the millennial value system - memafsg.com...our findings, deloitte has conducted the 2017 millennial...
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The Millennial Value SystemSeptember 2017
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The Millennial Value SystemUnderstanding what drives the next generation of leaders – and what we can learn from them
Bradd CraverManaging Director – Carolinas ConsultingManufacturing - Human Capital Deloitte [email protected]
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“You have that power, too…”
A B
In 1977, a group of young actors ushered in a saga that would change movies forever with Star Wars! Now, the millennial generation has awakened!
Luke, Leia, and Han were thrust into the task of
defeating the tyranny of the Empire.
Young heroes Poe, Rey, and Finn must now step
up to challenge, facing threats new and old.
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For today’s millennials…
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In order to support our findings, Deloitte has conducted the 2017 MillennialSurvey to evaluate what a Millennial prioritizes
7900 interviews achieved globally13Have children
Organization size
1-99
Job seniority/level
Organization type
Gender
Education level
100-249
250-999
1000+
2nd Degree, Masters or PhD
University/College Degree
26%
15%
27%
32%
Trainee/apprentice /graduate
Junior level executive
Mid-level executive
Senior executive
Head of department/division
Senior management team/board
Listed / publicly owned business
Privately owned businessState owned or public sector organization
Not for profit organization / charity
Other
Chart1
Sheet1
Sales
1-9939%
100-24961%
250-999
1000+
Chart1
Children
No Children
Column1
44%
56%
0.44
0.56
Sheet1
Column1
Children44%
No Children56%
Chart1
1-99
100-249
250-999
1000+
Sales
0.26
0.15
0.27
0.32
Sheet1
Sales
1-9926%
100-24915%
250-99927%
1000+32%
Chart1
Trainee / Apprentice /Graduate
Junior level executive
Mid-level executive
Senior executive
Head of Department / Division
Senior Management Team / Board
12%
26%
28%
10%
14%
10%
0.12
0.26
0.28
0.1
0.14
0.1
Sheet1
Column1
Trainee / Apprentice /Graduate12%
Junior level executive26%
Mid-level executive28%
Senior executive10%
Head of Department / Division14%
Senior Management Team / Board10%
Chart1
Listed / publicly owned business
Privately owned business
State owned or public sector organization
Not for profit organization / charity
Other
Column1
19%
60%
16%
3%
1%
0.19
0.6
0.16
0.03
0.01
Sheet1
Column1
Listed / publicly owned business19%
Privately owned business60%
State owned or public sector organization16%
Not for profit organization / charity3%
Other1%
Chart1
Degree
2nd Degree
81%
19%
Column1
0.81
0.19
Sheet1
Column1
Degree81%
2nd Degree19%
Chart1
Male
Female
Sales
50%
50%
0.5
0.5
Sheet1
Sales
Male50%
Female50%
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As millennials continue to grow in the workforce, prevailing views of work will shift
Gen Z: 7%
Traditional: 1%
Present day6
Prevailing work environment
• Hierarchical structure• Work direction from
experienced leadership
• Guided supervision
• Primary focus on business objectives
Traditional: 5%
Future state—20207
Future work environment
• Increased access to leadership
• Collaboration across career levels
• Greater autonomy
• Development of meaningful relationships
The population of millennial workers will increase and it is important to understand how to attract, develop, and interact with this generation to develop a sustainable work force
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Millennials are getting us to think differently about how we engage with our people
Talent acquisition Talent development
Performance management
Well-being
Social responsibility
Innovation
Flexibility
Communications
Inclusion
How we attract and develop our
people…
How we interact
at work…How we prioritize
what’s important to
them…
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How we attract and develop our people…
Talent acquisition
Talent development
Performance management
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Attracting and developing millennial talent…
65%of millennials wouldprefer a permanentfull-time job ratherthan working freelanceor as a consultant13
70%of millennial gamers feel gaming helps them learn how to solve problems9
80%of millennials prefer feedback in real time rather than via traditional performance reviews8
Talent acquisition
Talent development
Performance management
How we attract and develop our
people…
“Semi-annual reviews are frustrating to this group. They want to know how they are doing now – not six months from now.”
