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Millennials at Work

Understanding YourFuture Workforce

Presentation at the 2013Financial Management InstitutePD Week

Presenters

Lori WatsonPartner

Ryan LotanDirector

Franck HounzangbeSenior Associate

www.pwc.com/ca


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Today we will discuss

Why workplace generations matter;

What we have learned about Gen Y; and

What this means to you as a manager or employer.

Millennials at WorkUnderstanding Your Future Workforce2


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Are generations really that different?

3Millennials at WorkUnderstanding Your Future Workforce

Who are the Boomers,Gen X and Gen Y?

1. What is their focus when it comesto work?

2. What is their preferredcommunications style?

3. What comes first?


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Baby Boomers(Born between 1943 1960)

General characteristics

Focus is on quality andefficiency

See life as an adventure

Prefer to communicate inperson

Interested in traditionalforms of reward (e.g. bonus,

raise, promotion) Prioritize work first

Millennials at WorkUnderstanding Your Future Workforce 4


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Generation X(Born between 1961 1981)


Focus is getting the job done

Like being independent

See work as a challenge Enjoy direct communication

(in person/phone)

Less concerned aboutpromotion

Want freedom and flexibility

Want work/life balance



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The Millennial Generation / Generation Y(Born between 1982 2000)


Always looking to the future

Goal orientated

See work as a means to anend

Prefer communicating viaemail and social media

Desire instant feedback and

recognition where it is due

Want balance between workand life.



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Why care about these differences?


People in different age groupstend to share a distinct set ofattitudes and behavior due to

their coming of age during aparticular period in history.

Strauss and Howe,Generations(1991)


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A Deeper Dive: PwCs Millennials at work study

Global survey with millennials from 75countries.

4,364 respondents, including 1,470PwC employees and 2,894 other

graduates. In Canada, 75 individuals responded to

the survey.

All respondents were 31 years of age oryounger and had graduated between

2008 and 2011. 75% were employed or about to start a

new job.

Detailed results available at:

www.pwc.com/millennialsatwork

http://www.pwc.com/millennialsatworkhttp://www.pwc.com/millennialsatwork


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Do you believe that Millennials will bebetter off than their parents generation?


Although this generation is likely to be the firstin living memory that is worse off than their

parents, 67%of Millennials still expect to bebetter off.


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Millennials have made compromises to get work

32%

17% 17%15% 14% 14% 14% 14%

6%

28%

0%

5%

10%

15%

20%

25%

30%

35%

Takingalowersalarythan

expe

cted

Workinga

wayfrommy

preferredlocation

Feweradditionalb

enefitsthanI

hopedfor

Workingoutside

mypreferred

sector

Morelimitedopp

ortunitiesfor

advancementtha

nIhopedfor

Workingoutside

mypreferred

jobro

le

Workingforanorganisationthat

wasnotmyfirstchoice

TakingajobforwhichIam

over-qu

alified

Othercompromise(s)

NoI

didnothave

tomakeany

comprom

ises

Which compromises do you believe are the most acceptable to millennials to

get into work?

10Base: Those employed/ due to start work for an employer shortly

Millennials at WorkUnderstanding Your Future Workforce

??????????


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Money isnt everything.


Knowing that the company values itsprofessionals and has a solid professionaldevelopment scheme and concern for holdingon to talent.

Male graduate, Brazil


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Millennials are attracted to employers who canoffer more than just good pay


52%

44%

35%

31%

21%

20%

15%

15%

15%

10%

8%

8%

1%

0% 20% 40% 60%

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 own

A reputation as an employer of the best and

The employer brand

Diversity/ equal opportunities record

The sector in which the organisation operates

Other

What makes an organization an attractive employer?

Base: All graduates


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Millennials expect to keep on learningand spend a high proportion of theirtime gaining new experiences andabsorbing new information.



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Overall, over of graduates agree they enjoy workingwith older senior management, while only 4% disagree.


Millennials believe they have a lot to learn fromsenior management, and are comfortable working

with other generations

76%

4%

0%

20%

40%

60%

80%

100%

Agree Disagree

Enjoy working with senior

management of an older generationand believe I can learn a lot from them

Base: All graduates

three quarters (76%)


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Millennials want regular feedback from managers

on their performance at work Millennials want and expect detailed, regular feedback and praise for a job

well done.


The most valued opportunity is the chance to workwith strong coaches and mentors

46% of employed millennials said the development opportunities offered bytheir employer influenced their choice to accept the job.


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Millennials expect employers to have aflexible approach to "how" work isdone they want to be able to work in

the way that suits them best


70% expect some degree of flexibility in theirworking hours.

78% believe that using the technology theylike makes them more effective at work.


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Many millennials have found opportunities forprogression to be limited since starting work

57%

32%

26%

29%

17%

39%

Employed ina graduate

job

Employed ina non

graduate job

Satisfied Neither Dissatisfied

There is a strong appetite among millennials forworking abroad

would like to work outside of their home country in their career.71%


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Will millennials be loyal?


Most millennials expect to have between twoand five employers in their careers.

The most popular course among millennials isto stay in the same field, progressing through avariety of organizations.


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The millennial generation is allabout:

1. Flexibility

2. Feedback

3. Options

4. Development


Given the Federal Government context, what

are the levers available to managers tostimulate their millennial workforce?


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For more information, please contact:

Lori WatsonPartner, Financial Effectiveness

613 755 4358

[email protected]

Ryan Lotan

Director, Operations

613 782 2979

[email protected]

Franck Hounzangbe

Senior Associate, Financial Effectiveness

613 755 5901, ext. 2182

[email protected]

www.pwc.com/ca/20Millennials at WorkUnderstanding Your Future Workforce
mailto:[email protected]:[email protected]:[email protected]:[email protected]


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Thank-you

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This publication has been prepared for general guidance on matters of interest only,and does not constitute professional advice. You should not act upon the information

contained in this publication without obtaining specific professional advice. Norepresentation or warranty (express or implied) is given as to the accuracy orcompleteness of the information contained in this publication, and, to the extentpermitted by law, PricewaterhouseCoopers LLP, its members, employees and agentsdo not accept or assume any liability, responsibility or duty of care for anyconsequences of you or anyone else acting, or refraining to act, in reliance on theinformation contained in this publication or for any decision based on it.

2012 PricewaterhouseCoopers LLP. All rights reserved. In this document, PwCrefers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership, which

is a member firm of PricewaterhouseCoopers International Limited, each member firmof which is a separate legal entity.

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