the changes they

bring to the table.

The purpose of this e-book is to educate today’s leaders

on understanding, attracting, training, managing, and

retaining members of the millennial generation, so that

businesses can fully capitalize on the contributions of

this growing generation.

INTRODUCTION

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1 defining millennials

Generations: A way to categorize and understand a group of people according

to the era in which they were born and the common experiences they likely had

growing up at the same time. The breakdown of generations are as follows:

Ages 0-15Ages 16-34Ages 35-47Ages 48-66

SILENTGENERATION

Ages 67+

GEN wEmILLENNIALSGENERATIONx

BAByBOOmERS

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Totaling nearly 80 million people, millennials are currently the largest generation in the United States. Millennials,

also sometimes referred to as Generation Y, are defined as people born between the somewhat flexible years of

1980 through the mid 1990’s, most being in their twenties and early thirties.

HOw ARE mILLENNIALS DEFINED?

While it is nearly impossible to emphatically delineate one generation from another, the most important factor to

consider is that a group of people experienced the same social, political, technological and work-related struggles

as others in their era. Members of the same generation share core values and goals, both of which are shaped by

events that occurred in their

formative years. People

are thus molded by life

experiences, sociopolitical

influences and access to

education and services.

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For the first time in history, this generation of millennials grew up with technology as a part of their everyday

lives, regularly utilizing the Internet from a very early age. Their parents valued forward progress and upward

mobility, and sought to provide their children with the best start possible. Thus, technology and education are

ingrained in their very identity.

HOw DID mILLENNIALS GROw Up?

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2 HOw millennials compareto other generations

Just like people, generational cohorts have personalities as well. Now emerging into

adulthood, millennials have a unique personality of their own. Members of this generation

are confident, determined, expressive, open-minded, energetic and excited for change.

GENERATION x, AGES 35-47

BABy BOOmERS, AGES 48-66

SILENT GENERATION, AGES 67 AND Up

Members of Generation X, the generation that preceded millennials are often depicted as smart,

well-rounded entrepreneurs. While millennials share their determination and desire for success,

they go about achieving these aims somewhat differently; happily embracing mobility within

their careers and the latest technology.

Members of the Baby Boomer generation did not grow up with advanced technology, and were likely

raised by parents who believed in staying with companies long-term. They chose to invest in their lives for the promise of

pensions and stable retirement. Baby boomers were driven to raise their children in a way that would allow for the next

generation to be more economically successful. These parents did not want their children to struggle with finances the ways

they, or their families of origin, may have.

Another previous cohort, the Silent Generation describes people born from the year 1928 through 1945. This group includes

children of the Great Depression and World War II. Their label of “silent” refers to their conformist ideals and community

commitments.10

A DISTINCTIvELy DIFFERENT GENERATION

Bottom line:

Millennials are unique.

They are not driven by

the same motivations as

generations past.

When

compared to

previous generations,

millennials are easily distinguishable

from the rest. Earlier generations differed

markedly from country to country, based

upon socioeconomic factors and access to

public services and education. However,

millennials represent the first truly global

generation. Regardless of location or

nationality, characteristics among the

group are strikingly similar.

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3 generational timelines

As a result of the political climate during their childhoods, many members of the

Silent Generation were advocates for community service. During their formative

years they experienced the passing of the 19th amendment, the notorious stock

market crash, and the Great Depression. For the Silent Generation, who were

reared by survivors of the Great Depression, education was a dream reserved only

for a very fortunate few. The Silent Generation refers to the group of people born

following the Great Depression and World War I. They experienced the building of

the Hoover Dam, the invention of the rotary phone and they watched the Atomic

Bomb end WWII. They were a generation who grew up with war and hardships.

Millennials are the first generation in history to have enjoyed access to the internet while growing up. Growing up

with technology certainly impacted their expectations of life as part of the workforce. Millennials expect creativity and

innovation at work. To better understand the exceptional millennials, let’s look at some sociopolitical and economic

highlights from previous generations.

THE SILENT GENERATION (1900-1945)

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BABy BOOmERS (1946-1964)

During their formative years, Generation X-ers watched the Vietnam War,

Watergate and Desert Storm. Like their parents, they also experienced space

wonder when Apollo 11 landed the first humans on the moon. Generation X-ers

experienced the invention of the cellular phone, and handheld digital devices.

Generation X-ers families valued education and strongly encouraged children to

attend college. They were also raised to be independent and self-sufficient.

