Date post: | 08-Feb-2017 |
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The Millennial Generation’sImpact on the Workplace
Presented by: Lori Thomas
MBA 592Dr. Edmonds
Wilkes University
Unmotivated
Self-centered
Disrespectful
Spoiled
STEREOTYPES
• No official definition of Millennials exists• Pew Research Center Definition:• Millennials: Born 1981 through 1997• Generation Xers: Born 1965 through 1980• Baby Boomers: Born 1946 through 1964
• US Census Bureau – 75.4 Million Millennials (2015)• Largest Generation in US• Most Racially Diverse Generation – 43% Minorities
Data source: Pew Research Center
Outgoing
Flexible
Eager to Learn
Opinionated
Impatient
Narcissistic
Entitled
Characteristics
Progressive viewpoints
• Stereotype – Millennials have less of a work ethic
• No difference in # of hours worked between Millennials & Gen Xer’s of the same age
• Need to consider level in the organization
• 94% of Companies use social media to recruit.*
• Millennials research companies – what will they find?• 88% of Millennials say they look for an employer whose values match their own.**
• Employers should research candidates too• 42% of recruiters say the reconsidered a candidate based on content viewed in a
social profile.*
Attracting Millennials
Data source: *Jobvite**PriceWaterhouseCoopers
• Pay is important – not only source of satisfaction• Pay as a reward, rather than incentive• 2012: 60% of Companies are taking measures to understand what
different generations want from company benefits*• Millennials value voluntary benefits and support services• Student Loan Aid – gaining popularity
Attracting & Retaining MillennialsCompensation & Benefits
Data source: *Metlife
• Work-Life Balance• High Priority for Millennials• Enabled by Technology• Commitment from Management• Accountability
• Volunteerism & Charity• Programs for Employees to make a difference
• Casual Dress
Attracting & Retaining MillennialsPolicies & Perks
• Friendly relationships with manager• Feedback – Frequent, positive & affirming• Clear direction and structure – avoid uncertainty• Upper Management – transparency• Advancement Opportunities – Sooner rather than later
Attracting & Retaining MillennialsPerformance Management & Development
Millennials Expectations:
CollegialityMillennials in the Workplace
Workplace
Millennials• Desires Work-Life
Balance• Enjoys Teamwork
Generation Xer’s• Likes to Work
Independently• Dislikes Meetings &
Group WorkBaby Boomers• Workaholics• Critical of Coworkers
who don’t share values
Key: Recognize and respect differences. Learn to utilize differences to an advantage
CollegialityMillennials in the Workplace
Opportunities• Team Players• Willing to Learn from Elders• Technologically Advanced• Prefer Highly Structured Organizations – Likely
to align with Co.’s Strategic Goals• Positive Attitude Towards Diversity
Challenges• Desire for Work-Life Balance (work ethic)• Entitlement – Advancement• Disregard for Chain of Command• Reliance on Teams (risk avoidance)• Desire for Consistent Feedback
Suggestions• Take advantage of Multi-Generational Teams• Provide avenues for interaction with Senior Leaders• Mentorship Programs• Assign Independent Projects/Assignments• Educate!
• Union Membership*: 35% Public Sector 6% Private Sector• Future of Unions – Will be dependent on Millennials• Majority of Millennials view unions as positive• Viewpoints become less positive with age• Millennials support principals on which Union’s stand
Millennials in the WorkplaceLabor Unions
Opportunities• Not likely to support defending individuals
disc action or termination• Positive change for Union-Mgmt
relationship• More bargaining power for Employers
Millennials in the WorkplaceLabor Unions
Data source: *Pew
Challenges• Few Millennials join unions
• Positions not available• Attracting Millennials – greater benefits &
wages obtained at the expense of newer members
Suggestions• Encourage Millennial Involvement in Union Leadership• Retirement packages• Negotiate policies/benefits that also appeal to newer members
• Millennials have grown up with advanced technology
• Internet and Cell phones have changed the way people communicate
• 3/4 of Millennials have social media accounts*• Half of Gen Xer’s & less than a third of
Boomers utilize social media
Millennials in the WorkplaceTechnology
Data source: *Council of Economic Advisors
Suggestions• Form Multi-Generational Teams – Encourage Learning• Require fact-checking• Protect the use and placement of company name & products
Millennials in the WorkplaceTechnology
Challenges
• Connected by technology hinders opportunity for regular feedback
• High expectations = disappointment• Lack of validation of information• Social platforms & negative publicity
Opportunities
• Technology enables work-life balance arrangements
• Millennials – great resource for those less tech-savy
• Millennials – great resource for technical improvements
In Summary
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Brinker, L. (2015, Dec 11). 7 Charts show what Millennials really think about Politics and the
2016 Campaign. Policy.Mic. Retrieved from: https://mic.com/articles/130201/7-charts-show-what-millennials-really-think-about-politics-and-the-2016-campaign#.HFC1wZIjR
Campbell, S. (2016, April). The Millennials are Coming. Talent Development 70(4). 14.
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Chauhan, A. (2014, Jul 18). 4 steps to social recruiting Millennials & Gen Z. Recruiter.com.
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Chauhan, A. (2014, Jul 30). 4 Lessons from Top Companies on Recruiting Millennials.
