Embracing Millennials: Building Tomorrow’s Leadership ... Millennials... · Embracing...

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Embracing Millennials: Building Tomorrow’s Leadership Pipeline Today Margaret Roberts Director – Eberhardt Career Management Center 2017 Spring Conference & Expo

Transcript of Embracing Millennials: Building Tomorrow’s Leadership ... Millennials... · Embracing...

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Embracing Millennials: Building Tomorrow’s Leadership Pipeline Today

Margaret Roberts

Director – Eberhardt Career Management Center

2017 Spring Conference & Expo

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Who are these Millennials?

Experienced Millennials are:• Directors• Sr Managers• Dept Heads• Business

Owners• Mentors

Younger millennials are:• New grads• Students• In HS

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The changing demographics of our workforce

2015: Millennials surpass Gen X to become biggest part of workforce with 53M+ employed (Pew Research Center Study)

2020: Millennials projected to comprise 75% of the workforce with 90M+ employed (2014 Brookings Report)

Sources:

http://www.industryweek.com/leadership-five-questions

https://www.brookings.edu/research/how-millennials-could-upend-wall-street-and-corporate-america/

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Values in Common

Stability – 88% of Millennials prefer stable employers – more risk averse than we might assumeFinancial security – 67% are likely to switch

employers for a better retirement packageCollaboration – 74% prefer to work in small

groups, learning from others and contributing to a greater impact

Sources:

iCIMS – A Recruiter’s Guide to Attract & Retain Millennials, 2016

http://windgatewealthmanagement.com/millenials-the-diy-generations-take-on-401ks-how-do-you-compare/

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Factors that influence job acceptance

Money (compensation package)Professional developmentOpportunities to advance

Source:

https://business.linkedin.com/talent-solutions/blog/2015/05/what-you-need-to-know-to-successfully-recruit-millennails-infographic

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Millennials are on the move

Defining loyalty

Loyalty to employer = 5+ years on job 41% of Baby Boomers vs. 13% of Millennials

agree

By 30, Millennials have nearly 2x more job and organizational changes as GenXersMedian tenure in a job is 3 years for Millennials

(< 1/3 of tenure of professionals 50 and older)

Sources:

iCIMS – A Recruiter’s Guide to Attract & Retain Millennials, 2016

https://www.psychologytoday.com/blog/diverse-and-competitive/201503/are-millennials-more-likely-switch-jobs-and-employers

https://business.linkedin.com/talent-solutions/blog/2015/05/what-you-need-to-know-to-successfully-recruit-millennails-infographic

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Attracting Millennials is one thing. Retaining them is another!

Keys to retention:

Communication

Work-life balance

Empowerment

Contributing to a larger purpose

Delivering on the stuff that influenced job acceptance, particularly professional development and advancement

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Communication – in many forms and venues

Millennials appreciate directness, plain talk, and inclusiveness, over a rules-based authoritarian approach.During Onboarding – educate new hires on:

organization’s mission, customers, results, and future goals; clarify roles and expectations, including what success looks like at

your organization help them see the big picture and how they contribute to that

purpose

Sources:

https://www2.deloitte.com/global/en/pages/about-deloitte/articles/millennial-survey-preference-plain-talk-inclusiveness.html

http://www.industryweek.com/leadership-five-questions

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Communication – in many forms and venues

Contemporary thought suggests the annual performance review is dead. Millennials value honest, frequent feedback from managers.Through On-going Feedback – motivate future performance (vs. evaluate past):

80% want feedback in real-time Feedback nurtures growth (which Millennials highly value) Provide framework for what is expected and show them what

“good” looks like Give clear feedback – Jessica Kriegel (author of Unfairly Labeled)

suggests separating positive and developmental feedback to create better clarity

Sources:

https://www.google.com/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=performance+reviews+are+dead

iCIMS – A Recruiter’s Guide to Attract & Retain Millennials, 2016

http://www.industryweek.com/leadership-five-questions

Kriegel, J. Unfairly Labeled. How your workplace can benefit from ditching generational stereotypes. (Wiley, 2016) Pages 90-91

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Communication – in many forms and venues

Speak their language, and remember, communication goes two ways

By Messaging in Their Terms – bridge communication gaps: Steal a play from Coach K’s playbook – use communication tools

that Millennials are familiar with to send short, encouraging messages (social media platforms are key here)

Engage your Millennial staff in crafting messages their peers will respond to – cultivate communication ambassadors internally to help bridge gaps

Cultivate collaborative, less hierarchical organizations to promote diverse thought and innovation – engage Millennials in meaningful dialogue about the work and the environment, and in implementing some of the ideas they produce

“Voice means giving employees a real say in how the company is run.” Voice is the third cornerstone of Google’s culture.

