Upload
teowonna-clifton
View
54
Download
5
Tags:
Embed Size (px)
Citation preview
Next Street Financial LLC © Copyright 2014 – CONFIDENTIAL 1
MANAGING AND ENGAGING
MILLENNIALS
CONNECTING GENERATIONS @ WORK
Next Street Financial LLC © Copyright 2014 – CONFIDENTIAL 2
THE VALUES PYRAMID
Results
Behavior
Attitude
Decisions
Thoughts & feelings
Values
Visible
Invisible
Next Street Financial LLC © Copyright 2014 – CONFIDENTIAL 3
CHANGE IN AMERICAN WORKERS
0% 20% 40% 60% 80% 100%
2005
2010
2015
2020
Veterans
Baby Boomers
Gen X
Millennials
Gen 2020
There are 5 generations in the contemporary American workplace
Source: Bureau of Labor Statistics Employment Projections
Next Street Financial LLC © Copyright 2014 – CONFIDENTIAL 4
EACH GENERATION
> Consists of approximately a 20-year span (not all demographers and generation researchers agree on the exact start/stop dates)
> Has a unique set of values
> Reacts to the generation before them
> Looks at their generation as the standard of comparison
> Looks at the next generation skeptically “these kids today…”
> Those born on the “cusp” may have a blended set of characteristics
Next Street Financial LLC © Copyright 2014 – CONFIDENTIAL 5
ACTIVITY: GENERATIONAL PERSONALITIES
> Form a line by birth year, youngest to oldest
> Find a partner
- What national/international events, trends, or people do
you remember from your first 15 – 20 years?
Next Street Financial LLC © Copyright 2014 – CONFIDENTIAL 6
GENERATIONAL PROFILES
Characteristics Veterans Boomers Xers Millennials
Born About 1920 – 1940 About 1940 – 1960 About 1960 – 1980 About 1980 – 2000
Outlook practical optimistic skeptical hopeful
Work Ethic dedicated driven balanced ambitious
View of
Authority
respectful love/hate unimpressed relaxed, polite
Leadership by hierarchy consensus competence achievers
Perspective civic team self civic
Messages that
shaped them
•stay in line
•be heroic
•consider the
common good
•be anything you
want
•change the world
•work well with
others
•don’t count on it
•get real
•ask why
•you are special
•leave no one
behind
•connect 24/7
Next Street Financial LLC © Copyright 2014 – CONFIDENTIAL 7
WHAT SHAPED THEIR LIVES
Veterans Boomers Xers Millennials
Events
• Stock market crash
• FDR
• Pearl Harbor
• End of WWII
• 1st Transatlantic flight
• Civil Rights
• Assassinations
• Outer space
• Cuban Missile Crisis
• Woodstock
• Vietnam
• Watergate
• Energy Crisis
• PCs marketed
• Iran hostages
• Challenger disaster
• Oklahoma City
• Technology
• Columbine
• Clinton/Lewinsky
• Stock Market Crash
• Gaming
Parenting
Style
• Discipline
• Strict obedience
• Conformity
• Schedules
• Dr. Spock
• Love/nurture
• Stay at home Mom
• Flexible schedule
• Latchkey kids
• Parenting by proxy
• Divorce
• Independence
• Parent advocacy
• Children first
• Supervision
• Strict on drugs,
drinking, driving
Heroes
• Superman
• FDR
• Patton, Churchill
• Babe Ruth
• Gandhi
• Martin Luther King
• JFK
• John Glenn
• None • Bill Gates
• Princess Diana
• Mother Teresa
• Parents
Values
• Hard work/Sacrifice
• Conformity
• Delayed reward
• Optimism
• Team orientation
• Personal growth
• Work
• Diversity
• Balance
• Fun/informal
• Pragmatism
• Achievement
• Civic duty
• Confidence
• Optimism
Next Street Financial LLC © Copyright 2014 – CONFIDENTIAL 8
HOW GENERATIONS VIEW EACH OTHER
You Are: Veterans Boomers Xers Millennials
Veterans
•More about process
than results
•Overshare personal life
•Overspends budget
•Disloyal
•Disrespectful
•Intolerant of
regularity/routine
•Egotistical
•Impatient
•Little knowledge of
history
Boomers
•Too rigid
•Old School
•Not willing to “share
the power”
•Slackers
•Too challenging
•Not team player
•Rude
•Inexperienced
•Overconfident
•Overly competitive
Xers
•Too corporate
•Not open to new
approaches/ideas
•Overly ambitious
•Rigid/judgmental
•Doesn’t walk the talk
•Too naïve
•Overly optimistic
•Unfocused
Millennials
•Out of touch
•Technically inept
•Closed to new ideas
•Too serious
•Wrapped up in job
•Lecture too much
•Can’t make unpopular
decisions
•Cynical
•Don’t listen to my
ideas - I’m young
•Not inclusive
•Standards too high
Next Street Financial LLC © Copyright 2014 – CONFIDENTIAL 9
WHO ARE THE MILLENIALS?