– Dan Schwabel, TIME10
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How we interact at work…
Communications Innovation Flexibility
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67%feel flexibility has a positiveimpact on productivity13
50%think technology will enhance anorganization’s ability touse people flexibly andincrease time to spendon value added projects13
66%of millennials appreciate plain talking and passion, but reject controversial positions or radical transformation13
Influencing how we interact at work…
9/10millennials want senior people in their company to listen to their ideas and opinions9
92%of millennials state having a flexible job as a top priority11
78%were strongly influenced by how innovative a company was when choosing to work there1
Flexibility
Communications
Innovation
How we interact
at work…
Communications
Flexibility
Automation could be regarded as a route via which, if they adapt accordingly, millennials (andother employees) can increase their influence within organizations rather than see it diminished13
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How we prioritize what is important to them…
Social Responsibility Inclusion
Well-being
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92%of millennials believe that business should be measured by more than profit and should focus on a societal purpose12
Well-being
Social responsibility
Inclusion
How we focus on what’s most
important to them
Focusing on what’s most important to them…
86%of millennials are actively engaged when they believe the organization fosters an inclusive culture3
2XHigher voluntary turnover rate for those returning from an LOA
“I don’t have children but have aging parents and am very happy to see that included as an option for the future for
me if needed. It means a lot.”
76% regard business as a force for positive social impact13
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Driving a Positive Employee Experience – Deloitte POV
MeaningfulWork
SupportiveManagement
Positive WorkEnvironment
GrowthOpportunity
Trust in Leadership
AutonomyClear &
Transparent Goals
Flexible Work Environment
Training & Support on the
Job
Mission & Purpose
Select to Fit Coaching & FeedbackHumanistic Workplace
Facilitated Talent Mobility
Continuous Investment in
People
Small, Empowered
Teams
Investment in Development of
Leaders
Culture of Recognition
Self DirectedDynamic Learning
Transparency & Honesty
Time for SlackModern
Performance Management
Fair, Inclusive, Diverse
Environment
High Impact Learning Culture Inspiration
Cross-Organizational Collaboration & Communications
THE SIMPLY IRRESISTIBLE ORGANIZATION®: A NEW MODEL FOR TODAY’S WORKPLACE
Source: http://dupress.com/articles/employee-engagement-strategies
http://dupress.com/articles/employee-engagement-strategies
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Evolution of the Employee Experience
OLD RULES NEW RULES
Employee experience is defined and measured by annual engagement surveys
Employee experience is defined as a holistic view of life at work, requiring constant feedback,
pulse checks, action, and monitoring
Culture is shared on the website and posters on the wall, but is not measured or defined through behaviors
Company uses tools and behaviors to measure, align, and improve ongoing curation of culture during
change, M&A, and other major initiatives
Companies have separate HR leaders across recruiting, learning, rewards, engagement, and other HR services
Companies have someone responsible for the complete employee experience, focused on employee
journeys, experiences, engagement, and culture
Compensation, benefits, and rewards are managed with a focus on benchmarking and fairness,
via a bell-curve approach
Compensation, benefits, rewards, and recognition are designed to make people’s work life better and to help
balance financial and nonfinancial benefits
Wellness and health programs are focused on safety and managing insurance costs
Companies have an integrated program for employee wellbeing focused on the employee, their family, and
their entire experience in life and at work
Rewards are designed to cover salary, overtime, bonus, benefits, and stock options
Rewards also include nonfinancial components: meals, leaves, vacation policy, fitness, wellness programs, etc.
