Detroit IIA Meeting April 10, 2018 - Chapters Site - Home · Experis | Tuesday, April 10, 2018 12...

The Millennial Workforce

Detroit IIA Meeting

April 10, 2018

Tim Lietz – Regional Director, Experis Finance

Experis | Tuesday, April 10, 2018 2

Effective Approaches to Working with Millennials

Workforce Today

Let’s Focus on Millennials

Management Tips (for All Ages)

Closing Remarks

Agenda

Our Workforce Today



Workforce Comprised of Five Generations

● People Live Longer

● Traditionalists/ Baby Boomers not financially ready for

retirement, but also have a desire to continue working ● Baby Boomers supporting their children (Millennials)

● Definition of a Generation driven by the rate of technology

advancements

Traditionalists

1945 & Before

Baby Boomers

1946 - 1964

Generation X

1965 - 1976

Millennials

(GenY)

1977 - 1995

iGen (GenZ)

1996 & After

Majority exiting - Competitive Independent Teamwork Some entering -

Seniority Pay your dues Skeptical Feedback internships

Respect authority

Status

Technology

First generation to

Follow your

be born post-

dreams Internet & diverse

population

More financially

conservative



Millennials Surpassed Gen Xers in 2015



Millennial Population After 2015

• 27% of the adult

population

• The most ethnically

diverse generation

• The most educated

generation with 79%

holding a bachelor’s

degree SOURCE: monster.com



Millennial Generation

• Largest generation in the US workforce – TODAY

• They will outspend every generation in the US this

year

• They have the greatest lifetime value of any client you

can attract SOURCE: Journal of Accounting May 2017



Generations Breakout



2020 Estimates for the Workplace

The Millennial Professional



• Disloyal

• Unprofessional

• Tech Savvy SOURCE: Journal of Accountancy May 2017

Millennial Stereotypes



• Cannot work in a professional environment

– How to dress – office vs. clients

– How to communicate professionally

– In fact, they need basic training – here is a list of things you need to be successful here

• Disloyal – they are loyal, they just have a shorter definition of it

– Need to ask what drives turnover

• Tech Savvy – they are just like other generation, but they are definitely tech dependent!

SOURCE: Journal of Accountancy May 2017

Millennial Misconceptions



The Millennials grew up and began their careers in a time when:

• Almost every home (except 3rd world countries) had an internet

connection and a computer

• 2008, the largest economic decline since the great depression

• 9/11 Terrorist attacks on the World Trade Center and the Pentagon

• The effect of 20+ years of offshoring of American jobs is finally felt

• Enron - energy trading scams and corporate fraud on a national level

• Climate Change becoming obvious with unusually severe storms,

hotter weather, colder weather, more droughts etc.

SOURCE: CareerPlanner.com

Let’s Talk about Gen Y – Millennials Born ‘80-’95



The Millennials grew up and began their careers in a time when:

• The explosive growth in online companies such as Google, Facebook, SalesForce.com, LinkedIn, eBay, PayPal

• A revolution in the way we work, including widespread acceptance of flex-time, work from home, freelancing

• The US is divided 50:50 with different and opposite fundamental beliefs and values

• Too many people are shooting their fellow Americans with weapons of rapid destruction

• Congress is becoming dysfunctional

• Housing prices growing beyond most young people's reach

SOURCE: CareerPlanner.com

Let’s Talk about Gen Y – Millennials Born ‘80-’95



● Spend 5.4 hours a day devoted to Social Media

● Will check their smartphone 4.3 times a day

● May spend 12-18 hours a day, consuming media, with half

watching an online video at least once per day

SOURCE: monster.com

Source: PWC: Future of Work - Millennials Survey - December 2015

Millennials -



● 81% want a more flexible work schedule

● 83% want jobs where their creativity is valued

● 46% express a desire to one day own their own business

● “Loving What I Do” is among the top option for job

desirability, outpacing salaries and bonuses

● 65% said the opportunity for personal development was the

most influential factor in accepting their current job

SOURCE: monster.com


Workforce Millennial -



● 72% of Millennials felt they made compromises to get into the

workforce, i.e. lower salary, location, & benefits

● 52% of Millennials said good opportunities for career

progression made an employer attractive

● 59% of Millennials would deliberately seek out employers

whose corporate social responsibility values matched their

own

● Less than a third of Millennials expect to work regular office

hours

● What does this mean? Greater flexibility, opportunities

(Global), and ability to connect social responsibility/

passion in their daily work lives


Let’s Talk about Millennials



Millennial Retention -

• 30% Plan to leave their job in the next

year

• 43% said they are open to offers

• 91% expect to stay at a job for less

than three years SOURCE: monster.com



Millennial Quote:

“My career will be one of choice,

not one chosen out of

desperation. It will align who I

am, with what I do.” Millennial, Age 25

SOURCE: monster.com



Source: Pew Research Center

What’s Important to Millennials?