Next Street Financial LLC © Copyright 2014 – CONFIDENTIAL 10
ACTIVITY: MILLENNIALS
> What are the characteristics of today’s young
worker?
> How are they different?
> What strengths do they bring?
Next Street Financial LLC © Copyright 2014 – CONFIDENTIAL 11
MILLENNIALS DEMOGRAPHICS
> Big and heterogeneous
> Giant of a generation
- 95 million strong (1/3 more than Boomers)
> America’s most ethnically and racially diverse generation
- One in five has at least one immigrant parent
- One in ten has a non-citizen parent
- 35% are non-white or Latino (“minority”)
- One in ten does not speak English at home
Source: Millennials Rising
Next Street Financial LLC © Copyright 2014 – CONFIDENTIAL 12
MILLENNIALS
> According to Howe and Strauss*, they are the most wanted/planned/watched-over generation in history
- “Baby on Board”
- home-schooling, car seats, helmets, etc.
> They like guidance and direction
> They are optimists
> They are team players
> They accept authority/They are rule followers
> They are smart (like school and learning)
> They are technologically sophisticated
*Source: Millennials Rising
Next Street Financial LLC © Copyright 2014 – CONFIDENTIAL 13
CAREER COMPONENTS
> Work with inspiring/positive people
> Guidance
> To be challenged and have impact
> Opportunity to learn new skills/knowledge
> Access to information and expression of personal opinion
> Flexible schedules
> To be treated respectfully
Next Street Financial LLC © Copyright 2014 – CONFIDENTIAL 14
ACTIVITY: WHAT WILL YOU DO?
> What will you do/put into place to ensure these needs are
met for Millennials in your organization?
Next Street Financial LLC © Copyright 2014 – CONFIDENTIAL 15
WHAT SHOULD YOU DO?
> You be the leader
> Keep lines of communication open
> Challenge me
> Let me work with my colleagues
> Let’s have some fun
> Respect me
> Be flexible
Next Street Financial LLC © Copyright 2014 – CONFIDENTIAL 16
RULES OF ENGAGEMENT
> See themselves as connected to, and part of, the organization
> Are given opportunities to problem-solve with their colleagues
> Connect their individual contributions with their own and the company’s goals
> Feel valued, respected, and rewarded for their contributions
> Develop social and professional relationship within the organization
Your youngest employees will be more productive, effective, and stay with you
longer if they:
Next Street Financial LLC © Copyright 2014 – CONFIDENTIAL 17
THE ENGAGEMENT GAP
The Work Environment in Most
Organizations
The Work Environment that
Engages Millennials
Bureaucracy Ease and speed
Straight lines Web-like
One size fits all Can be customized
Tenured leaders Competent, trustworthy leaders
Yearly reviews Weekly, even daily, feedback
Security, privacy Open flow of information
There is a significant gap in how most organizations conduct themselves and what
engages Millennials. Closing the gap will be a significant differentiator for your
business.
Next Street Financial LLC © Copyright 2014 – CONFIDENTIAL 18
HOW TO ENGAGE MILLENNIALS
> Help them learn
> Believe in them
> Connect them
- Collaborate, tap into their history of teamwork
> Let them make it their own
- Explain what needs to be done, set a deadline, and let them pick their own
process for doing the work
> Tell them how they’re doing
- Balance constructive criticism with other communication – positive feedback
or general conversation
> Be approachable
- Open the lines of communication; try to remove divisions between levels in
your organization
> Be someone to believe in
- Millennials want to be proud of the organization they work for, what it does,
how it makes a difference
- Be squeaky clean yourself—ethical, open, able to withstand scrutiny
Create or shifting to a culture that engages millennials takes time and resources,
but the return on investment is high.
