managing and engaging millennials

Next Street Financial LLC © Copyright 2014 – CONFIDENTIAL 1

MANAGING AND ENGAGING

MILLENNIALS

CONNECTING GENERATIONS @ WORK


THE VALUES PYRAMID

Results

Behavior

Attitude

Decisions

Thoughts & feelings

Values

Visible

Invisible


CHANGE IN AMERICAN WORKERS

0% 20% 40% 60% 80% 100%

2005

2010

2015

2020

Veterans

Baby Boomers

Gen X

Millennials

Gen 2020

There are 5 generations in the contemporary American workplace

Source: Bureau of Labor Statistics Employment Projections


EACH GENERATION

> Consists of approximately a 20-year span (not all demographers and generation researchers agree on the exact start/stop dates)

> Has a unique set of values

> Reacts to the generation before them

> Looks at their generation as the standard of comparison

> Looks at the next generation skeptically “these kids today…”

> Those born on the “cusp” may have a blended set of characteristics


ACTIVITY: GENERATIONAL PERSONALITIES

> Form a line by birth year, youngest to oldest

> Find a partner

- What national/international events, trends, or people do

you remember from your first 15 – 20 years?


GENERATIONAL PROFILES

Characteristics Veterans Boomers Xers Millennials

Born About 1920 – 1940 About 1940 – 1960 About 1960 – 1980 About 1980 – 2000

Outlook practical optimistic skeptical hopeful

Work Ethic dedicated driven balanced ambitious

View of

Authority

respectful love/hate unimpressed relaxed, polite

Leadership by hierarchy consensus competence achievers

Perspective civic team self civic

Messages that

shaped them

•stay in line

•be heroic

•consider the

common good

•be anything you

want

•change the world

•work well with

others

•don’t count on it

•get real

•ask why

•you are special

•leave no one

behind

•connect 24/7


WHAT SHAPED THEIR LIVES

Veterans Boomers Xers Millennials

Events

• Stock market crash

• FDR

• Pearl Harbor

• End of WWII

• 1st Transatlantic flight

• Civil Rights

• Assassinations

• Outer space

• Cuban Missile Crisis

• Woodstock

• Vietnam

• Watergate

• Energy Crisis

• PCs marketed

• Iran hostages

• Challenger disaster

• Oklahoma City

• Technology

• Columbine

• Clinton/Lewinsky

• Stock Market Crash

• Gaming

Parenting

Style

• Discipline

• Strict obedience

• Conformity

• Schedules

• Dr. Spock

• Love/nurture

• Stay at home Mom

• Flexible schedule

• Latchkey kids

• Parenting by proxy

• Divorce

• Independence

• Parent advocacy

• Children first

• Supervision

• Strict on drugs,

drinking, driving

Heroes

• Superman

• FDR

• Patton, Churchill

• Babe Ruth

• Gandhi

• Martin Luther King

• JFK

• John Glenn

• None • Bill Gates

• Princess Diana

• Mother Teresa

• Parents

Values

• Hard work/Sacrifice

• Conformity

• Delayed reward

• Optimism

• Team orientation

• Personal growth

• Work

• Diversity

• Balance

• Fun/informal

• Pragmatism

• Achievement

• Civic duty

• Confidence

• Optimism


HOW GENERATIONS VIEW EACH OTHER

You Are: Veterans Boomers Xers Millennials

Veterans

•More about process

than results

•Overshare personal life

•Overspends budget

•Disloyal

•Disrespectful

•Intolerant of

regularity/routine

•Egotistical

•Impatient

•Little knowledge of

history

Boomers

•Too rigid

•Old School

•Not willing to “share

the power”

•Slackers

•Too challenging

•Not team player

•Rude

•Inexperienced

•Overconfident

•Overly competitive

Xers

•Too corporate

•Not open to new

approaches/ideas

•Overly ambitious

•Rigid/judgmental

•Doesn’t walk the talk

•Too naïve

•Overly optimistic

•Unfocused

Millennials

•Out of touch

•Technically inept

•Closed to new ideas

•Too serious

•Wrapped up in job

•Lecture too much

•Can’t make unpopular

decisions

•Cynical

•Don’t listen to my

ideas - I’m young

•Not inclusive

•Standards too high


WHO ARE THE MILLENIALS?


