Millennial myths, exaggerations and uncomfortable truths - The real story behind Millennials in the...
-
Upload
ibm-commerce -
Category
Technology
-
view
254 -
download
1
Transcript of Millennial myths, exaggerations and uncomfortable truths - The real story behind Millennials in the...
Myths, exaggerations and uncomfortable truths The real story behind Millennials in the workplace
Carolyn Heller Baird Global Research LeaderIBM Institute of Business Value
1
© 2015 IBM Corporation
IBM Institute for Business Value
Table of contents
Introduction - The Millennial impact
Study methodology
Five myth busters
Three uncomfortable truths
Recommendations
Summary
2
© 2015 IBM Corporation
IBM Institute for Business Value
Millennials—as digital natives—bring vital value to a workenvironment in the midst of a digital revolution
3
5050%% USA workforceUSA workforce
7575%% Global workforceGlobal workforce
By 2020, Millennials willbe roughly 50% of the USA workforce, and 75% of the global workforce by 2030.1
Source: Meister, Jeanne. “Three Reasons You Need To Adopt A Millennial Mindset Regardless Of Your Age.” Forbes. October 5, 2012. http://www.forbes.com/sites/jeannemeister/ 2012/10/05/millennialmindse/
By sheer numbers alone, Millennials have become the catalyst for accelerated change in the workplace.
They are the first wave of digital natives to enter the workforce, and this does distinguish them.
Organizations that have embarked on their own transformation urgently need this digital capital.
2020 2030
3
© 2015 IBM Corporation
IBM Institute for Business Value
The hype swings from one extreme to the other
Millennials are open-minded, have a strong sense of community, and
are bent on saving the world.2
Notes: 1 Stein, Joel. “Millennials:The Me Me Me Generation” Time magazine. May 20, 2013. 2 Feldmann, Derrick & Emily Yu. “Millennials and the Social Sector: What’s Next?” Stanford Social Innovation Review. June 18, 2014.
Millennials are lazy, entitled, selfish and shallow.1
IBM Institute for Business Value
Yet the buzz about Millennials suggests that thedifferences between them and their older colleagues go much deeper
4
© 2015 IBM Corporation
IBM Institute for Business Value
©2015 IBM Corporation April 15, 20235
The first paper is the one we are covering today: Myths, exaggerations and uncomfortable truths – The real story behind Millennials in the workplace
Get the Executive Report: ibm.biz/millennialmyths
The IBV Millennial study is a 2-part series
The second paper in the Millennial study series:To buy or not to buy – How Millennials are reshaping B2B marketing
Get the Executive Report: ibm.biz/millennialsb2b
© 2015 IBM Corporation
IBM Institute for Business Value
Table of contents
Introduction - The Millennial impact
Study Methodology
Five myth busters
Three uncomfortable truths
Recommendations
Summary
6
© 2015 IBM Corporation
IBM Institute for Business Value
In a multigenerational study of
1,784 professionalsfrom companies large and small across 7 regions and more than 6 targeted industries, we compared the workplace preferences and behavioral patterns of Millennials, Gen X, and Baby Boomers
So what’s the real story?
Now that the first wave of Millennials is reaching the top echelons and making – or influencing – major business, it’s time to take stock.
65%
Millennials
(21-34)
20%
Gen X
(35-49)
16%
Baby Boomers
(50-60)
Generational breakdown
All respondents - currently employed with at least a bachelor’s degree
Each generation - wide range of job roles, from senior leaders to entry-level staff
30% – 40% of respondents influence B2B purchasing decisions (single purchases of US$10,000 or more)
Source: IBV Millennial survey issued July-August 2014
7
ages in summer of 2014
© 2015 IBM Corporation
IBM Institute for Business Value
Table of contents
Introduction - The Millennial impact
Study methodology
Five myth busters
Three uncomfortable truths
Recommendations
Summary
8
© 2015 IBM Corporation
IBM Institute for Business Value
50 90807060403020100 100
Myth 1: Millennials’ career goals and expectations are different from those of older generations
Fact: Millennials have similar goals as their older colleagues—and they place much the same weight on each goal.
