How to Employ and Keep Millennials
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Transcript of How to Employ and Keep Millennials
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Who are they?
Findings are based on Deloitte 2016 Millennial Survey
Were born
after
1982Have a college degree
Are employed full-timeWork in l
arge (
100+employee
s)
private
secto
r organ
izatio
ns
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Global Problem
2 in 3 Millennials expect to leave their current employer by 2020
PERCENTAGE WHO EXPECT TO LEAVE IN THE NEXT..
Don't know6 months 1 year 2 years by 20205 years 5 to 10 years 10 years Would never leave
Expect to stay
13 12 19 22 66 11 11 27 85
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64
71 76
52
65
76
71
100%0%
PERCENTAGE WHO EXPECT TO LEAVE IN THE NEXT 5 YEARS
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Why is it important?
Millennials shape the fortune of their organizations
Millennials represent the largest segment of the workforce in the U.S.
Significant amount of senior talent and investment is walking out the door
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What can be done?
Support Millennials’ ambitions and professional developmentIdentify, understand, and align with Millennials’ values
Satisfy the demands Millennials have of employers
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PERSONAL VALUESIMPACT ON CLIENTS
PERSONAL GOALS AND CAREER PROGRESSIONBEING TRUE TO THE ORGANIZATION'S VALUES
MEETING THE ORGANIZATION'S OBJECTIVES AND GOALSAVOIDING TROUBLE AND MINIMIZING PERSONAL RISK
IMPACT ON COLLEAGUES
How Millennials make decisions?
Personal values guide where Millennials work and what assignments they will accept
SENIOR MILLENNIALSJUNIOR MILLENNIALS
64%49%45%46%
38%36%36%
34%
60%58%
57%56%
51%50%
PERCENTAGE WHO SAID FACTOR IS “VERY INFLUENTIAL” WHEN MAKING DECISIONS AT WORK
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What do Millennials value?
Personal values guide where Millennials work and what assignments they will accept
Millennials recognize that financial success is one of the key elements to success, but on it's own it's insufficient.
THE VALUES THAT SUPPORT LONG-TERM BUSINESS SUCCESS
EMPLOYEE SATISFACTION/LOYALTY/FAIR TREATMENTETHICS/TRUST/INTEGRITY/HONESTY
CUSTOMER CARE/ FOCUSQUALITY/RELIABILITY 26
25
1913
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GOOD WORK/LIFE BALANCE
OPPORTUNITIES TO PROGRESS/BE LEADERS
FLEXIBILITY, REMOTE WORKING, FLEXIBLE HOURS
SENSE OF MEANING FROM MY WORK
PROFESSIONAL DEVELOPMENT TRAINING PROGRAMS
What Millennials want?
Pay is the nr. 1 driver, but there is a limit an organization can pay.
RELATIVE DEGREE OF IMPORTANCE
What are the other factors that come into play?
16.813.4119.38.3
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DISCUSSING NEW IDEAS/WAYS OF WORKING
DEVELOPMENT OF LEADERSHIP SKILLS
EMAILS
RECEIVING COACHING/MENTORING
What they want to do on a weekly basis?
IDEAL FOR A TYPICAL WEEK (HOURS)ACTUAL FOR A TYPICAL WEEK (HOURS)
IDEAL VERSUS CURRENT NUMBER OF HOURS SPENT WEEKLY ON SPECIFIC TASKS
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Have purpose beyond profit Corporate valuesSupport leadership ambitions
Encourage mentorshipOffer training programs
Encourage flexible working conditionsEnable remote work…
How can you boost loyalty?
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MILLENNIALS WOULD LIKE MORE OPPORTUNITIES TO WORK REMOTELY - AND THINK IT WILL BOOST PRODUCTIVITYPERCENTAGE WHO SAID...
CURRENTLY OFFERED WOULD LIKE TO START/DO MORE
POSITIVE IMPACT ON PRODUCTIVITY
437551
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Reference:http://www2.deloitte.com/content/dam/Deloitte/global/Documents/About-Deloitte/gx-millenial-survey-2016-exec-summary.pdf
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