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It is estimated that by the year 2014, 36% of the workforce will be composed of Millennials, rising to nearly 50% in 2020. Born between 1981 and 2000, Millennials are a generation of individuals raised with technology and motivated by progress. Unlike previous generations, these individuals are disrupting traditional business models and demanding products that connect them with the world. Speed, innovation and collaboration are the key tools needed by organizations in order to keep this generation engaged. This presentation will examine the factors that differentiate Millennials from other individuals, offer insight into the unprecedented impact this generation is having on the enterprise, and detail strategies that companies may employ to transform Millennials’ unique abilities into a competitive advantage in today’s workplace.
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Generation Impact:Millennials & Tomorrow’s Workplace
Ed WolfE2 Virtual Conference - 9/26/12
IntroductionAbout Me
• Product Manager/ Business Analyst @ Time Inc.
• BS Computer Engineering, RIT
• 10+ years IT experience
• A Millennial!
Connect with me:
Twitter: @EdWolfNYC
Blog: www.Ed-Wolf.com
LinkedIn: linkedin.com/in/EdwardWolf
E-mail: [email protected]
Agenda• What Defines A Generation?
• What’s Shaped Millennials?
• Tomorrow’s Workforce
• 5 Ways to Leverage Millennials
• The Cost of Inaction
• Tomorrow’s Workplace
By 202575% Workers Globally
Will Be Millennials
4 Generations In The Workplace
What Defines A Generation?
•Typically spans 20 years•A shared, common experience•Events, trends and technology
The Current GenerationsTraditionalists
Other Names •Silent Generation •Radio Babies •Greatest Generation
Birth Years Prior to 1945
Current Age 67+
Influences •WWII•Korean War•Great Depression
Family Traditional nuclear
Technology Adapted
Value Family/Community
Education A dream
The Current GenerationsTraditionalists Baby Boomers
Other Names •Silent Generation •Radio Babies •Greatest Generation
•Boomers, •“Me” Generation•Vietnam Generation
Birth Years Prior to 1945 1946-1964
Current Age 67+ 48-66
Influences •WWII•Korean War•Great Depression
•Civil Rights•Vietnam•Cold War
Family Traditional nuclear Disintegrating
Technology Adapted Acquired
Value Family/Community Success
Education A dream A birthright
The Current GenerationsTraditionalists Baby Boomers Gen X
Other Names •Silent Generation •Radio Babies •Greatest Generation
•Boomers, •“Me” Generation•Vietnam Generation
•Post Boomers•Baby Busters•13th Generation
Birth Years Prior to 1945 1946-1964 1965-1980
Current Age 67+ 48-66 33-47
Influences •WWII•Korean War•Great Depression
•Civil Rights•Vietnam•Cold War
•Watergate•Divorced Parents•Y2K
Family Traditional nuclear Disintegrating Dual income families
Technology Adapted Acquired Assimilated
Value Family/Community Success Time
Education A dream A birthright A way to get there
The Current GenerationsTraditionalists Baby Boomers Gen X Millennials
Other Names •Silent Generation •Radio Babies •Greatest Generation
•Boomers, •“Me” Generation•Vietnam Generation
•Post Boomers•Baby Busters•13th Generation
•Gen Y•Echo Boomers•Facebook Generation
Birth Years Prior to 1945 1946-1964 1965-1980 1981-2000
Current Age 67+ 48-66 33-47 12-32
Influences •WWII•Korean War•Great Depression
•Civil Rights•Vietnam•Cold War
•Watergate•Divorced Parents•Y2K
•9/11•Columbine/VA Tech•Recession
Family Traditional nuclear Disintegrating Dual income families Blended families
Technology Adapted Acquired Assimilated Integral
Value Family/Community Success Time Individuality
Education A dream A birthright A way to get there An incredible expense
What’s Shaped Millennials?
Recession
8% Unemployment
US Department of Labor
Crushing Student Loan Debt
Technology
Family
Tomorrow’s Workforce
Changes In Labor Force
Different Expectations
9 / 10 Millennials want their workplace to be social and fun
MTV “No Collar Workers” Study
93% want a job where they can be themselves
MTV “No Collar Workers” Study
71% want their co-workers to be like a second family
MTV “No Collar Workers” Study
MTV “No Collar Workers” Study
Half would rather have
no job, than a job they hate
93% work harder when they know where their work is going
MTV “No Collar Workers” Study
They’re Different
• Connected• Collaborative• Ambitious• Fearless• Embrace change• Hate bureaucracy• Yearn for mentors
5 Ways ToLeverage
Millennials
Offer Workplace Flexibility
Offer Workplace Flexibility
• Flexible hours, not just 9-5
Offer Workplace Flexibility
• Flexible hours, not just 9-5
• Telecommuting & Telepresence
Offer Workplace Flexibility
• Flexible hours, not just 9-5
• Telecommuting & Telepresence
• Vacation time
Offer Workplace Flexibility
• Flexible hours, not just 9-5
• Telecommuting & Telepresence
• Vacation time
• Roth retirement plans - 401(k) & IRA
Start A Mentoring Program
• Millennials strive for constant feedback
Start A Mentoring Program
• Millennials strive for constant feedback
• Pass on institutional knowledge
Start A Mentoring Program
• Millennials strive for constant feedback
• Pass on institutional knowledge
• Empower Millennials to reverse mentor
Start A Mentoring Program
• Millennials strive for constant feedback
• Pass on institutional knowledge
• Empower Millennials to reverse mentor
• Can be as informal as going to lunch
Start A Mentoring Program
Be Transparent & Communicate Effectively
Be Transparent & Communicate Effectively
• Embrace and encourage feedback/ideation
Be Transparent & Communicate Effectively
• Embrace and encourage feedback/ideation
• Share the company’s and your goals
Be Transparent & Communicate Effectively
• Embrace and encourage feedback/ideation
• Share the company’s and your goals
• Communicate quickly
Be Transparent & Communicate Effectively
• Embrace and encourage feedback/ideation
• Share the company’s and your goals
• Communicate quickly
• Trust that they will get the job done
Question Everything & Pivot
Question Everything & Pivot
• Millennials will question how things are done
Question Everything & Pivot
• Millennials will question how things are done
• Millennials want to make the company better
Question Everything & Pivot
• Millennials will question how things are done
• Millennials want to make the company better
• Ask yourself ‘Do we have to do it this way?’
