The Growing Economy and Demographic Shifts: A Brave New World. Margaret J. Strange Jackson Lewis P.C. Hartford

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2 The Growing Economy and Demographic Shifts: A Brave New World Margaret J. Strange Jackson Lewis P.C. Hartford StrangeM@jacksonlewis.com

3 Who are our workers? 3

4 Millennials & Work: The Numbers According to the 2016 Deloitte Millennial Survey, many Millennials have one foot out the door 66% expect to leave current employer within next 5 years 16% see themselves with their current employer a decade from now Includes Millennials in senior positions 71% of those likely to leave their jobs in the next 2 years are unhappy with how their leadership skills are being developed 4

5 Ex Employee Shares Allegations of Workplace Harassment on Blog Investigation into workplace culture : 20 employees terminated so far 31 employees in training 7 employees received written warnings 57 claims under review 5

6 Vaccinating Your Brand: Responding to Social Media Attacks Develop social media policies Police social media accounts and comments Be prepared with a communication response plan Delayed response = debate on whether to revisit 6

7 Twitter Gone Bad! Tweet shared by soon to be employee: The Company just offered me a job! Now I have to weigh the utility of a fatty paycheck against the daily commute to San Jose and hating work. Response from company rep: Who is the hiring manager? I m sure they would love to know that you will hate the work. We here at [the Company] are versed in the web. 7

8 Hiring and Recruiting Millennials are Technology-Oriented Corporate on-line/social media image is important Company policies on the use of social media, mobile devices & the Internet in the workplace matter: 64% of Millennials ask about a company s social media policies during job interviews 56% of college students said if they encountered a company that banned access to social media, they would either not accept a job offer or would join & find a way to circumvent corporate policy 8

9 Millennials & Work: The Numbers Values Guide Where Millennials Work 70% believe their personal values should be reflected in the organizations they work for 80% for the most senior Millennials 82% for Millennials intending to stay with employer for 5 years 9

10 Millennials & Work: The Numbers Values Guide Where Millennials Work 49% have chosen not to undertake a task at work due to conflict with personal values or ethics 61% of Millennials in senior positions 56% have ruled out ever working for a particular organization because of its values or standard of conduct Over 55% said their personal values had a very high degree of influence on their decision making at work 10

11 Millennials & Work: The Numbers Mentorship is very important Among millennials with mentors, 83% are satisfied with their working lives Millennials intending to stay with their organizations are twice as likely to have a mentor 11

12 What Millennials Are Looking For In The Workplace Factors that make an organization attractive: 52% - Opportunities for career progression 44% - Competitive wages/other financial incentives 35% - Excellent training/development programs 21% - Flexible working arrangements 75% of Millennials would like to start or to more frequently work from home or other locations where they feel more productive Source: 2016 Study by PWC (Millennials at Work, Reshaping the Workplace) 12

13 Example of Events Laser Tag Lunch with CEO Scavenger Hunt Mini Golf Olympic Trivia Taking Charge of Your Career Session 13

14 Training in Today s Workplace Be tech savvy Be visual Regular, ongoing training Positive and truthful feedback 80% prefer real-time feedback vs. traditional reviews Keep it short Set clear expectations Schedules, time commitments, etc. , internet, social media policies 14

15 Managing Bridging the Workforce Generation Gap Be aware of preferred work styles Allow faster advancement add more levels or grades Rapid, regular and honest feedback in real time Don t wait until the annual review Adopt effective communication techniques Understand expectations of work/life balance Mentoring/reverse mentoring (purpose/meaning) Embrace technology Educate the work force 15

16 Retaining Millennials Career advancement Allow faster advancement - add more levels or grades? Millennials value results over tenure & seniority Rapid & regular feedback Don t wait until annual review to provide feedback Give honest feedback in real time Purpose/meaning Millennials interested in truly enjoying what they do vs. taking whatever position necessary to make ends meet Current use of technology Expect Millennials to go 16

17 QUESTIONS? 2017 Jackson Lewis P.C. 17