Sources:

https://www.inc.com/justin-bariso/want-to-reach-millennials-a-simple-trick-from-a-successful-70-year-old-basketbal.html

http://www.industryweek.com/leadership-five-questions

Bock, L. Insights from Inside Google. Work Rules! That will transform how you live and lead. (Twelve, 2015) – Pages 46-47

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Work-Life Balance –Measured by what yard stick?

Millennials want more time off work and more flexibility when/where they are working. Believe working remotely will increase job satisfaction and boost

productivity.

Almost twice as likely to have a full-time working spouse than Baby Boomers.

Stronger loyalty to organizations with higher degrees of flexibility 33% stay 5 years vs. 35% stay only 2 years in high flexibility orgs 27% stay 5 years vs. 45% stay only 2 years in low flexibility orgs

Engage your workforce in ongoing discussions to come up with solutions that can meet the needs of the business while offering the flexibility employees desire. Help employees find the right balance of work-life integration to create a win-win for them and the company.

Sources:

https://www.forbes.com/sites/nataliebacon/2017/01/11/can-millennials-in-corporate-jobs-achieve-work-life-balance/#52837e0216f5

http://www.ey.com/us/en/about-us/our-people-and-culture/ey-work-life-challenges-across-generations-global-study

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EmpowermentIsn’t it really engagement that we most desire?

A definition of engagement: “Proactively and passionately adding value while aligning with the company mission.” (David Mizine, 15Five author)

2017 Deloitte Millennial Survey Employees who feel jobs have meaning, or are able to make a

difference, exhibit greater levels of loyalty Involving employees in initiatives that support “good causes”

boost sense of empowerment Millennials feel most accountable at work where they believe

then can influence client satisfaction

Sources:

https://www.15five.com/blog/7-employee-engagement-trends-2016/

https://www2.deloitte.com/global/en/pages/about-deloitte/articles/millennial-survey-making-impact-through-employers.html

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Empowerment –learning and growing through failing From Why is Innovation So Hard – Forbes.com

Tech companies have historically been better equipped to promote growth through failure. Lazlo Bock, the former head of People Operations, highlights

Google’s approach as rewarding thoughtful failure. This is in stark contrast to the supposed “fail fast, fail often”

mantra of Silicon Valley. The goal is not to glorify failure, but to cultivate adaptability

and learning from our mistakes.Sources:

https://www.forbes.com/sites/darden/2014/08/04/why-is-innovation-so-hard/#16d6b5fe46fd https://www.forbes.com/sites/robasghar/2014/07/14/why-silicon-valleys-fail-fast-mantra-is-just-hype/#35d3879524bc

Bock, L. Insights from Inside Google. Work Rules! That will transform how you live and lead. (Twelve, 2015) – Pages 253-257

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Contributing to a larger purpose

Do Millennials really value corporate social responsibility, social causes, and justice more than other generations?

Maybe. Maybe not. They are definitely more vocal in their demand for this as members of the workforce.

Community outreach and service through an employers offers several benefits, and can enhance employee engagement. Promotes collaboration across levels / functions / departments Allows employees to “give back” with greater impact collectively

than we can accomplish individually Helps align need to help solve societal problems by volunteering

time vs. dollars

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Engagement –A few more thoughts on this hot topic

Recent studies report US worker “disengagement” as high as 70%

We’ve all heard (or felt directly) this sentiment: “People don’t quit their jobs, they quit their bosses”

Not surprisingly, inspiring managers create more engaged teams!

How can leaders do a better job of inspiring? Communicate and be transparent. Be consistent and supportive (genuinely care about their people). Be compassionate. Cultivate individuals’ strengths and nurture potential. Empower by placing employees in positions of influence and

responsibility. Share success (and credit for accomplishments) to build positive

momentum.

Sources:

http://www.gallup.com/poll/188144/employee-engagement-stagnant-2015.aspx

https://www.forbes.com/sites/glennllopis/2015/02/02/6-things-wise-leaders-do-to-engage-their-employees/#5fae09137f5d

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Worthwhile summer reading

Unfairly Labeled challenges the very concept of "generational differences" as an unfair generalization, and offers a roadmap to intergenerational understanding. Kriegel's experience as Organizational Developer at Oracle puts her squarely in the talent strategy realm, where she works to optimize leadership development, team effectiveness, and organizational design.

Drawing on behavioral economics and human psychology, Bock provides teaching examples from a range of industries. He also reveals why Google is consistently rated one of the best places to work, sharing counterintuitive principles that are easy to put into action. WORK RULES! shows how to strike a balance between creativity and structure, leading to success you can measure in quality of life as well as market share. Read it to build a better company from within rather than from above; read it to reawaken the joy in what you do.