Final Draft LST Capstone Nick Lapham December 13 2016

From Boomers to Millennials: The Change in Corporate Life

Nicholas H. Lapham

December 13, 2016

Northeastern University

From Boomers to Millennials: The Change in Corporate LifeNicholas Lapham

I. This project provides analysis for the comparison between the Baby Boomer generation

and the Millennial Generation in the U.S. corporate world and the U.S. labor force.

II. Currently both U.S. corporations and the U.S. labor force face new challenges as

companies and managers see a new generation dominating the workforce. The

Millennials have replaced the Baby Boomers as the largest generational workforce in

the U.S. This project outlines and compares the differences by investigating the factors

and hardships both generations faced and how those factors molded them into the

workers they are. It also compares how companies managed the workforce prior to the

entrance of the Millennials into the workplace and how they have been forced to modify

their management styles to accommodate the influx of Millennials into the workplace.

III. The information in this paper was collected through multiple sources including prior

research by Pew Research focusing on several generations of workers between the

ages of 18-32. Their research reviewed income, education, diversity, and the economy

of each generation’s workers. Also, there was review of studies by

PricewaterhouseCoopers which focused on their employees’ wants and needs, and on

similar studies by Deloitte, the Economic Advisors to the White House, and data

collected by the U.S. Bureau of Labor Statistics.

IV. This research found great differences between Baby Boomers and the Millennial

generation’s participation in the U.S. workforce. The findings show that the average

Millennial college graduate owes $37,172 in student loan debt. This debt and the

somewhat pervasive economic instability has meant that Millennials have faced

different circumstances when first entering the workforce than did their parents. The

research found that Millennials developed their attributes in many ways by how their

parents raised them. For example, the average Millennial grew up in a time of

technological advancement with information at their fingertips. Therefore, they strive to

be able to have answers instantaneously. Their parents taught them that they can be

and do anything they want, and never to settle for less than the best. Subsequently,

Millennials keep pushing to get to the next level. Once they decide they aren’t

accomplishing what they want in the workplace, or have no upward mobility, they

change jobs. Companies have faced large Millennial turnover rates with an average

tenure of less than 2.5 years. This employee turnover forces the remaining employees

to take on more work and, on average, costs the company twice the salary of the former

employee to interview, hire, and train a new one. Additionally, it can take months and

sometimes years for the new employee to get to the skill-level of the employee who left.

This long time-frame can put excessive stress on other employees and often results in

other employees leaving.

V. The findings of this paper show that companies that cater to the needs of the Millennial

employee may have lower turnover rates and are better able to keep employees

engaged and focused on their work. Many of these companies also saw an increase in

employee-related job referrals, a healthy way to combat Millennial turnover and bring in

new employees. Technology in the workplace was also found to be significant in how

Millennials and Boomers differ. Because they grew up with it, Millennials crave and

need technology in the work place. They rely on technology for all their needs. They use

it when answering questions or doing research. They use it to connect and network with

others through social media rather than relying on face-to-face interactions like the

Boomers. This paper details how and why Millennials seek meaningful employment in

companies and why they aren’t afraid to leave their current employment in pursuit of

another company. It also describes significant factors the Millennial generation has

faced and is trying to overcome by comparison with hardships Boomers faced at the

same point in their lives. Some areas for future research might include learning more

about the Millennial Generation’s transition into the corporate world for future use as a

training tool. Additional research might determine whether Millennial employee turnover

rates slow down to Boomer Generation averages once Millennials become more

established in their lives. Also, has student debt continued to affect Millennials’ job

placements? And finally, to attract quality employees will more companies be forced to

help employees pay off their student loans?

Key Bibliographic Sources

"Pwc’s Nextgen: A Global Generational Study". PwC. Last modified 2014. Accessed November 23, 2016. http://www.pwc.com/us/en/people-management/publications/nextgen-global-generational-study.html.

"The Rising Cost of Not Going to College". Pew Research Center’s Social & Demographic Trends Project. Last modified 2014. Accessed November 23, 2016. http://www.pewsocialtrends.org/2014/02/11/the-rising-cost-of-not-going-to-college/.

The White House "15 Economic Facts About Millennials – The White House". Medium. Last modified 2014. Accessed November 23, 2016. https://medium.com/the-white-house/15-economic-facts-about-millennials-61ed355feeb3#.40273jots.

Tulgan, Bruce. Not Everyone Gets a Trophy. 1st ed. Hoboken: John Wiley and Sons, Inc., 2016.

U.S. Census Bureau. "Millennials Outnumber Baby Boomers and Are Far More Diverse". The United States Census Bureau. Last modified 2015. Accessed November 23, 2016. http://www.census.gov/newsroom/press-releases/2015/cb15-113.html.

http://www.census.gov/newsroom/press-releases/2015/cb15-113.html

https://medium.com/the-white-house/15-economic-facts-about-millennials-61ed355feeb3#.40273jots


http://www.pewsocialtrends.org/2014/02/11/the-rising-cost-of-not-going-to-college/

http://www.pwc.com/us/en/people-management/publications/nextgen-global-generational-study.html


Table of Contents

INTRODUCTION 5

DEFINING GENERATIONS 5

GENERATIONAL COMPARISON 7

EDUCATIONAL COMPARISON 7

PARENTS SHAPING OF MILLENNIALS 11

WORKPLACE FLEXIBILITY 13

MILLENNIAL TURNOVER RATES 17

ENGAGING MILLENNIAL EMPLOYEES 20

GROWING AND LEARNING 24

COLLABORATION 25

DECISION-MAKING AND PERKS 26

TECHNOLOGY IN THE WORKPLACE 28

MANAGING MULTIPLE GENERATIONS 30

CONCLUSION 33

REFERENCES 35

IntroductionGeneration characterizations have been used to define distinctive groups

of individuals dating back to the 1900’s. 2 Thus, companies have had to

change their corporate cultures and best practices, not only to incorporate this

new generation into their staff but also to retain and motivate them. They also

need to rethink the way they lead and manage their Millennial employees to

compete in the new job market. For them to become successful members of the

organization, it is important to find the right balance that makes this new

generation feel both valued and challenged.

Defining GenerationsWhat defines a Millennial or a Boomer? “Generational names are the

handiwork of modern culture. Some are drawn from a historic event; others from

rapid social or demographic change; others from a big turn in the calendar.” 1

Karl Mannheim, a German sociologist, established the idea of Generational

Theory. This theory “seeks to explain how attitudes and values are shaped in

both individuals and groups; Mannheim though that the generation a person

belonged to determines to a certain extent, his or her thoughts, feelings, and

even behaviors.” 2. According to Mannheim, “A generation is defined as a group

that shares birth years and significant life events at critical developmental

stages. Youth is the key period in which social generations are formed. The

major events experienced during the time of formation are what shapes the

outlook on the world exhibited by the generation.” 2

1 Pew Research "Millennials: Confident. Connected. Open to Change". Pew Research Center’s Social & Demographic Trends Project. Last modified 2016. Accessed November 23, 2016. http://www.pewsocialtrends.org/2010/02/24/millennials-confident-connected-open-to-change/.

