Millennials Can't Be Managed
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This presentation discusses how to best recruit, engage, and retain Millennials in today’s workforce.
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Millennials Can't Be Managed
- 1. Recruiting, Engaging, and Retaining! Millennials in Today’s Workplace! YOU CAN’T MANAGE MILLENNIALS #InsightSummit
- 2. Feedback on this session? Text us. Text @Q40 to 35134
- 3. AGENDA • Millennial Disruption • Old School vs. New School Business • Qualtrics Millennial Survey • Questions & Answers
- 5. THE WORLD HAS CHANGED
- 6. STATE OF MILLENNIALS IN THE WORKFORCE By 2025, Millennials will make up 75% of the workforce 52% of Millennials in developed markets anticipate working for themselves 64% of Millennials said they would rather make $40K at a job they love than $100K at a job they think is boring
- 7. INNOVATING TO ADDRESS " GLOBAL CHALLENGES Businesses and Individual Entrepreneurs Universities Government 44% 23% 22%
- 8. 1. Employee Engagement Surveys! 2. 360-degree Employee Feedback! 3. Employee Satisfaction! 4. Employee Feedback! 5. Exit Interviews! TOP FIVE WAYS TO USE QUALTRICS TO GATHER EMPLOYEE INSIGHTS
- 9. OLD SCHOOL VS. NEW SCHOOL
- 10. INDIVIDUAL CONTRIBUTORS Job description with a clearly defined role Self-directed without much guidance OLD SCHOOL BUSINESSES NEW SCHOOL BUSINESSES
- 11. OVERSIGHT Overseers, Bosses, and Managers Mentors, Coaches, and Leads OLD SCHOOL BUSINESSES NEW SCHOOL BUSINESSES
- 12. EMPLOYMENT Employees want a job Employees want an experience OLD SCHOOL BUSINESSES NEW SCHOOL BUSINESSES
- 13. FEEDBACK Annual performance reviews Continual feedback OLD SCHOOL BUSINESSES NEW SCHOOL BUSINESSES
- 14. ADOPTION Top down implementation Grass roots adoption OLD SCHOOL BUSINESSES NEW SCHOOL BUSINESSES
- 15. MISSION / PURPOSE Do well Do well while doing good OLD SCHOOL BUSINESSES NEW SCHOOL BUSINESSES
- 16. INDIVIDUAL VS. GROUP Individually focused Group focused OLD SCHOOL BUSINESSES NEW SCHOOL BUSINESSES
- 17. • Millennials: Born between 1982 and 2000! • All respondents have some college with 55% college graduates and another 30% with a graduate degree! ! • 48% of respondents have 4+ years of work experience! QUALTRICS MILLENNIALS " IN TECH SURVEY
- 18. RECRUIT
- 19. MILLENNIALS WANT TO DO GOOD
- 20. MILLENNIALS WANT IT ALL
- 21. MOST IMPORTANT THING WHEN LOOKING FOR A JOB Professional Growth Compensa3on Flexible Hours Mission / Purpose Industry Company Leadership Mentorship 0% 10% 20% 30% 40% 50%
- 22. RECRUITING MILLENNIALS Compensation Company Culture
- 23. COMPENSATION
- 24. WHEN CONSIDERING A JOB OFFER " WHICH IS MOST IMPORTANT TITLE, COMPENSATION, OR MISSION?
- 25. SALARY EXPECTATIONS FOR FIRST FULL-TIME JOB 0% 5% 10% 15% 20% 25% 30% Less than $20K $20K -‐ $34.9K $35K -‐ $49.9K $50K -‐ $64.9K $65K -‐ $80K Over $80K
- 26. • Recognition! • Resources! • Having close friends at work! • Getting paid well! • Flexible work schedule! • Organization’s mission! • Opportunities for professional growth! HOW IMPORTANT ARE THE FOLLOWING TO YOU IN A JOB?
- 27. HOW IMPORTANT ARE THE FOLLOWING TO YOU IN A JOB? 5 6 7 8 9 10 GePng paid well Having the resources to do my job Opportuni3es for professional growth Receiving recogni3on Flexible work schedule Organiza3on's mission Having close friends at work
- 28. CULTURE
- 29. All The Amazing Free Food At Facebook’s HQ Gives Some Employees The ‘Facebook 15’
- 30. COMPANY CULTURE Collaborative Work Environment This was ranked most important by 51% of respondents and first or second by 74% of respondents
- 31. COMPANY CULTURE Transparency and meritocracy tied for second Dress code and free food were ranked very low (Free food ranked lowest or second lowest by 71% of respondents)
- 32. COMPANY PROVIDED CELL PHONE PLAN VS. FREE MEALS 59% prefer a free cell phone plan 41% prefer free meals
- 33. CHARITABLE ACTIVITIES How important is it to you that a potential employee engage in charitable activities (donations, corporate sponsored volunteer work, etc.)? said it was very or extremely important said it was not important to their decision making 44% 56%
- 34. WORK SCHEDULE REQUIRED VS. IDEAL 0% 10% 20% 30% 40% 50% 60% I manage my own schedule In the office during set hours I'm allowed to work remotely, but during set hours Generally in the office, but can work remotely on occasion Required schedule Ideal schedule
- 35. COMPANY
- 36. CULTURE VS. COMPANY COMPANY CULTURE: The organization’s norms, mission, values, and systems COMPANY STRATEGY AND TRAJECTORY: The organization’s plans and opportunities for growth
- 37. COMPANY VS. BOSS When considering where to work, which is more important to you? 54% said the company’s reputation and trajectory were most important to them 46% cared most about who they would be working for and learning from
- 38. ENGAGE
- 39. HOW ENGAGED ARE EMPLOYEES? If your company were a 10-person crew team, statistically speaking: • 3 employees are rowing with all their hearts • 5 are just along for the ride, looking at the scenery • 2 are trying to sink the boat According to Gallup’s 2013 State of the American Workplace only 30% of employees are engaged in their work.