Next Street Financial LLC © Copyright 2014 – CONFIDENTIAL 19
EFFECTIVE MANAGERIAL BEHAVIORS
> Leadership
- Provide structure
- Be a role model
- Teach and coach
> Communication
- Provide regular feedback
- Open door policy
- Keep them in the loop
> Challenge
- Encourage with guidelines
- Show how their work is
making a difference
- Provide learning opportunities
> Respect
- Listen to thoughts and ideas
- Involve them in some decision
making
- Give them some creative
freedom
> Work environment
- Provide work-life balance
- Flexible schedule
- Humor, silliness
- Inclusive, not exclusive
Next Street Financial LLC © Copyright 2014 – CONFIDENTIAL 20
RETAINING MILLENNIALS
> Help them learn and keep them challenged while they are learning
- Millennials leave their jobs in search of the next exciting challenge
> Pair them with older mentors who can teach them your business and
invite them to coach colleagues who are less technologically savvy
> Help them learn interpersonal skills for the workplace
- Many Millennials are more comfortable communicating through
technology than in person and need to learn how to verbalize their
ideas and work with colleagues
Next Street Financial LLC © Copyright 2014 – CONFIDENTIAL 21
RETAINING MILLENNIALS
> Provide consistent and constructive feedback
- Millennials need to hear regularly how they are doing in their jobs
and need clear direction on how to improve their performance
- Many take negative feedback personally and have a low tolerance for
working through their mistakes
> Reward performance and productivity instead of, or in addition to, years
spent on the job
> Offer flexible scheduling, job sharing, and options for telecommuting
- Flex time
- Part-time
- Compressed scheduling
> Offer opportunities to change jobs without changing employers
- Workers can move laterally to build their skills and strengthen their
resume
Next Street Financial LLC © Copyright 2014 – CONFIDENTIAL 22
FINAL THOUGHTS/COMMENTS
How to connect with those who
have Millennial Generation Values
> Be positive
> Get to know the individual and tie into
personal goals and achievements
> Encourage questions, answer them, and
check for understanding
> Coach, mentor, and inspire
How to attract and retain
> Use the power of peers
> Tap an outstanding Millennial employee
to talk to prospects
> Offer flexible options to accommodate
family/personal life
> Involve them in meaningful volunteer
efforts
Next Street Financial LLC © Copyright 2014 – CONFIDENTIAL 23
APPENDIX: GENERATIONAL PROFILES
Next Street Financial LLC © Copyright 2014 – CONFIDENTIAL 24
RECRUITING
Veterans Boomers Xers Millennials
Looking for: • Consistency/
structure
• Opportunity to
use experience
• Worthy venture
• Flexible
tailored
benefits
• Leadership
opportunities
• Learning
opportunities/
challenges
• Team
environment
• Flexible,
tailored benefit
• Career
development
opportunities
• Work/life
balance
• Company has
values/integrity
• Fun/informality
• Input valued &
respected
• Career
development
• Future oriented
organization
• Flexibility
Messages they
want to hear:
• Your
experience will
be seen as an
asset
• We see you in
our future
• You can make
a big
contribution
here
• We’re team
players
• People who
work here have
a life beyond
work
• You can build a
dynamic
resume here
• You will be
treated with
respect here
• We care about
your
achievements
Next Street Financial LLC © Copyright 2014 – CONFIDENTIAL 25
ENGAGEMENT
Veterans Boomers Xers Millennials
Why they stay: • Loyalty to
employer &
customer
• Good schedule
• Expertise is
respected
• Making a
difference
• Work is
interesting
• Advancement
opportunities
• Autonomy
• Good schedule
• Time off
• Development
• Professional
growth
• Input valued &
respected
Why they
leave:
• Physical
reasons
• Inconsistent
enforcement of
policies
• Burnout
• Didn’t feel like
they could
make a
contribution
• Inability to get
ahead without
becoming a
manager
• High stress
• Job doesn’t
meet
expectations
• Job is repetitive
or boring
Next Street Financial LLC © Copyright 2014 – CONFIDENTIAL 26
MANAGEMENT QUALITY
Veterans Boomers Xers Millennials
Managerial
Characters
• Directive
• Fair/consistent
• Respectful
• Democratic
• Consensual
• Caring
• Genuine
• Results-
oriented
• Informal
• Positive
• Collaborative
• Achievement-oriented
Relationship
w/Authority
• Respects
authority
• Seniority, titles
respected
• Challenges
authority
• Desires flat
organization
• Unimpressed
by authority
•Competence/Skills
respected
• Respects authority
who demonstrates
competence
• Teaches superiors how to
use technology
Motivates/
Rewards
• Allows them to
mentor
• Values
contribution
• Values
service/loyalty
• Involvement in
projects
• Personal
appreciation,
promotion,
recognition
• Let’s work
autonomously
• Free time,
development,
upgrade resources
• Connects work
actions to personal
goals
• Evidence of
credibility, awards,
certificates
Next Street Financial LLC © Copyright 2014 – CONFIDENTIAL 27
WORK ENVIRONMENTS THEY THRIVE IN
Veterans Boomers Xers Millennials
• Stable
• secure
• respectful
• clearly defined
roles
• clear direction
• advancement
• recognition
• team oriented
• vision, mission
• non hierarchical
• flexible
• results oriented
• efficient
• informal, fun
• opportunities for
development
• positive
• collaborative
• flexible
• respectful
• achievement
oriented