2 Espinoza, Chip and Mick Ukleja. Managing the Millennials. 2nd ed. Hoboken: John Wiley and Sons, Inc., 2016.

http://www.pewsocialtrends.org/2010/02/24/millennials-confident-connected-open-to-change/

The definition of the Millennial generation differs from source to source,

but for this analysis we will use the definition used by the U.S. Census Bureau. A

Millennial is a person who was born between the years of 1982 and 2000. The

Millennial generation grew up during the age of advanced computer technology

and innovation. They were “the first generation to come of age in the new

millennium” 3 and were exposed to cell phones at younger ages. They also had

computers in their homes and at school, and had easy access to sources via the

Internet, blogs and the world-wide web. “Millennials are the first high-tech

generation, having never known life before cell phones, personal computers,

and ATM’s. The average age for Millennials entering the workforce is 21 to 23

years of age. This is because a greater number of Millennials are going to

college after graduating from high school. Millennials are a very tolerant and a

socially and racially diverse generation. 4 “Technology isn’t a tool to just do more

work or to achieve work-life blending- it is an integral part” 6 of the Millennial

generation makeup.

Baby Boomers, on the other hand, are those people who were born

between the years of 1946 and 1964 5 (based on the definition by the U.S.

Census Bureau). Their “label is drawn from the great spike in fertility that began

in 1946 right after the end of WWII”. 6 This generation grew up in an age of social

reform and change including the Vietnam and Cold Wars and social justice

3 Pew Research "Millennials: Confident. Connected. Open to Change". Pew Research Center’s Social & Demographic Trends Project. Last modified 2016. Accessed November 23, 2016. http://www.pewsocialtrends.org/2010/02/24/millennials-confident-connected-open-to-change/.

4 U.S. Census Bureau, "Millennials Outnumber Baby Boomers and Are Far More Diverse". The United States Census Bureau. Last modified 2015. Accessed November 23, 2016. http://www.census.gov/newsroom/press-releases/2015/cb15-113.html.

5 Espinoza, Chip and Mick Ukleja. Managing the Millennials. 2nd ed. Hoboken: John Wiley and Sons, Inc., 2016.

6 Patten, Eileen and Richard Fry. "How Millennials Today Compare with Their Grandparents 50 Years Ago." Pew Research Center. Last modified 2015. Accessed November 23, 2016. http://www.pewresearch.org/fact-tank/2015/03/19/how-millennials-compare-with-their-grandparents/#!17.

http://www.pewresearch.org/fact-tank/2015/03/19/how-millennials-compare-with-their-grandparents/#!17


reforms such as the Civil Rights Movement and the Women’s Rights Movement.

For Baby Boomers, “values such as professional identity, health and wellness,

and material wealth are very important” 7 .

Generational ComparisonBy comparing the Baby Boomer generation, the former largest generation

in the workforce, with the Millennial generation, currently the largest generation

in the workforce, we can evaluate how companies are changing their business

to cater to Millennials. Baby Boomers are described as “achievement oriented,

independent, in control of their own destinies, respectful of authority, loyal and

attached to organizations and diligent on the job.” 8 Millennials, on the other

hand, are described as “having the strong desire for meaningful work, holding

lifelong learning as a high priority, and viewing family as the key to happiness.

Similar to Boomers, Millennials are thought to feel a strong desire to succeed

and measure their own success by the meaningfulness of work.” 9

Educational comparisonCurrently, the Millennial Generation is the largest workforce in the U.S.

with “83.1 million members, representing more than one-quarter of the nation’s

population” 10 Of those “83.1 million, 28.2 million Millennials have a Bachelor’s

degree or higher.” 11 Research has shown that Millennials, “are more likely to

study social science or applied fields like communications, criminal justice, and 7 Espinoza, Chip and Mick Ukleja. Managing the Millennials. 2nd ed. Hoboken: John Wiley and Sons, Inc.,

2016.8 Becton, John Bret, Harvell Jack Walker, and Allison Jones-Farmer. "Generational Differences in

Workplace Behavior". Journal of Applied Social Psychology 44, no. 3 (2014): 175-189.9 Becton, John Bret, Harvell Jack Walker, and Allison Jones-Farmer. "Generational Differences in

Workplace Behavior". Journal of Applied Social Psychology 44, no. 3 (2014): 175-189.10 U.S. Census Bureau, "Millennials Outnumber Baby Boomers and Are Far More Diverse". The United

States Census Bureau. Last modified 2015. Accessed November 23, 2016. http://www.census.gov/newsroom/press-releases/2015/cb15-113.html.

11 U.S. Census Bureau, "Millennials Outnumber Baby Boomers and Are Far More Diverse". The United States Census Bureau. Last modified 2015. Accessed November 23, 2016. http://www.census.gov/newsroom/press-releases/2015/cb15-113.html.

library science - which do not fit into traditional liberal arts curricula but

correspond more directly to specific careers.” 12 Boomers, in contrast, “focused

their educations more on STEM and on education degrees while in colleges and

universities. These degrees are comparatively less sought after by Millennials

who more likely opt for degrees in the Social Sciences and Applied fields.

Nonetheless, degrees in Business and Humanities are relatively the same for

Millennials as those of Boomers.” 13 “Women of the Millennial generation are

also more likely to have a degree in Business;16% of Millennial women pursued

a degree in business, and only 9% of women in the Baby Boomer generation

earned a degree in Business.” 14

Millennials, when compared to the Baby Boomer generation, are more likely

to go to college. Per a Pew Research study conducted in 2014, “today’s

Millennials are the Best-educated generation in history; 34% have at least a

bachelor’s degree.” 15 Comparatively, only 24% of Boomers earned at least a

Bachelor’s degree or more, and between 39-41% of Boomers attained only a

high school degree. 16 Because of this and with the significant divide between

how much a Millennial with just high school earns versus that of a college

graduate, companies have a larger pool of applicants to pull from. For example,

12 The White House "15 Economic Facts About Millennials – The White House". Medium. Last modified 2014. Accessed November 23, 2016. https://medium.com/the-white-house/15-economic-facts-about-millennials-61ed355feeb3#.40273jots.

13 The White House "15 Economic Facts About Millennials – The White House". Medium. Last modified 2014. Accessed November 23, 2016. https://medium.com/the-white-house/15-economic-facts-about-millennials-61ed355feeb3#.40273jots.

14 The White House "15 Economic Facts About Millennials – The White House". Medium. Last modified 2014. Accessed November 23, 2016. https://medium.com/the-white-house/15-economic-facts-about-millennials-61ed355feeb3#.40273jots

15 "The Rising Cost of Not Going to College". Pew Research Center’s Social & Demographic Trends Project. Last modified 2014. Accessed November 23, 2016. http://www.pewsocialtrends.org/2014/02/11/the-rising-cost-of-not-going-to-college/.

