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GENERATION NEXT Retention Strategies for the Energetic Younger Worker By Gregory Evans, Esq.

GENERATION NEXT Retention Strategies for the Energetic Younger Worker By Gregory Evans, Esq. OVERVIEW. Definition and Characteristics of a Millennial? Cost Implications Importance of recruiting, motivating and retaining a diverse workforce Retention Solutions. What is a Millennial?.

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GENERATION NEXT Retention Strategies for the Energetic Younger Worker By Gregory Evans, Esq.

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  1. GENERATION NEXT Retention Strategies for the Energetic Younger Worker By Gregory Evans, Esq.

  2. OVERVIEW • Definition and Characteristics of a Millennial? • Cost Implications • Importance of recruiting, motivating and retaining a diverse workforce • Retention Solutions

  3. What is a Millennial?

  4. GENERATION YThe Millennials • Born 1980-1999 (approximately 80 million) • Ages 11-30 • Comfortable with innovation and technology (came of age in the digital world)

  5. Open to change Instantaneous information gatherers and sharers Prefer immediate feedback GENERATION YThe Millennials

  6. GENERATION YThe Millennials • Prefer flexibility in the workplace • Less loyal than the generations which preceded them in the workforce • Self assured, results oriented and optimistic

  7. What are they looking for? Feedback Good management Goal oriented workplace versus a rigid schedule driven environment Opportunities to expand skills GENERATION YThe Millennials

  8. What are they looking for? Many expect to continue their education Balance between work and personal life Competitive salaries and immediate rewards Recognition GENERATION YThe Millennials

  9. Why are they valuable in the workplace? Older workers are retiring in record numbers…these are the employees of the future Jobs of the future require skilled labor, comfortable with change and technology GENERATION YThe Millennials

  10. Why are they valuable in the workplace? Demand for new workers will outstrip supply (especially skilled labor) Global economy and the Millennials are comfortable living and working in it GENERATION YThe Millennials

  11. Why do they leave? Better Pay/Benefits Advancement Opportunities Work/Life balance; i.e. Telecommuting Shorter commute to work GENERATION YThe Millennials

  12. Why do they leave? Job enrichment Advancement A better work environment Poor supervisors GENERATION YThe Millennials

  13. GENERATION YThe Millennials • Examples of how Millennials • differ from the generations • which preceded them.

  14. " The Trophy Kids "

  15. Committed to their work instead of being loyal to their employer. Work well in multicultural settings Team-Oriented Multi-taskers GENERATION YCharacteristics of Millennials

  16. As new workers, they require mentoring Provide plenty of structure, Millennials want to know the rules of the road Work well in groups GENERATION YCharacteristics of Millennials

  17. Most ethnically and racially diverse generation in history of our country Trusts in institutions more than previous generations Not particularly religious GENERATION YCharacteristics of Millennials

  18. Most politically progressive generation in modern history Acknowledge and respect positions and titles Want relationships with their supervisor GENERATION YCharacteristics of Millennials

  19. Recruiting, Motivating and Retaining a diverse workforce

  20. COST IMPLICATIONS Soul of a business lies in its people, not in the bricks and mortar of the building Replacement cost is between 50%-200% of a worker’s annual salary Loss of ideas Reduction in customer service

  21. COST IMPLICATIONS • Loss of professional contacts • Training costs for both outgoing and incoming worker • Demoralizing • Recruitment Costs • Training Costs

  22. COST IMPLICATIONS • Lost Productivity • New Hire • Time • Managers have to develop trust in new workers • Wastes the efforts of diversity professionals

  23. How can we as Supervisors and Managers bridge the gap?

  24. SOLUTIONS • Establish strategies for recruiting, motivating and retaining a diverse workforce • Establish a trusting professional relationship • Keep the flow of communication steady • Find out what makes your Millennial tick as an individual

  25. Diverse Strategies include: Adding meaningful work Incorporating community service projects Engaging them in your agency’s mission Conducting exit interviews AND actually following up on the results SOLUTIONS

  26. Providing new opportunities for job growth More latitude in current workloads Cultivating an environment where input is encouraged and reasonable mistakes are allowed Support flexible work schedules SOLUTIONS

  27. Influencing how work gets done through mentorship Training Utilize various forms of technology to enhance the work environment Collaborative workgroups SOLUTIONS

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