The HR Professionals of Gen Y Sofia Evangelidou

The HR Professionals of Gen Y Sofia Evangelidou Director of HR & Quality Mgt Dept

1. The Generations 2. The Characteristics of Gen Y 3. The III Paradoxes of Gen Y 4. A Gen Y Guide to Entering the Workforce Table of Contents 5. Want a career in HR? How to get your foot in the door 6. Connecting with Gen Y 7. Insights into how employers can Retain their Gen-Y talent 8. To Engage Gen Y, Adopt New Approaches 9. Managing Future Talent 10. Gen Z: Why HR must be prepared for its arrival 11. Nowadays 12. The Future of HR The HR Professionals of Gen Y page 2

1. The Generations The HR Professionals of Gen Y page 3

Generation Baby Boomers Members of Generation X typically are defined as those born between the years 1946 and 1964 Boomers grew up at a time of dramatic social change 1. The Generations Boomers are often associated with counterculture, the civil rights movement, and the feminist cause of the 1970 s They are associated with a rejection or redefinition of traditional values ‘‘Job for life’’ career pattern 60% lost value in investments because of the economic crisis 42% are delaying retirement 25% claim they'll never retire The HR Professionals of Gen Y page 4

Generation X 1. The Generations Members of Generation X typically are defined as those born between the early 1965 s to the early 1976 s They are more ethnically diverse and better educated than the Baby Boomers They came of age in an era of two-income families, rising divorce rates and a faltering economy. Women were joining the workforce in large numbers. As a result, they’re independent, resourceful and self-sufficient They value freedom and responsibility They dislike being micro-managed and embrace a hands-off management philosophy Their mentality reflects a shift from a manufacturing economy to a service economy They’re less committed to one employer and more willing to change jobs They adapt well to change and are tolerant of alternative lifestyles Generation X is ambitious and eager to learn new skills but want to accomplish things on their own terms The HR Professionals of Gen Y page 5

1. The Generations Generation Y Members of Generation Y typically are defined as those born between 1977 and 1994 Echo Boomers or Millennials Generation Y came of age in the ’ 90 s, and it was a time of peace and prosperity Gen Y members are much more racially and ethnically diverse Tech-savvy millennials typically grew up with a high level of interactive stimulation: TV, video games, the Internet and social media – an experience that older generations do not always readily appreciate Gen Y are less brand loyal, similarly flexible, changing in its fashion and style consciousness ‘’Me, Me’’ generation: narcissistic, fame-obsessed, and self interested (May 20 Issue, Time Magazine) Demanding & highly educated generation The HR Professionals of Gen Y page 6

Generation Z Members of Generation Z typically are defined as those born between 1995 and 2012 1. The Generations Many members of Generation Z grew up in a time of fear and awareness of vulnerability. There was terrorism, war and economic uncertainty from the early-2000 s recession and the Great Recession Their access to information, ideas, images and sounds is completely without precedent The HR Professionals of Gen Y page 7

1. The Generations The HR Professionals of Gen Y page 8

2. The Characteristics of Gen. Y The HR Professionals of Gen Y page 9

7 Personal Distinguishing Traits of Generation Y ( 7 Personal Distinguishing Traits of Generation Y Wilson & Gerber, 2008. How Generational Theory Can Improve Teaching: Strategies for Working with the “Millennials”. Currents in Teaching and Learning, 1(1), 29 -44 ) 1. 2. The Characteristics of Gen Y ‘’Special’’ in terms of their parents care 2. ‘’Sheltered’’ – namely, wrapped in cotton wool 3. ‘’Confident’’ – namely, optimistic about their future prospects 4. ‘’Team-oriented’’ – i. e. , skilled in their collaborative efforts 5. ‘’Achieving’’ particularly in respect of their careers, without involvement in idealistic activities 6. ‘’Pressured’’, especially by their workaholic parents 7. ‘’Conventional’’, namely strongly attached to family even if born in a divorce culture The HR Professionals of Gen Y page 10

3 Managerial Distinguishing Traits of Generation Y (Alsop R. , 2008. The trophy kids grow up: How the millennial generation is shaking up the workplace. Jossey - Bass, New York) 2. The Characteristics of Gen Y 1. Strong sense of entitlement 2. Their work expectations include high pay, flexible work, fast-track careers and work-life balance 3. They are multitasking with low power distance attitudes The HR Professionals of Gen Y page 11