16 "The Rising Cost of Not Going to College". Pew Research Center’s Social & Demographic Trends Project. Last modified 2014. Accessed November 23, 2016. http://www.pewsocialtrends.org/2014/02/11/the-rising-cost-of-not-going-to-college/











a Millennial with a bachelor’s degree earns an average of $17,500 more a year

than a Millennial who only has a high school education. This large gap in

potential income has caused more Millennials to strive to go to college with the

hope of entering the workforce at a higher level, thus making more money than if

they just relied on their high school diploma. On average, Boomers who were

college educated made on average $7,499 more than those who didn’t attend

college and only had a high school diploma.

For the Millennial Generation though a poor economy and a great

depression have helped to increase the amount of debt students take on and

harmed the perspective of all students who go to college of finding a well-paying

job in the field they studied in college. According to the Executive Office of the

President and his Council of Economic Advisers, “Student debt is due to greater

enrollment among Millennials and to the changing composition of student,

including a larger share of students from lower-income families who need to take

out more loans; other contributing factors include: rising tuitions, parents

impaired ability to use the equity in their homes to offset some portion of their

children’s college costs; and the fact that students are taking longer to repay

their loans.” 17

Currently in the United States, Americans owe “$1.3 Trillion in student loan

debt; and the average class of 2016 graduate has $37,172 in student loan debt,

up six percent from 2015.” 18 This massive debt, including the great recession


18 "U.S. Student Loan Debt Statistics For 2016 | Student Loan Hero". Student Loan Hero. Last modified 2016. Accessed November 23, 2016. https://studentloanhero.com/student-loan-debt-statistics/.



many Millennials faced during and post-graduation plays a crucial part into why

Millennials are perceived the way they are and why many continue to search for

that balance between work and life. According to the Council of Economic

Advisors,

“Early career economic conditions have a large and lasting impact on lifetime

wages, particularly for college graduates. Workers who start their careers in a

recession earn 2.5 to 9 percent less per year than those who do not for at least

15 years after starting a career. Research further suggests that one reason for

these lower earning is that new entrants take jobs that are a worse fit for them

when they start their careers in a recession.” 19

While students of prior generations had loans, they did not have them to “the

size and scope that recent grads are facing today; In 2005, the total outstanding

student loan debt was 363 billion. That means in just over ten years’ student

loans have grown by more than 350%, all while wages and family wealth for

most Americans either remained the same or went down.” 20

Many Boomers have been able to go to college and advance their careers

thanks to the Introduction and establishment of the G.I. Bill where military

members and veterans of military service could enroll in schools and colleges

with a decreased tuition. The G.I. Bill also offers unemployment pay and VA

Loans to those who serve so they can buy homes and provide for their families

which they may not have been able to afford during or post service. Other


20 Kelly, Patrick. "Who Bought the Blue Ribbons?". Medium. Last modified 2016. Accessed November 23, 2016. https://medium.com/@pk.patrick.kelly/who-bought-the-blue-ribbons-b71c029d273a#.7xi5ajyap.



generations have also been able to use the G.I. Bill for their military service, but

the Boomer Generation had a higher percentage at “21%” 21 of U.S. Military

participants because of multiple wars and the mandatory Draft they were forced

into. In retrospect “Millennials with military service makeup 3% 22 of the whole

U.S. Millennial Generation. This division helps to paint a picture of the

differences in which both generations faced and endure and shows an outline of

why Millennials seem to be a different generation than that of the Boomer

Generation.

Parents shaping of Millennials“Millennials are unlike preceding generation. They view the world differently

and have redefined the meaning of success, personally and professionally.” 23

Millennials come from an age where cultural differences were accepted, and

teamwork was required. Their parents constantly drove them to team sports and

pushed them to explore outside the box ideas. Their “exposure to team sports at

such a young age has made them the best team players and collaborators in

generations.” 24 Most Millennials thrive in a group and team setting because of

their upbringing. They work less efficiently when they are given too much

independence and when there is a lack of collaborative input and effort into

creating and achieving a common goal. But, there is a fine line between

21 Patten, Eileen and Richard Fry. "How Millennials Today Compare with Their Grandparents 50 Years Ago". Pew Research Center. Last modified 2015. Accessed November 23, 2016. http://www.pewresearch.org/fact-tank/2015/03/19/how-millennials-compare-with-their-grandparents/#!17.

22 Patten, Eileen and Richard Fry. "How Millennials Today Compare With Their Grandparents 50 Years Ago". Pew Research Center. Last modified 2015. Accessed November 23, 2016. http://www.pewresearch.org/fact-tank/2015/03/19/how-millennials-compare-with-their-grandparents/#!17.

23 Brack, Jessica and Kip Kelly. "Maximizing Millennials in The Workplace". Kenan-Flagler.Unc.Edu. Last modified 2012. Accessed November 23, 2016. https://www.kenan-flagler.unc.edu/executive-development/custom-programs/~/media/DF1C11C056874DDA8097271A1ED48662.ashx.

24 Brack, Jessica and Kip Kelly. "Maximizing Millennials in The Workplace". Kenan-Flagler.Unc.Edu. Last modified 2012. Accessed November 23, 2016. https://www.kenan-flagler.unc.edu/executive-development/custom-programs/~/media/DF1C11C056874DDA8097271A1ED48662.ashx.

https://www.kenan-flagler.unc.edu/executive-development/custom-programs/~/media/DF1C11C056874DDA8097271A1ED48662.ashx






independence and free thought. Millennials also require the ability to be able to

develop their own ideas and processes. They “have high expectations for

themselves; seek challenges, and work-life balance.” 25 These factors all stem

from the way their Boomer parents raised them. Millennial parents are the ones

who told them they were “special, to follow their heart, that they could do

anything they put their mind to, and who told them not to settle for anything less

than what you want.” 26 This idea can also be seen in the way in which millennial

parents rewarded Millennials through sports or other activities.

“Millennials as kids always got a participation ribbon. It didn't matter if you

were first or last, everyone got a ribbon. Putting in an effort and participating was

all that mattered. Millennials were rewarded for trying; Flash forward 15 years

and is it any wonder why Millennials; get frustrated with unfulfilling jobs, why

they continually try new projects, or why they can’t seem to find their true calling

yet? It’s because they were instilled with the idea that they should never settle

for anything less than what they want. That in the end, effort means more.” 27

Patrick Kelly a Millennial himself and the President of Change Point

Consulting a company who focuses on the voice of Millennials and Business

Culture describes the interaction he has had with his clients about Millennials

and business. He goes on to say that “It amazes me that I can talk with a Baby

Boomer leader of an organization, who in one breath talks about their kids as

the greatest thing to ever happen to the world, and how they are going to do

25 Gilbert, Jay. "The Millennials: A New Generation of Employees, A New Set of Engagement Policies". Iveybusinessjournal.com. Last modified 2011. Accessed November 23, 2016. http://iveybusinessjournal.com/publication/the-millennials-a-new-generation-of-employees-a-new-set-of-engagement-policies/.



https://medium.com/@pk.patrick.kelly/who-bought-the-blue-ribbons-b71c029d273a#.7xi5ajyap


http://iveybusinessjournal.com/publication/the-millennials-a-new-generation-of-employees-a-new-set-of-engagement-policies/


great things, and how they are under-utilized at their workplace, all while

complaining about how Millennials these days come into their business with

inflated sense of self, thinking they can change the world and assume they can

do more than they actually can.” 28

Kelly’s description is precisely the dilemma in which many companies face,

and the idea which many Boomers have a tough time realizing, that their

children (Millennials) are in fact those same young people which they tend to

complain about entering the workplace.