Question Everything & Pivot
• Millennials will question how things are done
• Millennials want to make the company better
• Ask yourself ‘Do we have to do it this way?’
• Pivot when there's a better way
What NOT To Do
What NOT To Do
• Discount their authority about technology
What NOT To Do
• Discount their authority about technology
• Treat them as too young to be valuable
What NOT To Do
• Discount their authority about technology
• Treat them as too young to be valuable
• Be condescending, inconsistent, disorganized
What NOT To Do
• Discount their authority about technology
• Treat them as too young to be valuable
• Be condescending, inconsistent, disorganized
• Give them boring work
What NOT To Do
• Discount their authority about technology
• Treat them as too young to be valuable
• Be condescending, inconsistent, disorganized
• Give them boring work
• Ignore that change is happening
The CostOf
Inaction
4.4 Years(Average time spent in a job)
US Bureau of Labor Statistics
Turnover
86%Looking for a job that is “interesting”
Net Impact
Talent
Millennials see themselves as “Free Agents”
Forbes
Innovation
Tomorrow’sWorkplace
Non-Traditional Career Paths
Deloitte
Native Collaboration
Tech-Savvy
Less Physical
Creative & Innovative
RecapTraditionalists Baby Boomers Gen X Millennials
Other Names •Silent Generation •Radio Babies •Greatest Generation
•Boomers, •“Me” Generation•Vietnam Generation
•Post Boomers•Baby Busters•13th Generation
•Gen Y•Echo Boomers•Facebook Generation
Birth Years Prior to 1945 1946-1964 1965-1980 1981-2000
Current Age 67+ 48-66 33-47 12-32
Influences •WWII•Korean War•Great Depression
•Civil Rights•Vietnam•Cold War
•Watergate•Divorced Parents•Y2K
•9/11•Columbine/VA Tech•Recession
Family Traditional nuclear Disintegrating Dual income families Blended families
Technology Adapted Acquired Assimilated Integral
Value Family/Community Success Time Individuality
Education A dream A birthright A way to get there An incredible expense
Recap5 Core Attributes of Millennials:
Recap5 Core Attributes of Millennials:
1. Connected & Tech-Savvy
Recap5 Core Attributes of Millennials:
1. Connected & Tech-Savvy
2. Collaborative
Recap5 Core Attributes of Millennials:
1. Connected & Tech-Savvy
2. Collaborative
3. Embrace Change
Recap5 Core Attributes of Millennials:
1. Connected & Tech-Savvy
2. Collaborative
3. Embrace Change
4. Hate Bureaucracy
Recap5 Core Attributes of Millennials:
1. Connected & Tech-Savvy
2. Collaborative
3. Embrace Change
4. Hate Bureaucracy
5. Yearn for Mentors & Feedback
5 Ways to Leverage Millennials:
Recap
5 Ways to Leverage Millennials:
1. Offer Workplace Flexibility
Recap
5 Ways to Leverage Millennials:
1. Offer Workplace Flexibility
2. Start a mentoring program
Recap
5 Ways to Leverage Millennials:
1. Offer Workplace Flexibility
2. Start a mentoring program
3. Be Transparent & Communicate Effectively
Recap
5 Ways to Leverage Millennials:
1. Offer Workplace Flexibility
2. Start a mentoring program
3. Be Transparent & Communicate Effectively
4. Question Everything & Pivot
Recap
5 Ways to Leverage Millennials:
1. Offer Workplace Flexibility
2. Start a mentoring program
3. Be Transparent & Communicate Effectively
4. Question Everything & Pivot
5. Don’t discount them
Recap
5 Attributes of Tomorrow’s Workplace:
Recap
5 Attributes of Tomorrow’s Workplace:
1. Collaborative
Recap
5 Attributes of Tomorrow’s Workplace:
1. Collaborative
2. Non-Traditional Career Paths
Recap
5 Attributes of Tomorrow’s Workplace:
1. Collaborative
2. Non-Traditional Career Paths
3. Less Physical
Recap
5 Attributes of Tomorrow’s Workplace:
1. Collaborative
2. Non-Traditional Career Paths
3. Less Physical
4. Creative & Innovative
Recap
5 Attributes of Tomorrow’s Workplace:
1. Collaborative
2. Non-Traditional Career Paths
3. Less Physical
4. Creative & Innovative
5. Expanded use of technology
Recap
By 202575% Workers Globally
Will Be Millennials
Generation Z is Coming
THANK YOU
Twitter: @EdWolfNYC
Blog: www.Ed-Wolf.com
LinkedIn: linkedin.com/in/EdwardWolf
E-mail: [email protected]
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