Fmi low bidders 2016 millennials presentation

1 © 2016 FMI Corporation

MILLENNIALS IN CONSTRUCTION:

ENGAGING A NEW WORKFORCE

May 6, 2016 | Dustin Bass and Ryan Howsam | FMI


Overview Debunking millennial myths

Employees perspective


It’s not that people born after 1980 are

narcissists, it’s that young people are narcissists,

and they get over themselves as they get older.”

— Elspeth Reeve, The Atlantic


Boomers

Born: 1945 - 1964

Age: 52 – 71 years old

Gen X

Born: 1965 - 1980

Age: 36 – 51 years old

Millennials

Born: 1981 - 2000

Age: 35 years and

younger

Multi-Generation Workforce

5 © 2016 FMI Corporation © FMI Corporation




Myth # 1: Millennials have different career aspirations

Fact: Millennials care as much as older workers about career

opportunities and getting ahead.


Myth # 1: Millennials have different career aspirations

Having clear career advancement

opportunities in place is key to

engaging millennials long term.


Myth # 2: Millennials are lazy

Fact: Millennials are eager to

be challenged and ready to go

beyond what is required to

make their companies succeed.


Myth # 2: Millennials are lazy


Myth # 3: Millennials are job hoppers

Fact: There is a strong correlation

between a company’s vision and

millennials’ loyalty to their company.


Myth # 3: Millennials are job hoppers

Employee engagement starts at the top.

When the company’s vision/direction is

clearly communicated and inspires

enthusiasm for work, millennials are

25% more likely to stay longer with the

company compared to millennials who

don’t have a clear vision/direction.


Myth # 4: Millennials want constant acclaim

Fact: Millennials

want regular

feedback – not

because they are

looking for a

trophy but because

they are still

learning the ropes.


Myth # 4: Millennials want constant acclaim


Myth # 5: Millennials are entitled

Fact: Millennials are ambitious and eager to make

an impact in their careers, which sometimes can be

misread as entitlement or even arrogance.


Myth # 5: Millennials are entitled

“The young people in this industry are eager to

contribute and participate.

Oftentimes standard job descriptions and policies

stand in the way of them contributing at a level

that would bring real value to the companies that

they work for.”

— Barbara Jackson, director at the Franklin L. Burns School of Real

Estate & Construction Management at the University of Denver


Myth # 6: Millennials are anti-capitalist

Fact:

For millennials,

money counts.


Myth # 6: Millennials are anti-capitalist


Forward From the Future…

2008 2018 From Boomer Control …………………………....To a Millennial Overthrow


Solutions

• Vision led Strategic Plans providing direction

• Human Capital as a Strategic Initiative

• Effective Careerpath Opportunities through Succession

Management

• Compensation Practices – Competitive pay and enticing

Short-term Incentive Plans


We need to move

away f rom E ins te in ’ s

def in i t i on o f i nsan i t y :

do ing the same th ing

over and ove r aga in

and expec t ing

d i f fe rent resu l t s .

We jus t have to t r y

someth ing comple te l y

d i f fe rent .


Presenters Contact Info

Dustin Bass

303.681.1721

[email protected]

Ryan Howsam

303.398.7275

[email protected]


About FMI

Founded in 1953 by Dr. Emol A. Fails, FMI is the leading management consulting, investment banking†

and people development firm dedicated exclusively to the engineering and construction industry. FMI

professionals serve all sectors of the industry and combine more than 60-plus years of industry context

and leading insights to achieve transformational outcomes for our clients. We have subject matter experts

in the following practice areas and serve clients throughout the U.S., Canada and internationally:

† Investment banking services provided by FMI Capital Advisors, Inc., a registered broker-dealer and wholly owned subsidiary of FMI.

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Development

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Executive Coaching

Succession Planning

Training and Talent Development

Management Consulting

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Risk Management

Compensation

Peer Groups

Performance Management

Investment Banking†

M&A Representation

Valuations and Fairness Opinions

Private Capital Placement

Ownership Transfer Planning