millennials: who are they and why you should care_who_are_the.pdf · 2018-04-04 · how each...

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Millennials: Who are They and Why You Should Care

Sarah Simoneaux, CPC, President, Simoneaux & Stroud Consulting

Services

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Sarah Simoneaux, CPC, President, Simoneaux & Stroud Consulting Services

Sarah Simoneaux is the founder and president of Simoneaux

Consulting Services. SCS specializes in strategic planning,

business consulting, qualified plan technology consulting,

retirement plan services firms’ best practice development, and

qualified plan technical and soft skills training. SCS’ nationwide

customer base includes third party administrators, recordkeepers,

financial institutions, financial advisors, broker dealers, and other

service providers in the retirement services industry. Ms.

Simoneaux earned her Certified Pension Consultant designation

with the American Society of Pension Professionals and

Actuaries (ASPPA) in 1988, and she served as President of

ASPPA in 2005-2006.

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Sarah Simoneaux, CPC, President, Simoneaux & Stroud Consulting Services

She served as a Technical Education Consultant for the Enrolled

Retirement Plan Agent (ERPA) education program and as an

ASPPA Educational Programs Advocate. She is the author of

the textbook, Retirement Plan Consulting for Financial

Professionals, and is the author of the NAPA Certified Plan

Fiduciary Advisor online course. She recorded the ASPPA DC-1

web course used in the ASPPA Qualified 401(k) Administrator

(QKA) and Qualified Pension Administrator (QPA) programs.

She is a regular columnist in ASPPA’s Plan Consultant and

NAPA’s NAPA Net magazines, and co-authors a quarterly

column in The Journal of Pension Benefits on retirement

organizations’ best practices.

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© Simoneaux & Stroud Consulting Services www.scs-consultants.com

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The Generations and Influences

Baby Boomers born

1946 – 1964

Gen Xers born

1965 – 1980

Millennials (Gen Y) born

1981 – 2000


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What happened when you were in

junior high and high school?

Baby Boomers born

1946 – 1964

Gen Xers born

1965 – 1980

Millennials (Gen Y) born

1981 – 2000

Challenger explosion

AIDS

Parental disruption

Clinton administration

CNN, USA Today,

Internet

Columbine

9/11 – terrorism

Recession-Housing

Difficulty finding work

Global economy

Social networking/blogs

JFK, RFK, MLK;

Viet Nam/Cold War;

Man on moon;

Watergate;

Civil & women’s rights


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How Each Generation Works

Boomers

• Tell me what to do

Gen X

• Tell me what to do and when to have it done

• Let me figure out how to do it by myself

• Let me do it in regular work hours

Millennials

• Tell me what, when and how

• Also tell me why!

• I’ll see if I can figure out a better way

• Let me work with my friends

• I have a fear of failure and conflict

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We asked Millennials, “What are the most important values a business should

follow if it is to have long-term success?”

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This generation evaluates such success in ways that go beyond a focus on

financial performance, increasing the focus on activities and behaviors

that support long-term sustainability.

Millennials are not naive, though. While they certainly wish to see a greater focus on

the needs of the individual, whether employees or those who use their products and

services, they simultaneously demonstrate an appreciation of business fundamentals.

This generation is acutely aware of the impact of the Great Recession and closely

attuned to changing economic conditions. They, therefore, recognize the importance

of ensuring the long-term success of a business and its ability to support and create

jobs.

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When salary or other financial benefits are removed from the equation,

work/life balance and opportunities to progress or take on leadership roles stand

out.

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They are more likely to report high levels of satisfaction

where there is a creative, inclusive working culture (76

percent) rather than a more authoritarian, rules-based

approach (49 percent).

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Teran and his team learned that traditional markers of success — education, experience in the industry, recommendations from employers — were not tightly correlated with success at Q. Instead, Teran said, the two crucial personal characteristics are optimism and empathy.

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Adam Henderson of Millennial Mindset:

“If you can’t trust your employees to work

flexibly, why hire them in the first place?”

“A flexible approach to work also helps

businesses retain their best talent as they are

giving their employees an option to do great

work, but in a way that fits their lifestyles,

providing a win-win scenario for all.”

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“Soft” Skills Training

Management/leadership skills

Giving/accepting constructive criticism

Dealing with rejection (sales)

Dealing with confrontation (difficult customers)

Communication styles and etiquette

Web “hygiene”

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Facilitate; establish “rules”

Create multi-generational groups

Brainstorm strategic topics

Involve staff in implementation of ideas


Brainstorming Promote Collaboration and Get Buy-in

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Takeaways

millennials: who are they and why you should care_who_are_the.pdf · 2018-04-04 · how each...

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