Recruiting and Retaining Millennials

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About the facilitatorsABOUT YOUR FACILITATORS Angie Salmon, SVP – EFL Associates

Angie has completed over 120 executive search assignments during her ten-year tenure at EFL Associates. The ability to effectively recruit and retain emerging talent has become more important as Millennial candidates reach the executive ranks.

Wayne Larson, Marketing – EFL AssociatesThe token Millennial, Wayne leads CBIZ Human Capital Services & EFL Associates' national marketing efforts, specifically working cool, engaging stuff.

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GENERATIONS – OUR DEFINITIONS

Generations Born Age

1. Traditionalists 1930-1945 69-84

2. Baby Boomers 1946-1964 50-68

3. Gen X 1965-1976 38-49

4. Gen Y/Millennials 1977- 37 and younger

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YOUR CURRENT MILLENNIAL INVESTMENT

Number of employees under 37 years oldX

Group's average total compensation=

Total millennial investment

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ESTIMATED U.S. POPULATION

Millennials (20-34)

Gen X (35-49)

Baby Boomers (50-69)

Traditionalists (70-84)

0

10

20

30

40

50

60

70

80

US Population Estimates (Millions) US Census as of July 2013

Millennials will become

75% of the global work

force by 2025 and more

are stepping into

management positions

every day.

65.6M61.7M

76.4M

24.0M

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UNDERSTANDING DIVERSITY VS STEREOTYPING

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DEFINING MOMENTS & IDENTIFICATION

95% OF TRADITIONALISTS ARE RETIRED FROM THE

WORKPLACE

AKA: THE SILENT GENERATION

TRADITIONALISTS (69-84)

• Comfortable with delayed gratification

• Hard work, sacrifice

• Recognition for great contributions

• Utilize the lifetime of wisdom

• Ask them (they might not volunteer)

• Mentor – Millennials trust them

PERFORMANCECLUES

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DEFINING MOMENTS & IDENTIFICATIONAKA: POST WWII BABY BOOM

BABY BOOMERS (50-68)

BABY BOOMERS CONTROL OVER 80% OF PERSONAL FINANCIAL

ASSETS & MORE THAN HALF OF ALL CONSUMER SPENDING.

PERFORMANCECLUES

• Competitive

• Enjoy leading teams

• “Work hard, pay your dues”

• Measure work effort in hours per week

• Want to be recognized for contributions

• Prefer phone, personal interaction, meetings

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DEFINING MOMENTS & IDENTIFICATIONAKA: GEN Xers

GENERATION X (38-49)

PERFORMANCECLUES

49% OF GEN Xers HAVE AT LEASTSOME COLLEGE EDUCATION

• Naturally skeptical

• Loyal to individuals (not companies)

• Training is security

• Savvy with technology, media and information

• Wants career security rather than job

security

• Balance now – not late in life

• Prefer email, voicemail, direct and immediate

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PERFORMANCECLUES

DEFINING MOMENTS & IDENTIFICATIONAKA: MILLENNIALS

GENERATION Y (<37)

53% OF MILLENNIALS FEEL A MENTORING RELATIONSHIP WITH

THEIR MANAGER WOULD IMPROVE THEIR VALUE & PRODUCTIVITY.

• Respect accomplishment vs. authority

• Accustomed to praise/feel entitled

• Great multi-taskers, team members

• Want meaning and good balance

• Build parallel careers

• Want excitement & challenge

• Purpose/mission focused

• Technology driven

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Traditionalists Boomers Xers Millennials

I need Respect Status Feedback/ Autonomy

Structure/ To Contribute

Reward/ Motivation

Acknowledge expertise

Symbols of achievement/ Promotion

Professional development/ Flexibility

Flexibility/ Growth

Attitude “Get the job done”

“Let’s have a meeting and talk about it”

“I’ll do my part, you do yours – we’ll meet up later.”

“I can, I will – just let me.”

