MILLENNIALS, THE FUTURE OF RECRUITING. Learn to Better Attract, Recruit, Onboard and Retain Millennial Talent PRESENTED BY: Jim Lanzalotto SVP Staffing and Healthcare Monster Worldwide @JimLanzalotto
About Jim Lanzalotto Jim Lanzalotto is an award-winning sales and marketing leader with 25+ years of direct, leading-edge experience with some of America's highest-impact B2B brands in staffing, health care, B2B services and technology markets. Jim is a charter member of the Staffing 100, the ranking of the most influential people in the industry, according to Staffing Industry Analysts. Jim is currently Senior Vice President of the Staffing and Health Care units at Monster Worldwide. In this role, he leads a team of 125+ field and inside sales professionals to help the company build on its position as the global leader in recruitment and talent management services and technology solutions. 2 Before joining Monster, Jim was Founder & CEO of Scanlon.Louis, a boutique strategy firm that worked with staffing and health care firms to outsource research, strategy, marketing and sales programs to grow their businesses. In his role at Scanlon.Louis, Jim worked with dozens of staffing firms from start-ups to the largest players in the industry. In 2012, Scanlon.Louis was named to the Philadelphia 100 a ranking of the fastest-growing firms in the region. Before starting Scanlon.Louis, Jim held strategy or marketing leadership roles at Day & Zimmermann, Rosenbluth, Conrail and Dun & Bradstreet.
Agenda Introduction to Millennials Millennials in the workforce The average Millennial What motivates Millennials at work How to retain Millennials as an employer How Monster is helping Millennials to find better 3
Millennials have power in numbers Generations in the workplace 2015 2010 Millennials 45% Millennials 36% Generation X 21% Generation X 22% Baby Boomers 31% Baby Boomers 38% 2005 Millennials Generation X 25% 23% Baby Boomers 45% 4 Source: Bureau of Labor Statistics Employment Projections
Who are Millennials and why should you care? In 2016, Millennials are aged 18 to 34 1 There are approx. 92 million millennials in the US currently 2 By 2020, Millennials will make up nearly 50% of the workforce 3 5 1 http://www.pewsocialtrends.org/2014/03/07/millennials-in-adulthood; 2 US Census Bureau 3 https://www.pwc.com/en_m1/m1/services/consulting/documents/millennials-at-work.pdf
Millennials have come of age during a time of technological change, globalization and economic disruption. That s given them a different set of behaviors and experiences than other generations
Millennials have been slower to marry and move out on their own 2010: 29.9% of 18-34 year olds lived with their parents 2014: 42.8% of men aged 18-34 lived at home** 2014: 36.4% of women aged 18-34 lived at home, returning to it s 1940 level* Millennials have shown different attitudes to ownership that have helped spawn what s being called a sharing economy 30% of Millennials do not intend on purchasing a car in the near future Source: http://www.goldmansachs.com/our-thinking/pages/millennials/?t=t **http://www.pewresearch.org/fact-tank/2015/11/11/record-share-of-young-women-are-living-with-their-parents-relatives/
Millennials are also the first generation of digital natives 38% of millennials watch TV online regularly Their affinity for technology helps shape how they shop 34% of millennials like brands more, when that brand uses social media They are used to instant access to price comparisons, product information and peer reviews Millennials are dedicated to wellness, devoting time and money to exercising and eating right. Their active lifestyles Influences trends in everything from food and drink to fashion Millennials spend in athletic apparel and footwear increased 12% in 2013 while their consumption in other areas has dropped
Overview of Millennials They are the most ethnically diverse generation 2 Millennials White 55% Other 3% Hispani c 22% Asian 7% Black 13% Baby Boomers White 73% Other 1% Asian 4% Black 12% Hispani c 10% Generation X White 61% Other 3% Asian 7% Black 12% Hispani c 18% Are the most educated generation, with 79% holding a bachelor s degree. 3 9 1 Brookings.edu How Millennials Could Upend Wall Street and Corporate America May 2014; 2 Millennials come of age, Experian Marketing Services, 2014; 3 http://www.businessinsider.com/what-you-should-know-about-millennials-at-work-2014-11
Only 26% are currently married. 1 40% of millennials, ages 25 to 34 are already parents. 2 FUN FACTS 81% have donated money, goods or services. 3 More than half of all millennials have shared a selfie on social media. 4 65% of millennials say losing their phone or computer would have a greater negative impact in their daily routine than losing their car. 5 10 1 http://www.huffingtonpost.com/2014/03/11/millennials-marriage-age_n_4944558.html; 2 http://adage.com/article/news/millennials/244523/; 3 http://danschawbel.com/blog/74-of-the-most-interesting-facts-about-the-millennial-generation/; 4 http://www.nbcnews.com/tech/internet/research-confirms-millennialslove-selfies-n47221
