Download - Unleashing the Power of the Millennial Generation

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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Unleashing the Potential of the Millennials Agenda

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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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Large Diverse

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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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


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


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?

Download - Unleashing the Power of the Millennial Generation

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