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GENERATION NEXT Retention Strategies for the Energetic Younger Worker By Gregory Evans, Esq. PowerPoint Presentation
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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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slide1

GENERATION NEXT

Retention Strategies for the Energetic Younger Worker

By Gregory Evans, Esq.

overview
OVERVIEW
  • Definition and Characteristics of a Millennial?
  • Cost Implications
  • Importance of recruiting, motivating and retaining a diverse workforce
  • Retention Solutions
generation y the millennials
GENERATION YThe Millennials
  • Born 1980-1999

(approximately 80 million)

  • Ages 11-30
  • Comfortable with

innovation and technology (came of age in the digital world)

generation y the millennials5
Open to change

Instantaneous information gatherers and sharers

Prefer immediate feedback

GENERATION YThe Millennials
generation y the millennials6
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
generation y the millennials7
What are they looking for?

Feedback

Good management

Goal oriented workplace versus a rigid schedule driven environment

Opportunities to expand skills

GENERATION YThe Millennials
generation y the millennials8
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
generation y the millennials9
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
generation y the millennials10
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
generation y the millennials11
Why do they leave?

Better Pay/Benefits

Advancement Opportunities

Work/Life balance; i.e. Telecommuting

Shorter commute to work

GENERATION YThe Millennials
generation y the millennials12
Why do they leave?

Job enrichment

Advancement

A better work environment

Poor supervisors

GENERATION YThe Millennials
generation y the millennials13
GENERATION YThe Millennials
  • Examples of how Millennials
  • differ from the generations
  • which preceded them.
generation y characteristics of millennials
Committed to their work instead of being loyal to their employer.

Work well in multicultural settings

Team-Oriented

Multi-taskers

GENERATION YCharacteristics of Millennials
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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

slide17
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

slide18
Most politically progressive generation in modern history

Acknowledge and respect positions and titles

Want relationships with their supervisor

GENERATION YCharacteristics of Millennials

cost implications
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

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COST IMPLICATIONS

  • Loss of professional contacts
  • Training costs for both outgoing and incoming worker
  • Demoralizing
  • Recruitment Costs
  • Training Costs
slide22

COST IMPLICATIONS

  • Lost Productivity
  • New Hire
  • Time
  • Managers have to develop trust in new workers
  • Wastes the efforts of diversity professionals
slide24

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
solutions
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
solutions26
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
solutions27
Influencing how work gets done through mentorship

Training

Utilize various forms of technology to enhance the work environment

Collaborative workgroups

SOLUTIONS