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Read, Click, Post or Tweet: Engaging multiple generations in the Workplace 2017 Annual Educa.on Conference Academy of Medicine March 30, 2017 10:15 -11:15 a.m. 1 Introduc=ons Speaker: Keisha Olinger Client Rela=onship Director Willis
Read, Click, Post or Tweet: Engaging multiple generations in the Workplace
2017 Annual Educa.on Conference
Academy of Medicine March 30, 2017 10:15 -11:15 a.m.
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Introduc=ons
Speaker: Keisha Olinger Client Rela=onship Director Willis Towers Watson Atlanta, GA
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Three megatrends impac=ng employee engagement
Pace of Change Shifting Workforce The Employee Value Proposition (EVP)
Insights from the 2016 Global Talent Management & Rewards and Global Workforce Studies 3
About Willis Towers Watson
We are an integrated advisory, broking and solu=ons company organized around four business segments designed to meet our clients’ risk and people needs
Corporate Risk and Broking Human Capital and Benefits Exchange Solutions Investment, Risk and Reinsurance
Integrated
around people and risk
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Content
Source: facebook.com.6
Content
Source: wikipedia.com.7
Content
Source: U.S. Department of Labor.8
Pace of Change: Fortune 20 (1964 – 2015)
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Pace of Change: Time to Reach 50 Million Users
Telephone Radio TV Internet Angry Birds Space 75 Years 38 Years 13 Years 4 Years 35 Days
Source: Attributed to Carl Benedikt Frey and Michael Osborne (Oxford Martin School, University of Oxford) and G. Kofi Annan, author; note: some figures disputed10
(EVP)
Insights from the 2016 Global Talent Management & Rewards and Global Workforce Studies
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About Willis Towers Watson’s 2016 studies
We surveyed: § 29 global markets § 2,004 employers participated and represented > 21 million employees
Global and Talent Management & Rewards Study
Fielded June 2016
Global Workforce Study
Fielded April – May 2016 We surveyed: § 29 global markets § > 31,000 employees participated
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The Employee Value Proposi=on (EVP) is grounded in programs, prac=ces and work experiences
Desired Culture Human Capital Strategy
EVP
Employee Value Proposition
Your EVP is what you offer employees throughout their working experience to motivate them to deliver the performance that you need to make your organization successful. It covers your purpose and values, the type of work, culture and people, as well as the total rewards received.
Business Strategy Human Capital Dimensions Outcomes
Customer Experience Business Performance Employee Performance Employee Retention Employee Engagement Employee Attraction 13
EVP is the experience of working at your company
It should answer these employee questions…
PURPOSE Do I believe in where you are going? Do I know how I support that? PEOPLE Do my leaders/managers inspire me? Does the Company have the diversity, culture and resources to enable high performing teams? Will I be working with great people? WORK Do I enjoy the work I do? Do I have the opportunities, tools and resources available to me to deliver what you want? TOTAL REWARDS Am I rewarded in the right way to motivate me? Do I understand the benefits I get and is it clear how they work? Do I know where my career can go? 14
Best prac=ce EVP organiza=ons achieve be\er outcomes
Leadership
Measurement, Change Management, Communication and HR Technology
EVP
Employee Value Proposition
Desired Culture Human Capital Strategy
almost 3x as likely to report their employees are highly engaged
93% more likely to report significantly
financially
27% fewer regrettable new hires
in the first year More than 10% less likely to report difficulty attracting and retaining key employees segments
Outcomes Human capital dimensions Business strategy
17% lower voluntary turnover
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Closer Look at Millennials and Future Genera=ons
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The genera=ons defined…
Baby Boomers
Age in 2016
52 – 70 years
Estimated population size (U.S.)
76 million – 79 million Competitive Optimistic Career-minded
1946 – 1964
Generation Z
(also known as Centennials)Age in 2016
6 – 22 years
Estimated population size (U.S.)
~25 million (and growing?) Immediacy Connected Realistic
1995 – 2010
Generation Y
(also known as Millennials)Age in 2016
22 – 35 years
Estimated population size (U.S.)
80 million – 90 million Team-oriented Tech-savvy Socially conscious
1981 – 1994
Generation X
Age in 2016
36 – 51 years
Estimated population size (U.S.)
34 million – 40 million Self-reliant Globally- minded Adaptable
1965 – 1980
Traditionalists
Age in 2016
71+ years
Estimated population size (U.S.)
~29 million – 31 million Loyalty Respect for authority Sacrifice
Before 1945
One generation does not fit all…
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Baby Boomers
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Genera=on X
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Genera=on Y
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Genera=on Z
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Millennials – Value flexibility and technology
45% of Millennials will
choose workplace flexibility
74% of Millennials believe
that new technology makes life
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Millennials – Idealis=c and socially- conscious
Source: Intelligence Group – Cassandra Report; 201364% of Gen Ys rank
making the world a better place as a priority in life
56% would take a pay cut to
work somewhere that is positively changing the world
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Millennials – Not corporate-focused
Source: Intelligence Group – Cassandra Report; 201357% of Gen Y’s would rather work
freelance than a regular 9 a.m. to 5 p.m. job
57% would rather work for themselves
than for a company
55% would rather work for a start-up than
a corporate environment
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Millennials – Balancing act
88% of Gen
Ys prefer
work life integration
life balance
Source: Intelligence Group – Cassandra Report; 201325
Millennials – Financial dependence
Source: Intelligence Group – Cassandra Report; 201393% of Gen Ys receive
financial assistance from parents
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Millennials have a unique view of the world and idea of success…
OLD NEW
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… and are more likely to leave their job if the elements they value are not part of the
45% of Millennials
would quit a job if they did not see a career path they wanted in a company Millennials are 2x more likely to leave their current job after two years compared to Gen X
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Moderniza=on, relevance and what’s at stake
Creates increased pressure and stress on the workforce and a whole new definition of what it means to be an engagement leader Market trend/reality Expectations of transparency and individualization Fast-changing technology Demographic shift – It’s really happening Fast-changing market
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What this data means for your
1. Survey, focus group and segment your workforce to understand their unique engagement and reten=on drivers 2. Treat your employees like consumers
understand them to the same degree that employees are expected to understand external customers
understands them in this way
proposi=on and consistently align them with total rewards programs
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