Work ethic Sacrifice Driven Balanced Integration

Communication style

Formal/ Protocol Formal/ Process

Informal/ Pragmatic

Casual/ Immediate

MOTIVATING A MULTI-GENERATIONAL WORKFORCE

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MILLENNIALS

RECRUITING & RETAINING

TIPS TO TAKE AWAY

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RECRUITMENT

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Ethics

RECRUITMENT HOT BUTTONS

Employer that fits lifestyle, personality, and

priorities:

Challenge

Entrepreneurship

Opportunity

CreativityTechnology Mission

Lifestyle

Diversity

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ATTRACTING MILLENNIALS - TACTICSRECRUITMENT TACTICS

Make it personal

Instant

gratification

Entertaining

Authentic

Straightforward

Set expectations

Y-Size your

website

Offer more than

money

Compensation

package

Explain career

path

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Y-SIZE YOUR WEBSITE

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PERCEPTION IS REALITY

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RETENTION

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RETENTION STRATEGIES

Week One is All-Important

Create Customized Career Maps – Be

Specific

Model the Way – Reward Performance

Create Challenges and Milestones

Promote Collaboration

Communicate & Provide Feedback - OFTEN

Transparency & Access to Leaders

Understand Motivations

Talent Management Reviews

Range Spreadm

inim

um

max

imum

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DESIGNING SALARY STRUCTURES

Traditional Salary Structure Design

Accounting Clerk

Accountant

Bookkeeper

Controller

Chief Financial Officer

Range Spreadm

inim

um

max

imum

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DESIGNING SALARY STRUCTURES

Salary Structure (and Career Paths) modified for Millennials

Junior Accounting Clerk

Junior Accountant

Junior Bookkeeper

Controller

Chief Financial Officer

Intermediate Accounting ClerkSenior Accounting Clerk

Intermediate BookkeeperSenior Bookkeeper

Accountant

Senior Accountant

Accounting Supervisor

Accounting Manager

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OFFER MORE THAN MONEY

V

S

VS

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OFFER MORE THAN MONEY

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UNDERSTAND CONFLICTS & “CLASHPOINTS”

Parallel Careers/Freelancing Professionalism Advancement Flextime/Telecommuting Inclusion Rewards Measuring Results vs. Time Personal Technology

EXAMPLES:NEED FOR CONSTANT FEEDBACK:• Others see it: Irritating, bid for attention• Millennial perspective: Eager to please, efficiency CONFIDENT/SELF-ASSURED• Others see it: Entitled, unwilling to pay dues • Millennial perspective:

Want meaningful, important work

DISLIKING RIGID WORK SCHEDULES• Others see it: Lazy, won’t “put in the time”• Millennial perspective: Work can be done anywhere, will work tirelessly for something exciting

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WHAT ALL GENERATIONS WANT

Challenging, meaningful work

Opportunities for learning

Development and advancement

Successful integration of work/personal

life

Fair treatment

Competitive compensation

Leaders who are:

– Accessible, lead by example

– Acts as a coach, holds people accountable.

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SOURCES & WORK CITED

Online Sources “Managing Tomorrow’s People: The Future of

Work to 2020,” and “Millenials at Work: Reshaping the Workplace,” by Michael Rendell, Sandy Pepper, Karen Vander Linde, Leyla Yildririm, et. al. PriceWaterhouseCoopers

“Millennials facing unique workplace challenges,” by Lexy Gross, USA Today, September 24, 2013.

“Money no longer the motivator for Gen X and Gen Y?” by Ray Williams, Wired for Success-Psychology Today, August 1, 2010.

“Study Reveals Surprising Facts About Millennials In The Workplace,” by Shama Kabani, Forbes.com, December 5, 2013.

“What Millennials Want In The Workplace (And Why You Should Start Giving It To Them,” by Rob Asghar, Forbes.com, January 13, 2014.

The Beat (Up) Generation,” by Abby Ellin, Psychology Today, March 11, 2014.

Practical Advice for Managing a Multi-Generational Workforce, IBM“Leading and Motivating a Multi-Generational Workforce, Leadstar

Concerns Grow over Workforce Retirements and Skills

Gaps, SHRM & AARP U.S. Census Data 2010

Books Y-Size Your Business: How Gen Y Employees

Can Save You Money and Grow Your Business by Jason Ryan Dorsey (2009)

When Generations Collide: Who They Are. Why They Clash. How to Solve the Generational Puzzle at Work by Lynne C. Lancaster and David Skillman (2003)

Retiring the Generation Gap, Center for Creative Leadership, by Jennifer Deal (2006)

Presentations “Managing Generational Differences” CBIZ

Supervisory Training, 2011. Age Differences in Organizational Leadership,

MRG

Online Sources “11 Tips for Managing Millennials,” by Susan

Heathfield, About.com. “Gen Y Job Seekers: How They’re Different

from Gen X and Baby Boomers,” by Dan Schawbel, TIME.com, September 24, 2012.

“How Millennials are Transforming Careers and the Workplace,” by Ray Williams, Wired for Success – Psychology Today, September 16, 2013.

“How the Millennial Generation Will Change the Workplace,” by Ray Williams, Wired for Success-Psychology Today, March 19, 2014.