Millennials: a decade In | Talent Connect Anaheim
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Do millennials matter (of course they do!)? What should employers do to attract them? Join Pat Wadors, SVP of Talent at LinkedIn, and Toni Cusumano, Partner at PwC, to discuss how your organization can attract and retain millennials. Check out the best of Talent Connect: http://bit.ly/1MBqz6m
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Millennials: a decade In | Talent Connect Anaheim
- 2. Millennials: A Decade In Toni Cusumano PwC Pat Wadors LinkedIn
- 3. Millennials… Again? Why?!?! They’re everywhere now – you can’t hide. They’re not just entry level anymore. They’re looking for a different approach! They’re everywhere now – you can’t hide. They’re not just entry level anymore. They’re looking for a different approach! They’re everywhere now – you can’t hide. They’re not just entry level anymore. They’re looking for a different approach!
- 4. (Re)setting the Stage: Why Millennials Matter Every year more and more Millennials are taking the lead! Approach to working – and what it means to be an employee – is changing the way HR and managers need to engage Fastest-growing generation of employees
- 5. To Millennials, flexibility is almost as important as salary. Millennials say that creating a strong, cohesive, team- oriented culture at work is important to their workplace happiness. Millennials tend to look for creative programs around compensation, rewards and career decisions. What Attracts Millennials
- 6. Not as important Important to new joiners What We heard • Purpose • Professional & technical training & development • Friendly, inclusive, flexible work environment • Respect for our people • Future earning potential • The financial strength of the firm • A clear path for advancement Why did you join?
- 7. Not as important Important to new joiners What’s Important | The Candidate Experience • Personal Touch • Face to face interviews • Office visits • Invite-only campus events • Informal leadership touchpoints • Career fairs • Phone discussions • Campus competitions How was our process?
- 8. Mixers Office Visits Create a strong, cohesive, team-oriented culture - from the beginning Pre- Offer Post- Offer Informal Outings Casual Lunch/ Dinner Sell Weekends Innovative Recruiting… in their words Community | Make it Personal
- 9. Q & A
- 10. Top 3 Things to do Tomorrow Adapt to create their candidate experience Make it personal Listen to the candidate
- 12. ©2015 LinkedIn Corporation. All Rights Reserved.
Editor's Notes
- PAT w audience Poll to start It’s safe to say everyone in this audience has probably heard about the Millennial generation, and many of you are probably SICK of hearing about them. **Millennials aren’t a new concept anymore, but it’s only in the last few years that their impact is being felt outside of industries like professional services and technology, which we both represent – we felt it early, but everyone feels it now. Nobody can hide anymore. ** The core of the generation is now several years into its career. Millennials are managing people, selling products, leading teams and hiring for their companies. They’re not an “entry level” workforce anymore. ** If you don’t have an appealing employment value proposition for Millennials, you’re going to be at an increasing disadvantage when it comes to filling your talent gaps – irrespective of industry or geography, your access to talent hinges on this generation. ** The workplace itself is changing to accommodate Millennial preferences. That doesn’t mean things are changing wholesale – Millennials have had to adjust expectations (and continue to do so!). But traditional approaches to feedback, development and technology simply don’t work, and even the “stodgiest” of employers are taking risks they never could have imagined a few years ago.
- TONI w Audience Poll to ask question about how many have millennials in leadership roles today? Bullet #1: Millennials are currently the largest generation: 76.6 million Largest work population by 2020 ( ~91m in US alone!) Bullet #2: Millennials tend to be more liberal on social issues and are proponents of civil rights from same-sex marriage to equal pay for men and women. They’re also all about transparency and honesty and are more openly sharing what they’re making than older workers Bullet #3: Over the past 5 years, 87% of new leadership roles are held by Millennials (38% Gen Xers, 19% Baby Boomers) 63% of executives in the U.S. will reach retirement age within 5 years 70% of millennial men and 61% of millennial women — vs 58% and 41% Gen X — say they’d like to be boss.
- TONI Bullet #1: If they were able to make their current job more flexible, 64% of Millennials would like to occasionally work from home, and 66% of Millennials would like to shift their work hours. Millennials are willing to give up some of their pay and slow the pace of promotion in their careers in exchange for working fewer hours. Many Millennial employees are unconvinced that excessive work demands are worth the sacrifices to their personal life. 71% of PwC Millennial employees (vs. 63% of non-Millennials) say that their work demands interfere with their personal lives. Bullet #2 Millennials value recognition and appreciation – even if it’s just for doing what they do anyway. 71.3% of Millennials want instant feedback Millennials desire more real-time appreciation, feedback and development Face-to-face coaching conversations is a priority for Millennials, because, despite their frequent use of digital technologies, they still prefer to have more serious conversations about their career path in person. Bullet #3 At PwC, there has been greater retention and higher performance when people have been engaged in corporate social responsibility programs. Those who participated in more than one corporate social responsibility activity in the US had an average tenure of 7.4 years, while those who didn’t participate in any stayed with the organization an average of 6.3 years.
