2014-10 The Millenial Career Shift

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The Millennial Career Shift How to Address the Evolving Career Expectations for Canada's Future Workforce Welcome to the Financial Management Institute Webinar Thursday, October 17, 12:00pm EDT

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Full slide deck from fmi*igf's October webinar "The Millenial Career Shift"

Transcript of 2014-10 The Millenial Career Shift

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The Millennial Career Shift:How to Address the Evolving

Career Expectations for Canada's Future Workforce

Welcome to the Financial Management Institute WebinarThursday, October 17, 12:00pm EDT

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Panel:• Lori Watson, Partner for Finance Effectiveness and

Enterprise Management, PricewaterhouseCooper• Dr. Ed Ng, Associate Professor, Faculty of

Management, Dalhousie University• Andrew Francis, Director General of Corporate

Accounting and Material Management, Aboriginal Affairs and Northern Development Canada

Moderator:• André LaFlamme, Project and Program Officer,

Financial Management Institute of Canada

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Millennials at work – Understanding the workforce of the future

Financial Management Institute

October 17, 2013

Lori Watson, Partner

Leader – Federal Public Sector Finance Effectiveness

www.pwc.com/ca

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PwC Alumni Business Session Millennials at work - Understanding the workforce of the future4

Baby Boomers (Born between 1943 – 1960)

General characteristics

• Focus is on quality and efficiency

• See life as an adventure

• Prefer to communicate in person

• Interested in traditional forms of reward (e.g. bonus, raise, promotion)

• Prioritize work first

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PwC Alumni Business Session Millennials at work - Understanding the workforce of the future5

Generation X (Born between 1961 – 1981)

General characteristics

• Focus is getting the job done

• Like being independent

• See work as a challenge

• Enjoy direct communication (in person/phone)

• Less concerned about promotion

• Want freedom and flexibility

• Want work/life balance

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The Millennial Generation / Generation Y(Born between 1982 – 2000)

General characteristics

• Always looking to the future

• Goal orientated

• See work as a means to an end

• Prefer communicating via email and social media

• Desire instant feedback and recognition where it is due

• Want balance between work and life.PwC Alumni Business Session:

Millennials at work - Understanding the workforce of the future6

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Millennials are attracted to employers who can offer more than just good pay

7PwC Alumni Business Session:Millennials at work - Understanding the workforce of the future

Opportunities for career progression

Competitive wages/ other financial incentives

Excellent training/ development programmes

Good benefits packages

Flexible working arrangements

International opportunities

Good reputation for ethical practices

Corporate values that match your ownA reputation as an employer of the best and

brightest peopleThe employer brand

Diversity/ equal opportunities record

The sector in which the organisation operates

Other

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Which of the following things do you believe make an organization an attractive employer?

Base: All graduates

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Millennials favour training and development and flexible working hours over financial benefits such as cash bonuses

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Which three benefits would you most value from an employer? Bars show % ranking for first place

8PwC Alumni Business Session:Millennials at work - Understanding the workforce of the future

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The most valued opportunity is the chance to work with strong coaches and mentors

46% of employed millennials said the development opportunities offered by their employer influenced their choice to accept the job.

9PwC Alumni Business Session:Millennials at work - Understanding the workforce of the future

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Most millennials expect to have between two and five employers in their careers

Millennials from Australasia expect to have the most employers on average - 20% expect 6-9, and 17% 10 or more.

10PwC Alumni Business Session:Millennials at work - Understanding the workforce of the future

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How many employers do you expect to have in your career?

Total

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The millennial generation is all about:

1. Flexibility2. Feedback3. Options4. Development

11FMI October 17, 2013Millennials at work - Understanding the workforce of the future

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Thank you! For more information, please contact:Lori WatsonPartner, Financial Effectiveness613 755 [email protected]

Detailed results available at:www.pwc.com/millennialsatwork

12FMI October 17, 2013Millennials at work - Understanding the workforce of the future

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Eddy Ng, PhDRowe School of Business

E-mail: [email protected]

Shifting Career Expectations, Experiences, Attitudes and ValuesEmpirical Findings Across Four Generations

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Generational Career Shift Study

Sample Characteristics Completed Spring 2011 3,009 respondents

Millennials = 906 (30.1%) Gen X = 900 (29.9%) Boomers = 901 (30.0%) Matures = 300 (10.0%)

Age effect – school, first job, house, start a family Period effect – economic recession, internet, energy crisis Cohort effect – middle-class upbringing, high self-esteem

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1. Employee Mobility the New Normal

Mean Job Changes Mean Organizational Changes

Matures

Boomers

Gen Xers

Millenn

ials0

0.5

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1.5

2

2.5

3

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Gen Xers

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Boundaryless and Protean Careers

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2. Shifting Work Values25 Work ValuesThings individuals deem most important to their job and working lives

Advancement

Worklife Balance

Achievement

Impact

2.5 2.7 2.9 3.1 3.3 3.5 3.7 3.9 4.1 4.3

3.79

4.07

3.92

3.54

MaturesBoomersGen XersMillennial

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3. Millennials have High Expectations

Salary Expectations

Male Female $-

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

$160,000

$180,000

$200,000

$48,860 $42,060

$84,868

$67,766

$171,036

$125,664

Starting5 YrPeak

Time to First Promotion

Years3.6

3.8

4

4.2

4.4

4.6

4.8

MaleFemale

Pay and Advancement Expectations

74%

102%

61%

85%

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4. Gen Xers are the Unhappiest

Career Satisfaction

Met Expecta-tions

Earnings Increases

Advancement rate

Recognition2.52.62.72.82.9

33.13.23.33.43.5

MillennialsGen XersBoomersMatures

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5. Millennials are Looking for Directions

Career Efficacy

Career Effic

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Career Res

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Career Influencers

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Career Attitudes and Experiences

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Generational Career Shift

Contact:

Ed Ng, PhDRowe School of BusinessDalhousie UniversityE-mail: [email protected]

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So What?

What’s the relevance of all this for public sector management?

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Questions and Answers

Be sure to tune in to next month’s bilingual webinar!• “Change Management: An overview of the Project

Management Institute (PMI) and the importance of Benefit Realization Management for Project Managers and Financial Professionals”

• Presenters: Yvan Bastien and Marc Billard• Thursday, November 7th, 2013 at 12:00pm EST