ACTIVITY: MILLENNIALS

> What are the characteristics of today’s young

worker?

> How are they different?

> What strengths do they bring?


MILLENNIALS DEMOGRAPHICS

> Big and heterogeneous

> Giant of a generation

- 95 million strong (1/3 more than Boomers)

> America’s most ethnically and racially diverse generation

- One in five has at least one immigrant parent

- One in ten has a non-citizen parent

- 35% are non-white or Latino (“minority”)

- One in ten does not speak English at home

Source: Millennials Rising


MILLENNIALS

> According to Howe and Strauss*, they are the most wanted/planned/watched-over generation in history

- “Baby on Board”

- home-schooling, car seats, helmets, etc.

> They like guidance and direction

> They are optimists

> They are team players

> They accept authority/They are rule followers

> They are smart (like school and learning)

> They are technologically sophisticated

*Source: Millennials Rising


CAREER COMPONENTS

> Work with inspiring/positive people

> Guidance

> To be challenged and have impact

> Opportunity to learn new skills/knowledge

> Access to information and expression of personal opinion

> Flexible schedules

> To be treated respectfully


ACTIVITY: WHAT WILL YOU DO?

> What will you do/put into place to ensure these needs are

met for Millennials in your organization?


WHAT SHOULD YOU DO?

> You be the leader

> Keep lines of communication open

> Challenge me

> Let me work with my colleagues

> Let’s have some fun

> Respect me

> Be flexible


RULES OF ENGAGEMENT

> See themselves as connected to, and part of, the organization

> Are given opportunities to problem-solve with their colleagues

> Connect their individual contributions with their own and the company’s goals

> Feel valued, respected, and rewarded for their contributions

> Develop social and professional relationship within the organization

Your youngest employees will be more productive, effective, and stay with you

longer if they:


THE ENGAGEMENT GAP

The Work Environment in Most

Organizations

The Work Environment that

Engages Millennials

Bureaucracy Ease and speed

Straight lines Web-like

One size fits all Can be customized

Tenured leaders Competent, trustworthy leaders

Yearly reviews Weekly, even daily, feedback

Security, privacy Open flow of information

There is a significant gap in how most organizations conduct themselves and what

engages Millennials. Closing the gap will be a significant differentiator for your

business.


HOW TO ENGAGE MILLENNIALS

> Help them learn

> Believe in them

> Connect them

- Collaborate, tap into their history of teamwork

> Let them make it their own

- Explain what needs to be done, set a deadline, and let them pick their own

process for doing the work

> Tell them how they’re doing

- Balance constructive criticism with other communication – positive feedback

or general conversation

> Be approachable

- Open the lines of communication; try to remove divisions between levels in

your organization

> Be someone to believe in

- Millennials want to be proud of the organization they work for, what it does,

how it makes a difference

- Be squeaky clean yourself—ethical, open, able to withstand scrutiny

Create or shifting to a culture that engages millennials takes time and resources,

but the return on investment is high.


