Posts Tagged ‘recruiting gen y’
Okay…so for over 5 years companies have been hiring me to conduct presentations about how to manage, recruit and retain Millennials (aka: Generation Y). And, as an expert, they also hire me to conduct training workshops for Millennial employees that cover leadership, business etiquette, generations at work, communication and personal branding for career success. BUT, according to an article I came across yesterday, it looks like I might see an uptick of even more Fortune 500 companies contacting me.
Why? Well, according to the article entitled, “Gen Y Traits in the Workplace Unveiled” by Kristin Burnham, she shares:
Millennial Branding together with Identified.com, studied 4 million Gen Y Facebook profiles to obtain better insight into how members of this generation operate professionally-a topic of increasing importance as they are projected to make up 75 percent of the workforce by 2025.
According to the study, only 7 percent of Gen Y reports working for a Fortune 500 company-a statistic in line with another report that predicts that 40 percent of the Fortune 500 will no longer exist 10 years from now.
So, where are they going to work? The article states:
Instead, Gen Y workers are turning to startups in which the hiring process tends to be much quicker than that of the Fortune 500, and where Dan Schawbel says Gen Yers feel they can make more of an immediate impact.
While Gen Yers are turning more to startups for employment, they’re also branching out on their own in what Schawbel calls an “unprecedented entrepreneurial spirit.” “Owner” is the fifth most-popular job title, trumped by “server” (No. 1), “manager” (No. 2), “intern” (No. 3) and “sales associate (No. 4).
Retention is also a challenge with Gen Y because according to the report, they only average 2 years at their first job.
These are serious statistics and facts that large companies need to be aware of. If 75% of our workforce is going to made up of Millennials by 2025 (that’s only about 10 years away!!) companies need to start preparing NOW for a solid recruitment and retention plan of talent. I’ve been preaching this for a long time and the smart companies are already doing everything they can to retain their younger talent because they know their companies’ future well being NEEDS younger talent now, and they need to groom them for future leadership positions.
On average, 1 Boomer is retiring every 8 seconds, so companies are also scrambling to retain their employees who are 55+, too. NOT every Boomer was affected by the economic downturn so we have millions of them who CAN retire comfortably at 60-65 years old but companies need their expertise and knowledge to help the younger employees grow.
I’ve written TONS of articles, and have been interviewed by countless media, about these topics because it’s ALL true. But I also find many companies still have their head in the sand and suffer from denial. I have endless research material on the labor shortage the US is facing, and it’s based on the perfect storm of birth rates, Boomers retiring, etc. The numbers don’t lie, people!
Sure, because of the current economy it’s still an “employers” market…however I’ve been warning executives in my seminars that it will change soon, and the competition for talent is going to re-ignite and then it will turn into an “employee” market again and employers will be begging for top talent…and employees will be in control of the whole enchilada.
EMPLOYERS: Start planning NOW and get ahead of the curve…and if you’re a Fortune 500 company, as many of my clients are, YOU really need to take all of this seriously!
Bye for now,
As you read this, Millennial (aka Gen Y) Professionals are being actively recruited prior to, and upon, college graduation. Many are already busy navigating the waters of their first (or second) professional job since graduating.
And as I write this, well-known companies are hiring me to conduct seminars to educate their HR executives and internal recruiters about attracting and recruiting Millennial Professionals, as well as conduct seminars to educate their Gen X and Boomer employees about managing, motivating and retaining them. So, this isn’t just me saying they are a big deal to the future of our professional workforce; companies all over the U.S. and abroad are starting to see it, too.
But before I get into why they are creating a new dimension to diversity, let me give you a snapshot of why this new generation of young professionals has become such a hot commodity in the media and the business world. One key factor is the looming reality of the Boomer Brain Drain that companies across the country are going to feel over the next decade. Here’s one simple statistic, out of many, from the Office of Employment Projections that will quickly put this into perspective: The average large company in the U.S. will lose 30-40% of its workforce due to retirement over the next 5-10 years. Ouch.
And we have as many Gen Xers on the planet as there are going to be, so the replacements for this massive Boomer exodus are the Millennial Professionals. That is why M.B.A. students were being offered amazing employment packages a few years ago, and impressive signing bonuses were being offered. And, due to demand for talent, that trend will pick-up again as the economy recovers. Basically, out of head count necessity, recruiting and retaining them has turned into a big, competitive business.