Workplace FlexibilitySince this generation was brought up with everyone getting a trophy for

participation and being critiqued and given feedback right away for their work,

Millennial workers require constant recognition and comments for the work they

do. They need to be acknowledged by the other members of their team and their

managers to feel satisfied with their work output. Millennials also want flexibility

in the workplace. According to a study by PricewaterhouseCoopers (PwC), The

University of Southern California (USC), and The London Business School

(LSB), “64% of Millennials would like to occasionally work from home, and 66%

of Millennials would like to shift their work hours” 29. Encompassed in this idea of

flexibility is the need for a work-life balance, fewer hours in the office, and the

ability to travel and work in various locations. Millennials grew up watching their

parents (some of which were boomers) work long hours and sometimes not

prosper from such work. Therefore, Millennials prioritize a flexible work life

balance when looking for a new job. They are “largely unconvinced that what


29 "Pwc’s Nextgen: A Global Generational Study". Pwc. Last modified 2014. Accessed November 23, 2016. http://www.pwc.com/us/en/people-management/publications/nextgen-global-generational-study.html.



they would have to give up is worth such a sacrifice. Millennials value work/ life

balance, and are unwilling to commit to making their work lives an exclusive

priority even with the promise of substantial compensation later on.” 30 According

to U.S. Chairman of PWC Bob Moritz, “Millennials are less willing than Boomers

to make their work lives an exclusive priority, even when offered the prospect of

substantial future compensation.” 31 Boomers seem to take the opposite

viewpoint. They believe that long hours will equate to compensation later down

the road or in some cases will result in a lateral move up the corporate ladder.

While many generations in the current workforce want flexibility in the

workplace, Millennials truly need the flexibility of a work and life balance. They

are willing to leave a job to find that flexibility. “Boomers who are thinking of

retirement may also want to cut the number of hours they work.” 32 Companies

allowing flexible schedules, and work from home and telecommute options, give

their employees a chance to spend more time at home with their families. It also

allows them to pursue passions outside of work, rather than wasting time sitting

in traffic every day to go to their work. This idea of flexibility doesn’t just mean

the ability to work from home occasionally. Millennials also want to be able to

travel and live a more transient lifestyle. Since Millennials want flexibility in what

they do, many companies have begun to offer just that. Companies like the

“HourlyNerd, which plays matchmaker between companies seeking affordable

consultants and Millennial MBA’s looking for looser, more accommodating

30 Pwc’s Nextgen: A Global Generational Study". Pwc. Last modified 2014. Accessed November 23, 2016. http://www.pwc.com/us/en/people-management/publications/nextgen-global-generational-study.html.

31 Moritz, Bob. "The U.S. Chairman of Pwc On Keeping Millennials Engaged". Harvard Business Review. Last modified 2014. Accessed November 23, 2016. https://hbr.org/2014/11/the-us-chairman-of-pwc-on-keeping-millennials-engaged.

32 “How to Manage Different Generations - Management - WSJ.Com". Guides.Wsj.Com. Last modified 2009. Accessed November 23, 2016. http://guides.wsj.com/management/managing-your-people/how-to-manage-different-generations/.

http://guides.wsj.com/management/managing-your-people/how-to-manage-different-generations/


https://hbr.org/2014/11/the-us-chairman-of-pwc-on-keeping-millennials-engaged



working relationships” 33 helps those Millennials achieve this common idea of a

flexible work environment. As a result, many companies have begun to allow

their employees to work in extended shifts in their overseas offices. The benefit

is that these employees will be exposed to other parts of the world and other

cultures, and give them the ability to work in the global market, possibly with the

ability to make them global leaders. Companies such as PwC realized that

because of their non-flexible work environment they were losing some of their

employees. To combat this, PwC Implemented programs such as “Full Circle for

people who need to stop working for a while for personal reasons; enabling

them to stay connected to the firm and reengage when their able.” 34 They have

also developed a program called “Flexibility2 Talent Network, which allows

people to work for the firm during the busiest few months and then pursue other

interests for the rest of the year; such as one individual who left to attend

medical school but returned to work for PwC during a break between courses.” 35

PWC’s new found flexibility doesn't stop there, though. They allow for

employees to schedule work around their personal commitments, and “spend

summers with their children as well as taking 23 weeks paid maternity leave, six

weeks’ personal leave, and allow mothers to take leave until their children are in

kindergarten.” 36 Also, those who have been employed with the company for a

few years are given the ability to “take life skill and leadership courses in

33 Fuller, Joseph. "How to Hire a Millennial". HBS Working Knowledge. Last modified 2016. Accessed November 23, 2016. http://hbswk.hbs.edu/item/how-to-hire-a-millennial.



36 Bannon, Shele, Kelly Ford, and Linda Meltzer. "Understanding Millennials in The Workplace". Connection.Ebscohost.Com. Last modified 2011. Accessed November 23, 2016. http://connection.ebscohost.com/c/articles/67764632/understanding-millennials-workplace .

http://connection.ebscohost.com/c/articles/67764632/understanding-millennials-workplace





California, or a four-week sabbatical where they can pursue an interest, travel,

volunteer, or stay at home with family.” 37 They also built a new Boston office

which allows for open and flexible work spaces. They converted their “offices

into co-working space, (known as hoteling), where employees can reserve a

seat or an office to work in using proprietary software or a mobile app; 90

percent of the company employees now hotel or share space when they are in

the office.” 38 According to one Millennial PwC employee, Amanda Miranda, “She

spends an average of one to three days a week in the office; when she isn’t

traveling she works from home.” 39 By giving their employees the ability to create

their perfect work environment, they allowed their employees to become more

engaged in their work which is one of the larger issues with Millennials.

Because of PwC’s commitment to their employees they have seen their

retention rates drastically increase, and could save $850 million in “recruiting

and training, and put a meaningful dent in overhead costs.” 40 The company has

also “increased its employee engagement by three percent” 41 since

implementation of their businesses’ new structure and culture. They are a prime

example of an organization that has adapted to a generational shift in their

workforce and offered options that allow their employees to have a more flexible


38 Colby, Laura. "How Satisfying Millennials Could Save Pwc $850 Million". Bloomberg.Com. Last modified 2016. Accessed November 23, 2016. http://www.bloomberg.com/news/articles/2016-03-23/millennial-habits-may-save-pwc-850-million-in-real-estate-costs.



