Unleashing the Potential

of the Millennial Generation

Bharat Chopra

Reff Cheng

Soumya Korde

Faheem Noor Ali

Kari Wilson

Faculty Advisor: Professor Scott Stern

How to engage millennial

knowledge-workers to maximize

innovation in your organization

Organizations must embrace these traits Engage Millennials through the 4Cs for greater innovation

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Three Generations Coexist in the Workforce Millennials will soon be the largest group with their own characteristics

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Source: Delloitte, “Who Are the Millennials?”

The Millennials are a Force By 2015, this generation will be the heart of the workforce

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Sources: PEW, PWC, Rutgers, Greenberg Millennial Study, Defense AT&L

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Millennials are a Global Phenomenon 1.5B Millennials share common traits but exhibit local idiosyncrasies

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Defining Moments Shaped the Millennials Making Millennials self-reliant, success driven, and flexible

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Source: Delloitte, “Who Are the Millennials?”; Greenberg Millennials Study

Defining Characteristics Emerged Millennials are talented and poised to make an impact

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Defining Characteristics Emerged Millennials are eager to contribute and ready to take on responsibility

•! Pendulum has swung back when

compared to Gen X and their

intrinsic motivation

•! 63.5% choose employer based

on opportunity for growth and

development

•! 57% plan to fund their own

retirement

Sources: Deloitte Gen Y Study, Deloitte Ireland Survey, PWC Survey

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Defining Characteristics Emerged Multi-tasking is the norm for the “video game generation”

•! Over 75% grew up with a

computer at home

•! Spend 6.5 hours a day using

media, but consume 8.5 hours

worth during that time

•! Facebook membership rivals the

population of Brazil

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Sources: Northwestern Media Management Center

Defining Characteristics Emerged Millennials have proven themselves to be responsible

•! 78% are willing to make

sacrifices in their own life to

address the major challenges

facing our country

•! 71% of college freshman report

volunteering once a week

•! Reported drug use and teen

pregnancies down

Sources: National Institute on Drug Abuse;UCLA American Freshman Survey

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Defining Characteristics Emerged Family is most important but virtual relationships also flourish

•! 73% say family is most important

thing in their life

•! Friendship is a strong motivator

when choosing a company

•! Strong ability to network and

develop new relationships

Source: Forrester

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Each Generation has a Unique Perspective At the same stage in their lives, past generations were different

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Source: Howe and Strauss, “The Next 20 Years”

A Generational Gap Exists Managers must understand the new expectations in order to close gap

Source: Delloitte, Greenberg Millennials Study

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Employers can Unleash Millennials’ Potential Cultivating four dimensions can engage this generation

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Basic Demands Have Not Changed Like past generations, Millennials value salary and benefits most

Rank the following traits in importance On a scale of 1 (least important) to 10 (most important)

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Source: Robert Half International, Yahoo! HotJobs, “What Millennial Workers Want”

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Live to Work

Boomers

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Companies Must Engage on More Dimensions Employee expectations have evolved through the generations

Work to Live

Gen X

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Companies Must Engage on More Dimensions Employee expectations have evolved through the generations

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Companies Must Engage on More Dimensions Employee expectations have evolved through the generations

Work Hard, Play Hard

Millennials

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Millennials Need More Mentorship Millennials were raised with constant coaching and recognition

CAREER

Source: Robert Half Internationall, Yahoo! HotJobs, “What Millennial Workers Want”, Fortune, Fast Company, HRExecutive Online

Intel Reinvented Mentorship Programs The program emphasizes accountability and skills, not rank

CAREER

Source: Fast Company

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They are Driven by a Values-based Culture Provide an environment of clear values and work autonomy

CULTURE

Source: Deloitte, “Decoding Generational Differences”

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Organizations Should Stress Values Provide Millennials with the purpose and structure they seek

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They Want to be Part of Something Bigger Millennials want their employer to be more than just a workplace

Source: Robert Half Internationall, Yahoo! HotJobs, “What Millennial Workers Want”, Fortune, Fast Company, HRExecutive Online

COMMUNITY

Salesforce is Committed to Positive Impact Donates 1% of equity, 1% of time, and 1% product

Source: Fast Company

COMMUNITY

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Millennials are Tech-savvy Multi-taskers Born during the Age of Technology, life is about being connected

Source: Robert Half Internationall, Yahoo! HotJobs, “What Millennial Workers Want”, Fortune, Fast Company, HRExecutive Online

CONNECTIVITY

CONNECTIVITY

Web 2.0 Can Encourage Ideas Companies have gained creative new ideas by using such tools

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Employers can Unleash Millennials’ Potential Cultivating four dimensions can engage this generation

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Actions Your Company Can Take Now To Unleash the Power of the Millennial Generation

Source: Deloitte, “Generation Y: Powerhouse of the Global Economy”

•! Implement Reverse

Mentoring program

•! Establish a company-wide Idea Management Tool

•! Ignite innovation through

highly visible Contests

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At what level is your organization engaging the Millennial

generation?

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How can organizations – both public and private – leverage

the distinctive qualities and goals of Millennials?

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What have been the biggest successes and failures you

have had in trying to manage Millennials?

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What are some best practices that companies might be able

to use to better manage the challenges and opportunities

from Millennials?