8 Key Things Gen Y Requires to Stay at Your Company

Millennial Retention Requirements

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Presented by:

Lisa OrrellThe Generation Relations Expert

Webinar Agenda

11

22

44

Why Is This Important?

Understanding the Generations

8 Strategies for Retaining Millennial Talent

Q & A

33

Gen X:~1966

to1979

Gen X:~1966

to1979

Generation Jones:~1954

to1965

Generation Jones:~1954

to1965

Boomers:~1942

to1953

Boomers:~1942

to1953

Millennials/Gen Y:~ 1980

to2002

Millennials/Gen Y:~ 1980

to2002

Millennial Overview: The Generational Snapshot

11

3

Why Is This Important?

“Generationally determined lifestyles & social values exercise as much influence on buying and

purchasing as more commonly understood demographic factors like income, education, and

gender do – maybe even more.”

Rocking the Ages by J. Walker Smith, Ph.D. and Ann Clurman

11

Why Is This Important?

1 Boomer is retiring every 8 seconds

At a typical large company in the U.S. 30-40% of employees will hit retirement age in the next 5-10 years

Challenges U.S.- based companies to sustain their growth & competitive edge

Boomer Brain Drain

Generational Dynamics: Diversity

Millennials = 52% of the US population

11

Understanding the Generations

“63% of top executives say that most managers’ careers are stalled because they simply do not

understand others.”

Across the Board Magazine for Business Leaders

22

Our History = Our Perceptions/Values

Assumptions & Biases

Personal Filters Affect Our Perceptions & Ability to Interact With Others

Everyone Expects People to Think the Way They Do

Being Inflexible Causes Conflict

22

Meet the Boomers

“We wanted what they want. We just felt we couldn’t ask. Herein lies the truth: what young

workers want isn’t so different from what everyone else wants. However, young workers are

asking for it.”

“Mastering People Management” Article in Financial Times

22

Boomers: How They Came to Be

GROWING UP

Dr. Spock

Nuclear Families/Stay-At-Home Moms

“Your voice matters!”

Economic Boom

Wake of WWII

Parents Stayed At One Job

POSITIVE TRAITS

Service Oriented

Optimistic

Go the Extra Mile Attitude

Loyalty/Longevity

Great Rapport Builders

CHALLENGING TRAITS

Technology (some)

Put Process Ahead of Results

Can Be Judgmental

22

Meet Generation Jones

“Many believe the concept of jonesing is among this generation’s key collective personality traits. Jonesers were given huge expectations as children in the optimistic 1960’s, and then confronted with a different reality as they came of age in the pessimistic 1970’s, leaving them with a certain

unrequited, jonesing quality.”

Jonathan Pontell, Leading Social Commentator Coined the Term “Generation Jones”

22

Gen Jones: How They Came to Be

GROWING UP

Easy Bake Ovens

Pong

MTV

The Brady Bunch

Torn: Nuclear Families/Divorce Rates/Working Moms

Vietnam

Civil Rights

Watergate

POSITIVE TRAITS

Relationship Oriented

Career Focused

Optimistic

Strong Work Ethic

Loyalty/Longevity

CHALLENGING TRAITS

Hybrid of Boomer/Gen X

Workaholics

Yearning For More

22

Meet the Gen Xers

“It’s no wonder the Xers are angst-ridden. They feel America’s greatness has passed. They got to the

cocktail party twenty minutes too late, and all that’s left are those little wieners and a half-empty bottle

of Zima.”

Comedian Dennis Miller

22

Gen X: How They Came to Be

GROWING UP

Working Moms

Soaring Divorce Rates

Latchkey Kids

Survival & Independence

“Family” Ties With Friends

“Be careful out there!”

“Pro Kid” Disappeared

Economic Bust of 70s

POSITIVE TRAITS

Adaptable

Independent

Creative

CHALLENGING TRAITS

People Skills

Cynical

Solo-Nature

22

Meet the Millennials

“A Millennial’s psychological contract is with the relationships embedded within the organization,

not the organization itself.”

Professor of HR Management at the University of Wisconsin at Milwaukee

22

Millennials: How They Came to Be

GROWING UP

Told Valued From Day One

Laws to Protect Them

Raised to Express Feelings

“Pro Kid” Society

Told to Experience New Things

“Don’t make the same mistakes we did!”

Raised to Embrace Team Work

9/11, Enron, Wall Street & Save the Planet

POSITIVE TRAITS

Multi-taskers

Team Players

Confident & Optimistic

Aware of Others

Entrepreneurial

CHALLENGING TRAITS

Get Bored Fast

Don’t “Get” the Old Way

Impatient With Advancement

22

8 Retaining Millennial Tips

“Do unto others…keeping their preferences in mind.”

The Titanium Rule – Created by Claire Danes

33

8 Retaining Millennial Talent

“This is the most high-maintenance workforce in the history of the world. The good news is

they’re also going to be the highest performing workforce in the history of the world.”

Bruce Tulgan, Author of Managing Generation Y

33

MILLENNIAL RETENTION TIP #1

Set-Up an Environment for Idea Sharing

33

MILLENNIAL RETENTION TIP #2 33

Communicate Often

MILLENNIAL RETENTION TIP #3 33

Training & Mentorship

MILLENNIAL RETENTION TIP #4 33

Structured Path for Advancement

MILLENNIAL RETENTION TIP #5 33

Reward with Increased Responsibility!

MILLENNIAL RETENTION TIP #6 33

Map Personal Goals to Tasks

MILLENNIAL RETENTION TIP #7 33

Find Out What Motivates Them

MILLENNIAL RETENTION TIP #8 33

Become A Praise Culture

Presentation Recap

Millennials expect a lot from their leadership

Millennials want to communicate with managers often

Respect their opinions & provide mentorship

Training, training and more training!

Reward & praise your Millennial Talent (and other age groups) often

Challenge them!

Have fun & enjoy the new generation!

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Time for Questions!

Lisa Orrell, CPC

The Generation Relations Expert

Speaker • Author • Leadership Coach for Millennials

www.TheOrrellGroup.com

Join Lisa Online:

LinkedIn & Facebook

Twitter @GenerationsGuru

Blog: TheOrrellGoup.com/Blog