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Attracting and Retaining Millennials

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Attracting and Retaining Millennials

  1. 1. Attracting/Retaining Millennials But do you really want to? Yes!
  2. 2. Contents • Definitions • Perception vs Reality • Attracting and Retaining Millennial Employees • Buying Behavior Millennials 2
  3. 3. CONFIDENTIAL & PROPRIETARY Generational Definitions & Challenges 3 Millennials 1985-2005 Generation X 1965-1984 Baby Boomers 1946-1964 Challenges: They're rapidly getting older and retiring, and not all of them have saved up enough to be able to do so. The fact that many in this generation led the institutions that caused the current financial crisis didn't help. Those who are still working, or are forced to work by their financial situation, face an unfortunate bias from employers. Companies don't like to hire older workers, and they don't like to hire those who have been out of the workforce for a long time. Challenges: The older members of Gen X are currently at the top, or near the top of many organizations. As more and more Baby Boomers retire, they'll have to foot the bill, and that bill's getting ever larger. Also, many don't have skill sets that really apply in the current job market. Unfortunately, it's not always easy to change tracks, especially for those later in their career. Challenges: Facing a particularly difficult job market at the moment. Not that long ago, a college degree was a decent guarantee of a good job. Now, that's not the case. Many recent graduates can't get a job outside of retail and hospitality, let alone in their current major. Many have high student debt as well, as the cost of college rises and wages stay stagnant. Not forgetting that the problems with Baby Boomers retiring that falls on Gen X, will fall doubly hard on millennials.
  4. 4. CONFIDENTIAL & PROPRIETARY Key Facts to Think About 4 • Represent 25% of the US Population – In 10 years 75% of workforce • 37% own homes – ages 25-34 • Make up 21% of consumer discretionary spending • 1 in 4 are parents today • 80% prefer brands that entertain them • 40% want to participate in the creation of products and services • Spending power to surpass $1 trillion by 2020 • 1/3 rely on blogs before they make purchase decision • Student loan debt - underemployed • 70% feel a responsibility to provide brands with feedback • 60% want to text w preferred business Millennials Quick View Source: Millennialmarketing.com
  5. 5. CONFIDENTIAL & PROPRIETARY Millennials –Perception vs. Reality 5
  6. 6. CONFIDENTIAL & PROPRIETARY Millennials –Perception vs. Reality 6 Job Hopper Efficient, group work Want to be led inspired, liberate them don’t clip their wings Freedom in the workplace, looking for mentors not manager Tech savvy, incredibly bright,
  7. 7. Employing Millennials 7
  8. 8. CONFIDENTIAL & PROPRIETARY Key Facts to Think About 8 Millennials FACT: 25% of millennials expect to leave their current organization in 1 year and 44% in 2 years. 64% of millennials expect to leave their current organization by 2020. (Deloitte Millennial Study, 2014) The cost of replacing a millennial employee can range from $15,000 - $20,000! (Deloitte Millennial Study, 2014) Most educated generation of workers Loyalty can be improved when companies take notice and make tangible changes. How can you keep valuable millennials from working with one foot out of the door? Not just entry level positions
  9. 9. CONFIDENTIAL & PROPRIETARY What Millennials Want from Employers 9 Collaboration Ethics Motivation Enrichment (not always salary) Coaching & Mentoring In order to keep millennial employees, companies need to understand the needs of this segment of the population and implement policies to ensure long-term satisfaction. Source: Forbes, Jan 2016 Study
  10. 10. CONFIDENTIAL & PROPRIETARY Retention Strategies 10 Expectation Implementation Collaboration Team Centric Generation Create internal “think tanks” tasked with planning new product or services. This should not only be the domain of senior management. Tend to want to work in groups Measures Communicate a clear career path. Ensure job descriptions are up to date and accurate. Need consistent and frequent feedback. Motivation Micro-managing is one of the biggest factors for pushing millennials to leave an organization. They prefer to learn the hard way, through trial and error, rather than by rules and guidelines that stifle motivation. Enrichment A strong work/life balance is more important than salary. Treat this as a benefit. Flexible hours, casual dress, game rooms, open work spaces. Coaching/Mentoring Assist in career development. Mentors are there to act as a non- judgmental sounding board for whatever topic the employee is concerned about. Reverse Mentoring –educate one another. Leadership They want inspiring leaders they can learn from. Create opportunities that give Millennials the chance to take responsibility and find success on smaller levels before they move on to larger roles.