- PAT / TONI to share thoughts So what have we seen ourselves? PwC recently surveyed more than 15,000 of the hires who joined us over the last year to find out. When we asked new joiners what was really important when they were deciding to join PwC, we saw several factors that make sense: Almost 90% cited professional training and development as the #1 factor behind their decision. <<Talk about PwC Professional here and focus on “growing your own way” within the framework>> A friendly, respectful work environment. This generation grew up working in teams and that values constructive coaching and praise. <<Consider personal anecdote about delivering a tough message or career coaching to a junior hire>> Surprisingly – or maybe not surprisingly – some other attributes ranked much lower: Future earning potential ranked much lower than you might have expected – it was tenth on the list. We pay our campus joiners competitively, of course, but as we’ve discussed, money isn’t the primary motivator for this generation. We’re a giant in the professional services world, and we’ve been very successful, but that message doesn’t resonate with this group. A clear path for advancement was listed low as well. We have a defined leverage model - our new hires start as Associates and progress upward from there. But this group is looking for non-linear developmental experiences that build their capabilities across a lot of different areas. They’re willing to take on a more challenging assignment in pursuit of development, even if it means they might struggle a bit more or not perform well immediately. <<Think about a story here?>> We also asked our campus joiners – all Millennials, of course – which elements of the recruiting process were most and least valuable. The power of the face-to-face interview still matters – 49% of the respondents ranked it as the single most valuable activity. We invest significant time and money bringing our final-round candidates to our offices to meet with the teams they might be joining. Putting faces to names and building connections is hugely important to them – we’ve invested in virtual interviewing technology, but we find it less effective with our entry-level joiners and are focusing most of its use on our busier, more seasoned experienced hires. We lead them on tours of the office so they can see, feel, understand our workspace and what their day-to-day experiences will look like. As we narrow our pool of candidates, we host a number of invitation-only events for students. Our Millennial joiners value the exclusivity of these events – almost 40% ranked it highly important. It also leads to the next point – our new hires had a lot to say about informal contact with our partners and leaders. <<Toni could potentially insert a story here about involvement with Millennial hiring and making time to meet face to face>> At the same time, our campus joiners didn’t see a lot of value in a few of our activities: Career fairs: if you’ve ever attended one on behalf of your company, you know how impersonal these can be. Usually you’re in a hot, crowded room – some schools even host them in the gymnasium – and there’s almost always a long line of students waiting to speak with you. You’re limited to a series of brief, time-crunched interactions, and at the end of the day you come away with a stack of resumes and a lot of guesswork to remember who showed the most potential. Phone discussions – we’re busy and so are the students, but almost a quarter of them told us they don’t find these helpful. They question whether the person on the other end of the line is really present in the conversation, and they’re not able to build the person-to-person connection that matters so much. We host case competitions at many of our campuses. For us, they’re useful to see how the students collaborate, how they tackle problems, and how they respond to high-pressure situations. Our campus joiners told us they don’t like the competitive nature of these events – they’re often in teams with their friends and feel pressured to undercut one another. We touched on video interviews above – they’re useful when schedules are tight or budgets are limited, but our new joiners told us they found it tough to build a real relationship with the person on the other end. The technology’s not perfect yet, either - <<potentially insert anecdote about HireVue problems during an interview day>> What story would Pat like to share from Purpose survey or other?
- PAT / TONI to share with pause for audience engagement – Pair up with a partner sitting next to you; share your best idea on the candidate experience and tweet out your idea on # innovatetheexperience – then, Toni/Pat to field audience ideas So what have we seen ourselves? PwC recently surveyed more than 15,000 of the hires who joined us over the last year to find out. When we asked new joiners what was really important when they were deciding to join PwC, we saw several factors that make sense: Almost 90% cited professional training and development as the #1 factor behind their decision. <<Talk about PwC Professional here and focus on “growing your own way” within the framework>> A friendly, respectful work environment. This generation grew up working in teams and that values constructive coaching and praise. <<Consider personal anecdote about delivering a tough message or career coaching to a junior hire>> Surprisingly – or maybe not surprisingly – some other attributes ranked much lower: Future earning potential ranked much lower than you might have expected – it was tenth on the list. We pay our campus joiners competitively, of course, but as we’ve discussed, money isn’t the primary motivator for this generation. We’re a giant in the professional services world, and we’ve been very successful, but that message doesn’t resonate with this group. A clear path for advancement was listed low as well. We have a defined leverage model - our new hires start as Associates and progress upward from there. But this group is looking for non-linear developmental experiences that build their capabilities across a lot of different areas. They’re willing to take on a more challenging assignment in pursuit of development, even if it means they might struggle a bit more or not perform well immediately. <<Think about a story here?