3 Technological Distinguishing Traits of Generation Y (Proserpio and Gioia, 2007. Academy of Management Learning & Education, 6(1), 69 -80) - the Virtual Generation 2. The Characteristics of Gen Y 1. Familiar with virtual technologies 2. Virtual cognitive, learning and communication styles 3. Requiring aligned pedagogical teaching and means of interaction: nonlinear, autonomous, networked and conceiving learning as fun The HR Professionals of Gen Y page 12

3. The III Paradoxes of Gen Y The HR Professionals of Gen Y page 13

Findings (Pw. C study – Lynda Gratton, Professor of Management Practice at London Business School ) 1 st Paradox: Short-term focus, but equally committed 3. The III Paradoxes of Gen Y Desire for meaningful, stimulating work from day one, and their lack of interest in traditional career paths that promote slowly. ‘‘This generation is as engaged, committed and prepared to work as hard as previous generations. They just think there are better ways to work’’ (Dennis Finn, Global Human Capital Leader at Pw. C). The HR Professionals of Gen Y page 14

Findings (Pw. C study – Lynda Gratton, Professor of Management Practice at London Business School ) 2 nd Paradox: Tech savvy, but value face -to-face 3. The III Paradoxes of Gen Y In the USA, this generation send and receive around 88 texts/day, and 70% check their phones every hour (Research by Pew). Gen Y’s aptitude for electronic communication augments rather than replaces face-to-face interaction. Particularly when it comes to performance and career discussions where personal interactions are still the preferred method. The HR Professionals of Gen Y page 15

Findings (Pw. C study – Lynda Gratton, Professor of Management Practice at London Business School ) 3 rd Paradox: Require recognition, but not necessarily more trophies 3. The III Paradoxes of Gen Y 40% of Gen Y believes they should be promoted every two years, regardless of performance Gen Y place a real emphasis on continual learning, and regular feedback, which many see as a vital part of their personal and career development The HR Professionals of Gen Y page 16

Findings (Pw. C study – Lynda Gratton, Professor of Management Practice at Findings London Business School ) 3. The III Paradoxes of Gen Y ‘’Invest time, resources and energy to listen and stay connected with your people’’ If there’s one thing we know for sure about this generation, it’s that they like to have their voices heard, and to feel empowered. Whether in the virtual or real world, perhaps the key to understanding this generation and knowing how to engage them is to simply listen to them. The HR Professionals of Gen Y page 17

4. A Gen Y Guide to Entering the Workforce üDo engage prospective employers üDo be agile üLearn what it means to be professional üDo find a mentor üDon’t lose your cool with recruiters üDon’t be a baby at work The HR Professionals of Gen Y page 18

5. Want a career in HR? How to get your foot in the door The HR Professionals of Gen Y page 19

Making the move into HR First Steps 5. Want a career in HR? How to get your foot in the door Moving to HR from a different career Straight from University after completing either a degree in HR Management, a certificate in personnel practice (CPP), a Chartered Institute of Personnel and Development (CIPD) course or a business degree Over 1/3 (36%) of respondents entered HR from an administration background, highlighting the opportunity to make a transition (Hays Human Resources and Personnel Today in 2009) Huge body of HR theory and practice The Challenge in switching to a career in HR is to maintain your salary level. You will need to be flexible as you may have to take a lower salary in order to move forward Other common routes include completing a gap/placement year in an HR Dept. The HR Professionals of Gen Y page 20

HR Career Path Next Steps 5. Want a career in HR? How to get your foot in the door The larger organizations in particular are more structured and their HR functions are split into specialist areas such as resourcing, recruitment and selection, reward and remuneration and learning and development Smaller organizations are more generalist, but they can also offer a clear career path for HRs The HR Professionals of Gen Y Important to link HR to the wider Business Needs Gain as much experience as possible outside the boundaries of their remit and make the effort to understand the wider business implications Broader commercial experience is a definite plus and this is something that HR practitioners should be thinking about. Mentoring is also beneficial and is a good way to discuss and address career development needs on an ongoing basis page 21

What Key Skills do HR Professionals need? 5. Want a career in HR? How to get your foot in the door Be willing to go anywhere to learn about your specialty Attending seminars and other networking or sector events Try to experience apprenticeship / practice / internship in domestic or international market Work via volunteering initiatives Communication and interpersonal skills Adaptability Organizational skills and flexibility Commercial acumen The HR Professionals of Gen Y Which is the range of Initial Staring Salary? Depending on the level of qualification and knowledge you would have an initial starting salary which would range from € 10, 500 - € 14, 000 per year (Greek market) or £ 21, 702 (UK market) page 22