Make a positive impact on my organization
Help solve social and/or environmental challenges
Work with a diverse group of people
Work for an organization among the best in my industry
Do work I am passionate about
Become an expert in my field
Manage my work/life balance
Become a senior leader
Achieve financial security
Start my own business
Percentage of respondents who ranked the following goals among their top two career aspirations
Source: IBV Millennial survey: Select the two long-term career goals that are most important to you. (Millennials n=1,153, Gen X n=353, Baby Boomers n=278)9
© 2015 IBM Corporation
IBM Institute for Business Value
Percentage of respondents who agreed
Myth 2:
Millennials want constant acclaim and think everyone should get a trophy
Fact: It’s largely Gen X employees, not Millennials, who think everyone on a successful team should be rewarded, and employees should be recognized for information sharing and collaboration.
64%55% 44%
If a team is successful, everyone should be rewarded
Employees should be rewarded for sharing information and collaborating
10
55% 64% 44%
Millennials Gen X Baby Boomers
55% 66% 43%
Millennials Gen X Baby Boomers
Source: IBV Millennial survey: How should work performance be rewarded? To what extent do you agree or disagree with the following statements?(Millennials n=1,153, Gen X n=353, Baby Boomers n=278)
© 2015 IBM Corporation
IBM Institute for Business Value
Fact: Millennials are comfortable using interactive online tools to acquire new work-related knowledge and skills, but they prefer in-person interaction.
39%
37%
36%
35%
35%
34%
33%
27%
23%
…attending in-person classroom training
…working along side knowledgeable colleagues
…accessing self-paced interactive modules, apps or online simulations
…reading education/training manuals/instructions
…figuring it out on my own
…attending a live webinar
…attending a Massive Open Online Course (MOOC)
…watching a video
Millennials prefer to obtain work-related knowledge by…
…attending a third-party sponsored event
Percentage of Millennials who selected these options as one of their top three preferences
39%
37%
36%
35%
35%
34%
33%
2727%%2727%%
2323%%2323%%
Source: IBV Millennial survey: How do you prefer to obtain network-related knowledge and skills? (Millennials n=1,153, Gen X n=353, Baby Boomers n=278)
11
Myth 3: Millennials are digital addicts who want to do everything online
© 2015 IBM Corporation
IBM Institute for Business Value
Myth 4:Millennials, unlike older colleagues, can’t make a decision without first inviting everyone to weigh in
Fact: Millennials value others’ opinions, but Gen X is even more inclined to want a variety of people to provide input and to seek group consensus.
37%
36%
39%
55%
61%
Percentage of respondents who agreed
It is important to havegroup consensus
I make better decisions when a variety of people provide input
64%
56%
49%
61%
55%
39%
Source: IBV Millennial survey: To what extent do you agree or disagree with the following statements about how you make business-related decisions? (Millennials n=1,153, Gen X n=353, Baby Boomers n=278)
12
© 2015 IBM Corporation
IBM Institute for Business Value
Myth 5:
Millennials are more likely than employees of other generations to jump ship if a job doesn’t fulfill their passions
Fact: Millennials change jobs for much the same reasons Gen X and Baby Boomers do.
