Millennial Employee Engagement in the Workplace. May 24, 2017 American Fraternal Alliance Spring Symposium

Transcription

1 Millennial Employee Engagement in the Workplace May 24, 2017 American Fraternal Alliance Spring Symposium

2 Key Question: How engaged are the Millennials currently employed by AFA Member Societies?

3 Conclusion: While fraternals are succeeding at some key aspects necessary to attracting & retaining Millennial employees, there is still room for improvement in specific areas.

4 Methods

5 169 Respondents Function Asset Class Age <400 M $400M 51% -2B Marketing Member Support IT Fraternal >$2B

6 How Millennials Want to Work & Live Gallup, 2016

7 How Millennials Want to Work & Live Past My Job My Satisfaction My Weaknesses My Annual Review My Boss My Paycheck Future My Life My Development My Strengths My Ongoing Conversations My Coach My Purpose

8 My Life Millennials are not willing to sacrifice life for work Gallup, 2016

9 Q: For me to be happy, my work must have meaning or purpose. All Respondents 96% Strongly Agree Agree Neutral Disagree Strongly Disagree

10 Q: My job is aligned with my personal values. All Respondents 80% Strongly Agree Agree Neutral Disagree Strongly Disagree

11 Q: Of the following, which is most important to you in a workplace? Giving Back to Community Diverse Talent Work-Life Balance Inclusive Environment Volunteer Opportunities Openness to Innovation

12 Q: Of the following, which is most important to you in a workplace? Most Important to Millennials 1. Work-Life Balance 2. Openness to Innovation 3. Inclusive Environment 4. Giving Back to Community 5. Diverse Talent 6. Volunteer Opportunities Demonstrated by Fraternals 1. Giving Back to Community 2. Work-Life Balance 3. Volunteer Opportunities 4. Inclusive Environment 5. Diverse Talent 6. Openness to Innovation

13 Q: Choose the 5 most appealing benefits. Flexible Hours Health Insurance Retiree Benefits Maternity Leave Tuition Reimbursement Vision Life Insurance Dental STD LTD HSA Contributions Child Care Programs FSAs Paternity Leave Domestic Partnership Benefits Adoption Assistance Investment Advice Loan Plans Dental Identity Theft Protection PTO

14 Q: Choose the 5 most appealing benefits. Paid Time Off 93% Flexible Hours 68% Dental 44% Health and Wellness Programs 41% Retiree Benefits 40%

15 Q: I am satisfied with my compensation. 0% 25% 50% 75% 100% Strongly Agree Agree Neutral Disagree Strongly Disagree

16 My Development c A Key Differentiator

17 Q: I see professional growth & advancement opportunities in my society. Strongly Agree 33% Agree 39% Neutral 19% Disagree 7% Strongly Disagree 2% 0% 25% 50% 75% 100%

18 Millennial Advancement Time at Society Time in Role <1 Year 1-3 Years 3-5 Years 5-10 Years 10+ Years 0% 20% 40% 60% 80% 100%

19 Q: I was adequately trained for my current role. Strongly Agree 29% Agree 42% Neutral 18% Disagree 9% Strongly Disagree 2% 0% 25% 50% 75% 100%

20 Q: I receive adequate opportunities for professional development. Strongly Agree 27% Agree 44% Neutral 20% Disagree 8% Strongly Disagree <1% 0% 25% 50% 75% 100%

21 My Strengths Infinite Development

22 Leveraging Individual Strengths 97% I Know My Strengths My Strengths Are Used 74% Strongly Agree Agree Neutral Disagree Strongly Disagree 0% 20% 40% 60% 80% 100%

23 Engaging Millennials In Developing Creative Solutions to Fraternal Challenges Involved in Problem-Solving Solutions Acted On Frequently Sometimes Rarely Never 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

24 My Ongoing Conversations Consistent Communication is Key

25 Q: I receive adequate recognition when I perform well Strongly Agree 43% Agree 34% Neutral 13% Disagree 9% Strongly Disagree 1% 0% 25% 50% 75% 100%

26 Q: I receive adequate constructive criticism that helps me grow. Strongly Agree 33% Agree 41% Neutral 14% Disagree 9% Strongly Disagree 3% 0% 25% 50% 75% 100%

27 Q: How do you prefer to receive performance feedback? Formal Annual 3% Ongoing Informal 38% Combination 9% 60% 0% 25% 50% 75% 100%

28 My Coach Understanding the Individual

29 Characteristics of Successful Coaches View employees foremost as people Understand fundamental motivators Care about and enable personal and professional growth Individualize expectations They take action to enable success Not unique to Millennials

30 Q: My supervisor makes enough 1:1 time with me. Strongly Agree 53% Agree 25% Neutral 11% Disagree 8% Strongly Disagree 3% 0% 25% 50% 75% 100%

31 Q: Do you have a mentor at work? Yes - My Supervisor 32% Yes - Another Person 32% No - Want One 28% No - Not Interested 10% 0% 25% 50% 75% 100%

32 My Purpose More Than A Paycheck

33 Q: Which factor most influenced your decision to Which influenced accept your decision job at your most? society? People & Culture Salary Benefits Society s Common Bond Work-Life Balance Purposeful Work Job Flexibility

34 Biggest Influence on Taking Job 1. Work-Life Balance 2. Salary 3. Purposeful Work 4. People & Culture 5. Benefits 6. Job Flexibility 7. Society s Common Bond

35 Q: I identify with my society s mission/ common bond Strongly Agree Agree Neutral Disagree Strongly Disagree 0% 25% 50% 75% 100%

36 Q: My job is aligned with my personal values. 96% Work Needs Purpose 80% Job is Aligned w/values 0% 25% 50% 75% 100%

37 Summary Workplace needs of Millennials & Non-Millennials very similar Differences: Work & life closely integrated Millennials are consumers of the workplace Development is key Need guidance and support Opportunities & Challenges

38 Takeaways Strong Positives Attracting Talent Development Coaching

39 Q&A