Findings By 2025, members of Generation Y will make up 70% of the global workforce 6. Connecting with Gen Y 29. 4% of entrepreneurs were 20 to 34 years old, and roughly 160, 000 startups a month were led by millennials in 2011 (Report by the Kauffman Foundation, the largest entrepreneurial foundation in the US) There could be an 18 million person shortage in the supply of highly skilled, university-educated workers by 2020 in sectors such as technology (Recent report by Mc. Kinsey) Generation Y represents the management class of the future Word of mouth interaction has become much easier for Gen Y, with online and social network infrastructures facilitating such communications Once businesses have understood the case for recruiting Generation Y, they'll need to create a Recruitment Strategy specifically tailored to doing so. The HR Professionals of Gen Y page 23

Tips on how attract and recruit Gen Y talent Getting communication and channels right Relationship recruitment 6. Connecting with Gen Y Supporting young people in their transition from education to the workplace Getting HR professionals into schools, colleges, universities to help young people with their CVs and interview skills Working with unemployed young people offering one-to-one mentoring to help improve job prospects The HR Professionals of Gen Y page 24

Tips on how attract and recruit Gen Y talent Building your Employer Brand with the following Tactics : Embrace online engagement 6. Connecting with Gen Y Employ popular channels for brand building and engagement Keep it easy and simple Make the most of external touch points Understand Generation Y Understand the available technology The HR Professionals of Gen Y page 25

Findings (Survey by i. Opener Institute, Oct. 2012) Findings 7. Insights into how employers can Retain their Gen Y Talent There is no significant correlation between increased levels of pay and greater talent retention Strong correlation between fulfilment and the likelihood of quitting - almost 60% of the variance in a Gen Y employee's desire to leave Extremely strong alignment between job fulfilment and feeling that your occupation is doing something worthwhile A correlation was noted between the trust that Gen Y employees have in their leaders' vision, and their intention to leave the organization Gen Y wants guidelines – not policies. They want to be more self-directed and have more autonomy and freedom Businesses are recognizing that Gen Y is different from the previous generations, especially in terms of job mobility The HR Professionals of Gen Y page 26

Tips on how retain Gen Y talent 7. Insights into how employers can Retain their Gen Y Talent Challenging them, giving them the latest technology, respecting and rewarding them often are other sure fire ways to engage their hearts Raising awareness of how the company’s / organization’s products, services and culture are worthwhile and have a positive impact the on the world Providing Gen Y with opportunities to contribute to the community through meaningful work Regularly and convincingly communicating key points of corporate strategy, along with tangible proof points of how that strategy is being implemented and the contribution it is making to corporate success Developing strategies that retain Generation Y talent and attract further top-level candidates in this age group Building pride by giving recognition to employees and colleagues, and ensuring that they spread good news Securing senior leadership support The HR Professionals of Gen Y page 27

Findings 8. To Engage Gen Y, Adopt New Approaches 56% of organizations fail to consider generational differences when designing total rewards programs (survey of Worldat. Work members, Sept. 2013) 1% of organizations surveyed have a formal strategy to address employee needs by generation or career/lifecycle (survey of Worldat. Work members, Sept. 2013) Firms with the highest % of engaged employees collectively increased operating income 19% and earnings per share 28% year-to-year compared with the lowest % of engagement at 33% and 11%, respectively (Global workforce study conducted by Towers Perrin, 2007) The HR Professionals of Gen Y page 28

8. To Engage Gen Y, Adopt New Approaches Explanations High expectations among Gen Y started in childhood with constant commentary from parents about how to do everything better Τhey were instructed in sports and personally guided to play any position with ongoing instruction and recognition from coaches Between parents and coaches, this generation heard the phrase “good job” on a regular basis, which provided ongoing recognition In school, they performed well in groups because they valued and leveraged different perspectives and learned how to solve problems and be creative collectively. This fed into the need for “connectiveness” and a sense of community. This generation grew up on computers, cell phones, and social networks. This has set the stage for gaining faster information and fueling the fire of completing everything faster and better to achieve the goal and be rewarded. The HR Professionals of Gen Y page 29

8. To Engage Gen Y, Adopt New Approaches Culture of Recognition is a corporate value operating at every level Recognition is a form of feedback valued by Gen Y employees Recognition happens informally and formally Improvement is rewarded Reward programs are customized. Employees choose rewards meaningful to them Best-practice behaviors and activities that get results are identified, cloned, and rewarded The HR Professionals of Gen Y page 30