GENERATION x (1965-1980)

The Baby Boomers emergence marked the end of World War II. Coming of age Baby

Boomers saw the invention of the microwave, touch-tone phones, tape recorders,

the hydrogen bomb and videotapes. They sat glued to the television with their

families as they watched the moon landing and the assassination of President John

F. Kennedy. The Baby Boomers, in a culture focused on civil rights, heard Martin

Luther King Jr.’s “I Have A Dream” speech. Because of the now-forward-thinking

society, Baby Boomers also experienced improved access to higher education. As a

result, many more Baby Boomers were formally educated than their predecessors.

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mILLENNIALS (1981-2000)This brings us to the Millennials. They literally grew up with technology,

experiencing firsthand the internet, picture phones, e-mail, and text messaging.

Politically, they witnessed September 11th, the nation’s response to Hurricane

Katrina, the fears surrounding Y2K, the Columbine shooting, the Oklahoma

City bombing, and economic recession. Millennials and their parents are aware

that college is expensive, but continue to see it as an entrance ticket to the

competitive workforce. They are comfortable using most forms of digital media,

including Facebook, Myspace, Twitter, smartphones, etc.

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When it comes to defining their generation, it’s truly technology that sets millennials apart. Over half of the

technology present today was produced during the 1980s, when Millennials were coming into the world. Simply

stated, millennials literally grew up alongside technology. In fact, some simply don’t know what life is like without it.

They watched as Apple created the first iPod and it’s ultimate evolution into the globally recognized iPhone and

iPad. Previous generations cannot truly appreciate the impact that these technological advances had on Millennials.

Technologically speaking, nothing seems impossible to Millennials.

1927 1972 1983

19891990

20012004

2006

The TV The Video Game The PC

Computer use reaches 100 million units (vs 1 million in 1980)

Creation of "The World Wide Web"

Apple releases the iPod Facebook

Twitter, iTunes at peak

1945 1975 1984 1989 1998 2003 2005 2007The A-Bomb Microsoft Apple releases

the Macintosh computer (graphical interface)

AOL Google ranks on Top 10 best websites

Wi-Fi YouTube The iPhone

TECHNOLOGy TImELINE:

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EDUCATIONUnlike any other generation, Millennials are invested in education. This interest is a result of several factors.

• The Great Recession forced students to seek higher education in order to secure jobs

• An economy driven by the currency of knowledge.

• With so many successful peers, Millennials don't see any other option but to compete by attaining degrees.

• If a Millennial has difficulty securing employment upon graduation, they may pursue higher degrees to

increase their knowledge and skill set to better prepare for the workplace.

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These pressures have made Millennials the most educated

generation in history. Unfortunately, they will also be the

generation most saddled with vast amounts of educational

debt.

According to the U.S. Treasury, “Total student outstanding loan

debt surpassed $1 trillion by the end of the second quarter of 2014,

making it the second largest category of household debt.”

According to Pew, “Millennials are on course to become the most educated generation in American history, a

trend driven largely by the demands of a modern knowledge-based economy, but most likely accelerated in

recent years by the millions of 20-somethings enrolling in graduate schools, colleges or community colleges in

part because they can’t find a job.”

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4 what makes millennials different?

When surveyed, 24% of millennials say their generation is set apart from the rest

because of their familiarity with technology.

This reality is about more than just their latest gadgets. As a result of

growing up in a tech-savvy environment, millennials’ lives are

completely intertwined with technology. Three-quarters of

millennials have profiles on social networks.

Millennials are also different because they are new

to the workforce. With most being in their early

twenties and thirties, millennials average roughly

5-7 years in the workplace. Because many

millennials attend college, many are very new to

corporations, having only recently graduated.

Millennials are educated and smart. They are full

of energy and passion, but typically are lacking in

experience. They may not fully know their vision,

or what they are capable of. Because of this, their

commitment may be low, leading to various career

changes as they navigate their professional life.

millennials have a reason for feeling so unique.

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Millennials expect to continue learning and growing. While

they are willing to accomplish most tasks asked of them, they

also expect employers to invest in their forward development.

They respect older colleagues and management, but also are

assured of what they bring to the table.

Management techniques that worked at one time for previous

generations simply do not translate to millennials. This means

that management has work to do in order to connect.

Managing millennials involves the following tasks:

An absence of clear standards is the leading cause of

millennial dissatisfaction and frustration for management.

• Understand what motivates millennials

• Adapt leadership, management, and mentoring techniques

• Set clear standards and ways of measuring success

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5 managing millennials

3 STEpS TO mANAGING mILLENNIALS

Understand what motivates millennials. What drives them?

What goals are they striving for?