41 Bannon, Shele, Kelly Ford, and Linda Meltzer. "Understanding Millennials in The Workplace". Connection.Ebscohost.Com. Last modified 2011. Accessed November 23, 2016. http://connection.ebscohost.com/c/articles/67764632/understanding-millennials-workplace .


http://www.bloomberg.com/news/articles/2016-03-23/millennial-habits-may-save-pwc-850-million-in-real-estate-costs








schedule. Thus, they come to work refreshed and willing to work hard and can

also serve as positive promoters for the culture and balance at the organization.

Millennial Turnover RatesWhen searching for a new job, Millennials look for an environment where

teamwork and group decision-making are emphasized, and for employers where

they can make a difference and excel in the company. These needs became a

large issue for some companies as they began to see large Millennial turnover

rates and were trying to diagnose why. Before the Millennial generation joining

the workforce, “some organizations preferred to screen out applicants who had

changed jobs frequently in the past to have a stable workforce.” 42 This practice

today could harm a company. Formerly many older generations including the

Baby Boomer generation, “entered the workforce when the predominant career

management strategy was to enter a firm, work hard be loyal to the organization,

and be rewarded with job security; during one’s career path they often entailed a

sequence of jobs within a single organization.” 43

According to a study by the Bureau of Labor Statistics, in 2014 the

“median job tenure for workers aged 20-24 was shorter than 16 months, for

those aged 25 to 34 it was three years.” 44 Studies have also shown that “21% of

Millennial workers had left their job in the last year to do something else, a

number that is more than three times higher than that of non-Millennials.” 45

Millennials’ needs in the workplace play a significant role in their turnover rates. 42 Becton, John Bret, Harvell Jack Walker, and Allison Jones-Farmer. "Generational Differences in

Workplace Behavior". Journal of Applied Social Psychology 44, no. 3 (2014): 175-189.43 Becton, John Bret, Harvell Jack Walker, and Allison Jones-Farmer. "Generational Differences in

Workplace Behavior". Journal of Applied Social Psychology 44, no. 3 (2014): 175-189.44 Gellman, Lindsay. "Millennials: Love Them or Let Them Go". WSJ. Last modified 2015. Accessed

November 23, 2016. http://www.wsj.com/articles/how-employers-wrangle-restless-millennials-1430818203.45 Rigoni, Brandon and Amy Adkins. "What Millennials Want from A New Job". Harvard Business Review.

Last modified 2016. Accessed November 23, 2016. https://hbr.org/2016/05/what-millennials-want-from-a-new-job.

https://hbr.org/2016/05/what-millennials-want-from-a-new-job


http://www.wsj.com/articles/how-employers-wrangle-restless-millennials-1430818203

Studies have shown that “20 percent of lost employees went directly to

competitors.” 46 A Deloitte study has also demonstrated that “During the next

year if given a chance, one in four Millennials would quit their current employer

to join a new organization or to do something different. That figure is increased

to 44 percent when the time frame is expanded to two years. By the end of

2020, two of every three respondents hope to have moved on.” 47This study by

Deloitte in 2016 also showed that “50 percent of male and 48 percent of female

respondents feel they are being overlooked for potential leadership positions,

and that business is not doing enough to bridge the gap to ensure a new

generation of business leaders is created.” 48 This alone should cause

employers to look at what they could change for the betterment of their

workforce, and what their competition is doing better to prompt their employee to

jump ship.

Employee turnover can cost companies more than just that employee. On

average, “it can cost anywhere from 30-400% (the average being 150%) of an

employee’s annual salary to replace them depending on their level, experience,

and skill set.” 49 This cost is associated with the amount it will cost to advertise

the open position, the cost of interviewing candidates, the cost of on-boarding

and training those new candidates, the lower productivity of the new hires, and

the impact and productivity on other employees because of the increase in 46 Gallant, Melany. "Does Your Organization Have Healthy Employee Turnover Rate?". Halogen Software

Talent Management Blog. Last modified 2013. Accessed November 23, 2016. http://www.halogensoftware.com/blog/does-your-organization-have-healthy-employee-turnover.

47 Deloitte "MS2016: One Foot Out the Door | Deloitte | Social Impact, Innovation". Deloitte. Last modified 2016. Accessed November 23, 2016. https://www2.deloitte.com/global/en/pages/about-deloitte/articles/gx-millennials-one-foot-out-the-door.html.

48 Deloitte "MS2016: One Foot Out the Door | Deloitte | Social Impact, Innovation". Deloitte. Last modified 2016. Accessed November 23, 2016. https://www2.deloitte.com/global/en/pages/about-deloitte/articles/gx-millennials-one-foot-out-the-door.html.

49 Gallant, Melany. "Does Your Organization Have Healthy Employee Turnover Rate?". Halogen Software Talent Management Blog. Last modified 2013. Accessed November 23, 2016. http://www.halogensoftware.com/blog/does-your-organization-have-healthy-employee-turnover.

http://www.halogensoftware.com/blog/does-your-organization-have-healthy-employee-turnover

https://www2.deloitte.com/global/en/pages/about-deloitte/articles/gx-millennials-one-foot-out-the-door.html





workload, and loss of a colleague. There is also the threat of other employees

following their lead and leaving because they see that their former colleague is

more successful in a different environment.

A company could continue to lose the rest of their workforce or see

increased costs in onboarding and training if it fails to engage Millennials and

meet their needs. When an employee leaves, it puts a burden on the rest of the

team to pick up the slack. Managers must redistribute the workload, leading to

higher stress levels, lower quality of work and production, burn-outs, disputes,

and ultimately more lost employees. With the multi-generational workforce of

today, this vast percentage of turnover can also lead to generational bias in the

workplace. When an employee leaves, Millennial or Boomer, it creates a loss for

the company. This is because it could take up to 6-8 months for the company to

find a replacement and, in some cases, “a new employee could take up to two

full years to reach the same level of productivity as an existing staff member.” 50

So, is the cost of failing to recognize the needs of the Millennial generation worth

the loss to companies? Many organizations believe that it isn’t worth the cost

and that the cost of engaging their Millennial employees is worth the funding and

effort.

Engaging Millennial EmployeesTo keep with the ever-changing make-up of the new Millennial corporate

world, companies have begun to restructure the way they lead, manage, and run

their corporate culture. Millennial employees have a different style of work and

expectations compared to other generations. As Millennials have become the

50 Kantor, Julie. "High Turnover Costs Way More Than You Think". The Huffington Post. Last modified 2016. Accessed November 23, 2016. http://www.huffingtonpost.com/julie-kantor/high-turnover-costs-way-more-than-you-think_b_9197238.html.

http://www.huffingtonpost.com/julie-kantor/high-turnover-costs-way-more-than-you-think_b_9197238.html


largest workforce in the country, companies have had to take a hard look at the

way their organizations are managed. Otherwise, they run the risk of being left

behind by losing their staff and going out of business. They must work with

Millennials to make sure they have the work life balance, reward and recognition

programs and team-based environment they need to be successful.