Employees of all ages have much the same reasons for moving to another position
13
© 2015 IBM Corporation
IBM Institute for Business Value
Myths: Implications
Fact:Build a workplace environment where Millennials, as well as older employees, will thrive
Millennials and most older employees want…
Career goals and expectations
Leadership style and recognition
Use of digital technologies
Decision making
Job satisfaction
1
2
3
4
5
To make a positive impact and feel inspired and informed
To be treated ethically and fairly, and valued fortheir contribution to the team’s success
To maximize their digital acuity, but also balance virtual interactions with in-person engagement
To collaborate with colleagues and others so the best ideas can surface and flourish
To receive competitive compensation and work in a creative, innovative environment
14
© 2015 IBM Corporation
IBM Institute for Business Value
Table of contents
Introduction - The Millennial impact
Study methodology
Five myth busters
Three uncomfortable truths
Recommendations
Summary
15
© 2015 IBM Corporation
IBM Institute for Business Value
Many employees aren’t sure theyunderstand their organization’sbusiness strategy
Uncomfortable truth
1
IBM Institute for Business Value
16
Percentage of respondents with limited or no understanding
…my organization’s business strategy
…my manager’s expectations of me as an employee
…what my customer’s want
…my organization’s brand promise
I don’t fully understand…
%
6560504035
© 2015 IBM Corporation
IBM Institute for Business Value
The majority of respondents believe their organization effectively addresses a number of issues, including work-life management, workforce diversity and environmental/societal concerns.
The sole exception is the customer experience.
Most employees, irrespective of age, think their organization provides a poor customer experience
60%
40%
70%
Millennials
Gen X
Uncomfortable truth
2
IBM Institute for Business Value
Percentage of respondents who believe their organization is not addressing the customer experience
Baby Boomers
17 © 2015 IBM Corporation
© 2015 IBM Corporation
IBM Institute for Business Value
Only 4% of respondents say their organization has no problem implementing new technologies
Employees of all generations say their organization is slow to implement new technologies
Impact on current customer experience
Leaders’ lack of technological savvy
Complexity of technology
Leaders’ inability to envision future needs
Organizational culture that is resistant to change
Uncomfortable truth
3
72%
44%
44%
36%
32%
IBM Institute for Business Value
The top barriers to implementing new technologies
18 © 2015 IBM Corporation
© 2015 IBM Corporation
IBM Institute for Business Value
Employees need to understand their business fundamentals so they…
More engaged employees will lead tohappier customers
Uncomfortable truths
Implications
IBM Institute for Business Value
Employees need improved technologies so they…
─ feel their role matters─ feel part of a bigger mission─ feel empowered to make a difference…And can become enthusiastic brand ambassadors
─ can be more collaborative and innovative─ can be more efficient and effective─ can be informed decision makers…And can design and deliver differentiated
customer experiences19
© 2015 IBM Corporation
IBM Institute for Business Value
Table of contents
Introduction - The Millennial impact
Study methodology
Five myth busters
Three uncomfortable truths
Recommendations
Summary
20
© 2015 IBM Corporation
IBM Institute for Business Value
21
We’ve made five practical recommendations for helping a multigenerational workforce thrive in today’s volatile environment
Recommendations
Focus on individualsUse robust workforce analytics, policies and programs that accommodate individual career aspirations, not generational stereotypes
Foster a collaborative cultureDeploy collaboration technologies and tools along with adoption programs and incentives
Make customer experience a priorityInvestigate weaknesses, be transparent, and work collaboratively on improvements
Look withinLeaders assess how well you are personally connecting with employees
Get everyone on boardHelp all employees understand the business fundamentals
Implications for business leaders
The “Millennial” mindset transcends age.Employees in each generation want:
A diverse, collaborative, innovative workplaceThe tools and technologies to help them be their bestDelighted customersInspirational leaders who are invested in employees’ engagement and development
These attributes will be the competitive differentiators that attract and retain top talent.
© 2015 IBM Corporation
IBM Institute for Business Value
Table of contents
Introduction - The Millennial impact
Study methodology
Five myth busters
Three uncomfortable truths
Recommendations
Summary
22
© 2015 IBM Corporation
IBM Institute for Business Value
Millennials as a catalyst for change
IBM Institute for Business Value
Millennials, as digital natives, bring the digital capital organizations need to accelerate their business transformation
Gen X and Baby Boomers have also adopted new ways of doing business - they want many of the same things Millennials do
Organizations need nuanced talent strategies and robust analytics for a multigenerational workforce; employees of all ages are complex individuals
Summary
23