edassist – millennials
TRANSCRIPT
The Millennial Generation and How it’s Shaking Up the Workplace
Mark Ward l Vice President and General Manager l EdAssist
Jay Titus l Senior Director, Academic Services l EdAssist
Millennials in the Workforce
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66%
34%
2014
Other Generations Millennials
54%
46%
2020
EdAssist 2015 Millennials Survey
1,048 Nationally Representative
Americans
Ages 18-35
Margin of Error: +/- 3 percent
Conducted Feb 10-17, 2015 by
Kelton Research using email
invitation and online survey
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The Evolution of Millennial Research
1. Loyalty
2. Entitlement
3. Benefits
4. Education
© 2015 Bright Horizons Family Solutions LLC
© 2015 Bright Horizons Family Solutions LLC
What percentage of Millennials
believe that to advance professionally,
they need to job hop?
A. 100% B. 85% C. 50% D. 15%
The Millennial Mindset
Millennials are Not Loyal to Employers
“Millennials are thought to be a generation who are more apt to move
from one opportunity to the next, and employers are having a hard
time retaining these workers.” – September 17, 2012, Business Insider
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Though they’re eager
to climb the
corporate ladder,
Millennials don’t
equate job hopping
with success.
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Millennials Pledge Their Allegiance… to the Right Employers
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70% believe their careers would benefit more if they stayed at one company
80% say it would help them make more money
51% say they would stay at their current jobs for 4 years or more
Millennials Pledge Their Allegiance… to the Right Employers
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It’s not that Millennials
want to job hop, it’s
that they’re often
forced to job hop
because employers
are not meeting
their needs.
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What percentage of Millennials feel that they can
reach the highest level possible in their careers
on their own merits alone
(without being handed something)?
A. 100% B. 80% C. 50% D. 20%
The Millennial Mindset
“71% of American adults think of 18-to-29-year-olds — millennials, basically — as “selfish,” and 65% of us think of them as “entitled.”
-TIME Magazine (May 2013)
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Millennials are Willing to Work
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What do they want?
47% clear path for advancement
51% 41%
Women prioritize clear career path
more than men
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What benefit or perk is the top
priority for Millennials?
A. Retirement Savings Plan B. Company Equity
The Millennial Mindset
C. Phone Reimbursement D. Commuter Benefits
Millennials have a different set of values
than other generations regarding benefits:
Millennials value “perks” over “benefits”
Millennials:
bus passes, paid
overtime, and pet
healthcare plans
© 2015 Bright Horizons Family Solutions LLC
-Payscale.com 2014
Generation X:
100% work from home, paid
internet access at home, and
paid sabbaticals
Boomers:
defined benefit retirement
plans, private medical
insurance, and company car
Already focused on
saving for retirement,
Millennials may be
more responsible
than we think.
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Financial Security Important to Millennials
© 2015 Bright Horizons Family Solutions LLC
Millennials care about
retirement savings: 71% place
401k plans at top of list
Millennials are not as interested
in “perks”
Saving for retirement is more
acute for women
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What percentage of Millennials would pick a job
with strong potential for professional development
over one with regular pay raises?
A. 75% B. 25% C: 60% D: 5%
The Millennial Mindset
“Millennials believe that work-life balance drives their career choices”
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-U.S. Chamber Foundation 2012
Today’s Millennials
want to keep learning
long after getting a
college degree.
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© 2015 Bright Horizons Family Solutions LLC
Education and Training
Feel
employers
are invested
in their
development
What is Working?
How will your organization respond to the demographic shift to Millennials in the workforce?
Are there tangible changes to the business environment or culture as a result of this shift?
How does Benefit, Learning and Development, and Human Resources respond to new demands (i.e. assistance with debt)of this group?
© 2015 Bright Horizons Family Solutions LLC
Takeaways
1. Already focused on saving for retirement, Millennials may be more responsible than we think.
2. Though they’re eager to climb the corporate ladder, Millennials don’t equate job-hopping with success.
3. The next generation of workers isn’t that entitled – they intend to pay their dues for the achievements they seek.
4. Today’s Millennials want to keep learning long after getting a college degree, particularly younger members of this generation who may not have received all the training they need.
5. Lack of employer support, along with scheduling and financial roadblocks, could hinder Millennials from reaching their full potential.
6. Employers today aren’t doing enough to meet Millennials’ needs.
© 2015 Bright Horizons Family Solutions LLC
Coming Up!
Thursday, April 16, 2015
7:30-8:30 a.m. Eggs & Innovation Breakfast Roundtable
10:30-11:20 p.m. Learning Lab #3: Non-Degree Programs: Heroes or Villains?
11:30-12:20 p.m. Learning Lab #4: Tuition Assistance Think Tank
Unleashing the “M” Factor: New Research on What Millennials Want at Work
Tuesday, May 5, 2015 at 12:00pm
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