8. To Engage Gen Y, Adopt New Approaches or Culture of Connections Builds a sense of community, which young workers thrive on through their social networks and team orientation Participation in community service, especially relating to “green” projects, is strong Connection with others in new hire groupings or training classes The HR Professionals of Gen Y page 31

Introducing a young person to the world of work: learning the ropes (CIPD, ropes Feb. 2014) 9. Managing Future Talent 1. Provide a good induction 2. Manage colleagues’ expectations 3. Make sure the new starter is comfortable with the ‘basics’ of the job 4. Establish and communicate objectives early 5. Provide regular opportunities to discuss everyday issues 6. Build a trusting relationship The HR Professionals of Gen Y page 32

9. Managing Future Talent Providing Structure and Good Communication (CIPD, Feb. 2014) Good Communication 1. Managing time and approaching projects 2. Expectations-setting, conduct and behavior 3. Managing young people in age-diverse teams 4. Maintaining a good standard of communication 5. Pastoral support for young people The HR Professionals of Gen Y page 33

Developing and supporting a young person (CIPD, Feb. 2014) 1. Start gradually and recognize talent and progression 2. Revisit and review objectives on a regular basis 3. Tailor support to suit the size and setup of the business 4. Help the young person to link activities completed to skills obtained 9. Managing Future Talent 5. Give a young person a Mentor 6. Think about providing a buddy and wider peer support 7. Encourage young employees to identify and develop their skills 8. Encouraging them outside their comfort zone can bring rewards when done appropriately 9. Provide regular feedback 10. Encourage upwards communication and feedback The HR Professionals of Gen Y page 34

10. Gen Z: Why HR must be prepared for its arrival The HR Professionals of Gen Y page 35

Findings Those born since 1990 already represent nearly 7% of the workforce, or more than 11 million people 10. Gen Z: Why HR must be prepared for its arrival That segment will grow to 20 million by 2015, to 25 million by 2017 and to 30 million by 2019 (Tulgan’s research, founder of New Haven, Conn) This group of workers lack[s] interpersonal communication skills, the ability to think critically, problem-solving skills, and this is due in part to an increased level of ‘helicopter parenting’ of this generation. 50% of HR professionals believe that 2013 college graduates lack “professionalism/work ethic, ” while 29% said recent grads lack criticalthinking and problem-solving skills. (Survey 06/2013, Society of HR Mgt) Flexible working and virtual workforces ‘the future of work’ will become commonplace in 2030 Consequently, employers and HR departments will need to adjust their strategy for recruiting and retaining members of this important demographic The HR Professionals of Gen Y page 36

Unemployment rates, seasonally adjusted, February 2014 (source: Eurostat) Unemployment rates, seasonally adjusted, February 2014 11. Nowadays The HR Professionals of Gen Y page 37

11. Nowadays The HR Professionals of Gen Y page 38

HR Market Trends, 2014 (source: 4 hr) 11. Nowadays Sectors Balance 2013 Forecasted Balance 2014 Services 7% 19% Tourism 6% 5% Pharmaceuticals 0% 6% Health 9% 0% Commerce 0% 2% Industry -16% -26% Energy -25% 9% The HR Professionals of Gen Y page 39

World’s Best Multinational Workplaces, 2013 Factors: Working Environment, Remuneration, Fame Participants: 45 countries on 6 continents and represent over 10 million employees’ voices 1. Google 11. Nowadays 2. SAS Institute 3. Netapp 4. Microsoft 5. W. L. Gore & Associates 6. Kimberly Clark 7. Marriott 8. Diageo 9. National Instruments 10. Cisco 11. Autodesk 12. Monsanto 13. BBVA 14. American Express 15. Hilti 16. Telefónica 17. Accor 18. Quintiles 19. SC Johnson 20. Fedex Corporation 21. Atento 22. Mars 23. Mc. Donald’s 24. The Coca – Cola Company 25. Novartis The HR Professionals of Gen Y page 40

Best Companies for Internship (source: Glassdoor, 2013) Best Companies for Internship Monthly Salary: >=$4. 000 (source: www. fortunegreece. com ) 1. Palantir 2. Facebook 3. 11. Nowadays Microsoft 4. Apple 5. EBay 6. Google The HR Professionals of Gen Y page 41

