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Hiring and Managing the Millennial Generation
http://www.scottdaviscre.com
GI
(1901-1924)
Silent
(1925-1942)
Baby Boom
(1943-1960)
Gen X
(1961-1980)
Millennial
(1981-2004)
Homeland
(2005-)
No, I've never
noticed, 16%
Yes, there are, but
they NEVER pose
challenges, 12%
Yes, they
SOMETIME
S/OFTEN
pose
challenges,
72%
Neil Howe & Reena Nadler, WHY GENERATIONS MATTER: Ten Findings from LifeCourse
Research on the Workforce, Feb 28, 2012
"I see no hope for the future of
our people if they are
dependent on the frivolous
youth of today, for they are
reckless beyond words. When I
was young, we were taught to
be discreet, respectful of elders,
but the present youth are
exceedingly disrespectful and
impatient.“
– Socrates, c. 400 BC
Image credit: marzolino / 123RF Stock Photo
•Open-minded, expert
•Sentimental
•Value due process
•Children of Nomad
•Children in Crisis
•Principled, creative
•Ruthless, narcissistic
•Value vision, values
•Children of Hero
•Children in High
•Rational, Competent
•Unreflective, bold
•Value community
•Children of Prophet
•Elder in Awakening
•Pragmatic
•Cynical
•Value liberty, survival
•Children of Artist
•Children in
Awakening
Nomad Hero
ArtistProphet
• Silent
• Homeland
• Boomers
• GI
• Millennials
• Gen X
Nomad Hero
ArtistProphet
Nomad
Washington
Hero
Jefferson
Artist
T Roosevelt
Prophet
LincolnImage credit: paolag / 123RF Stock Photo
Hero: GI (1901-1924), Millennial
(1981-2004)
Artist: Silent (1925-1942), Homeland
(2005-Present)
Prophet: Baby Boom (1943-1960)
Nomad: Generation X (1961-1980)
16,000
17,000
18,000
19,000
20,000
21,000
22,000
23,000
24,000
Under
5 years
5 to 9
years
10 to
14
years
15 to
19
years
20 to
24
years
25 to
29
years
30 to
34
years
35 to
39
years
40 to
44
years
45 to
49
years
50 to
54
years
55 to
59
years
60 to
64
years
65 to
74
years
75 to
84
years
85
years
and
over
Baby Boomers
81 million
Generation X
61 million
Millennials
85 million
Homeland
41 million
Silent & GI
58 million
World Economic Forum, Stimulating Economies Through Tenant Mobility, 2010
Shortage
Equilibrium
Surplus
Be Prepared for a More Diverse
Workforce and Customer Base
72% 65% 58%
48%
39% 36% 32% 30%
9%
14% 20%
29%
36% 39% 42% 44%
19% 18% 18% 17% 17% 17% 17% 17%
3% 3%
7% 7% 8% 9% 10%
1970 1980 1990 2000 2010 2020 2030 2040
White Hispanic Black Other
Source: HGAC Demographic Model
Millions
200
250
300
350
400
450
1970 1980 1990 2000 2010 2020 2030 2040 2050
Millions
Immigrants and
Descendants
since 1970
Growth from Descendants
Of 1970 Residents
Source: US Bureau of the Census, SUSPS Overview, http://www.susps.org/overview/numbers.html
70% of US Growth
1990 – 2050 will be
From immigrants since 1970
Presentation to Security State Bank
Image credit: michaeljung / 123RF Stock Photo
Presentation to Security State Bank
 Protecting through involvement
 What’s best for the GROUP of children
 Giving children what they need to be
successful
 Aspirational – you can do anything!
 Everybody wins
Adapted from Frank N. Magid Associates, The Pluralist Generation, 2012
I trust Mom &
Dad
Mom & Dad
always give me
good advice
I listen to Mom
& Dad
Boss reminds of
Mom & Dad
I’ll listen to
Boss
Adapted from Nicole Lipkin and April Perrymore, Y in the Workplace: Managing the "Me
First" Generation, 2010
Presentation to Security State Bank
70% 71%
81%
12%
8%
14%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Baby Boomer Generation X Millennials
Importance Satisfaction
LifeCourse Associates, INDEPENDENT INSURANCE AGENTS AND BROKERS: THE
GENERATION GAP, 2012
$0.15
$0.26
$0.28
$- $0.05 $0.10 $0.15 $0.20 $0.25 $0.30
Wage
Shredded Ignored Acknowledged
Dan Ariely, Emir Kamenica and Drazen Prelec (2008), “Man’s Search for Meaning: The Case
of Legos.” Journal of Economic Behavior and Organization. Vol. 67: 671-677.