Through the research for my books, I also realized many Gen X and Boomer professionals in today’s business world rarely have a clue about this new generation entering their domain. This research also led me to understand that the Millennial Professionals have their fair share of complaints about their older work colleagues, and one of their biggest complaints may surprise you.
Aside from companies clamoring to implement, or improve, their rewards and recognition programs, and scrambling to find unique ways to recruit and retain Millennials, they are also dealing with a new dimension to diversity this generation creates. Here is the big complaint I alluded to that may surprise you: Many Millennial employees are claiming to be victims of reverse age discrimination.
We all know age discrimination has typically referred to older employees feeling bumped out by younger co-workers. And this is still an on-going issue as reflected in high profile lawsuits that involve older employees suing companies like FedEx and The Tropicana Casino. In both cases, older employees claim they were laid-off so that the companies could replace them with younger employees who they could be paid less.
But I recently moderated a panel made-up of 5 Millennial women, between 22-26, and they each came from different companies whose names you’d know. All the women had Master’s degrees and each panelist came from a different ethnic background.
When I asked them if they felt they had the same opportunities as their male colleagues, they all quickly said that they felt that gender discrimination was a non-issue (from what they had experienced thus far). And they said that their race was not an issue at work. But they ALL said they face age discrimination on a regular basis and that it was very frustrating.
The 100+ audience members (mainly women in leadership positions ranging in age from 30-60) found this to be so interesting. Most Boomer and Gen X women in business have been battling gender discrimination for years. And, on top of that, many Boomer and Gen X women of color have had to also deal with race discrimination in the workplace. So it was a surprise to the audience that these Millennial women felt neither of those things affected them (at this point in their careers). To them, it was all about not getting respect from older employees because of their age.
Several of the panelists went on to say that they were thankful they were entering the business world at a time when so much correspondence is done online, and relationships are forged virtually, because it gives them the opportunity to establish their credibility with colleagues before having to meet them in-person. Each of the women did look young and they felt that was a liability. I was quick to say they wouldn’t feel that way when they were older…they’d be praying to look young again! But all joking aside, I understood what they were saying and respected their frustration.
On a positive side note in terms of diversity, we have a strong generation of young women coming up and a generation where gender and race lines are becoming blurred. A majority of Millennial women were raised to believe they could do anything boys could do and they were just as important and as smart as boys. This is also the first generation where boys and girls hangout together as platonic “buddies” starting from a young age through college. This is also a generation where over 80% answered “Yes” when asked if they were okay with marrying, dating, or having a life partner outside of their race (2007 California Dreamers Survey conducted by New America Media).
After moderating that panel, and speaking to many more Millennials about their experiences with age discrimination, I now really emphasize the importance of respecting them as “people” when I talk to Boomer and Gen X executives in my popular Get A Grip On Gen Y Seminar. I let them know this generation expects to be respected from Day One, regardless of their age or experience, and that a key strategy for retaining them is respecting their ideas and encouraging them to offer opinions. This may seem like common sense to you, but I talk to many Millennials whose bosses disregard their ideas and/or rarely ask their opinion about anything. Unlike some Boomer and Gen X employees who may tolerate this from their bosses, Millennials will quickly quit.
It is critical for employers to recognize that aside from race, gender and lifestyle diversity, age diversity is now something to be aware of. Younger employees probably won’t sue you based on age discrimination like older ones might, but they can still wreak havoc on your company’s stability. It’s impossible to grow and groom your next generation of leaders if they don’t stay!
I recently read about this new book by Jennifer Prosek, Army of Entrepreneurs: Create an Engaged and Empowered Workforce for Exceptional Business Growth. Prosek, the CEO of public relations and financial communications consultancy CJP Communications, wrote the book because, she says, “If you look at what new entrants into the workforce are looking for in terms of jobs, lives, careers and what we’re taught about the world of work, they have changed.”
As someone who has been conducting seminars and workshops for corporations about Gen Y (aka: Millennials) on what makes them tick, as well as on managing generations at work (for over 3 years now), I totally agree with Prosek. The new generation wants more responsibility, freedom and creativity with what they do. I discuss this dynamic a lot in my both of my books, and when I conduct leadership workshops for Millennials it is something they all mention.
But perhaps the most important factor in this strategy is an employer’s current employee base. “My whole book is about giving responsibility to your employees, asking employees to be brand ambassadors. The right employees love this activity and can be more successful at it than managers.”
