Making it Stick Engaging Your Multigenerational Workforce Shira

Making it Stick: Engaging Your Multigenerational Workforce Shira Harrington Founder & President, Purposeful Hire

The High Cost of Employee Turnover 1. 5 – 3 xs Employee’s Salary Ø Recruitment Ø Loss of institutional knowledge Ø Training of new hire Ø Loss of member relationships Ø Impact on morale

Employee Disengagement is Rising 72% US employees who are disengaged or actively disengaged

Employee Loyalty is Non-existent • • • Rampant downsizings for last two decades Absence of defined benefit plans Focus on work-life balance Maslow’s hierarchy: “self-actualization” Gallup: “People join companies but leave managers” Increased options for entrepreneurship

High Turnover of Millennials 18 months Average tenure of Millennials (and declining) They are paid volunteers!

Traditional Longevity Based on Tenure Until retirement 10 years tenure 4 Years tenure BUT it’s socially unacceptable for Millennials to stay in their jobs for longer than 2 years Start date

Millennial segment grows as Boomers start to retire 75% by 2025 50% by 2020 35 % in 2015

Generational Work Values

Traditionalist Values • • Hard work Sacrifice Respect for authority Following the rules Frugality Military focus God and country

Baby Boomer Values • • • Anything is possible Live to work Pay your dues Face time Career-focused Competitive Long-tenured jobs Women in leadership Diversity / Civil rights

Generation X Values • • Independence Self-reliance Cynicism Questions authority Entrepreneurism Work to live Work-life balance

Millennial Values • • • Achievement Diversity Extreme fun Highly tolerant of others Sociability | Team focused Members of global community Tech dependent Now! Optimism Street smarts Mission driven

• Direct • Email • Sound bites • Present facts Millennials • Diplomatic • In person • Present Options • Consensus Generation X Boomers Communication Styles • Polite • Positive • Texting • Consensus • Don’t talk down to them

Rewards and Recognition Boomers Generation X Millennials Financial Rewards Time Off Meaningful Work Public Recognition & Praise Don’t like Public Recognition Personal and Team Recognition Title Recognition Freedom to Get Results Title Recognition Letter of Appreciation Constructive Feedback Mentoring / Coaching Appreciation for Hard Work Hands Off Supervision Frequent Communication Work-Life Balance Work-Life Integration

Cross Generational Employee Engagement Factors Perceptions of job importance Being Kept in the Loop Clarity of job expectations Career advancement opportunities Regular feedback and dialogue with superiors Quality of working relationships Inspirational leadership Effective Internal Employee Communications Rewards and Recognition

What Millennials Want

Rethinking Performance Evaluations Performance Evaluation • Past-Based (Superior/Subordinate) Performance Coaching • Future-Based (Athletic Coaching)

“Passiontivity” Exercise Aligning Skills with Career Motivators High Motivation (High Engagement) (Professional Development) High Skill Low Skill (Stop – Gap) (Disengagement) Low Motivation 20

How Can You Increase Millennial Engagement at your organization? 1. Create a Millennial (or cross generational) taskforce 2. Expand frequency of new career titles 3. Give them stretch assignments 4. Allow them to work more collaboratively 5. Offer more flexible scheduling options 6. Launch community service initiatives 7. Create a mentoring program 8. Invite them to executive or board events 9. Move to performance coaching, “quick hit” feedback 10. Make things fun!!

Roundtable Discussion What is ONE actionable take-away you can employ in your organization to start increasing engagement?

Questions? Shira Harrington Founder & President Purposeful Hire, Inc. shira@purposefulhire. com 703 -508 -9573 www. purposefulhire. com