Authority – How to be an authority to older
customers
Communications competence – talk on the phone
Endurance – stick with the program long enough to
be successful
Social Networking – how to leverage your social
network for business, and how to do old-school in
person networking
• 15% of managers already
are Millennials
• 25% of Baby Boomers say
they will never retire
• Extension of careers
beyond traditional
retirement age will have
same impact as women
entering the workforce
did
Image credit: michaeljung / 123RF Stock Photo
Help the client identify explicit need
Let the client know you understand the need
Bring focus on how your solution (you) solves
the need
ASK FOR THE BUSINESS
5% 80% 10% 5%
Successful sales professionals put their main
effort here.
PRELIMINARIES
INVESTIGATING
DEMONSTRATING
CAPABILITIES
OBTAINING
COMMITMENT
Presentation to Security State Bank
Sales call
reluctance is
the fear of
self-
promotion in
professional
sales.
Image credit: stlylephotographs / 123RF Stock Photo
Type of Objection Example Where it Comes From Answers
“Now is not agood time.” Short on time or prospect doesn't see value or benefit. When is agood time? If no good time ask when not to call.
“Too soon; 3 years left on my lease.” Prospect doesn't see the value or benefit.
Qualify prospect size - satisfaction with current building.
For the right prospect, we can help now.
“Too busy.” Short on time or prospect doesn't see value or benefit.
When is agood time? If no good time ask when not to call.
Ask if they have concerns to address so you are prepared
for the meeting.
“Call me back…” Unanswered obejction.
When is agood time? If no good time ask when not to call.
Ask if they have concerns to address so you are prepared
for the meeting.
“Get to the point.” Short on time; or you may be waffling.
Give quick summary of benefits and ask for an appt for
more detail.
“How longwill it take?” Unanswered obejction.
Set ashort period of time and give quick summary of
benefits. Ask if they have any concerns about space, etc.
“Waste of time.” Prospect doesn't see the value or benefit.
Ask if they want abenefit that you are offering, give them
some case studies detailingbenefit.
“I already have abroker.” Prospect has abroker or doesn't trust you.
Who is it? What are they doing? Why did you select this
broker? When was the last time you talked with them?
“I handle the lease myself.” Doesn't understand value or hidinganother objection.
What are you doingto renew the lease? Educate the
prospect, offer to team up.
“I’m talkingwith other brokers.” Prospect has abroker or doesn't trust you.
When are you lookingto make adecision? What criteria
are you using? Do they have experience in this area?
What other concerns do you have that need to be
addressed?
“I have family/afriend in the business.” Prospect doesn't trust you.
What kind of real estate do they practice?When was the
last time you talked with them about this? Can we work
with them?Offer areferral fee.
“I always use the same guy/you’re not as good as my
guy/etc”
Doesn't trust you or doesn't understand value, also may
have been introduced to another broker by atrusted
advisor.
Offer asecond opinion, see if you can offer increased
service level, ask what they like about the broker and why
they selected them.
“My broker reimburses fees.”
Existingbroker probably reimburses fees, or someone has
proposed fee sharing.
You may have to consider it for the right prospect --
discuss with management before agreeingto any fee split.
Instead focus on our value over competitors, and consider
Noteson Objections
TimeCompetition
1Q2011 Brainstorming Seminar
• Learn 7 Cs of
Communication:
• Clear
• Concise
• Concrete
• Correct
• Coherent
• Complete
• Courteous
Image credit: michaeljung / 123RF Stock Photo
Presentation to Security State Bank
Presentation to Security State Bank
46%
36%
32%
0%
10%
20%
30%
40%
50%
Boomer Gen X Millennial
Percentage who DISAGREE: "I believe in
working only so long as it adds value for the
client or customer. Working harder or longer
is pointless."
