Motivating the Millennials

Transcription

1 Tri-State Healthcare HR Conference presents Bob Nelson, PhD Profile of the Millennials Key Influences & Events Millennial Work Attributes Questions & Answers 1

2 The Pending Crisis in Skilled Labor Not a labor shortage, but a skilled labor shortage. 2

3 The Skilled Labor Gap will Increase PEOPLE (MILLIONS) AVAILABLE NEEDED Adapted from Employment Policy Foundation Analysis and projection of Census/BLS and BEA data 30 million Americans will be added to the U.S. healthcare system in response to the Affordable Care Act Healthcare Reform 1 million additional nurses will be needed by 2020 in America, representing a 58% increase since 2000: half for attrition, half for Obamacare 17% of nurses leave their jobs within the 1 st yr 37% of newly licensed RNs are thinking of leaving their jobs (a 13% current vacancy rate) Source: Bureau of Labor Statistics 3

4 The Pending Crisis in Medical Care 60% of MDs surveyed are considering leaving their practice 70% knew at least one MD who left their practice due to poor morale Few CEOs have taken up the challenge to transform their organizations Source: National Patient Safety Foundation The war for talent is over: Talent won. Carl Camden President and CEO Kelly Services 4

5 The Millennials Are Coming The Millennials Are Coming Generation Age % Workforce Traditionalists (69+) 2 Baby Boomers (50-68) 34 Generation X (30-49) 28 Millennials (21-29) MM Boomers retiring 50 MM Gen Xers can t replace them 44 MM Millennials are here; 46 MM more are coming 5

6 The average tenure of a Millennial = 1.8 years 76% of younger workers plan to find a new job as the economy improves. Harvard Business Review It costs employers $15-25K to replace every Millennial who leaves the organization 6

7 Profile of the Millennials: Do You Know Me? MILLENNIAL MAN 7

8 D.O.B. Height Weight Address Education Tools Connection Other As far as I think I can go I matter and what I do matters Upscale, and wanting to move up The best in history All the latest high-tech Instant, variety of modes Optimistic, socially responsible Millennials: What They Value 60% value a sense of purpose in an employer 61% are actively worried about the world 72% want to make a direct social impact 81% donate to one or more charities 88% don t feel $$ is their main motivator 78% will work for less if challenged 8

9 The Millennials Speak Key Influences PARENTS Loving, Sheltering Helicoptering, Clinging Pressure to Learn, Succeed No Limits, No Boundaries Close Relationships (90%) Congruent Values 9

10 TECHNOLOGY ianything Texting, IM Facebook 75% have a profile on Facebook 44% read blogs 76% use instant messaging Jira Slack Hipchat Google Hangouts Scrum Meetings Sprints 10

11 PEERS Active in Teams thru Childhood Peer Influence & Pressure Constant Contact via Cell & IM 11

12 Events Shaping the Millennials /11/ Millennial Work Attributes 12

13 On Expectations On Working Hours 13

14 On Authority Millennial Work Attributes Upsides Techno wizards Quick Learners Resourceful Hardworking, high achieving Downsides Inflated opinion of themselves Overconfident, especially given limited experience Need to be constantly challenged Need instant and ongoing feedback 14

15 What Millennials Want in a Job Career Advancement Opportunities (55%) Salary (52%) Interesting & Challenging Work (42%) Benefits (30%) Training/Mentorship (27%) How to Motivate Millennials Work Direction Personal Development Social Interaction Recognition/Feedback 15

16 Work Direction Focus on desired end result, but allow their imprint Ask for and use their ideas Keep them engaged Personal Development Think long-term; connect them to the future Be a mentor & a coach Provide opportunities to learn and grow 16

17 Social Interactions Allow team work assignments Provide socializing opportunities Recognition/Feedback Provide frequent feedback based on their performance. Provide context for how their contributions relate to the team, organization, customer and society. Be transparent and authentic. 17

18 Personal and Public Praise Praise and Thanks Personal Written Electronic Public Praising Individuals ASAP-Cubed Soon Sincere Specific Personal Positive Proactive 18

19 Praising Individuals I saw what you did I appreciate it Here s why it s important Here s how it makes me feel Praising Guidelines Praise people... Directly In front of others When they re not around (positive gossip) 19

20 Meaningful Rewards Creative Varied Personalized How to Motivate Millennials Keep Them Challenged Personally Coach Create Social Interactions Frequent Recognition and Feedback Meaningful Rewards 20

21 The world is passing through troubled times. Young people think of nothing but themselves. They have no reverence for parents or old age. They talk as if they know everything, and what passes for wisdom with us is foolishness with them. Aristotle 322 B.C. Questions? Bob Nelson, Ph.D. 1 (858) Speaking (Association & Leadership Meetings) Consulting Services (RFP & Vendor Selection) elearning Modules & CEU Credit Resources, Articles, Webinars & Assessments Best Product & Bulk Book Discounts Free Tip-of-the-Week Registration 21