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About the facilitators ABOUT YOUR FACILITATORS Angie Salmon, SVP – EFL Associates Angie has completed over 120 executive search assignments during her ten-year tenure at EFL Associates. The ability to effectively recruit and retain emerging talent has become more important as Millennial candidates reach the executive ranks. Wayne Larson, Marketing – EFL Associates The token Millennial, Wayne leads CBIZ Human Capital Services & EFL Associates' national marketing efforts, specifically working cool, engaging stuff. 2


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GENERATIONS – OUR DEFINITIONS 3


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YOUR CURRENT MILLENNIAL INVESTMENT 4 Number of employees under 37 years old X Group's average total compensation = Total millennial investment


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ESTIMATED U.S. POPULATION 5 Millennials will become 75% of the global work force by 2025 and more are stepping into management positions every day. 65.6M 61.7M 76.4M 24.0M


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UNDERSTANDING DIVERSITY VS STEREOTYPING 6


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DEFINING MOMENTS & IDENTIFICATION 95% OF TRADITIONALISTS ARE RETIRED FROM THE WORKPLACE AKA: THE SILENT GENERATION TRADITIONALISTS (69-84) Comfortable with delayed gratification Hard work, sacrifice Recognition for great contributions Utilize the lifetime of wisdom Ask them (they might not volunteer) Mentor – Millennials trust them PERFORMANCE CLUES 7


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DEFINING MOMENTS & IDENTIFICATION AKA: POST WWII BABY BOOM BABY BOOMERS (50-68) BABY BOOMERS CONTROL OVER 80% OF PERSONAL FINANCIAL ASSETS & MORE THAN HALF OF ALL CONSUMER SPENDING. PERFORMANCE CLUES Competitive Enjoy leading teams “Work hard, pay your dues” Measure work effort in hours per week Want to be recognized for contributions Prefer phone, personal interaction, meetings 8


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DEFINING MOMENTS & IDENTIFICATION AKA: GEN Xers GENERATION X (38-49) PERFORMANCE CLUES 49% OF GEN Xers HAVE AT LEAST SOME COLLEGE EDUCATION Naturally skeptical Loyal to individuals (not companies) Training is security Savvy with technology, media and information Wants career security rather than job security Balance now – not late in life Prefer email, voicemail, direct and immediate 9


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PERFORMANCE CLUES DEFINING MOMENTS & IDENTIFICATION AKA: MILLENNIALS GENERATION Y (<37) 53% OF MILLENNIALS FEEL A MENTORING RELATIONSHIP WITH THEIR MANAGER WOULD IMPROVE THEIR VALUE & PRODUCTIVITY. Respect accomplishment vs. authority Accustomed to praise/feel entitled Great multi-taskers, team members Want meaning and good balance Build parallel careers Want excitement & challenge Purpose/mission focused Technology driven 10


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MOTIVATING A MULTI-GENERATIONAL WORKFORCE 11


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MILLENNIALS RECRUITING & RETAINING TIPS TO TAKE AWAY 12


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RECRUITMENT 13


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Ethics RECRUITMENT HOT BUTTONS Employer that fits lifestyle, personality, and priorities: Challenge Entrepreneurship Opportunity Creativity Technology Mission Lifestyle Diversity 14


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15 ATTRACTING MILLENNIALS - TACTICS RECRUITMENT TACTICS Make it personal Instant gratification Entertaining Authentic Straightforward Set expectations Y-Size your website Offer more than money Compensation package Explain career path


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Y-SIZE YOUR WEBSITE 16


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PERCEPTION IS REALITY 17


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RETENTION 18


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RETENTION STRATEGIES Week One is All-Important Create Customized Career Maps – Be Specific Model the Way – Reward Performance Create Challenges and Milestones Promote Collaboration Communicate & Provide Feedback - OFTEN Transparency & Access to Leaders Understand Motivations Talent Management Reviews 19


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Range Spread minimum maximum 20 DESIGNING SALARY STRUCTURES Traditional Salary Structure Design Accounting Clerk Accountant Bookkeeper Controller Chief Financial Officer


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Range Spread minimum maximum 21 DESIGNING SALARY STRUCTURES Salary Structure (and Career Paths) modified for Millennials Junior Accounting Clerk Junior Accountant Junior Bookkeeper Controller Chief Financial Officer Intermediate Accounting Clerk Senior Accounting Clerk Intermediate Bookkeeper Senior Bookkeeper Accountant Senior Accountant Accounting Supervisor Accounting Manager


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OFFER MORE THAN MONEY 22 VS VS


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23 OFFER MORE THAN MONEY


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UNDERSTAND CONFLICTS & “CLASHPOINTS” Parallel Careers/Freelancing Professionalism Advancement Flextime/Telecommuting Inclusion Rewards Measuring Results vs. Time Personal Technology 24


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WHAT ALL GENERATIONS WANT Challenging, meaningful work Opportunities for learning Development and advancement Successful integration of work/personal life Fair treatment Competitive compensation Leaders who are: Accessible, lead by example Acts as a coach, holds people accountable. 25


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SOURCES & WORK CITED Online Sources “Managing Tomorrow’s People: The Future of Work to 2020,” and “Millenials at Work: Reshaping the Workplace,” by Michael Rendell, Sandy Pepper, Karen Vander Linde, Leyla Yildririm, et. al. PriceWaterhouseCoopers “Millennials facing unique workplace challenges,” by Lexy Gross, USA Today, September 24, 2013. “Money no longer the motivator for Gen X and Gen Y?” by Ray Williams, Wired for Success-Psychology Today, August 1, 2010. “Study Reveals Surprising Facts About Millennials In The Workplace,” by Shama Kabani, Forbes.com, December 5, 2013. “What Millennials Want In The Workplace (And Why You Should Start Giving It To Them,” by Rob Asghar, Forbes.com, January 13, 2014. The Beat (Up) Generation,” by Abby Ellin, Psychology Today, March 11, 2014. Practical Advice for Managing a Multi-Generational Workforce, IBM “Leading and Motivating a Multi-Generational Workforce, Leadstar Concerns Grow over Workforce Retirements and Skills Gaps, SHRM & AARP U.S. Census Data 2010 Books Y-Size Your Business: How Gen Y Employees Can Save You Money and Grow Your Business by Jason Ryan Dorsey (2009) When Generations Collide: Who They Are. Why They Clash. How to Solve the Generational Puzzle at Work by Lynne C. Lancaster and David Skillman (2003) Retiring the Generation Gap, Center for Creative Leadership, by Jennifer Deal (2006) Presentations “Managing Generational Differences” CBIZ Supervisory Training, 2011. Age Differences in Organizational Leadership, MRG Online Sources “11 Tips for Managing Millennials,” by Susan Heathfield, About.com. “Gen Y Job Seekers: How They’re Different from Gen X and Baby Boomers,” by Dan Schawbel, TIME.com, September 24, 2012. “How Millennials are Transforming Careers and the Workplace,” by Ray Williams, Wired for Success – Psychology Today, September 16, 2013. “How the Millennial Generation Will Change the Workplace,” by Ray Williams, Wired for Success-Psychology Today, March 19, 2014. 26


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