Neil Howe & Reena Nadler, WHY GENERATIONS MATTER: Ten Findings from LifeCourse
Research on the Workforce, Feb 28, 2012
0
5000
10000
15000
20000
25000
30000
35000
11-Jan 11-Feb 11-Mar 11-Apr 11-May 11-Jun 11-Jul 11-Aug 11-Sep 11-Oct 11-Nov 11-Dec
Anticipated Calls Cumulative Calls
Opportunity
Gap
Category Metric
Anticipated Calls 32,700
Cumulative Calls 26,501
Missed Calls (6,199)
Missed Meetings (32)
Missed Deals (1/4) (8)
Average Commission $30,000
Missed Revenue $(240,000)
• Younger advisors
managed on average $8
million more than
advisors over age 50
• Younger advisors receive
3x more referrals than
older advisors
Image credit: ilona75 / 123RF Stock Photo</a>
 Introduce two other connectors
 Introduce two people with an idea in mind
 Have a dinner of interesting people
 Follow up
 Re-establish contact
 Show up
 Interview people
 Produce something of value
 Time
Image credit: Ratchanida Thippayos / 123RF Stock
Photo
James Altrucher, Become a SuperConnector, October 2011
 Be brutally honest in the interview
 Don’t hire them if you sense a whiff of entitlement
 Do a hunger check
 Everyone announces themselves in the interview
 Shake them up a little
 When you find the good ones, help them move up – even if that means losing them
Lesley Jane Seymour, How I Hire: 6 Ways I Find and Hire Hardworking Millennials, Sept 24,
2103
22%
21%
10%
-41%
-41%
-48%
-65%
-25%
-37%
-80% -60% -40% -20% 0% 20% 40%
Profitability
Productivity
Customer
Quality (Defects)
Patient Safety Incidents
Safety Incidents
Low-Turnover Orgs
High-Turnover Orgs.
Absenteeism
Gallup, State of the American Workforce: Employment Engagement Insights for US Business
Leaders, 2013
Hiring and Managing the Millennial Generation

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Presentation to Security State Bank

  • 1. Hiring and Managing the Millennial Generation
  • 4. No, I've never noticed, 16% Yes, there are, but they NEVER pose challenges, 12% Yes, they SOMETIME S/OFTEN pose challenges, 72% Neil Howe & Reena Nadler, WHY GENERATIONS MATTER: Ten Findings from LifeCourse Research on the Workforce, Feb 28, 2012
  • 5. "I see no hope for the future of our people if they are dependent on the frivolous youth of today, for they are reckless beyond words. When I was young, we were taught to be discreet, respectful of elders, but the present youth are exceedingly disrespectful and impatient.“ – Socrates, c. 400 BC Image credit: marzolino / 123RF Stock Photo
  • 6. •Open-minded, expert •Sentimental •Value due process •Children of Nomad •Children in Crisis •Principled, creative •Ruthless, narcissistic •Value vision, values •Children of Hero •Children in High •Rational, Competent •Unreflective, bold •Value community •Children of Prophet •Elder in Awakening •Pragmatic •Cynical •Value liberty, survival •Children of Artist •Children in Awakening Nomad Hero ArtistProphet
  • 7. • Silent • Homeland • Boomers • GI • Millennials • Gen X Nomad Hero ArtistProphet
  • 9. Hero: GI (1901-1924), Millennial (1981-2004) Artist: Silent (1925-1942), Homeland (2005-Present) Prophet: Baby Boom (1943-1960) Nomad: Generation X (1961-1980)
  • 10. 16,000 17,000 18,000 19,000 20,000 21,000 22,000 23,000 24,000 Under 5 years 5 to 9 years 10 to 14 years 15 to 19 years 20 to 24 years 25 to 29 years 30 to 34 years 35 to 39 years 40 to 44 years 45 to 49 years 50 to 54 years 55 to 59 years 60 to 64 years 65 to 74 years 75 to 84 years 85 years and over Baby Boomers 81 million Generation X 61 million Millennials 85 million Homeland 41 million Silent & GI 58 million
  • 11. World Economic Forum, Stimulating Economies Through Tenant Mobility, 2010 Shortage Equilibrium Surplus
  • 12. Be Prepared for a More Diverse Workforce and Customer Base 72% 65% 58% 48% 39% 36% 32% 30% 9% 14% 20% 29% 36% 39% 42% 44% 19% 18% 18% 17% 17% 17% 17% 17% 3% 3% 7% 7% 8% 9% 10% 1970 1980 1990 2000 2010 2020 2030 2040 White Hispanic Black Other Source: HGAC Demographic Model Millions
  • 13. 200 250 300 350 400 450 1970 1980 1990 2000 2010 2020 2030 2040 2050 Millions Immigrants and Descendants since 1970 Growth from Descendants Of 1970 Residents Source: US Bureau of the Census, SUSPS Overview, http://www.susps.org/overview/numbers.html 70% of US Growth 1990 – 2050 will be From immigrants since 1970
  • 15. Image credit: michaeljung / 123RF Stock Photo
  • 17.  Protecting through involvement  What’s best for the GROUP of children  Giving children what they need to be successful  Aspirational – you can do anything!  Everybody wins Adapted from Frank N. Magid Associates, The Pluralist Generation, 2012
  • 18. I trust Mom & Dad Mom & Dad always give me good advice I listen to Mom & Dad Boss reminds of Mom & Dad I’ll listen to Boss Adapted from Nicole Lipkin and April Perrymore, Y in the Workplace: Managing the "Me First" Generation, 2010
  • 20. 70% 71% 81% 12% 8% 14% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Baby Boomer Generation X Millennials Importance Satisfaction LifeCourse Associates, INDEPENDENT INSURANCE AGENTS AND BROKERS: THE GENERATION GAP, 2012
  • 21. $0.15 $0.26 $0.28 $- $0.05 $0.10 $0.15 $0.20 $0.25 $0.30 Wage Shredded Ignored Acknowledged Dan Ariely, Emir Kamenica and Drazen Prelec (2008), “Man’s Search for Meaning: The Case of Legos.” Journal of Economic Behavior and Organization. Vol. 67: 671-677.