Management Tips for All Ages



Tips for Managing Millennials

• Provide opportunities for learning and development

– Give them the opportunity to “level up”

• Offer a balance between personal and professional life

– They care about results

• Money isn’t everything

– Customized compensation; cross-functional positions

• Make way for more movement

– Millennials work today thinking about the position they will have tomorrow

• Be mentors, not bosses

– Classic authority models won’t work



Tips for Managing Millennials (continued)

• Create a strong company culture

o Values that align with their own ideals and lifestyles

• Recognize their need for recognition

o Expected from superiors and peers as well

• Take the good with the bad

o Self-promotion can be a double edged sword

• Don’t disconnect the digital natives

o Take advantage of their familiarity with technology



Millennials – What Do They Want From Management

The Top 10

1. Keep promises

2. Understand me

3. Allow for creativity & challenges

4. Teamwork & team dialogue

5. Tell them how they are doing

6. Recognition & non-monetary rewards

7. Flexibility

○ Work/Life flexibility

8. Community involvement

9. Training

10. Advancement

Sources: IBM Institute for Business Values, WhenIWork, Inc. Blog, PWC.Com, Forbes.com, WSJ.



Remember, Millennials will manage based on how they want to be managed ... so how can you

make it a successful transition?

• Training is Key - Live, On-Demand, Mobile Friendly:

○ how to make others accountable

○ how to give feedback

○ how to delegate

○ how to fail (taking chances)

• Relationship-Oriented Managers

○ Get to know your staff (Millennials, Gen X, Boomers)

Why Millennials will be Effective Leaders?

• Good listeners

• Creative thinkers

• Natural leaders

• Transparent

• Technology adept

Sources: Sandler Institute, FastCompany.com, American Management Association

Millennial Managers – How to get them ready?



Top 10 Concerns for U.S. Businesses

1. Economic Uncertainty

2. Cost of benefits

3. Attracting and retaining qualified employees

4. Regulatory requirements

5. Government policy

6. Weak demand for product/services

7. Data Security

8. Employee productivity

9. Employee morale

10. Access to capital

Duke University/CFO Magazine Outlook Survey



Millennials are ambitious and

motivated. Finding a job they

enjoy is a critical factor in their

job search. SOURCE: monster.com



Millennial Quote:

“If I am working on something I

enjoy and am passionate about,

I will be motivated.” Millennial, Age 25

SOURCE: monster.com



29

People don’t leave

companies

They leave their boss!

First, Break All the Rules: What the World’s Greatest Managers Do Differently

Marcus Buckingham & Curt Coffman Source: Dr. Gary McGrath

Current Workplace Challenges…..



Current Scenario……..

Some Millennials want to travel and be more mobile



Current Scenario……

Some Millennials desire to step quickly into a leadership or

executive position.




Some Millennials want to be paid for every hour worked.




Helicopter Parents of some Millennials are now calling

employers of their children on their behalf

Closing Remarks



Not much!

Many of the things Millennials “demand” in the workforce

are things we all desire: opportunity, recognition, the ability

to learn, and the ability to use that experience.

Needs are less distinctive than the ways they are met!

So, What’s so Different about Millennials?



• Millennials and previous generations have similar desires

– Financial Security

– Career Success

– Individual Attention

– Ethical Organization that is Transparent with a Clear

Business Strategy

• Lynne Lancaster, co-author of When Generations Collide,

“They want access to bosses, to be mentored and

coached, and for bosses to show an interest. When they

get ignored, they start to ask ’Why am I here?’”

Conclusion

Emerging Internal Audit Focal Points



• Cyber Security and Resiliency

• Third Party Vendor Management

• Corporate Culture – Ethics, Gender Equality and

Diversity

• Attracting and Retaining Talent

• Corporate Social Responsibility

• Sales Practices and Compensation

• Tax Function

• Regulatory Compliance

• Human Resources – Hot Line Reporting to Dept of

Labor compliance

• Emerging trends in AI and Robotic Process Automation

Internal Audit Plan – Hot Topics!

Questions?

Contact Info: Tim Lietz Regional Director – Experis Finance [email protected] 919-838-7859

mailto:[email protected]

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