EdAssist – Millennials

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

© 2015 Bright Horizons Family Solutions LLC

66%

34%

2014

Other Generations Millennials

54%

46%

2020

Our Strategy


The Evolution


Commitment to Research


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


The Evolution of Millennial Research

1. Loyalty

2. Entitlement

3. Benefits

4. Education



1. LOYALTY


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


Though they’re eager

to climb the

corporate ladder,

Millennials don’t

equate job hopping

with success.


Job Hopping ≠ Success


Millennials Pledge Their Allegiance… to the Right Employers


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


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.

2. ENTITLEMENT



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%


“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)


Millennials

are willing to

work and

pay their

dues.


Millennials are Willing to Work


What do they want?

47% clear path for advancement

51% 41%

Women prioritize clear career path

more than men


What benefit or perk is the top

priority for Millennials?

A. Retirement Savings Plan B. Company Equity


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


-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.


Financial Security Important to Millennials


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


4. EDUCATION


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%


“Millennials believe that work-life balance drives their career choices”


-U.S. Chamber Foundation 2012

Today’s Millennials

want to keep learning

long after getting a

college degree.



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?


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.


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


EdAssist – Millennials

Recruiting & HR

Transcript of EdAssist – Millennials