Adapt leadership, management and mentoring techniques.

Tweak your management methods to appeal to this new

generation of workers.

Set clear standards and ways of measuring sucess. Make goals

objective and attainable. Always provide feedback.

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Effective motivation of millennials includes frequent and specific feedback. Millennials like to know how they’re

doing at their job, requiring regular input and encouragement. Simply put, they like to be in almost-constant

communication with management, as they refine objectives and directions. Millennials also want to know that their

specific task contributes to a concrete goal. They will not appreciate completing a task simply because a manager

told them to do it. In terms of their workload, Millennials need a balance of short and long-term objectives, which

will keep their tasks interesting to them. Millennials are motivated by incentives, responding well to the hope of

bonuses and perks. Be honest and open with millennials in your communication, they will respect your authenticity

and transparency, and work harder for you because of it.

Effective management of millennials involves an altering of leadership styles that may have worked in the past.

Millennials enjoy open communication, and will respond best to a conversational management style. They like to

feel like a part of a team, and will enjoy shifting responsibilities and tasks.

mOTIvATION

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FREQUENT, SpECIFIC FEEDBACK

DIRECTION THROUGHCONSTANT GUIDANCE

DIGITAL FIRST

LINK TO CONCRETE GOALS

mIx SHORT AND LONG TERm OBJECTIvES

mOTIvATE wITH INCENTIvES

pRACTICE RADICAL TRANSpARENCy

HOw TO mOTIvATE mILLENNIALS25

They expect employers to be more invested in them as people, rather than just merely interested in the fact that they

complete assigned tasks. Millennials expect management to be a part of their career journey, providing them with

wisdom and guidance on their career path. Bottom line, they want to be mentored and coached. Millennials also

expect employers to invest monetarily in regular, formal training and development programs. Due to their desire for

work-life balance, millennials also expect management to be flexible and respectful of their personal lives, especially

in terms of scheduling or time off.

Millennials also have high expectations of the overall organizations that

they work for. They expect that their company will provide them with

opportunities to develop skills for the future, whether or not they

ultimately choose to stay. They expect their company to be built

upon strong, guiding values. It’s important for Millennials to be

able to get-behind the overarching vision of their workplace.

They also expect customizable benefits and rewards packages,

offering perks like wellness programs. Millennials want their

personal life and aims to be honored, a construct that must be

clear in order for them to stay.

Millennials are eager to continue learning throughout their

lives. Many view their careers as an opportunity for growth and

development. They do not like to be stagnant and will expect

positive change and movement within their jobs.

mILLENNIALS HAvE ExpECTATIONS OF THEIR mANAGERS

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The company will help develop

future skills.

The company has strong

values.

The company offers customizable options.

The company allows a blend of work and life.

The company offers a clear career path.

mILLENNIAL CAREER ExpECTATIONS27

Millennials love to learn. They grew up with a drive towards education, and

long for a lifetime of learning. They desire to learn technical skills in their

area of expertise. Ideally, this should be provided for them through their

place of employment, as they will highly value their employer’s investment

in them. Millennials want to learn about self-management and personal

productivity, as they want to make exceptional contributions. They want to

learn about how to become effective leaders and how to better take initiative

on assigned tasks. Millennials also want to learn more about creativity and

ways to innovate.

LEARNINGThere are several effective ways to train millennials.

Overall, it seems that millennials benefit the most

from more informal training, involving one-on-one

coaching and mentoring. They want management to

show them how to do things, rather than just being

given a guidebook. They appreciate individual and

group mentoring, along with consistent feedback

on their performance.

TRAINING

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TECHNICAL SKILLS

SELF- mANAGEmENT

LEADERSHIp

INDUSTRy & FUNCTIONAL KNOwLEDGE

mILLENNIALS DESIRE TO LEARN

CREATIvITy & INNOvATION STRATEGIES

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6 The cost of millennials

It’s clear that every generation has specific characteristics and perspectives. Each cohort views the concept of work

differently. This is due to their unique cultural experiences and influences from families of origin. Instead of seeing

these characteristics as frustrations or roadblocks, it is important to consider that each generation brings special

gifts to the workforce, as well. But, we can’t ignore that each generation brings significant challenges, too.

BABy BOOmERS GENERATION xMost leaders and executives

today are Baby Boomers.

Ranging in age from late

forties to early sixties, these

professionals are in the prime

years of their careers. As a large

group, they are powerful and in

charge.

In their mid-thirties to late forties, Generation X

makes up the bulk of today’s workforce. They’ve

been settled in their career long enough to

have developed a high level of experience and

expertise. Generation X-ers have likely gained

some notoriety, and are recognized by their

peers for their contributions. They are typically

well-compensated for their skills.