The Average Millennial 11 1 http://www.entrepreneur.com/article/238294
Millennials in the Workforce Qualities seen as more prevalent in Millennials. (H) Hiring Managers views / (M) Millennials views Open to Change Creative Money Driven Optimistic H 90% H 87% H 73% H 70% M 72% M 66% M 65% M 50% Adaptable Narcissistic Entrepreneurial Confident H 86% H 80% H 69% H 68% M 60% M 75% M 55% M 46% 12 Source: http://www.elance-odesk.com/millennial-majority-workforce
Priorities at Work Area s where managers views of millennial priorities at work are different than millennials actual priorities. Earnings Potential Co-Workers Hiring Managers views of Millennials priorities 75% Hiring Managers views of Millennials priorities 39% Millennials' actual priorities 44% Millennials' actual priorities 12% Exciting Work Good Mentor/Manager Hiring Managers views of Millennials priorities Millennials' actual priorities 24% 30% Hiring Managers views of Millennials priorities Millennials' actual priorities 16% 25% 13 Source: http://www.elance-odesk.com/millennial-majority-workforce
Loving what Millennials I do What Motivates is among the top options for job desirability, outranking salaries and big bonuses. 1 14 1 http://business.time.com/2012/03/29/millennials-vs-baby-boomers-who-would-you-rather-hire
65% said the opportunity for personal development was the most influential factor in accepting their current job. 2 15 2 http://www.pwc.com/en_m1/m1/services/consulting/documents/ millennials-at-work.pdf
Almost two thirds of Millennials said they would rather make $40K a year at a job they love than $100K a year at a job they think is boring. 3 16 3 Brookings.edu How Millennials Could Upend Wall Street and Corporate America May 2014
83% want Jobs where their creativity is valued 1 WHAT MILLENNIALS WANT 46% express a desire to one day own their own business 2 88% prefer a collaborative workculture rather than a competitive one 3 81% want more flexible work schedules 1 17 1 http://business.time.com/2012/03/29/millennials-vs-baby-boomers-who-would-you-rather-hire; 2 Millennials come of age, Experian Marketing Services, 2014; 3 http://www.forbes.com/sites/robasghar/2014/01/13/what-millennials-want-in-the-workplace-and-why-you-should-start-giving-it-to-them/
Millennials like the flexibility and control of independent work Attractive characteristics of freelance work Flexible working times: 66% Flexible working place: 56% The ability to choose what I work on/interesting work: 53% Control of my own destiny (being own boss): 44% No office politics: 43% Control over work load: 43% 18 Source: http://www.elance-odesk.com/millennial-majority-workforce
Millennial Retention 91% 30% 43% expect to stay at a job for less than three years 1 plan to leave their job in the next year 2 said they are open to offers 3 19 1 http://www.forbes.com/sites/jeannemeister/2012/08/14/job-hopping-is-the-new-normal-for-millennials-three-ways-to-prevent-a-human-resource-nightmare/ 2 http://www.scribd.com/doc/211602632/the-millennial-compass-the-millennial-generation-in-the-workplace; 3 http://www.pwc.com/en_m1/m1/services/consulting/documents/millennials-at-work.pdf
Why are Millennials hard to retain? All signs point to job satisfaction and personal drive If they don t see your company providing them with the right tools to get a head start on their successful lives, they ll leave you for one they believe can
Successful Ways to Help Retain Millennials Empower and Engage: Give them time to work on personal projects of their choosing Give Encouragement, Reinforcement and consistent Real Time Feedback: Supportive and consistent feedback can help fuel motivation to produce results and your employees will remain determined to succeed Tap into their need to Grow and Develop: Pair young employees with a senior mentor Provide an Outstanding Onboarding Experience: Don t let them get bogged in paperwork. The onboarding process should place a constant emphasis on strong company culture, encouraging millennials to become active members of your team from day one
Successful Ways to Help Retain Millennials Develop in-between Steps and Titles: Meet their desire for career progression while also providing additional training and experience Offer More Flexibility and a Better Work-Life Balance: Offer flexible scheduling, telecommuting options or increased/unlimited vacation time (as long as performance remains consistent). Millennials also value a clear delineation between work and home life Take Advantage of their Desire for New Challenges: Make sure to encourage unconventional ideas as well as new initiatives and projects at every turn Tap into Millennials Passion for Socialization: By playing to your employees social strength, you can boost performance and foster engagement at the same time
Monster is committed to helping Millennials find better Check out one of our latest video s from our Find Better campaign. #findbetter http://www.monster.com/findbetter To view more, visit monster.com/findbetter 23
Questions? Ask now, or tweet me @JimLanzalotto 24
Thank You 25 @JimLanzalotto