8 requirements for retaining millennials
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8 Key Things Gen Y Requires to Stay at Your Company
Millennial Retention Requirements
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Presented by:
Lisa OrrellThe Generation Relations Expert
Webinar Agenda
11
22
44
Why Is This Important?
Understanding the Generations
8 Strategies for Retaining Millennial Talent
Q & A
33
Gen X:~1966
to1979
Gen X:~1966
to1979
Generation Jones:~1954
to1965
Generation Jones:~1954
to1965
Boomers:~1942
to1953
Boomers:~1942
to1953
Millennials/Gen Y:~ 1980
to2002
Millennials/Gen Y:~ 1980
to2002
Millennial Overview: The Generational Snapshot
11
3
Why Is This Important?
“Generationally determined lifestyles & social values exercise as much influence on buying and
purchasing as more commonly understood demographic factors like income, education, and
gender do – maybe even more.”
Rocking the Ages by J. Walker Smith, Ph.D. and Ann Clurman
11
Why Is This Important?
1 Boomer is retiring every 8 seconds
At a typical large company in the U.S. 30-40% of employees will hit retirement age in the next 5-10 years
Challenges U.S.- based companies to sustain their growth & competitive edge
Boomer Brain Drain
Generational Dynamics: Diversity
Millennials = 52% of the US population
11
Understanding the Generations
“63% of top executives say that most managers’ careers are stalled because they simply do not
understand others.”
Across the Board Magazine for Business Leaders
22
Our History = Our Perceptions/Values
Assumptions & Biases
Personal Filters Affect Our Perceptions & Ability to Interact With Others
Everyone Expects People to Think the Way They Do
Being Inflexible Causes Conflict
22
Meet the Boomers
“We wanted what they want. We just felt we couldn’t ask. Herein lies the truth: what young
workers want isn’t so different from what everyone else wants. However, young workers are
asking for it.”
“Mastering People Management” Article in Financial Times
22
Boomers: How They Came to Be
GROWING UP
Dr. Spock
Nuclear Families/Stay-At-Home Moms
“Your voice matters!”
Economic Boom
Wake of WWII
Parents Stayed At One Job
POSITIVE TRAITS
Service Oriented
Optimistic
Go the Extra Mile Attitude
Loyalty/Longevity
Great Rapport Builders
CHALLENGING TRAITS
Technology (some)
Put Process Ahead of Results
Can Be Judgmental
22
Meet Generation Jones
“Many believe the concept of jonesing is among this generation’s key collective personality traits. Jonesers were given huge expectations as children in the optimistic 1960’s, and then confronted with a different reality as they came of age in the pessimistic 1970’s, leaving them with a certain
unrequited, jonesing quality.”
Jonathan Pontell, Leading Social Commentator Coined the Term “Generation Jones”
22
Gen Jones: How They Came to Be
GROWING UP
Easy Bake Ovens
Pong
MTV
The Brady Bunch
Torn: Nuclear Families/Divorce Rates/Working Moms
Vietnam
Civil Rights
Watergate
POSITIVE TRAITS
Relationship Oriented
Career Focused
Optimistic
Strong Work Ethic
Loyalty/Longevity
CHALLENGING TRAITS
Hybrid of Boomer/Gen X
Workaholics
Yearning For More
22
Meet the Gen Xers
“It’s no wonder the Xers are angst-ridden. They feel America’s greatness has passed. They got to the
cocktail party twenty minutes too late, and all that’s left are those little wieners and a half-empty bottle
of Zima.”
Comedian Dennis Miller
22
Gen X: How They Came to Be
GROWING UP
Working Moms
Soaring Divorce Rates
Latchkey Kids
Survival & Independence
“Family” Ties With Friends
“Be careful out there!”
“Pro Kid” Disappeared
Economic Bust of 70s
POSITIVE TRAITS
Adaptable
Independent
Creative
CHALLENGING TRAITS
People Skills
Cynical
Solo-Nature
22
Meet the Millennials
“A Millennial’s psychological contract is with the relationships embedded within the organization,
not the organization itself.”
Professor of HR Management at the University of Wisconsin at Milwaukee
22
Millennials: How They Came to Be
GROWING UP
Told Valued From Day One
Laws to Protect Them
Raised to Express Feelings
“Pro Kid” Society
Told to Experience New Things
“Don’t make the same mistakes we did!”
Raised to Embrace Team Work
9/11, Enron, Wall Street & Save the Planet
POSITIVE TRAITS
Multi-taskers
Team Players
Confident & Optimistic
Aware of Others
Entrepreneurial
CHALLENGING TRAITS
Get Bored Fast
Don’t “Get” the Old Way
Impatient With Advancement
22
8 Retaining Millennial Tips
“Do unto others…keeping their preferences in mind.”
The Titanium Rule – Created by Claire Danes
33
8 Retaining Millennial Talent
“This is the most high-maintenance workforce in the history of the world. The good news is
they’re also going to be the highest performing workforce in the history of the world.”
Bruce Tulgan, Author of Managing Generation Y
33
MILLENNIAL RETENTION TIP #1
Set-Up an Environment for Idea Sharing
33
MILLENNIAL RETENTION TIP #2 33
Communicate Often
MILLENNIAL RETENTION TIP #3 33
Training & Mentorship
MILLENNIAL RETENTION TIP #4 33
Structured Path for Advancement
MILLENNIAL RETENTION TIP #5 33
Reward with Increased Responsibility!
MILLENNIAL RETENTION TIP #6 33
Map Personal Goals to Tasks
MILLENNIAL RETENTION TIP #7 33
Find Out What Motivates Them
MILLENNIAL RETENTION TIP #8 33
Become A Praise Culture
Presentation Recap
Millennials expect a lot from their leadership
Millennials want to communicate with managers often
Respect their opinions & provide mentorship
Training, training and more training!
Reward & praise your Millennial Talent (and other age groups) often
Challenge them!
Have fun & enjoy the new generation!
SPECIAL OFFER FOR ATTENDEES!
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Time for Questions!
Lisa Orrell, CPC
The Generation Relations Expert
Speaker • Author • Leadership Coach for Millennials
www.TheOrrellGroup.com
Join Lisa Online:
LinkedIn & Facebook
Twitter @GenerationsGuru
Blog: TheOrrellGoup.com/Blog
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