How the Millennial Generation is Changing the Workplace Jeff - PowerPoint PPT Presentation

How the Millennial Generation is Changing the Workplace Jeff Stokes- Ringleader Owner/President Next Level Contractor LLC Kristy Wolfe Matt Slawson Rocky Geans Assistant Professor Vice President President & Owner Bradley University Next Level Contractor LLC LL Geans Construction

Learning Objectives: 1. Identify the core difference in work habits and values of each generation. 2. Discuss how to effectively lead and manage millennials. 3. Examine how to keep millennials engaged (and retain them). 4. Access a company’s readiness to embrace and integrate millennials.

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Five Generations in the Workplace • Born 1926 – 1946 : Silent Generation / Traditionalists • Born 1946 – 1965 : Baby Boomers • Born 1966 – 1980 : Generation X • Born 1980 – 1995 : Millennials / Gen Y • Born 1995 – 2010 : Gen Z

Generations by the Numbers

Generations by the Numbers It is projected that in 2019 Millennials will pass Boomers as the largest living generation in the US at 73 million. The overall US population continues to grow older. In 2030, 1 in 5 US residents will be retirement age (65).

Baby Boomer 1946 – 1965 Influences: • Hard to connect with their parents because they were viewed as “lucky” • Vietnam and Cold War • Assassinations of JFK, Robert Kennedy, and MLK Jr. • The Civil Rights Movement • The Space Race • Beginning of consumerism

Baby Boomer 1946 – 1965 Values: • Less optimistic and more distrusting of the government than their parents • Strive for financial security • Individualism and experimentation • Pursuing the American Dream • Challenge authority • Equal rights. “Protest Generation”

Baby Boomer 1946 – 1965 Work Values: • Value hard work (much like Silent), but for establishing identity and fulfillment • Work Ethic = Worth Ethic • More loyal to the team than the company • Values collaboration, but wants respect from younger generations • Ambitious and driven towards retirement Motivation : Will work hard for personal gain

Baby Boomer 1946 – 1965 Technology: Television was the emerging technology during this time. This influenced boomers significantly by how they received information. It also pushed consumerism in society to greater heights.

Generation X 1966 – 1980 Influences: • Fall of Berlin Wall and end of communism • End of Vietnam and Cold War • AIDS • Reagonomics • Experienced more divorces than any other generation • 1 st Gulf War

Generation X 1966 – 1980 Values: • Independent and self-reliant • Comfortable with feedback • Mistrusts institutions and rejects rules • Education • Skeptical and pragmatic • Suspicious of Boomer values

Generation X 1966 – 1980 Work Values: • Less focused on advancement, more focused on work-life balance • Value open communication and transparency • Outcome oriented • Prefer casual / friendly environment • Invest loyalty in a person, not a company Freedom Motivation :

Generation X 1966 – 1980 Technology: This generation saw the rise of the personal computer. They were the first generation to develop ease and comfort with technology.

Millennial 1980 – 1995 Influences: • Columbine shootings • 9/11 attacks and terrorism • Death of Diana and OJ trial • High levels of student debt • Helicopter parents • Dramatic increase in media

Millennial 1980 – 1995 Values: • Emphasis on education • Entrepreneurial • Instant gratification, impatient, short attention span • Diversity, much more culturally and racially tolerant • Achievement oriented • Consumerism • Community service is important

Millennial 1980 – 1995 Work Values: • Avoids intense pressure • Seeks out mentorship and coaching • Desires strong leadership • Wants instant feedback and a positive environment • Values performance over process • Always learning • Strong multi-taskers Connect work to personal and Motivation : career goals

Millennial 1980 – 1995 Technology: This generation saw the rise of the internet. This has transformed the way they work and communicate. Globalization was also greater than ever before due to the rise of this technology.

Generation Z - Born 1995 - 2010 Also, known as the iGen, they are the first generation to be ‘connected’ since birth. They do not know a world without the internet and smart phones. This is a growing generation that is quickly increasing in the workforce.