And while offering rewards like cash bonuses can effectively generate participation in employee referral programs, monetary incentives are not the only option here. Giving employees ownership over the responsibility of bringing in new employees – and, essentially, helping to grow the business – can go a long way in motivating them.
Recognition is key here, too. Employers tend to forget how much value employees place on getting recognized for their efforts and contributions to the business, Prosek says, but it is absolutely essential. “People do not necessarily understand how the business works all the time. Once they understand that, and how they fit into it, they’re engaged on a whole other level,” she says. “When you teach people the business, magic happens.”
I fully agree with her on the Brand Ambassador (and recognition!) angle. In April I’ll be conducting a workshop for 35 Millennial employees at a Fortune 500 company, and quite a bit of my Millennial Business Boot Camp is focused on the importance of how they can best represent their employer’s brand. And, I will also spend time on how they can develop their Personal Leadership Brands to improve their career success…and how that also benefits the employer. This is all critical!
I’ll be ordering Prosek’s book and will let you know what I think in a future blog post. But, so far, it sounds like an interesting book with a philosophy that is dead on!
Bye for now!
This is very disturbing and the statistics are startling! Here’s the general scoop:
According to The EBRI Retirement Readiness RatingTM in 2010: 47.2% of older Boomers (56-62) are at risk of outliving their retirement savings. And 43.7% of younger Boomers (46-55) are at risk of not having enough money for basic monthly expenses when they retire.
47.2%??? That’s almost half of Boomers 56 to 62! Those statistics are staggering. This means we have millions of people who cannot afford to stop working at 65 and are currently seeking ways to make more income now and on an on-going basis past 65. And the report also discusses the risk that Gen X and Millennials (aka Gen Y) also face, based on current economic conditions, for their retirement futures.
If you’re interested in receiving a free copy of the complete 2010 EBRI.org report, here’s the info: The EBRI Retirement Readiness Rating:TM Retirement Income Preparation and Future Prospects by Jack VanDerhei and Craig Copeland, Employee Benefit Research Institute (EBRI.org).
But wait! There’s more! Did you know that according to a special report entitled Next Generation Leaders: Competency Deficits and The Bridge to Success by Judy Chartrand, Ph.D. and Bonnie Hagemann, Baby Boomers are currently retiring at the rate of 1 every 8 seconds? And this massive retirement trend has just started!
Sure, the immediate thought is they’ll just stay in the workforce longer to generate income, but not all of them can, or will, so employers are scrambling to find head count. I’ve written about this before, and I speak about this a lot. It’s a big issue that is the hot topic of conversation at companies across the U.S., along with the importance of their attracting, recruiting and retaining Gen Y employees.
But what I found really scary were the statistics about not having enough money to retire. This will then cause a huge economic impact on our government aid programs and healthcare programs.
Ouch! We’re talking MILLIONS of Boomers! I hope the top brass who run our eldercare programs are getting things in order…this is going to be a major issue for our country starting now and for the next 20 years.
Bye for now,
There is a new type of employee theft that is causing “lawsuits and losses” for employers: excessive use of the internet at work for things other than work. And, with more Millennials entering the workforce, employers believe that it will become an even bigger issue than it has been. Yes, Boomer and Gen Xers are using the internet at work for things other than “business”, but the issue will get bigger if companies don’t get strict about their internet use policies.
1. Have you outlined a policy for employee participation on blogs?
Sound hardcore? Maybe, maybe not. But you need to determine how YOUR company feels about this and get policies in place. Did you know that a new blog is created every second? Millennials love blogging, as do other generations, but Millennials will more likely be participating in blogging on a regular basis (more that older generations) and your company policies must be UP-DATED to accomodate the changing times.
2. Outline a policy for viewing “those types” of pics AND playing online games.
Millions of people look at porn on their computers at work. I cannot even believe how dumb that it, but whatever. Nonetheless, it’s a HUGE problem. A recent study by the AMA showed that 1/3 of bosses have fired employees for viewing dirty pics/videos at work. That’s a HUGE number!
And make sure your workforce is clear about your policies on playing online games. Is it okay on their lunch break? Or NOT AT ALL at work? Online game play at work is rampant, so make sure you have your policies in order.
3. What about talking dirty?
Times they are-a-changing! It’s time for your company to dust off its old employee policies and up-date them based on REAL 21st Century issues.
Okay…time to stop blogging and get back to work. Luckily no one can fire me!