1. Hiring and Managing the Millennial Generation

2. http://www.scottdaviscre.com 3. GI (1901-1924) Silent (1925-1942) Baby Boom (1943-1960) Gen X (1961-1980) Millennial (1981-2004) Homeland (2005-) 4. No, I've never noticed, 16% Yes, there are, but they NEVER pose challenges, 12% Yes, they SOMETIME S/OFTEN pose challenges, 72% Neil Howe & Reena Nadler, WHY GENERATIONS MATTER: Ten Findings from LifeCourse Research on the Workforce, Feb 28, 2012 5. "I see no hope for the future of our people if they are dependent on the frivolous youth of today, for they are reckless beyond words. When I was young, we were taught to be discreet, respectful of elders, but the present youth are exceedingly disrespectful and impatient. Socrates, c. 400 BC Image credit: marzolino / 123RF Stock Photo 6. Open-minded, expert Sentimental Value due process Children of Nomad Children in Crisis Principled, creative Ruthless, narcissistic Value vision, values Children of Hero Children in High Rational, Competent Unreflective, bold Value community Children of Prophet Elder in Awakening Pragmatic Cynical Value liberty, survival Children of Artist Children in Awakening Nomad Hero ArtistProphet 7. Silent Homeland Boomers GI Millennials Gen X Nomad Hero ArtistProphet 8. Nomad Washington Hero Jefferson Artist T Roosevelt Prophet LincolnImage credit: paolag / 123RF Stock Photo 9. Hero: GI (1901-1924), Millennial (1981-2004) Artist: Silent (1925-1942), Homeland (2005-Present) Prophet: Baby Boom (1943-1960) Nomad: Generation X (1961-1980) 10. 16,000 17,000 18,000 19,000 20,000 21,000 22,000 23,000 24,000 Under 5 years 5 to 9 years 10 to 14 years 15 to 19 years 20 to 24 years 25 to 29 years 30 to 34 years 35 to 39 years 40 to 44 years 45 to 49 years 50 to 54 years 55 to 59 years 60 to 64 years 65 to 74 years 75 to 84 years 85 years and over Baby Boomers 81 million Generation X 61 million Millennials 85 million Homeland 41 million Silent & GI 58 million 11. World Economic Forum, Stimulating Economies Through Tenant Mobility, 2010 Shortage Equilibrium Surplus 12. Be Prepared for a More Diverse Workforce and Customer Base 72% 65% 58% 48% 39% 36% 32% 30% 9% 14% 20% 29% 36% 39% 42% 44% 19% 18% 18% 17% 17% 17% 17% 17% 3% 3% 7% 7% 8% 9% 10% 1970 1980 1990 2000 2010 2020 2030 2040 White Hispanic Black Other Source: HGAC Demographic Model Millions 13. 200 250 300 350 400 450 1970 1980 1990 2000 2010 2020 2030 2040 2050 Millions Immigrants and Descendants since 1970 Growth from Descendants Of 1970 Residents Source: US Bureau of the Census, SUSPS Overview, http://www.susps.org/overview/numbers.html 70% of US Growth 1990 2050 will be From immigrants since 1970 14. Image credit: michaeljung / 123RF Stock Photo 15. Protecting through involvement Whats best for the GROUP of children Giving children what they need to be successful Aspirational you can do anything! Everybody wins Adapted from Frank N. Magid Associates, The Pluralist Generation, 2012 16. I trust Mom & Dad Mom & Dad always give me good advice I listen to Mom & Dad Boss reminds of Mom & Dad Ill listen to Boss Adapted from Nicole Lipkin and April Perrymore, Y in the Workplace: Managing the "Me First" Generation, 2010 17. 70% 71% 81% 12% 8% 14% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Baby Boomer Generation X Millennials Importance Satisfaction LifeCourse Associates, INDEPENDENT INSURANCE AGENTS AND BROKERS: THE GENERATION GAP, 2012 18. $0.15 $0.26 $0.28 $- $0.05 $0.10 $0.15 $0.20 $0.25 $0.30 Wage Shredded Ignored Acknowledged Dan Ariely, Emir Kamenica and Drazen Prelec (2008), Mans Search for Meaning: The Case of Legos. Journal of Economic Behavior and Organization. Vol. 67: 671-677. 19. Authority How to be an authority to older customers Communications competence talk on the phone Endurance stick with the program long enough to be successful Social Networking how to leverage your social network for business, and how to do old-school in person networking 20. 15% of managers already are Millennials 25% of Baby Boomers say they will never retire Extension of careers beyond traditional retirement age will have same impact as women entering the workforce did Image credit: michaeljung / 123RF Stock Photo 21. Help the client identify explicit need Let the client know you understand the need Bring focus on how your solution (you) solves the need ASK FOR THE BUSINESS 22. 5% 80% 10% 5% Successful sales professionals put their main effort here. PRELIMINARIES INVESTIGATING DEMONSTRATING CAPABILITIES OBTAINING COMMITMENT 23. Sales call reluctance is the fear of self- promotion in professional sales. 