Embrace Millennial Issues: • Recruitment • Hiring • Onboarding • Training & Engagement • Retention

Recruitment/Hiring Where do we find millennials to hire? • Referrals • Social media • Job shadow programs • Job fairs (colleges/junior colleges) • Trade shows • School recruiting

Recruitment/Hiring What do they want in the recruiting process? • Personalized experience (drink choice) • Team interviews • Ask behavioral questions to better match core values of individual and company • Find out what the candidate cares about • Talk benefits not pay

Recruitment/Hiring What are they looking for in their career? • Flexibility • Community-oriented activities • Utilize knowledge of technology • To be provided training

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On-Boarding and Training • Hiring a millennial is only one-third the channel, don’t lose them right out of the gate • Ensure you are ready for them and provide a strong on- boarding and on-going training program • Remember the collaborative perspective so many take, everything is integrated not individualized

Organizational Retention Three Keys to Retaining Millennials • Strong Leadership • Engaging Environment • Real-time Feedback

Leadership & Training

Organizational Retention Performance Management Don’t tolerate poor performance. This is one of the quickest ways to increase frustration and motivate millennials to leave.

PERFORMANCE PYRAMID Peak Performance Verify Capacity Give Feedback and Coach Review Tie Rewards to Performance Performance Provide Tools & Provide Job Resources Training Define Role & Set Standards & Responsibilities Expectations

Organizational Retention Mentoring / Reverse Mentoring Definition of mentor = a trusted counselor or guide Keys to Successful Mentorships • Built on a relationship of trust • Define roles and responsibilities • Clearly defined goals • Collaborative problem solving

Mentoring & Leadership 32% 63% 68% … of millennials say their Those intending to stay for leadership skills are not being more than 5 years are twice fully developed. as likely to have a mentor. https://www2.deloitte.com/content/dam/Deloitte/global/Documents/About-Deloitte/gx-millenial-survey-2016-exec-summary.pdf •

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Compromise Collaboration

Thanks for your time. Jeff Stokes – Moderator Rocky Geans Matt Slawson Kristy Wolfe President & Owner Vice President Assistant Professor LL Geans Construction Next Level Contractor Bradley University

Appendix

Rise of Generation Z

Organizational Retention What a Good Leader Looks Like • Listens and learns • Emotional Intelligence (EQ) • Accessible • Determined and focused • Effective communicator • Resilient • Servant Leader • Hands-off delegator • Integrity • Power or Humility

Leadership & Training Seek to Understand Synapses-How are you hard wired? How are your co-workers hard wired? How does this affect leading, coaching, leading your company, your team, your co- workers? Reasonable people can have different perspectives, and that creates conflict. We all come at a challenge with different filters due to how we are wired. Neuro-regeneration refers to the regrowth of or repair of nervous tissues, cells http://www.human-memory.net/brain_neurons.html

Leadership • Your attitude sets the tone in so many situations. It's your responsibility, your duty, to be in excellent shape; mentally, physically, spiritually. Who you are is so critical to how other's will feed off of you. • Look for OFI's in your co-workers, "Opportunities for Improvements", not "problems", "mistakes", "weaknesses". • If you have constructive criticism talk to your co-worker asap, get it done and move on. • I challenge everyone here today that if the culture in your company isn't on of Positive Encouragement, Teaching, Support and so on, that you be the ignitor of that change in you and your company.

Does your company have a healthy culture to attract millennials? q Turnover is low q Leaders are encouraging other leaders to succeed q Gossip isn’t tolerated q The team understands the mission and the vision q Communication is frequent, respectful, and straightforward q Change isn’t avoided, but welcomed q Leaders look to coach, not to blame q The company isn’t siloed, but various departments interact q There is an emphasis on cross-training q You gather feedback from your team and act on it q Collaboration is encouraged