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Council of Economic Advisors (2014, Oct.). 15 Economic Facts about Millennials. The Council
of Economic Advisors. Retrieved from: https://www.whitehouse.gov/sites/default/files/docs/millennials_report.pdf
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Fry, R. (2016, Apr 25). Millennials overtake Baby Boomers as America’s largest generation.
Pewresearch.org. Retrieved from: http://www.pewresearch.org/fact-tank/2016/04/25/millennials-overtake-baby-boomers/
Gillespie, N. (2014, Jul 11). The Secret Language of Millennials. Time Inc. Retrieved from:
http://time.com/2974185/millennials-poll-politics/ Greenblatt, A. (2014, June). How Millennials Can Make Their Mark on Unions.
Governing.com. Retrieved from: http://governing.com/topics/mgmt/gov-millennials-unions.html.
Heathfield, S. (2016, Feb 29). 11 Tips for Managing Millennials. About.com. Retrieved from: http://humanresources.about.com/od/managementtips/a/millenials.htm.
Hershatter, A. & Epstein, M. (2010, June). Millennials and the World of Work: An
Organization and Management Perspective. Journal of Business and Psychology. 25(2). 211-223. Retrieved from: http://www.jstor.org/stable/40605780.
Howe, N. (2016, Jan 15). What do Millennials think can fix Government? More Government.
Forbes. Retrieved from: http://www.forbes.com/sites/neilhowe/2016/01/15/what-do-millennials-think-can-fix-government-more-government/#239eef646c96
Kiisel, T. (2012, May 16). Gimme, Gimme, Gimme – Millennials in the Workplace. Forbes.
Retrieved from: http://www.forbes.com/sites/tykiisel/2012/05/16/gimme-gimme-gimme-millennials-in-the-workplace/#f5c75f115055
Lilley, S. (2014, March 7). Millennials: Most Racially Diverse Generation in U.S. History.
NBA News. Retrieved from: http://www.nbcnews.com/news/latino/millennials-most-racially-diverse-generation-u-s-history-n46361
Madland, D. & Teixeira, R. (2009, May). New Progressive America: The Millennial Generation. Center for American Progress. Retrieved from: https://www.americanprogress.org/issues/progressive-movement/report/2009/05/13/6133/new-progressive-america-the-millennial-generation/
Meyer, J. (2015, Apr 13). Millennials don’t want to join unions, here’s why. Townhall. Retrieved from: http://townhall.com/columnists/jaredmeyer/2015/04/13/millennials-dont-want-to-join-unions-heres-why-n1982923
Miller, S. (2016, July 5). Student Loan Aid Improves Millennial Retention, Managers Say. Society of Human Resources Management. Retrieved from: https://www.shrm.org/hrdisciplines/benefits/articles/pages/student-loan-aid.aspx
Myers, K. & Sadaghiani, K. (2010, June). Millennials in the Workplace: A Communication Perspective on Millennials’ Organizational Relationships and Performance. Journal of Business and Psychology 25(2). 225-238. Retrieved from: http://www.jstor.org/stable/40605781
Ng, E., Schweitzer, L., & Lyons, S. (2010, June). New Generations, Great Expectations: A
Field Study of the Millennial Generation. Journal of Business and Psychology. 25(2). 281-292. Retrieved from: http://www.jstor.org.ezproxy.wilkes.edu/stable/40605786
Novitsky, B.J. (2008, Aug). Making the most of your firm’s Millennials. Architectural Record
196(8). 65-65. Retrieved from: http://web.b.ebscohost.com.ezproxy.wilkes.edu/ehost/detail/detail?vid=5&sid=99a178dc-70f3-4e4f-a3c6-83c910116403%40sessionmgr103&hid=116&bdata=
1
Pew Research Center (2015, Apr 28). Mixed Views of Impact of Long-Term Decline in Union Membership. The Business Journal. Retrieved from: http://businessjournaldaily.com/mixed-views-of-long-term-decline-in-union-membership/
Professional Web (n.d.). How to manage the millennials. The Professional Web. Retrieved
from: http://www.pwc.com/gx/en/issues/talent/future-of-work/managing-millennials.html
Sankin, A. (2013, Oct 26). Why Millennials are Pro-Union but don’t actually join them. The
Motley Fool. Retrieved from: http://www.fool.com/investing/general/2013/10/26/why-millenials-love-unions-but-dont-actually-join.aspx
Stein, J. (2013, May 20). Millennials: The Me Me Me Generation. Time Inc. Retrieved from:
http://time.com/247/millennials-the-me-me-me-generation/.
TD: Talent Development (2015, Feb). A New Millennium of Managers. The Addison Group. Retrieved from: http://web.b.ebscohost.com.ezproxy.wilkes.edu/ehost/detail/detail?vid=3&sid=f9bb0728-1caa-4566-9f3e-ee58ebf3b874%40sessionmgr105&hid=125&bdata=#AN=100753492&db=aph
Taylor, P., Berenson, T., & Frizell, S. (2016, Feb 22 – Feb 29) The Kids Are All Left. Time Inc. 187(6/7), 34-41.
Retrieved from: http://web.b.ebscohost.com.ezproxy.wilkes.edu/ehost/detail/detail?vid=3&sid=4eec3605-8fd6-4835-a496-9da920c206de%40sessionmgr104&hid=115&bdata=#AN=112915760&db=aph
REFERENCES