>> We also asked our campus joiners – all Millennials, of course – which elements of the recruiting process were most and least valuable. The power of the face-to-face interview still matters – 49% of the respondents ranked it as the single most valuable activity. We invest significant time and money bringing our final-round candidates to our offices to meet with the teams they might be joining. Putting faces to names and building connections is hugely important to them – we’ve invested in virtual interviewing technology, but we find it less effective with our entry-level joiners and are focusing most of its use on our busier, more seasoned experienced hires. We lead them on tours of the office so they can see, feel, understand our workspace and what their day-to-day experiences will look like. As we narrow our pool of candidates, we host a number of invitation-only events for students. Our Millennial joiners value the exclusivity of these events – almost 40% ranked it highly important. It also leads to the next point – our new hires had a lot to say about informal contact with our partners and leaders. <<Toni could potentially insert a story here about involvement with Millennial hiring and making time to meet face to face>> At the same time, our campus joiners didn’t see a lot of value in a few of our activities: Career fairs: if you’ve ever attended one on behalf of your company, you know how impersonal these can be. Usually you’re in a hot, crowded room – some schools even host them in the gymnasium – and there’s almost always a long line of students waiting to speak with you. You’re limited to a series of brief, time-crunched interactions, and at the end of the day you come away with a stack of resumes and a lot of guesswork to remember who showed the most potential. Phone discussions – we’re busy and so are the students, but almost a quarter of them told us they don’t find these helpful. They question whether the person on the other end of the line is really present in the conversation, and they’re not able to build the person-to-person connection that matters so much. We host case competitions at many of our campuses. For us, they’re useful to see how the students collaborate, how they tackle problems, and how they respond to high-pressure situations. Our campus joiners told us they don’t like the competitive nature of these events – they’re often in teams with their friends and feel pressured to undercut one another. We touched on video interviews above – they’re useful when schedules are tight or budgets are limited, but our new joiners told us they found it tough to build a real relationship with the person on the other end. The technology’s not perfect yet, either - <<potentially insert anecdote about HireVue problems during an interview day>> What story would Pat like to share from Purpose survey or other?
- THIS IS A FADE OUT When these same campus hires were asked to share with us “the most innovative recruitment idea you have heard or experienced?” we once again found that for Millennials a relationship-based approach to recruiting equates to innovation. Over 20k words of feedback were read and quantified (word count and word use, i.e., subject, noun vs. verb vs. adjective vs. other) with non-substantive words (e.g., “it”, “the”, etc.) removed. Top 20 words included People (#6 on list, 94 occurrences), Team (#14, 54 occurrences), Informal (#16, 50 occurrences), Dinner (#19, 40 occurrences), Meet (#20, 36 occurrences) Surprisingly, although we know how important technology is for enabling and scaling recruiting words related to technology were extremely infrequently surfaced as means to “innovate recruiting” and relationships were the centerpiece even when asked about innovation. Millennials expect the relationship building to begin during the outset, as soon as they enter the pipeline and continue well after the offer has been extended and even accepted Millennial employees offered several interesting anecdotes that emphasized the desire to meet and engage with existing members of the firms and peers that are also candidates of the firm: Anecdotes: “During the career fair they set up a group puzzle/exercise for candidates to solve together. It was alluring and it tempted me to stop and take time to [learn about the company]” “It was fun, interactive, and helped take some of the pressure off the interview the next day.”(Pre Interview Dinner) “They had a dinner for all offer holders so that the "start class" could meet each other.” “This could be a Happy Hour or baseball game; something to let [offer holders] meet some of the people they will be working with” “[The office visit] helped me meet and network with PwC people, connecting their experiences with some of the messaging I received on the day of the company presentation.”
- Solicit feedback and “war stories” from audience… what is happening at ground level in organizations around the country/world?
- Bullet #1: Millennials don’t want to climb the traditional ladder. They are seeking multiple career paths and career advancement opportunities which are not limited to compensation alone. Historically, career advancement was built upon seniority and time of service. Millennials don’t think that way. They value results over tenure and are sometimes frustrated with the amount of time it takes to work up the career ladder. They want career advancement much quicker than older generations are accustomed to. (discuss PwC movement to real-time feedback and the PwC Professional and how that enables more rapid development. Look for similar story from LinkedIn) Bullet #2: Millennials are adept at leveraging technological advances. It’s becoming more and more crucial to accelerate the integration of technology into the workplace to enable workers to harness technology in ways that give them more flexibility and increase efficiency. This is an absolute must for Millennials; they expect to have access to the best tools for collaboration and execution at any time (discuss PwC migration to Google for Work; this was a big change for non-Millennial employees, but the right thing for our business. Look for similar story from LinkedIn) Bullet #3: One major staple of the millennial generation is their need for feedback, but it could be time to consider an alternative approach to the traditional mentor and mentee relationship. Just as millennials can learn from long-term employees, businesses can learn just as much from them. (could include story from our Google transition; the associates are teaching the rest of us how it works – creating interesting, flatter dynamic on our teams!) This concept is generally referred to as reverse mentoring, which means a millennial is matched with a more senior worker, and shows them how to effectively utilize technology to leverage the company's brand. Millennials want to be heard and add value – nothing accelerates those feelings faster than being able to make an impact with colleagues who seem to know everything already.