Many Millennials put a high priority on being engaged in their work and at

the workplace. In 2015, a Gallup Research poll found that “Millennials are the

least engaged cohort in the workplace, with only 28.9% saying that they are

engaged at work.” 51 These findings were also seen in the NexGen Study by

PWC, USC, and LSB. A PwC Millennial employee said “If the work doesn’t

interest you, you can quit in two or three years. It doesn’t matter. You can

change the place you work - Liking your work is more important.” 52Employee

engagement issues are why companies need to develop new engaging,

exciting, and flexible work environments and projects that encourage Millennials

to want to work hard and commit long-term to their job and career. This

atmosphere has been created in companies such as “Google, Facebook,

Morningstar, Orbitz, Zappos, and the Big Four Accounting firms; have created

environments that meet Millennials’ needs and expectations, which include open

workspaces and cutting edge technologies.” 53 The Millennial generation’s focus

and need to enjoy the work they do can be traced back to watching their parents

regularly work long hours, and then lose their jobs when the economy

51 Benson, Tracy. "Motivating Millennials Takes More Than Flexible Work Policies". Harvard Business Review. Last modified 2016. Accessed November 23, 2016. https://hbr.org/2016/02/motivating-millennials-takes-more-than-flexible-work-policies.


53 Bannon, Shele, Kelly Ford, and Linda Meltzer. "Understanding Millennials in The Workplace". Connection.Ebscohost.Com. Last modified 2011. Accessed November 23, 2016. http://connection.ebscohost.com/c/articles/67764632/understanding-millennials-workplace.




https://hbr.org/2016/02/motivating-millennials-takes-more-than-flexible-work-policies


plummeted, gaining nothing from their hard work and dedication to their jobs.

This is also the reason why many people in this generation do not trust big

businesses - where they feel their work is not valued. To engage the Millennial

worker companies such as Facebook instruct new engineer employees to “go

find the place you’re going to make the most impact, and think very, very

carefully about what that means for you and the world. Think about where you

are going to have the impact, and go do it.” 54

When searching for a new job, another important selection criterion for

Millennials is a company’s involvement in their community and volunteer

opportunities. Millennials are different than other generation, “almost 70% say

that giving back and being civically engaged are their highest priorities.” 55

Companies who have a volunteer or community outreach page on their website

can effectively draw in Millennial candidates because it clearly shows that they

are involved in their communities and are looking for staff who have similar core

values. Studies have shown that this generation is “keen to see their work as

addressing larger societal concerns, a factor that has affected their career

choices more than those of older generations.” 56 This growing ambition to help

others is why many Millennials chose their current employers. “60% of

Millennials said a sense of purpose is part of the reason they chose to work at

their current employer.” 57 Many companies have acted on this by creating 54 McCracken, Harry. "How Facebook Keeps Scaling Its Culture". Fast Company. Last modified 2015.

Accessed November 23, 2016. https://www.fastcompany.com/3053776/behind-the-brand/how-facebook-keeps-scaling-its-culture.

55 Gilbert, Jay. "The Millennials: A New Generation of Employees, A New Set of Engagement Policies". Iveybusinessjournal.Com. Last modified 2011. Accessed November 23, 2016. http://iveybusinessjournal.com/publication/the-millennials-a-new-generation-of-employees-a-new-set-of-engagement-policies/.


57 Benson, Tracy. "Motivating Millennials Takes More Than Flexible Work Policies". Harvard Business Review. Last modified 2016. Accessed November 23, 2016. https://hbr.org/2016/02/motivating-millennials-






https://www.fastcompany.com/3053776/behind-the-brand/how-facebook-keeps-scaling-its-culture


programs that help make a difference. For example, GE’s Power and Water

business established the Ecomagination Nation Initiative. “Over the first three

years of this program, more than 8,000 employees worldwide engaged in

community volunteer activities, reducing greenhouse gas emissions by 31

percent and water use by 42 percent.” 58 PwC also found that by engaging in

their communities and abroad that they saw a slowdown in turnover rates in their

employees. PwC, for example, developed a program called Project Belize,

“Which is part of Earn Your Future, a $160 million commitment to increasing the

financial literacy of students.” 59 In their NexGen study they found that “those

who participated in Project Belize or more than one CR (Corporate

Responsibility) program had an average tenure of 7.4 years while those who

took part in none stayed with the company an average of 6.3 years.” 60

By engaging in corporate responsibility, companies held on to their

employees longer than they would have if they didn’t engage at all. It appeals to

the personal side of people rather than just their need to perform well at work.

This idea of corporate responsibility and giving back to the community allows for

a company to market themselves more towards the Millennial generation. It can

also serve as word-of-mouth advertising for recruiting other Millennials to their

businesses. Being a part of a community by reaching out and giving back and

being a part of a culture is a huge draw for many young people because they

takes-more-than-flexible-work-policies.58 Benson, Tracy. "Motivating Millennials Takes More Than Flexible Work Policies". Harvard Business

Review. Last modified 2016. Accessed November 23, 2016. https://hbr.org/2016/02/motivating-millennials-takes-more-than-flexible-work-policies.











can build and develop relationships with their peers and colleagues, as well as

do something that makes them feel valued.

Growing and LearningThe Millennial Generation also puts great emphasis on developing

professionally at an organization. This simply means that they want to be able to

learn, develop, and grow their skill-set, so they can further their career and take

on more responsibility. “Millennials fundamentally think about their role as a

stepping stone and growth opportunity.” 61 According to a Gallup review of 1,700

workers in the U.S. Millennials place more emphasis on the opportunity to learn

and grow, and the opportunity for advancement. While Boomers put more

emphasis on their overall compensation, this idea has become a major focus of

companies who are trying to cater to the wants and needs of Millennials. For

instance, Companies such as PwC have begun to establish mentorship and

reverse mentorship programs. The idea behind this mentorship program is to

allow Millennials to learn about different aspects of the business, develop skills

that will help them grow professionally and personally, and have a senior mentor

who will help guide and shape their career path. “Mentoring evokes a deeply

personal relationship that requires a natural connection between mentor and

protégé that often takes log time to develop.” 62

The idea of reverse mentorship programs is relatively new in the

corporate world. Because of a technological divide between Boomers and

Millennials, many companies have developed programs where Millennials, a.k.a.

The mentee, teach their mentors about different aspects of new and current

61 Rigoni, Brandon and Amy Adkins. "What Millennials Want from A New Job". Harvard Business Review. Last modified 2016. Accessed November 23, 2016. https://hbr.org/2016/05/what-millennials-want-from-a-new-job,

62 Tulgan, Bruce. Not Everyone Gets a Trophy. 1st ed. Hoboken: John Wiley and Sons, Inc., 2016.



technology so that they too can be on an even playing field with Millennials.

These programs allow the entire workforce to participate and mutually benefit

from one another; ideally, killing two birds with one stone, because Millennials

want to learn and excel from the tenured experience of their mentors. And, at

the same time pass along their expertise to senior members of the organization.

These reverse mentorship programs are mutually beneficial because “the

younger worker is a faced with a potentially accelerated career track, as the

mentoring arrangement raise their profile among senior executives of the firm.

