Human Resources Management

Millennials – Expectations in the Workplace – Part 2

Wednesday, November 12th, 2014

expectations

Last week we discussed that millennials desire to work-life balance, flexible work schedules, and constant feedback and praise. However, that’s not all. Note the following to understand all of the needs millennials have in the workplace:

Change

Millennials crave change. That can mean everything from changing the office layout to creating new opportunities for social interaction. Research shows that members of the millennial generation tend to change jobs three times more often than their elders, sticking with the same employer for no longer than three years on average (Bureau of Labor Statistics 2013). The millennial generation desires new jobs and new assignments every 12-24 months and usually refuses to wait 3-5 years for a promotion (Deloitte 2009). This change in mentality is partly due to the fact that millennials believe promotions should be based on performance and not tenure. It also has to do with the advancement of technology. Millennials are able to gather information at a speed that did not exist prior to their generation. As a result, millennials tend to be more impatient than previous generations.

A study conducted by Deloitte concludes this impatience is most likely a result of the economic pressures to flatten organizations. Considering promotions for millennials are not always available within the timeframe millennials desire, Deloitte believes organizations must build “corporate lattices” rather than corporate ladders for millennials. One way organizations are offering more opportunity for change is by allowing lateral moves within the workplace. Millennials view lateral moves similarly to promotions. This is because, as discussed earlier, millennials highly value skills that will make them more marketable in future positions.

Professional Development

The millennial generation is opportunity-driven, seeking new chances for career enhancement over greater salary or a more secure job. When asked what influenced millennials’ decision to join their current employer, 63.5 percent of millennials cited “opportunities for growth and development,” while just 49.8 percent cited “salary and benefits.” (Deloitte 2009, 6). This is indicative of millennials valuing other things over strictly financial gains.

As stated earlier, millennials value employability. They wish to work for a company that will invest in their development. Millennials prize ability and skill development and often seek out opportunities for learning (Anderson 2014). Millennials are attracted to employers who can offer more than merely good pay.

Meaning in Their Work

Millennials want to find careers where their passions, inspirations and desire to do good can not only be part of their personal life but also part of their work. Because of this, the lines between personal passions and professional engagements are rapidly disappearing for the millennial generation. As a result, this commitment to doing “good” in the workplace is quickly becoming one of the new norms that will define the millennial generation (Case 2014). Millennials are looking for employers who share their passion of doing good.

According to the findings of the 2014 Millennial Impact Report, a company’s involvement with causes influenced 55 percent of millennials to accept a job. Once in a position, the main factor (53 percent) in determining whether millennials remained at their company (beyond compensation and benefits) was having their passions used and fulfilled (Case 2014). In other words, millennials highly value organizations that desire and try to make a difference in the world around them. This is only one preference millennials have of their employers that improves the employee-employer relationship and helps organizations better engage millennials. The following examines three approaches organizations can take to better meet the workplace expectations of the millennial generation.

Do you want to read the entire whitepaper on Millennials in the Workforce: Creating a Mutually Beneficial Relationship? Download it now: http://go.kpaonline.com/millennialspdf

tboyer

KPA Tami Boyer is a Sr. HR Client Advocate for KPA’s HR Management product line. Tami is a veteran of the United States Army and has previously worked as an HR Manager for Department of Defense contractors. Tami is PHR certified and has a Master’s Degree in Human Capital Management from the University of Denver.

Millennials – Expectations in the Workplace – Part 1

Thursday, November 6th, 2014

expectationsbusinessman

Now that you know what a millennial is and what their valuable traits are, it’s important to understand what they expect in the workplace. If you can provide these things, it will be easiest to hire and retain millennials.
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Millennials – Most Tolerant Generation

Wednesday, October 29th, 2014

tolerance

As mentioned previously, millennials have access to global information. This accessibility to information has helped shape their global perspective. In addition, millennials are the most inclusive and diverse generation in U.S. history (Keeter 2009). Because of their diversity and access to global information, millennials’ attitudes and experiences with race are dramatically different from earlier generations. There is essentially universal acceptance among millennials. Ninety-four percent of millennials approve of interracial dating and marriage, versus just 56 percent of white 18- to 25-year-olds polled in 1987-1988 (Pew Research Center 2007).

This tolerance bodes well for millennials in the workplace. Millennials are more willing to work in teams and create better working relationships with their peers. Semi-autonomous and self-managed work teams have been shown to enhance innovation, increase productivity, and lower personnel costs (Lawler and O’Toole 2006). Because of this, organizations are realizing the added value of millennials’ desire and ability to cultivate collaborative working environments.