- 40. DIAGNOSING DISENGAGEMENT: STOP THE INFECTION FROM SPREADING • Actively disengaged employees cost the US economy half a trillion dollars per year! • They are more likely to:! – Steal from their employers! – Negatively influence co-workers! – Drive customers away!
- 41. Employee Engagement is a proven driver of:! • Quality! • Revenue! • Customer Service! • Retention! • Productivity! WHY ORGANIZATIONS CARE ABOUT EMPLOYEE ENGAGEMENT
- 42. MOST EXCITING PART ABOUT COMING TO WORK 0% 10% 20% 30% 40% Challenging projects How much money I can make Co-‐workers I enjoy Opportunity to make a difference
- 43. CHALLENGING PROJECTS Millennials are not content to sit on the sidelines
- 44. INDIVIDUAL CONTRIBUTORS Job description with a clearly defined role Self-directed without much guidance OLD SCHOOL BUSINESSES NEW SCHOOL BUSINESSES
- 45. CHALLENGING PROJECTS Provide the right playing field and let them play
- 46. BIGGEST CHALLENGE TO MOTIVATION 0% 5% 10% 15% 20% Not compensated fairly Unchallenging projects Challenging co-‐ workers My boss shows no interest in me I rarely, if ever, receive recogni3on I am in over my head
- 47. ON A DAILY BASIS WHAT IS MOST IMPORTANT FOR YOU TO RECEIVE? 24% 25% 26% 27% 28% 29% 30% Challenging opportuni3es Meaning from my work Compensa3on
- 48. NON-WORK-RELATED SOCIAL MEDIA 0% 10% 20% 30% 40% Over 2 hours Between 1 and 2 hours 30 to 59 minutes Less than 30 minutes
- 49. RETAIN
- 50. AVERAGE TIME PER JOB 0% 10% 20% 30% 40% 50% Over 8 years Between 4 and 8 years Between 2 and 4 years Less than 2 years
- 51. WORK LIFE BALANCE VS. WORK LIFE INTEGRATION
- 52. WORK-LIFE INTEGRATION Regarding non-work-related social media accounts! • 75% are connected to at least 2 co-workers! • 35% are connected to their boss! • 57% are likely or very likely to accept a ! request sent by a boss! • 26% are likely or very likely to send a request ! to their boss! 62% count on at least one co-worker among their closest friends!
- 53. 2. Professional success 3. Education 4. Travel 5. Volunteer work 6. Religion WHAT IS MOST IMPORTANT TO YOU? #1 FAMILY Ranked 1st by 61% and 1st or 2nd by 71%
- 54. PERSONAL LIFE AT THE OFFICE 60% are comfortable talking with their boss about their personal life 40% prefer their boss stick solely to work related matters
- 55. COMFORT TALKING ABOUT WORK 4 4.5 5 5.5 6 6.5 7 7.5 8 Personal goals Health Personal challenges Family situa3on Da3ng life Poli3cs Relgion
- 56. VALUE MOST IN A BOSS 27% Said, “A willingness to be a mentor” • Trustworthiness (18%)! • An expert (15%)! • Kindness (15%)! • Shares credit/takes blame (10%)! • Provides autonomy (10%)!
- 57. MOST WANT TO AVOID IN A BOSS Micromanager Incompetence Mean Narcissistic / selfish Unreasonable
- 58. PERCEPTION OF YOUR BOSS 0% 10% 20% 30% 40% 50% I'm con3nually learning from my boss My boss has lots to teach, but we rarely interact I've learned as much as I'm going to I know more than my boss
- 59. OVERSIGHT: ACTUAL VS. IDEAL 0% 10% 20% 30% 40% Check on every detail of every project Daily check in Weekly check in Monthly check in Check in only when I need something or have a ques3on Actual Ideal
- 60. FEEDBACK FREQUENCY: ACTUAL VS. IDEAL 0% 5% 10% 15% 20% 25% 30% Daily 2-‐3 Times a Week Once a Week 2-‐3 Times a Month Once a Month Less than Once a Month Never Actual Ideal
- 61. CONSTRUCTIVE CRITICISM 0% 10% 20% 30% 40% 50% 60% Face-‐to-‐face from my direct supervisor Via email from my direct supervisor Face-‐to-‐face from a co-‐ worker I trust
- 62. CONCLUSION
- 63. HOW DO YOU MANAGE INDIANA JONES? YOU CAN’T
- 64. HOW DO YOU MANAGE INDIANA JONES? CHANNEL HIS ENERGY AND TALENTS 1. Give him big problems to solve and remove obstacles from his path 2. Pay him 3. Make his work an experience worth sharing, not just a job to get done 4. Mentor, don’t micromanage 5. Let him run fast and give him room to fail
- 65. PROVIDE THE PLAYING FIELD
- 66. QA How was this session? Text @Q40 to 35134