And the executive mentees have the opportunity to gain understanding of a

segment of their workforce they might not otherwise get to know.” 63

CollaborationThese opportunities also open the doors for collaboration and allow

employees of all generations to share their ideas with one another. BNY Mellon

implemented a reverse mentor program which gave a junior member of the bank

a chance to mentor the CEO, Gerald Hassell, who “often uses the millennial as

a sounding board for ideas. He wanted to downsize the bank's real-estate

footprint and asked her opinion on desk sharing. He wanted to know where

people her age were investing, how they were investing, and how the next

generation consumes information.” 64 It can also help managers to understand

better how to work with their employees.

PwC compiled data from a NexGen study they performed and decided

they needed to engage their employees better. They decided to be more

63 Meister, Jeanne and Karie Willyerd. "Mentoring Millennials". Harvard Business Review. Last modified 2010. Accessed November 23, 2016. https://hbr.org/2010/05/mentoring-millennials.

64 Wadhwa, Tina. "Meet The 31-Year-Old Who Mentors the CEO Of A $44 Billion Company". Business Insider. Last modified 2016. Accessed November 23, 2016. http://www.businessinsider.com/31-year-old-employee-mentors-the-ceo-of-bny-mellon-in-reverse-mentoring-program-2016-7.

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https://hbr.org/2010/05/mentoring-millennials

transparent about how the company was doing, the direction they were heading,

the key initiatives they are working on and allowed younger employees to

engage into the decision-making process. They “asked them for ideas on how to

invest in human capital and what the firm’s next $100 Million idea should be.” 65

An astonishing 70% of the firm’s employees gave the organization input on ways

they should invest their funds. By allowing their employees to be part of the

decision-making process, the company also made them feel personally invested

in the success and growth of the business.

Decision-Making and PerksTo continue with their findings, PwC also decided they should allow

employees to decide how they should receive their bonuses. These employees

were given the opportunity to “receive their rewards as cash, gift cards, product

packages, or even match charitable contributions.” 66 This gives the employee

the power to choose the best way to receive their reward and be involved in that

process, instead of only getting a sum of money dropped into their bank

accounts.

PwC isn’t the only company that has decided to use this method to engage

their employees by allowing them to make their decisions on bonuses. Boston’s

Fidelity has a program where it helps their employees with student debt. “All full-

time employees at the manager level and below can get up to $2,000 a year

paid towards their student loans, and up to a total of $10,000.” 67 By giving their 65 Moritz, Bob. "The U.S. Chairman of Pwc On Keeping Millennials Engaged". Harvard Business Review.

Last modified 2014. Accessed November 23, 2016. https://hbr.org/2014/11/the-us-chairman-of-pwc-on-keeping-millennials-engaged.


67 McGregor, Jena. "The Popular New Perk Companies Are Using to Attract Millennials". The Washington Post- Leadership. Last modified 2015. Accessed November 23, 2016. https://www.washingtonpost.com/news/on-leadership/wp/2016/03/15/the-popular-new-perk-companies-are-

https://www.washingtonpost.com/news/on-leadership/wp/2016/03/15/the-popular-new-perk-companies-are-using-to-attract-millennials/





employees the ability to pay down their student debt, which on average is

$35,000 or more, employees can worry less about their student debt and focus

more on their everyday life. This program also makes employees feel that their

hard work and hours put in were not overlooked. These organizational changes

allowed employees to be more involved and invested in their futures which can

have a lasting impact on their lives.

Businesses have also partnered with organizations like Student Loan

Genius which allows companies to help employees by contributing to their

401(k)-retirement plan when they make a student loan payment. “When workers

make a student loan payment, it triggers the company to make a 401(k)

contribution on their behalf, even if the employee can’t afford to put money into

their 401(k) themselves after paying their loans.” 68 This program helps sway

employees from leaving companies for organizations that will sometimes pay

them only a couple percent more than their current employer. It also allows them

not to have to worry about saving as much in the future, a primary concern of

many Millennials.

Companies such as Google, Netflix, Airbnb, Adobe, and Facebook also

offer enticing perks for their employees that focus on the needs and wants of the

Millennial, Generation employee. For instance, Google offers many enticing

perks for their employees including maternity leave but many awe at googles

providing death benefits perk as a top perk. “Google provides the surviving

spouse or partner of a deceased employee 50% of their salary for the next ten

using-to-attract-millennials/.68 McGregor, Jena. "The Popular New Perk Companies Are Using to Attract Millennials". The Washington

Post- Leadership. Last modified 2015. Accessed November 23, 2016. https://www.washingtonpost.com/news/on-leadership/wp/2016/03/15/the-popular-new-perk-companies-are-using-to-attract-millennials/.





years.” 69 But Google isn’t alone in poaching on the needs of the Millennial

generation through perks to bring them into their companies. “Netflix offers one

paid year of maternity and paternity to leave to new parents. The company also

allows parents to return part time or full time and take time off as needed

throughout the year.” 70 Facebook also play into the family starting perk, by

giving “$4,500 in baby cash to employees with a newborn.” 71 These perks allow

Millennial families to take the time they need to start a family and, in some

cases, to afford to start a family, which has been pushed back by many

Millennials because of the state of the economy, the job market, and high

student loans.

Technology in the workplaceTechnology is always changing and is another hurdle that businesses

must face when adapting to Millennials’ needs. This plays into the idea of

creating new, engaging, and exciting work environments that make Millennials

want to come to work. The Millennial generation's relationship with technology

goes hand and hand. Because of this, they “expect the technologies that

empower their personal lives to also drive communication and innovation in the

workplace.” 72 We live in the age of technology there is no excuse for not having

systems that promote constant and simultaneous conversation throughout

69 Smith, Jacquelyn. "20 Incredible Perks Companies Like Airbnb, Facebook, And Google Offer Their Employees". Business Insider. Last modified 2016. Accessed November 23, 2016. http://www.businessinsider.com/incredible-perks-companies-like-airbnb-facebook-and-google-offer-their-employees-2016-2.






http://www.businessinsider.com/incredible-perks-companies-like-airbnb-facebook-and-google-offer-their-employees-2016-2






organizations. Companies like ADP, Ingersoll Rand, Novartis, and IBM have

answered the needs of their employees by adding tools such as “Yammer, Jive,

Chatter, and Slack- along with the big social networks, Facebook, LinkedIn, and

Twitter to help employees and executives exchange ideas in open forums and

collaborate across functional, geographic boundaries.” 73 Many firms are also

creating social media platforms within their organization to allow their employees

to connect on a personal level. Companies are also using programs such as

Dare2Share, which is a peer to peer learning program. This program allows for

mentorship opportunities throughout a company but also allows employees to

upload short 10 minute videos in which others can view and learn about a

subject or topic. It has helped to get “New hires up to speed more quickly,

allowing training cost to fall; It has also become a communication tool of choice

for some CEO’s to report quarterly results via short videos, which gives his

message broader exposure.” 74

Millennials though are a little ahead of the game when it comes to how to

use technology. The modern-day employee uses technology to their advantage

and will often multi-task to balance their personal lives and work. Dan Schawbel,

a contributing writer for Forbes magazine, wrote an article highlighting how

important work-life integration has become. “30 million Americans work from

home at least once each week, which will increase by 63% in the next five

years. About 3 million Americans never go to an office, and 54% are happier

working from home than in an office. Furthermore, 70% of employees work from


74 Meister, Jeanne and Karie Willyerd. "Mentoring Millennials". Harvard Business Review. Last modified 2010. Accessed November 23, 2016. https://hbr.org/2010/05/mentoring-millennials.




