ROI on ROI on Generation Y Generation Y · Generation Y Amy Lynch Nashville, TN 615.944.6140...
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ROI on Generation Y ROI on Generation Y
Transcript of ROI on ROI on Generation Y Generation Y · Generation Y Amy Lynch Nashville, TN 615.944.6140...
ROI on Generation YROI on Generation Y
1. Turnover Costs
2. Communication Costs
3. ROI on Gen Y
BabyBoomers
Gen Y
35 million
80 million
35 million
Gen XBuilders40 million
67+ 45 – 67 32 – 44 24 – 31 16 - 23
Gen Z40 million
2008 = 24%
2014 = 32%
2020 = 46%
- Underemployed
- 29 job changes, 8 careers
1.1 years
Job Hopping
Deloitte: Not end in itself
GEN Y = 8.3 significant career events
Gen X = 5.5 survey by The Guardian 2011
2/3 $150,000
What’s happening
now?
The Clog
Builders, Baby Boomers
X
Y, Z
Not retiring.
Prince Charles
20% switched cos. 35% lateral.
when economy improves 51% job interview
44%67%
- Longer hours- Co-workers more help
Turnover Costs▪ Recruiting, Training
▪ Productivity, individual & team morale
▪ Separation
▪ Customer satisfaction & engagement
▪ Employer branding
▪ Knowledge sharing
▪ Strategy, planning
▪ Lost opportunities for growth
Worksheet
Gigs, Temporary Jobs• Driving job growth right now
• Provides trial period for both parties
• Side by side, different pay, 2-class system, less effort
• Turnover
• Absenteeism (15-20% month)
• Training, retraining
• All other losses on worksheet
1. Turnover Costs
2. Communication Costs
3. ROI on Gen Y
Lost efficiency
10% - 30% 50% to 70%
70% 50%
• “How shall we structure feedback?”
• “I’m looking for mentors.”
• “Your time is valuable. How can we get the most out of your hours.”
• “How can we present a new idea/generate new ideas on this?”
• “How can I help?”
Leading Up
Leading Down• “This job is not for everybody.”
• Ys, Zs help you hire (list, interview)
• “Your work = the bottom line.”
• “Here’s the dif you make in lives.”
• “How can we do this better?”
TAME TECHNOLOGY (handout)
1. Turnover Costs
2. Communication Costs
3. ROI on Gen Y
ROI on Generation Y• Straight Talk, No Soft Sell
• Do I Fit? Community
• Lead From the Middle
• Flex Time
• Meaning, Learning
• Challenging Internships
• Redefine Loyalty
No soft sell. Measure resultsUnderemployed (28%) 1st job Digital noise. List priorities.
Straight Talk
“Do I fit?” Community▪ Connection w/ like-minded people
▪ Inclusiveness
▪ Self expression within structure
Army of One
Army Strong
Be All That You Can Be
Mom
Lead Collaboratively
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Lead
Collaboratively- How can we do this better?
- Can we make thismore meaningful?
- Can we make thiseasier?
- Help interview
Jay Jamrog, HRI Loyalty & Commitment Survey, Human Resource Institute, University of Tampa.
Time = success
Time = the new money
Best BuyROWESaved $13 M turnover Productivity +35%
91%Flexible work = positive impact on morale.
89%Retention positively affected by flexible work.
2011 HR Professionals Survey, SHRM
“I know this job is not your whole life. Nor should it be. But while we’re here together, let’s do some good.”
Meaning
• 9 of 10, meaning is THE most important aspect of job
• 51% will accept lower wage if work is “more important or meaningful”(Kelly Global Workforce Index)
• Make a difference• Be heard• Innovate• Know they are succeeding• Speed (product over process)
• Collaborate, be a team
Meaning
- Choices charity
- Strategy
- Tie work to mission
79% 65%
Make a Difference
Innovate
-Best New Idea?- - select best
- implement
- Dialog- Work on own projects % of time
Learning
90%
Know They Are Succeeding
GROW: Graduate Rotation Opportunities West
3 jobs, 9 months each.
27 months!!
89% understand business83% improved their skills95% STAYED
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▪ Impeccable planning ▪ High goals
▪ Fast pace ▪ Winners run some
more ▪ An investment
New York Life: 3% 90%
Redefine Loyalty:Hello. Goodbye. Hello again.
future employees alumnipresent
employees
Moves peak at 25, then decline. Deloitte: 1 in 3 experienced people hired have worked there before.
ROI on Generation Y• Straight Talk, No Soft Sell
• Do I Fit? Community
• Lead From the Middle
• Flex Time
• Meaning, Learning
• Challenging Internships
• Redefine Loyalty
▪ Respect, articulate work ethic of all
generations
▪ Lead collaboratively, from the middle
▪ Meaning (innovation, moves, dialog)
▪ Build/maintain talent pools
▪ Visible career paths, stories
Invest in Your Managers
AmyLynch,BottomLineConversations,LLC,ROIonGenerationY,www.GenerationYexpert.com,2008.
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ROIonGenerationYEmployees
BestpracticehumancapitalmanagementofGenerationY
April2008 615.944.6140WrittenbyAmyJ.Lynch [email protected],LLCwww.GenerationYexpert.com12015thAveNorth,Ste202Nashville,TN37208-2768