  11. 11. CONFIDENTIAL & PROPRIETARY Word on the Street - Attracting Millennials 11 • Be a tech savvy office. For example, walking into an office with screens showing upcoming company events or stats is attractive as it shows us hey, they're a 21st century office. • I am attracted to employers who stay in line with the most cutting edge technologies and foresee the changes to come in the industries. • Have a collaborative atmosphere. We have grown up being able to voice our opinions on social media, and are ready and willing to help with our ideas. • Trust us. We may be young and inexperienced, but we have raw creativity and hard work ethic that may be beneficial to your company if given the chance. • Have a great work culture- one that allows for work-life balance and that has a “work hard, play hard” mentality • Multigenerational and multicultural workforces as I see diversity as an integral requirement of any company I would work for. • Advancement/development opportunities related and not related to our field of work (leadership training, toast masters, ted talk style engagements) • Competitive salaries
  12. 12. CONFIDENTIAL & PROPRIETARY Word on the Street - Retaining Millennials 12 • Social Events- Having a community and friends in the office is important. If we feel like we are doing fun things with our office after a long work week: happy hours, lunches, etc., we will be more likely to stay. • Keep us busy. We are all over the place with phones, computers, etc. Almost ADD like, without something to do we become bored and unmotivated. • Incentives for great work. We were raised with getting trophies and accolades. • Helping to build strong relationships within the company- with colleagues and mentors • Timely advancement/promotion/movement opportunities within the company. • Respecting and aiding the work-life balance. • Benefits- insurance, time off, etc. • Additional benefits - memberships, discounts or additional activities- office athletics, competitions, workshops
  13. 13. CONFIDENTIAL & PROPRIETARY Create Story for Attracting Employees Online 13 Company Website
  14. 14. CONFIDENTIAL & PROPRIETARY Glassdoor – Why Work for Us 14 Autonomy You have a voice Leadership skills, relationships
  15. 15. CONFIDENTIAL & PROPRIETARY Engaging Millennials 1. Why did you come here? 2. What do you want? 3. What are you committed to? 4. What does “great” look like to you? 5. What is currently missing from what you want? 6. What is stopping you from achieving what you want? 15 Top six questions you can ask your millennial employees today (or millennial children today, for that matter) to engage them in a way you have not successfully engaged them before:
  16. 16. CONFIDENTIAL & PROPRIETARY Millennials Stay When They Are: Paid Well Mentored Challenged Promoted Involved Appreciated Valued On a Mission Empowered Trusted Retention 16

Notas del editor

  • Millennials are roughly between 20 and 35
    Generation tweens/high school
  • Huge implications given customer access to brand information and the role of social media
    With hordes of young people selling homemade clothing on Etsy, driving for Uber and opening food trucks on every corner, and with a much smaller group founding influential tech companies, this generation embodies the spirit of a "startup culture."
  • This bunch of “free agents” now comprising 33% of the workforce (and electorate) wants to be led in new and different ways.
  • 55% of millennials claim to not be engaged at work, 21% quit their job in the last year, and 60% say they are sending out their resumes to other potential employers right now.
  • Collaboration Millennials are used to being connected over social media and want to be connected.
    Team centric – parents have programmed much of their lives w sports, music, rec activities
    Reverse Mentoring – pairing older workers w younger workers to educate one another.
    How they individually contribute to the positive impact that your business has on world
    Question for the group – “What are you doing?” #What can you do differently?”
    Fail Fast - Get comfortable being uncomfortable
  • Loyola University Digital marketing students feedback
  • For millennials, it’s not just about having a good job; it’s about whether or not your organization values them and the strengths they bring to the table.
    Research shows that a millennial’s perspective on their work life can be described as ‘it’s not just my job, it’s my life.’ That’s an important discovery.

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