Millennials’ acceptance to different races, ethnicities, gender, and sexual preferences have permitted them to communicate across boundaries that were set by previous generations. This openness has allowed for greater communication and collaboration in the workplace. In addition, millennials’ ability to not only foster this type of collaboration but prefer it, has prompted organizations to take a closer look at how they design responsibilities, work teams and groups for the millennial generation. Organizations are realizing that understanding the desires and expectations of the millennial generation will be vital to their ability to develop strategies to better engage them.

Do you want to read the entire whitepaper on Millennials in the Workforce: Creating a Mutually Beneficial Relationship? Download it now: http://go.kpaonline.com/millennialspdf

tboyer

KPA Tami Boyer is a Sr. HR Client Advocate for KPA’s HR Management product line. Tami is a veteran of the United States Army and has previously worked as an HR Manager for Department of Defense contractors. Tami is PHR certified and has a Master’s Degree in Human Capital Management from the University of Denver.

The Socially Conscious Millennial

Wednesday, October 15th, 2014

young business man

Millennials care about the world around them. Due to easy access to world news and knowledge of events occurring in all parts of the world from social media, millennials have taken a keen interest in finding ways to remedy the world’s social issues. As a result, they are also looking for employers to do the same. Millennials are bringing their social values into the career equation by placing a premium on an employers’ reputation for social responsibility and the opportunities those companies and organizations provide their employees to make a positive impact on society (Nunn 2011). In fact, outside of the high-tech sector, the employers that were most appealing to millennials as a place to work were those whose mission is to change the world for the better (Brookings 2013). The millennial generation is holding themselves as well as employers to a higher standard of social responsibility.
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Millennials – The Digital Natives

Wednesday, October 8th, 2014

young business people

Millennials have been born into a very different world than previous generations in terms of technology. Millennials have grown up in a time of rapid technological advancement. The millennial generation has a familiarity and comfort with technology that is unprecedented. This knowledge of technology has led the millennials to be coined “digital natives”. Technology has been so present in the lives of millennials that it has become a way millennials identify themselves—much more so than any previous generation. The millennial generation sees its connections to technology as a major component of its generational identity.
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Understanding Millennials

Wednesday, October 1st, 2014

young male worker

Organizations are learning that what motivated the previous workforce, does not necessarily motivate the millennial workforce. Boomers are leaving workplaces that have been designed around them, which is now at odds with the work expectations of the incoming millennials. Managers and human resources professionals will need to understand what these differences are so that they can create new engagement strategies for the millennial generation. (more…)

What is a Millennial?

Wednesday, September 24th, 2014

generation y

Millennials, the generation born from 1982-1995, are quickly filling the ranks of organizations as the boomer generation retires from the workforce. In fact, millennials will comprise 75 percent of the global workforce by 2025. Because of the millennials’ sheer size, they will have a considerable amount of power within the workforce. Organizations will want to understand the millennial generation in order to leverage this power.
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Using Total Rewards as a Recruitment Tool Part 3

Wednesday, September 10th, 2014

recruitment

Last week, we delved further into the concept of the total rewards toolkit, defining what exactly benefits and work-life mean for prospective and current employees. Through the use of a total rewards program, employees may stay loyal to their dealership longer. A total rewards program also serves as an additional benefit to new employees, making your dealership even more attractive to applicants. Two parts of total rewards remain: Performance and Recognition and Development and Career Opportunities. (more…)

Using Total Rewards as a Recruitment Tool Part 2

Wednesday, September 3rd, 2014

total rewards

Last week we discussed the value of total rewards for a dealership. Through the implementation of total rewards, prospective and current employees can be attracted, motivated, and retained. We now know that through the use of full compensation packages (a four-part concept), employees are motivated to perform even better. However, compensation is only one small portion of the total rewards toolkit. Also included are benefits, work-life balance, performance and recognition, and development and career opportunities. (more…)

Using Total Rewards as a Recruitment Tool Part 1

Wednesday, August 27th, 2014

compensation

For some, a job is just a job, for engaged, productive employees, a job is so much more. Engaged employees are looking for a job that has the whole package- a well-paying, flexible job that includes benefits and work-life balance. It isn’t enough to simply have an open position at your company; you must also offer total rewards. What are total rewards? They are the tools available to employers that can attract, motivate, and retain employees. (more…)