alternative locations (not just home) on a regular basis.” 75 Businesses need to

be able to offer their employees the option to work from home to keep up with

the new standard. And they also need to have the technology and IT

infrastructure to support this effort. “However once people are hired to research

has shown culture and values, career opportunities and senior leadership, not

perks are the leading factors that impact employee’s satisfaction, which directly

affects a company’s talent retention rate.” 76

Managing Multiple GenerationsManagers of current day organizations face an interesting dilemma: How

do you bridge the gap between multiple generations in the workplace, and meet

their needs, so they continue to perform with the company? “Traditionally,

personal issues were off limits; managers had it drilled into them that they were

not to inquire about an employee’s personal life, such questions could upset

employees and even land managers in legal hot water.” 77 In today’s Millennial

work environment this isn’t the case at all. The Millennial generation grew up in

an age of being coached, so this is what they are looking for in a manager and

management team. Millennials want to be cared for and feel as though they are

a part of the company. When they are treated like a nobody and get the feeling

they aren’t appreciated or wanted, they ultimately end up looking for another

employer. “Millennials expect managers to treat them not as working stiffs, not

just another faceless worker, rather as people with well- rounded lives; by asking

75 Schawbel, Dan. "Work Life Integration: The New Norm". Forbes.Com. Last modified 2014. Accessed November 23, 2016. http://www.forbes.com/sites/danschawbel/2014/01/21/work-life-integration-the-new-norm/#69117f702184.


77 Kaneshige, Tom. "How to Manage Millennials: Let Them Do Whatever They Want". CIO. Last modified 2014. Accessed November 23, 2016. http://www.cio.com/article/2376318/staff-management/how-to-manage-millennials--let-them-do-whatever-they-want.html.

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personal questions, such as what might they be up to this weekend, managers

let Millennials know they are cared about.” 78 Because Millennials were brought

up into an environment of constant feedback and praise for their work, it is

important for managers to understand their differences and needs from other

generation like the Baby Boomers. In a study published in the Harvard Business

Review (HBR) in 2015, Millennials and Baby Boomers were asked: “how often

do you want feedback from your managers?” 50% of those Millennials asked

said that they would prefer that managers give them feedback monthly,

compared to the non- Millennial generations that preferred quarterly and annual

reviews and feedback from managers. Some 20% of Millennials said they would

also like weekly feedback and reviews, only around 10% of Boomers seemed to

like this idea. One Millennial in the study featured in HBR said that they “would

like to move ahead in my career. To do that it’s crucial to be in touch with my

manager, constantly getting coaching and feedback from them so that I can be

more efficient and proficient.” 79

Managers are the common point of reference for employees, they delegate

duties, and are the direct line to upper management when an issue occurs.

Managers are supposed to be there to help bridge the gap between associates

and executives. Therefore, it is important that managers know how to close the

gap.

“Every behavior of a leader matters and the little efforts add up. Just by

noticing an employee’s efforts, commenting on it privately or at a team

78 Kaneshige, Tom. "How to Manage Millennials: Let Them Do Whatever They Want". CIO. Last modified 2014. Accessed November 23, 2016. http://www.cio.com/article/2376318/staff-management/how-to-manage-millennials--let-them-do-whatever-they-want.html.

79 Willyerd, Karie. "Millennials Want to Be Coached at Work". Harvard Business Review. Last modified 2015. Accessed November 23, 2016. https://hbr.org/2015/02/millennials-want-to-be-coached-at-work.

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meeting, and telling them how they are progressing towards their goals

inspires employees; your job as a manager is to coach that new person

while they are most fragile, rather than fostering a sink-or-swim

environment.” 80

Millennials just want managers who they can look up to as a role model,

and model their careers after. Managers can do this by “telling stories of their

failures and struggles, as well as their victories.” 80 These stories help

employees to grasp ideas, and simplify the reasons why they should and

shouldn’t do certain things in their careers. Stories also help to make things less

formal and more personal, inferring that manager is approachable and available

for discussions. Managers also have tools they can use to bridge this gap

between generations and management. A tool such as “The Birkman Method

can assist managers in building highly functional teams, workgroups or

departments, by helping employees understand how others receive and process

information.” 81 If a manager is approachable, can listen and give feedback

regularly, and can inspire the drive inside their employees, they are going to do

well in this new corporate Millennial world.

Companies like GE have heard Millennials’ needs loud and clear. In doing

so, they have “uprooted their long-time headquarters from suburban

Connecticut; to the city of Boston because Stamford was simply too hard of a

80 Willyerd, Karie. "Millennials Want to Be Coached at Work". Harvard Business Review. Last modified 2015. Accessed November 23, 2016. https://hbr.org/2015/02/millennials-want-to-be-coached-at-work.

81 Businesswire.com "The Birkman Method (R) Helps Baby Boomers, Gen-Xers And Gen- Yers Communicate in The Workplace Based on Individual Behaviors, Style, And Needs". Businesswire.Com. Last modified 2008. Accessed November 23, 2016. http://www.businesswire.com/news/home/20080617005209/en/Birkman-Method-Helps-Baby-Boomers-Gen-Xers-Gen-Yers.

http://www.businesswire.com/news/home/20080617005209/en/Birkman-Method-Helps-Baby-Boomers-Gen-Xers-Gen-Yers



sell to make to the increasingly urban Millennials.” 82 The Millennial generation

isn’t as compelled by the suburbs as Boomers were, or with “full-time work in a

traditional office environment, with gradual advancement, and a retirement plan.”

83

CONCLUSIONIn the business community, Millennials have joined the workforce and are

trying to navigate their first jobs to find a career direction and purpose.

Corporate leaders need to pay attention to the main features that make this

generation stand out from other generations. A need for flexibility, rewards and

recognition, and being involved are just a few of the needs Millennials require.

Millennials have these characteristics because of their upbringing. Parents of

Millennials taught their children they can do or be anything they wanted to do,

and to shoot for the stars. They were given constant feedback and were taught

to work in groups and teams. Thus, the Millennial generation functions differently

from many prior generations. Because Millennials have overtaken Baby

Boomers as the largest group in the U.S. work-force, corporations and

businesses need to recognize that these younger employees think and do things

differently in comparison to previous workers. Businesses will be left behind if

they are unable to recognize and react to the differences between the outgoing

Baby Boomers and the newcomer Millennials.



http://hbswk.hbs.edu/item/how-to-hire-a-millennial

http://hbswk.hbs.edu/item/how-to-hire-a-millennia

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Final Draft LST Capstone Nick Lapham December 13 2016

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