EFFECTIVE MANAGERIAL BEHAVIORS

> Leadership

- Provide structure

- Be a role model

- Teach and coach

> Communication

- Provide regular feedback

- Open door policy

- Keep them in the loop

> Challenge

- Encourage with guidelines

- Show how their work is

making a difference

- Provide learning opportunities

> Respect

- Listen to thoughts and ideas

- Involve them in some decision

making

- Give them some creative

freedom

> Work environment

- Provide work-life balance

- Flexible schedule

- Humor, silliness

- Inclusive, not exclusive


RETAINING MILLENNIALS

> Help them learn and keep them challenged while they are learning

- Millennials leave their jobs in search of the next exciting challenge

> Pair them with older mentors who can teach them your business and

invite them to coach colleagues who are less technologically savvy

> Help them learn interpersonal skills for the workplace

- Many Millennials are more comfortable communicating through

technology than in person and need to learn how to verbalize their

ideas and work with colleagues


RETAINING MILLENNIALS

> Provide consistent and constructive feedback

- Millennials need to hear regularly how they are doing in their jobs

and need clear direction on how to improve their performance

- Many take negative feedback personally and have a low tolerance for

working through their mistakes

> Reward performance and productivity instead of, or in addition to, years

spent on the job

> Offer flexible scheduling, job sharing, and options for telecommuting

- Flex time

- Part-time

- Compressed scheduling

> Offer opportunities to change jobs without changing employers

- Workers can move laterally to build their skills and strengthen their

resume


FINAL THOUGHTS/COMMENTS

How to connect with those who

have Millennial Generation Values

> Be positive

> Get to know the individual and tie into

personal goals and achievements

> Encourage questions, answer them, and

check for understanding

> Coach, mentor, and inspire

How to attract and retain

> Use the power of peers

> Tap an outstanding Millennial employee

to talk to prospects

> Offer flexible options to accommodate

family/personal life

> Involve them in meaningful volunteer

efforts


APPENDIX: GENERATIONAL PROFILES


RECRUITING


Looking for: • Consistency/

structure

• Opportunity to

use experience

• Worthy venture

• Flexible

tailored

benefits

• Leadership

opportunities

• Learning

opportunities/

challenges

• Team

environment

• Flexible,

tailored benefit

• Career

development

opportunities

• Work/life

balance

• Company has

values/integrity

• Fun/informality

• Input valued &

respected

• Career

development

• Future oriented

organization

• Flexibility

Messages they

want to hear:

• Your

experience will

be seen as an

asset

• We see you in

our future

• You can make

a big

contribution

here

• We’re team

players

• People who

work here have

a life beyond

work

• You can build a

dynamic

resume here

• You will be

treated with

respect here

• We care about

your

achievements


ENGAGEMENT


Why they stay: • Loyalty to

employer &

customer

• Good schedule

• Expertise is

respected

• Making a

difference

• Work is

interesting

• Advancement

opportunities

• Autonomy

• Good schedule

• Time off

• Development

• Professional

growth

• Input valued &

respected

Why they

leave:

• Physical

reasons

• Inconsistent

enforcement of

policies

• Burnout

• Didn’t feel like

they could

make a

contribution

• Inability to get

ahead without

becoming a

manager

• High stress

• Job doesn’t

meet

expectations

• Job is repetitive

or boring


MANAGEMENT QUALITY


Managerial

Characters

• Directive

• Fair/consistent

• Respectful

• Democratic

• Consensual

• Caring

• Genuine

• Results-

oriented

• Informal

• Positive

• Collaborative

• Achievement-oriented

Relationship

w/Authority

• Respects

authority

• Seniority, titles

respected

• Challenges

authority

• Desires flat

organization

• Unimpressed

by authority

•Competence/Skills

respected

• Respects authority

who demonstrates

competence

• Teaches superiors how to

use technology

Motivates/

Rewards

• Allows them to

mentor

• Values

contribution

• Values

service/loyalty

• Involvement in

projects

• Personal

appreciation,

promotion,

recognition

• Let’s work

autonomously

• Free time,

development,

upgrade resources

• Connects work

actions to personal

goals

• Evidence of

credibility, awards,

certificates


WORK ENVIRONMENTS THEY THRIVE IN


• Stable

• secure

• respectful

• clearly defined

roles

• clear direction

• advancement

• recognition

• team oriented

• vision, mission

• non hierarchical

• flexible

• results oriented

• efficient

• informal, fun

• opportunities for

development

• positive

• collaborative

• flexible

• respectful

• achievement

oriented

managing and engaging millennials

Leadership & Management

street financial llc

generation researchers

world work

engaging millennials

unique set of values

blended set of characteristics

supervision strict

personal life