What are the Employers looking for ? (source: KPMG, 2013) the Employers looking for ? Core Competencies Crisis Management Effective Decision Making Project Planning & Implementation Self motivation & Motivation 11. Nowadays Stress Management Flexibility ‘’Thirst’’ for work & success Corporate Culture & People match Immediate Results (Performance) Cost Effectiveness Interim Managers for specific missions The HR Professionals of Gen Y page 42

11. Nowadays What are the Candidates looking for ? (source: Glassdoor, 2013) What are the Candidates looking for ? Career Factors Career Succession & Development 77% Remuneration 74% Location - Mobility 41% Corporate Culture / Values / Principles 41% The HR Professionals of Gen Y page 43

12. The Future of HR The HR Professionals of Gen Y page 44

Findings (Global Human Capital Trends 2014, Deloitte) The world is much more global and interdependent 12. The Future of HR Technology is changing how we work and the skills we need Global social, political, and regulatory shifts are changing the focus of business The HR Professionals of Gen Y Mobile, social, and cloud computing continue to explode Demographic shifts are creating a diverse, multigenerational workforce page 45

Findings ( Findings Global Human Capital Trends 2014, Deloitte) Key Areas of Strategic Focus 12. The Future of HR Priority list Group A Group B Lead & Develop 86% 13% invest in training & development programs 66% refer the companies’ weakness to invest in training & development programs Attract & Engage 79% > 51% don’t trust enough the companies’ capability to maintain engagement programs >38% refer the lack of engagement programs Transform & Reinvent of HR 77% <10% believe that there is a suitable HR skillset 34% believe that there is a poor HR operation The HR Professionals of Gen Y page 46

Key Areas of Strategic Focus Lead & Develop 12. The Future of HR Attract & Engage Transform & Reinvent of HR Leaders at all levels: Close the gap between hype and readiness Talent acquisition revisited: Deploy new approaches for the new battlefield The reskilled HR team: Transform HR professionals into skilled business consultants Corporate learning redefined: Prepare for a revolution Beyond retention: Build passion and purpose Talent analytics in practice: Go from talking to delivering on big data Performance management is broken: Replace “rank and yank” with coaching and development From diversity to inclusion: Move from compliance to diversity as a business strategy Race to the cloud: Integrate talent, HR, and business technologies The quest for workforce capability: Create a global skills supply chain The overwhelmed employee: The global and local HR Simplify the work function: Balance scale environment and agility The HR Professionals of Gen Y page 47

HR should change for the better in coming years (Economist Intelligence Unit HR should change for the better in coming years study) 56% 12. The Future of HR 31% • HR functions report an increase in using data analytics compared to 3 years ago • Plan to implement new technology to support this The HR Professionals of Gen Y 23% • Reported that adopting new technologies, such as data analytics, would be their main focus in the next 3 years page 48

HR should change for the better in coming years Top Talent Management War in a bid for growth Higher level of transparency and compliance with national and international regulations including labor ones 12. The Future of HR Developing new employee skillsets (e. g. HR analytics, statistical techniques, HR metrics, etc. ) Trusting your employees to do the right thing while doing away with much of the control and process Enabling people to sparkle with their hearts and brains fully engaged at work Coming up with robust data and metrics to show the impact of your major HR initiatives and the ROI the company is making in HR To be the Business Partner that can help make that happen The HR Professionals of Gen Y page 49

12. The Future of HR HR’s role in change (David Ulrich, HR guru) change RATIO OF 20: 60: 20 20% will never change 60% can change with the right attention and focus Some 20% of the individuals or HR departments are exceptional and reacting ahead of the change The HR Professionals of Gen Y page 50

6 Critical Competencies for Top HR Professionals (David Ulrich, HR guru) Professionals 1. Strategic positioner: able to know the business well enough to position an organization in changing markets 12. The Future of HR 2. Credible activist: able to build relationships of trust through personal credibility and having a point of view on business performance 3. Capability builder: able to define and shape a culture that turns external brand expectations into internal organizational actions 4. Change champion: able to initiate and sustain change at individual and institutional levels 5. HR innovator and integrator: able to innovate HR practices in an integrated way to solve business problems 6. Technology proponent: able to access information to make better decisions The HR Professionals of Gen Y page 51

If you want to build a sustainable business and outgrow your competition, 12. The Future of HR your only way is have a skilled and engaged work force skilled that is motivated and rewarded motivated to innovate and grow the business The HR Professionals of Gen Y page 52

Thank you for your attention The HR Professionals of Gen Y page 53