24. Image credit: stlylephotographs / 123RF Stock Photo 25. Type of Objection Example Where it Comes From Answers Now is not agood time. Short on time or prospect doesn't see value or benefit. When is agood time? If no good time ask when not to call. Too soon; 3 years left on my lease. Prospect doesn't see the value or benefit. Qualify prospect size - satisfaction with current building. For the right prospect, we can help now. Too busy. Short on time or prospect doesn't see value or benefit. When is agood time? If no good time ask when not to call. Ask if they have concerns to address so you are prepared for the meeting. Call me back Unanswered obejction. When is agood time? If no good time ask when not to call. Ask if they have concerns to address so you are prepared for the meeting. Get to the point. Short on time; or you may be waffling. Give quick summary of benefits and ask for an appt for more detail. How longwill it take? Unanswered obejction. Set ashort period of time and give quick summary of benefits. Ask if they have any concerns about space, etc. Waste of time. Prospect doesn't see the value or benefit. Ask if they want abenefit that you are offering, give them some case studies detailingbenefit. I already have abroker. Prospect has abroker or doesn't trust you. Who is it? What are they doing? Why did you select this broker? When was the last time you talked with them? I handle the lease myself. Doesn't understand value or hidinganother objection. What are you doingto renew the lease? Educate the prospect, offer to team up. Im talkingwith other brokers. Prospect has abroker or doesn't trust you. When are you lookingto make adecision? What criteria are you using? Do they have experience in this area? What other concerns do you have that need to be addressed? I have family/afriend in the business. Prospect doesn't trust you. What kind of real estate do they practice?When was the last time you talked with them about this? Can we work with them?Offer areferral fee. I always use the same guy/youre not as good as my guy/etc Doesn't trust you or doesn't understand value, also may have been introduced to another broker by atrusted advisor. Offer asecond opinion, see if you can offer increased service level, ask what they like about the broker and why they selected them. My broker reimburses fees. Existingbroker probably reimburses fees, or someone has proposed fee sharing. You may have to consider it for the right prospect -- discuss with management before agreeingto any fee split. Instead focus on our value over competitors, and consider Noteson Objections TimeCompetition 1Q2011 Brainstorming Seminar 26. Learn 7 Cs of Communication: Clear Concise Concrete Correct Coherent Complete Courteous Image credit: michaeljung / 123RF Stock Photo 27. 46% 36% 32% 0% 10% 20% 30% 40% 50% Boomer Gen X Millennial Percentage who DISAGREE: "I believe in working only so long as it adds value for the client or customer. Working harder or longer is pointless." Neil Howe & Reena Nadler, WHY GENERATIONS MATTER: Ten Findings from LifeCourse Research on the Workforce, Feb 28, 2012 28. 0 5000 10000 15000 20000 25000 30000 35000 11-Jan 11-Feb 11-Mar 11-Apr 11-May 11-Jun 11-Jul 11-Aug 11-Sep 11-Oct 11-Nov 11-Dec Anticipated Calls Cumulative Calls Opportunity Gap 29. Category Metric Anticipated Calls 32,700 Cumulative Calls 26,501 Missed Calls (6,199) Missed Meetings (32) Missed Deals (1/4) (8) Average Commission $30,000 Missed Revenue $(240,000) 30. Younger advisors managed on average $8 million more than advisors over age 50 Younger advisors receive 3x more referrals than older advisors Image credit: ilona75 / 123RF Stock Photo 31. Introduce two other connectors Introduce two people with an idea in mind Have a dinner of interesting people Follow up Re-establish contact Show up Interview people Produce something of value Time Image credit: Ratchanida Thippayos / 123RF Stock Photo James Altrucher, Become a SuperConnector, October 2011 32. Be brutally honest in the interview Dont hire them if you sense a whiff of entitlement Do a hunger check Everyone announces themselves in the interview Shake them up a little When you find the good ones, help them move up even if that means losing them Lesley Jane Seymour, How I Hire: 6 Ways I Find and Hire Hardworking Millennials, Sept 24, 2103 33. 22% 21% 10% -41% -41% -48% -65% -25% -37% -80% -60% -40% -20% 0% 20% 40% Profitability Productivity Customer Quality (Defects) Patient Safety Incidents Safety Incidents Low-Turnover Orgs High-Turnover Orgs. Absenteeism Gallup, State of the American Workforce: Employment Engagement Insights for US Business Leaders, 2013 34. Hiring and Managing the Millennial Generation