  • 22. Authority – How to be an authority to older customers Communications competence – talk on the phone Endurance – stick with the program long enough to be successful Social Networking – how to leverage your social network for business, and how to do old-school in person networking
  • 23. • 15% of managers already are Millennials • 25% of Baby Boomers say they will never retire • Extension of careers beyond traditional retirement age will have same impact as women entering the workforce did Image credit: michaeljung / 123RF Stock Photo
  • 24. Help the client identify explicit need Let the client know you understand the need Bring focus on how your solution (you) solves the need ASK FOR THE BUSINESS
  • 25. 5% 80% 10% 5% Successful sales professionals put their main effort here. PRELIMINARIES INVESTIGATING DEMONSTRATING CAPABILITIES OBTAINING COMMITMENT
  • 27. Sales call reluctance is the fear of self- promotion in professional sales.
  • 28. Image credit: stlylephotographs / 123RF Stock Photo
  • 29. Type of Objection Example Where it Comes From Answers “Now is not agood time.” Short on time or prospect doesn't see value or benefit. When is agood time? If no good time ask when not to call. “Too soon; 3 years left on my lease.” Prospect doesn't see the value or benefit. Qualify prospect size - satisfaction with current building. For the right prospect, we can help now. “Too busy.” Short on time or prospect doesn't see value or benefit. When is agood time? If no good time ask when not to call. Ask if they have concerns to address so you are prepared for the meeting. “Call me back…” Unanswered obejction. When is agood time? If no good time ask when not to call. Ask if they have concerns to address so you are prepared for the meeting. “Get to the point.” Short on time; or you may be waffling. Give quick summary of benefits and ask for an appt for more detail. “How longwill it take?” Unanswered obejction. Set ashort period of time and give quick summary of benefits. Ask if they have any concerns about space, etc. “Waste of time.” Prospect doesn't see the value or benefit. Ask if they want abenefit that you are offering, give them some case studies detailingbenefit. “I already have abroker.” Prospect has abroker or doesn't trust you. Who is it? What are they doing? Why did you select this broker? When was the last time you talked with them? “I handle the lease myself.” Doesn't understand value or hidinganother objection. What are you doingto renew the lease? Educate the prospect, offer to team up. “I’m talkingwith other brokers.” Prospect has abroker or doesn't trust you. When are you lookingto make adecision? What criteria are you using? Do they have experience in this area? What other concerns do you have that need to be addressed? “I have family/afriend in the business.” Prospect doesn't trust you. What kind of real estate do they practice?When was the last time you talked with them about this? Can we work with them?Offer areferral fee. “I always use the same guy/you’re not as good as my guy/etc” Doesn't trust you or doesn't understand value, also may have been introduced to another broker by atrusted advisor. Offer asecond opinion, see if you can offer increased service level, ask what they like about the broker and why they selected them. “My broker reimburses fees.” Existingbroker probably reimburses fees, or someone has proposed fee sharing. You may have to consider it for the right prospect -- discuss with management before agreeingto any fee split. Instead focus on our value over competitors, and consider Noteson Objections TimeCompetition 1Q2011 Brainstorming Seminar
  • 30. • Learn 7 Cs of Communication: • Clear • Concise • Concrete • Correct • Coherent • Complete • Courteous Image credit: michaeljung / 123RF Stock Photo
  • 33. 46% 36% 32% 0% 10% 20% 30% 40% 50% Boomer Gen X Millennial Percentage who DISAGREE: "I believe in working only so long as it adds value for the client or customer. Working harder or longer is pointless." Neil Howe & Reena Nadler, WHY GENERATIONS MATTER: Ten Findings from LifeCourse Research on the Workforce, Feb 28, 2012
  • 34. 0 5000 10000 15000 20000 25000 30000 35000 11-Jan 11-Feb 11-Mar 11-Apr 11-May 11-Jun 11-Jul 11-Aug 11-Sep 11-Oct 11-Nov 11-Dec Anticipated Calls Cumulative Calls Opportunity Gap
  • 35. Category Metric Anticipated Calls 32,700 Cumulative Calls 26,501 Missed Calls (6,199) Missed Meetings (32) Missed Deals (1/4) (8) Average Commission $30,000 Missed Revenue $(240,000)