Employee HR self-service is viewed as a technology platform that makes it easy to complete
HR transactions and reports
The employee experience platform is intuitively designed, mobile, and includes digital apps, prescriptive
solutions based on employee journeys, and ongoing communications that support and inspire employees
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Rewards
Rethinking Rewards to Enhance the Employee Experience
Case Example: Wellbeing
Program Design
• Align with overall strategy• Define rewards broadly• Reflect employee input• Make it simple
Unified Wellbeing (Physical, Mental, Financial, and Social) programs driven by employee input and focused on defined
outcomes
Service Delivery
• Bring it all together—portals• Align with broader talent/HR• Leverage mobile• Support global mobility
Integrated wellbeing portal that links all relevant programs and
vendors with easy to use interfaces and supported by new
and emerging apps
Communications
• Develop a brand• Market it • Promote education and
awareness• Keep it relevant and timely
Holistic, branded communications using multiple marketing channels
with purposeful focus on the employee journey
(recruitment to retirement)
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Key Lessons to Guide Implementation
Be clear about where you want to go (and why)
Understand where you are coming from
Don’t try to boil the ocean
Take people with you
It’s not always about transformation
1
2
3
4
5
Create a business case and roadmap to guide efforts
Assess current state and update via pulse checks
Set up sprints to address elements of SI framework
Manage change by increasing involvement
Small, simple changes can have big impacts
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Table Discussions / Q&A…
Talent acquisition Talent development
Performance management
Well-being
Social responsibility
Innovation
Flexibility
Communications
Inclusion
How we attract and develop our
people…
How we interact
at work…How we prioritize
what’s important to
them…
Spend the next 5-10 min at your tables discussing the Millennials’ impacts on the Talent lifecycle
• What do you feel are the greatest challenges – and opportunities – in addressing the needs of the millennial generation?
• What can we learn from this generation to make our organizations stronger?
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Thank you! Bradd CraverManaging Director – Carolinas ConsultingManufacturing - Human Capital Deloitte LLP
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Endnotes
1 Deloitte Touche Tohmatsu Limited. “Big demands and high expectations: The Deloitte Millennial Survey,” January 2014. 2 Danschawbel.com. “74 of the Most Interesting Facts about the Millennial Generation,” June 25, 2013.3 Smith, Christie and Turner, Stephanie. “The Radical Transformation of Diversity & Inclusion: The Millennial Influence,” 20154 Pew Research Center. “Millennials in Adulthood,” March 7, 2014.5 Coca-Cola Company. “Work/Life Balance: What it Means to Millennials,” October 1, 2014. 6 Bureau of Labor Statistics, Employment Status of Civilian Population, 2012.7 The Generational Workforce of the Future, Hogan Assessments, June 2012.8 UNC Kenan-Flagler Business School. “Maximizing millennials,” 2013. 9 Media Daily News. “Turning on the “no-collar” Workforce,” May 15, 2012.10 TIME. “Millennials vs. Baby Boomers: Who Would You Rather Hire?” March 29, 2012.11Benko, Anderson. The Corporate Lattice, p 2, 2010.12 Deloitte Touche Tohmatsu Limited. “What is business for? The Millennial Survey,” 2011.13 Deloitte Touche Tohmatsu Limited. “The 2017 Deloitte Millennial Survey Apprehensive millennials: Seeking stability and opportunities in an uncertain world,” January 2017.
https://www2.deloitte.com/content/dam/Deloitte/global/Documents/About-Deloitte/gx-dttl-2014-millennial-survey-report.pdfhttp://danschawbel.com/blog/74-of-the-most-interesting-facts-about-the-millennial-generation/http://www.pewsocialtrends.org/2014/03/07/millennials-in-adulthood/http://www.coca-colacompany.com/stories/work-life-balance-what-it-means-to-millennialshttp://onlinemba.unc.edu/blog/geny-in-the-workplace/http://www.mediapost.com/publications/article/170109/turning-on-the-no-collar-workforce.htmlhttp://business.time.com/2012/03/29/millennials-vs-baby-boomers-who-would-you-rather-hire/#ixzz1uyNaE9bw
Slide Number 1Slide Number 2“You have that power, too…”For today’s millennials…Slide Number 5As millennials continue to grow in the workforce, prevailing views of work will shiftMillennials are getting us to think differently about how we engage with our peopleHow we attract and develop our people…�Attracting and developing millennial talent…How we interact at work…�Influencing how we interact at work…How we prioritize what is important to them…�Focusing on what’s most important to them…Driving a Positive Employee Experience – Deloitte POVEvolution of the Employee ExperienceRethinking Rewards to Enhance the Employee ExperienceKey Lessons to Guide ImplementationTable Discussions / Q&A…Slide Number 19Endnotes