Managing tomorrow s people: Millennials at work

Transcription

1 Managing tomorrow s people: Millennials at work

2 Increasing numbers of millennials joining the workforce s millenials survey Our definition: Born between 1980 and 2000 Online survey of 4364 graduates across 75 countries All participants aged under 31 Graduated between 2008 and

3 Understanding each other is a key issue 3

4 The defining characteristic of millennials is their short attention spans. (Prof Dr John Butler, University of Texas) 4

5 Loyalty at work 5

6 Saratoga s study shows that retention is a key issue in Asia Resignations - a key indicator of low levels of engagement and satisfaction Talent churn issue is a consistent theme across Asia-Pacific Frequent jobhopping appears to be endemic to many markets Millennials at Work

7 Millennials from Australasia expect to have the most employers on average - 20% expect 6-9, and 17% 10 or more. Most millennials expect to have between two and five employers in their careers 60% 50% 40% 30% How many employers do you expect to have in your career? 54% Total 20% 10% 0% 4% 16% 9% 3% 14% None I expect to work for myself Don t know Base: All graduates 7

8 Despite the finding that most expect to have only 2 to 5 employers, most millennials are keeping an active lookout for new opportunities Among employed graduates, 38% say they keep an active eye on the job market for new opportunities, with a further 43% open to offers. The bad news for employers is that just 18% plan to stay in their current job long term. I am always actively on the lookout for other opportunities and keep an eye on the job market I am not actively looking for another job, but would be open to offers I plan to stay in my current job long term 0% 25% 50% 18% 38% 43% Base: Employed graduates 8

9 Looking into your organisation Is turnover higher amongst the millennials? How do you plan to retain them? Millennials at Work

10 Money isn t everything 10

11 Knowing that the company values its professionals and has a solid professional development scheme and concern for holding on to talent. Male graduate, Brazil Millennials are attracted to employers who can offer more than just good pay Opportunities for career progression Competitive wages/ other financial Excellent training/ development Good benefits packages Flexible working arrangements International opportunities Good reputation for ethical practices Corporate values that match your own A reputation as an employer of the The employer brand Diversity/ equal opportunities record The sector in which the organisation Base: All Which of the following things do you believe make an organisation an attractive employer? Other 0% 20% 40% 60% 1% 10% 8% 8% 15% 15% 15% 21% 20% 31% 35% 44% 52% 11

12 Yet our Pwc Saratoga study shows that financial incentives still make up a large component Many reasons for lower engagement levels but an important driver appears to be an increasing gap between what employees want and what employers are offering Millennials at Work

13 Looking into your organisation What non-monetary incentives has your company implemented? Millennials at Work

14 Millennials expect to keep on learning and spend a high proportion of their time gaining new experiences and absorbing new information 14

15 46% of employed millennials said the development opportunities offered by their employer influenced their choice to accept the job. The most valued opportunity is the chance to work with strong coaches and mentors 30% 25% 20% 15% 10% 5% 0% Working with strong coaches and mentors Base: All graduates Which of the following training/ development opportunities would you MOST value from an employer? 28% 21% Changes/rotations of role to gain experience 19% 18% Support for further academic training Collaborating with inspiring colleagues on key projects 6% 5% Formal classroom training E-learning 15

16 Looking into your organisation What coaching culture exists in your organisation? How do you plan to react to their needs? Millennials at Work

17 Millennials believe they can achieve anything given the right focus and access to learning. They want very rapid progression. 17

18 Many millennials have found opportunities for progression to be limited since starting work Over half (52%) said good opportunities for progression would attract them to an employer. But in reality, 23% of those currently employed are unhappy with the opportunities for progression available, as might be expected this is higher among those in nongraduate jobs (39%). 40% 30% How satisfied are you with opportunities for career progression in your current job? 37% 27% Satisfied Neither Dissatisfied 20% 10% 13% 14% 9% Employed in a non graduate job 32% 29% 39% 0% Very satisfied Satisfied Base: Employed graduates Neither Somewhat dissatisfied Very dissatisfied Employed in a graduate job 57% 26% 17% 18

19 Looking into your organisation How should you manage this expectation? How do your graduate programmes reflect these expectations? 19

20 Millennials expect employers to keep up to date with technology advances 20

21 Most use their own technology at work, and say using their preferred technology makes them more effective in their job Overall, 57% agree they have or will make use of their own technology at work. By country, those in Hong Kong (82%) are most likely to do this with those in Japan least likely (29%). Turkish graduates (92%), followed by those in China (88%) were most likely to agree access to their preferred technology made them more effective at work. I do/ will make use of my own technology at work 26% 17% 57% Access to the technology I like to use makes me more effective at work 5% 17% 78% Agree Neither Disagree Agree Neither Disagree Base: All graduates 21

22 Most millennials edit their Social media use - but a substantial proportion use it for work. While a third (33%) agree they share the details of their lives via social media, a higher proportion disagree (45%). Those in Hong Kong (58%) are most likely to share. Hong Kong graduates are also the most likely to use social media at work (78%). I openly share the details of my life via social media 16% 8% 25% Strongly agree Agree Neither Total I do/ will make use of social media whilst at work 42% 25% 32% 29% 22% Disagree Strongly disagree Agree Neither Disagree 22

23 Looking into your organisation What social media policies do you have? How do you use social media to engage your workforce? Millennials at Work

24 Key Management activities for bridging the generational gap 1. Understand them 2. Get the deal right 3. Help them grow 4. Let them know how they re doing 5. Set them free 6. Help them learn 7. Let them advance faster 8. Expect them to go 24