Generation Impact:Millennials & Tomorrow’s Workplace

Ed WolfE2 Virtual Conference - 9/26/12

IntroductionAbout Me

• Product Manager/ Business Analyst @ Time Inc.

• BS Computer Engineering, RIT

• 10+ years IT experience

• A Millennial!

Connect with me:

Twitter: @EdWolfNYC

Blog: www.Ed-Wolf.com

LinkedIn: linkedin.com/in/EdwardWolf

E-mail: Edward.Wolf@gmail.com

Agenda• What Defines A Generation?

• What’s Shaped Millennials?

• Tomorrow’s Workforce

• 5 Ways to Leverage Millennials

• The Cost of Inaction

• Tomorrow’s Workplace

By 202575% Workers Globally

Will Be Millennials

4 Generations In The Workplace

What Defines A Generation?

•Typically spans 20 years•A shared, common experience•Events, trends and technology

The Current GenerationsTraditionalists

Other Names •Silent Generation •Radio Babies •Greatest Generation

Birth Years Prior to 1945

Current Age 67+

Influences •WWII•Korean War•Great Depression

Family Traditional nuclear

Technology Adapted

Value Family/Community

Education A dream

The Current GenerationsTraditionalists Baby Boomers

Other Names •Silent Generation •Radio Babies •Greatest Generation

•Boomers, •“Me” Generation•Vietnam Generation

Birth Years Prior to 1945 1946-1964

Current Age 67+ 48-66

Influences •WWII•Korean War•Great Depression

•Civil Rights•Vietnam•Cold War

Family Traditional nuclear Disintegrating

Technology Adapted Acquired

Value Family/Community Success

Education A dream A birthright

The Current GenerationsTraditionalists Baby Boomers Gen X

Other Names •Silent Generation •Radio Babies •Greatest Generation

•Boomers, •“Me” Generation•Vietnam Generation

•Post Boomers•Baby Busters•13th Generation

Birth Years Prior to 1945 1946-1964 1965-1980

Current Age 67+ 48-66 33-47

Influences •WWII•Korean War•Great Depression

•Civil Rights•Vietnam•Cold War

•Watergate•Divorced Parents•Y2K

Family Traditional nuclear Disintegrating Dual income families

Technology Adapted Acquired Assimilated

Value Family/Community Success Time

Education A dream A birthright A way to get there

The Current GenerationsTraditionalists Baby Boomers Gen X Millennials

Other Names •Silent Generation •Radio Babies •Greatest Generation

•Boomers, •“Me” Generation•Vietnam Generation

•Post Boomers•Baby Busters•13th Generation

•Gen Y•Echo Boomers•Facebook Generation

Birth Years Prior to 1945 1946-1964 1965-1980 1981-2000

Current Age 67+ 48-66 33-47 12-32

Influences •WWII•Korean War•Great Depression

•Civil Rights•Vietnam•Cold War

•Watergate•Divorced Parents•Y2K

•9/11•Columbine/VA Tech•Recession

Family Traditional nuclear Disintegrating Dual income families Blended families

Technology Adapted Acquired Assimilated Integral

Value Family/Community Success Time Individuality

Education A dream A birthright A way to get there An incredible expense

What’s Shaped Millennials?

Recession

8% Unemployment

US Department of Labor

Crushing Student Loan Debt

Technology

Family

Tomorrow’s Workforce

Changes In Labor Force

Different Expectations

9 / 10 Millennials want their workplace to be social and fun

MTV “No Collar Workers” Study

93% want a job where they can be themselves

MTV “No Collar Workers” Study

71% want their co-workers to be like a second family

MTV “No Collar Workers” Study

MTV “No Collar Workers” Study

Half would rather have

no job, than a job they hate

93% work harder when they know where their work is going

MTV “No Collar Workers” Study

They’re Different

• Connected• Collaborative• Ambitious• Fearless• Embrace change• Hate bureaucracy• Yearn for mentors

5 Ways ToLeverage

Millennials

Offer Workplace Flexibility

Offer Workplace Flexibility

• Flexible hours, not just 9-5

Offer Workplace Flexibility

• Flexible hours, not just 9-5

• Telecommuting & Telepresence

Offer Workplace Flexibility

• Flexible hours, not just 9-5

• Telecommuting & Telepresence

• Vacation time

Offer Workplace Flexibility

• Flexible hours, not just 9-5

• Telecommuting & Telepresence

• Vacation time

• Roth retirement plans - 401(k) & IRA

Start A Mentoring Program

• Millennials strive for constant feedback

Start A Mentoring Program

• Millennials strive for constant feedback

• Pass on institutional knowledge

Start A Mentoring Program

• Millennials strive for constant feedback

• Pass on institutional knowledge

• Empower Millennials to reverse mentor

Start A Mentoring Program

• Millennials strive for constant feedback

• Pass on institutional knowledge

• Empower Millennials to reverse mentor

• Can be as informal as going to lunch

Start A Mentoring Program

Be Transparent & Communicate Effectively

Be Transparent & Communicate Effectively

• Embrace and encourage feedback/ideation

Be Transparent & Communicate Effectively

• Embrace and encourage feedback/ideation

• Share the company’s and your goals

Be Transparent & Communicate Effectively

• Embrace and encourage feedback/ideation

• Share the company’s and your goals

• Communicate quickly

Be Transparent & Communicate Effectively

• Embrace and encourage feedback/ideation

• Share the company’s and your goals

• Communicate quickly

• Trust that they will get the job done

Question Everything & Pivot

Question Everything & Pivot

• Millennials will question how things are done

Question Everything & Pivot

• Millennials will question how things are done

• Millennials want to make the company better

Question Everything & Pivot

• Millennials will question how things are done

• Millennials want to make the company better

• Ask yourself ‘Do we have to do it this way?’