  • 36. • Younger advisors managed on average $8 million more than advisors over age 50 • Younger advisors receive 3x more referrals than older advisors Image credit: ilona75 / 123RF Stock Photo</a>
  • 37.  Introduce two other connectors  Introduce two people with an idea in mind  Have a dinner of interesting people  Follow up  Re-establish contact  Show up  Interview people  Produce something of value  Time Image credit: Ratchanida Thippayos / 123RF Stock Photo James Altrucher, Become a SuperConnector, October 2011
  • 38.  Be brutally honest in the interview  Don’t hire them if you sense a whiff of entitlement  Do a hunger check  Everyone announces themselves in the interview  Shake them up a little  When you find the good ones, help them move up – even if that means losing them Lesley Jane Seymour, How I Hire: 6 Ways I Find and Hire Hardworking Millennials, Sept 24, 2103
  • 39. 22% 21% 10% -41% -41% -48% -65% -25% -37% -80% -60% -40% -20% 0% 20% 40% Profitability Productivity Customer Quality (Defects) Patient Safety Incidents Safety Incidents Low-Turnover Orgs High-Turnover Orgs. Absenteeism Gallup, State of the American Workforce: Employment Engagement Insights for US Business Leaders, 2013
  • 40. Hiring and Managing the Millennial Generation

Notas del editor

  1. Why can’t we all just get along?
  2. I see no hope for the future of our people if they are dependent on the frivolous youth of today, for they are reckless beyond words. When I was young, we were taught to be discreet, respectful of elders, but the present youth are exceedingly disrespectful and impatient.“ – Socrates, 400 BC
  3. Preparation is the key to overcoming call reluctance. We discussed their fears over the phone. I worked with them to develop scripts and we role-played calls. Some of them were a little rough, but I wanted them to think that those practice calls were worse than anything they would encounter in real life, and they survived. We had a session with our best senior caller and each young broker listed the objections they found challenging and we made a chart for each one to put by the phone in their office.
  4. The second explanation is that they have a dramatically different view of time. As Cam Marston says in Managing the What’s in it for Me Workforce: To the Boomers and Matures, time was something they had to invest in their careers. They became workaholics because they invested their extra time back into their work. To them, time is/was cheap, and giving it back to an employer through long hours of work was expected. To Gen Xers and New Milliennials, time is expensive and needs to be controlled as closely and tightly as money itself. Time has become a very real currency, just like dollars themselves, and giving control of it to the workplace is definitely not a part of a plan to become successful.   When I look at my own kids, and how overscheduled they are today and know that the millennials grew up in that same environment, I can appreciate how they value control of their time. Richard Sweeney, Millennial Behaviors & Demographics, New Jersey Institute of Technology, December 22, 2006 Millennials prefer to keep their time and commitments flexible longer in order to take advantage of better options; they also expect other people and institutions to give them more flexibility. They want to “time and place shift” their services, to have them where and when they are ready. They want more granularity in the services so they can be interrupted and finish when they are ready without any loss or productivity.
  5. We measured calls, meetings, and revenue per transaction. Over the course of a year, we found our trainees were 6,000 calls short of their targets – only about 15 calls per week per associate short.
  6. We were able to show that the short fall – 15 calls per week – based on call to meeting ratios, deal closing ratios and average commissions – resulted in $250,000 in lost opportunities. This is the kind of data we started integrating into our onboarding materials. Although this shortfall represented a small percentage of the company’s revenue, it should have represented about $20,000 per new agent – a significant amount for trainees who worked on straight commission.
  7. Gallup surveys revealed that slightly more than one-third of non-executives and non-managers strongly agreed that they understand their company’s brand promise and brand differentiation – and these are the employees who likely interact with customers every day.