The problem is this: there simply are not an

abundance of Generation X-ers. This generation

is about 40% smaller than the generations

ahead and behind them. As tempting as it is,

management cannot rely too heavily on this

generational cohort to fuel growth.

These are the new kids on

the block, most being in their

twenties or early thirties.

They have been a part of the

workforce for an average of 5-7

years, some just out of school for

a short time.

mILLENNIALS

ExECUTIvES wHO IGNORE THESE GENERATIONAL DIFFERENCES mAy ENDURE LOSS.

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7 millennials are worth the investment

Leadership, management and mentoring techniques must be structured to be effective with this emerging generation.

The top two things to do when managing millennials:

• Expectmorefrommillennials.Theyenjoyhighstandardsandworkexceptionallywellunderpressure.

• Providetrainingandmentoring,especiallyastheyareaccustomedtocontinuededucation.

Without a doubt, Millennials are disrupting some of the traditional leadership and management practices businesses

have long utilized. On the flip side, Millennials bring a fresh perspective to the workforce.33

While Millennials are known to stay with their first professional job for at least one year, they are also more likely to

hop from one job to the next after a few years in the workforce. This trend is a result of Millennials expecting their

mILLENNIALS AND EmpLOyEE TURN OvER

JOB HOppERS

careers to provide them with much more

than just a paycheck. They look for fulfillment.

And why shouldn’t they? Fulfillment could

come through social outreach, personal

accomplishment or a sense they are doing

work that impacts the greater-good.

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A recent survey included responses from hundreds of HR professionals in various

industries, found that 87% of companies reported it costs between $15,000

and$25,000toreplaceeachMillennialemployeetheylose.

When you consider that approximately 40% of companies

employ more than 50 Millennial workers, these costs are

staggering and only expected to rise over the coming

years. Current data shows that more than 60% of millennials

leave their positions in under three years, meaning many

employers are facing an expensive dilemma.

This increase in employee turnover is obviously troubling to

organizations. Turnover costs money, especially if turnover

will only continue to grow as Millennials enter the workforce.

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8 Attracting and retaining millennials

According to participants in a recent survey, 51% of companies state that the expense of training and development

is high when hiring Millennials. Moreover, 71% of companies reported that losing Millennial employees had a big

impact on other employees, increasing the overall workload and stress. In addition, 56% of employers state that it

takes anywhere from 3 to 7 weeks to get a new millennial hire up to speed.

In response to the staggering costs of turnover, some companies are putting retention programs in place. Listed by

order of importance to Millennials, these retention programs address issues like:

Flexibility

mentoring

Internal Hiring & promotions

Community Service programs

Scheduled, time-off, breaks, lunches, paid time off

Informal and formal, individual and small group

RETENTION pROGRAmS

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The results indicated that the majority

of Millennials analyze a job based upon

whether or not they feel it is a good fit

for them. Millennials expect their goals

to be in line with that of their employer.

They must feel their values are honored,

and that there are chances for growth. The

survey also revealed that Millennials are

paid an average salary between $30,000

and $50,000, with some reporting a salary

of $50,000 or greater.

A recent survey asked Millennials about why they stay or leave their jobs. Researchers wondered, what is the main

factor deciding whether or not millennial workers stay with a particular company?

wHy DO mILLENNIALS STAy?

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Of the professionals surveyed, 62% use job boards and

corporate websites to recruit millennials. Believe it or not,

social networking sites trail far behind. Only 9% of human

resources professionals reported using LinkedIn, 3% used

Facebook and only 1% cited Twitter as a resource for

recruiting employees.

HOw DO EmpLOyERS HIRE mILLENNIALS?

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Millennial workers are emerging in the workforce in increasing numbers. Beyond salaries, these young employees

desire a sense of purpose and fulfillment from their work. They also strive for a greater work-life balance.

The problem is, if they don't find fulfillment and work-life balance, they move on.

Dan Schawbel, founder of Millennial Branding says it this way:

wHAT ARE THE TRENDS?

"This generation has different views of the workplace and what a workplace should

be like, and the companies aren't evolving to meet those changes and needs fast

enough. In the years to come, companies are going to have trouble, because if they

can't retain these employees, those costs really add up.”

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Don’t let your workplace turn into a generational battlefield.

Harness the many positives of Millennials in the workforce by

properly attracting and retaining them.

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ATTRACTING, MANAGING & APPRECIATING TODAY’S WORKFORCE