Question Everything & Pivot

• Millennials will question how things are done

• Millennials want to make the company better

• Ask yourself ‘Do we have to do it this way?’

• Pivot when there's a better way

What NOT To Do

What NOT To Do

• Discount their authority about technology

What NOT To Do

• Discount their authority about technology

• Treat them as too young to be valuable

What NOT To Do

• Discount their authority about technology

• Treat them as too young to be valuable

• Be condescending, inconsistent, disorganized

What NOT To Do

• Discount their authority about technology

• Treat them as too young to be valuable

• Be condescending, inconsistent, disorganized

• Give them boring work

What NOT To Do

• Discount their authority about technology

• Treat them as too young to be valuable

• Be condescending, inconsistent, disorganized

• Give them boring work

• Ignore that change is happening

The CostOf

Inaction

4.4 Years(Average time spent in a job)

US Bureau of Labor Statistics

Turnover

86%Looking for a job that is “interesting”

Net Impact

Talent

Millennials see themselves as “Free Agents”

Forbes

Innovation

Tomorrow’sWorkplace

Non-Traditional Career Paths

Deloitte

Native Collaboration

Tech-Savvy

Less Physical

Creative & Innovative

RecapTraditionalists Baby Boomers Gen X Millennials

Other Names •Silent Generation •Radio Babies •Greatest Generation

•Boomers, •“Me” Generation•Vietnam Generation

•Post Boomers•Baby Busters•13th Generation

•Gen Y•Echo Boomers•Facebook Generation

Birth Years Prior to 1945 1946-1964 1965-1980 1981-2000

Current Age 67+ 48-66 33-47 12-32

Influences •WWII•Korean War•Great Depression

•Civil Rights•Vietnam•Cold War

•Watergate•Divorced Parents•Y2K

•9/11•Columbine/VA Tech•Recession

Family Traditional nuclear Disintegrating Dual income families Blended families

Technology Adapted Acquired Assimilated Integral

Value Family/Community Success Time Individuality

Education A dream A birthright A way to get there An incredible expense

Recap5 Core Attributes of Millennials:

Recap5 Core Attributes of Millennials:

1. Connected & Tech-Savvy

Recap5 Core Attributes of Millennials:

1. Connected & Tech-Savvy

2. Collaborative

Recap5 Core Attributes of Millennials:

1. Connected & Tech-Savvy

2. Collaborative

3. Embrace Change

Recap5 Core Attributes of Millennials:

1. Connected & Tech-Savvy

2. Collaborative

3. Embrace Change

4. Hate Bureaucracy

Recap5 Core Attributes of Millennials:

1. Connected & Tech-Savvy

2. Collaborative

3. Embrace Change

4. Hate Bureaucracy

5. Yearn for Mentors & Feedback

5 Ways to Leverage Millennials:

Recap

5 Ways to Leverage Millennials:

1. Offer Workplace Flexibility

Recap

5 Ways to Leverage Millennials:

1. Offer Workplace Flexibility

2. Start a mentoring program

Recap

5 Ways to Leverage Millennials:

1. Offer Workplace Flexibility

2. Start a mentoring program

3. Be Transparent & Communicate Effectively

Recap

5 Ways to Leverage Millennials:

1. Offer Workplace Flexibility

2. Start a mentoring program

3. Be Transparent & Communicate Effectively

4. Question Everything & Pivot

Recap

5 Ways to Leverage Millennials:

1. Offer Workplace Flexibility

2. Start a mentoring program

3. Be Transparent & Communicate Effectively

4. Question Everything & Pivot

5. Don’t discount them

Recap

5 Attributes of Tomorrow’s Workplace:

Recap

5 Attributes of Tomorrow’s Workplace:

1. Collaborative

Recap

5 Attributes of Tomorrow’s Workplace:

1. Collaborative

2. Non-Traditional Career Paths

Recap

5 Attributes of Tomorrow’s Workplace:

1. Collaborative

2. Non-Traditional Career Paths

3. Less Physical

Recap

5 Attributes of Tomorrow’s Workplace:

1. Collaborative

2. Non-Traditional Career Paths

3. Less Physical

4. Creative & Innovative

Recap

5 Attributes of Tomorrow’s Workplace:

1. Collaborative

2. Non-Traditional Career Paths

3. Less Physical

4. Creative & Innovative

5. Expanded use of technology

Recap

By 202575% Workers Globally

Will Be Millennials

Generation Z is Coming

THANK YOU

Twitter: @EdWolfNYC

Blog: www.Ed-Wolf.com

LinkedIn: linkedin.com/in/EdwardWolf

E-mail: Edward.Wolf@gmail.com

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