The Changing Nature of WorkCapturing the Millennial Workforce and Enhancing Organizational Performance through Social Collaboration
Ready or Not, The Workforce is Changing! Equal and Simultaneous Forces are Shaping the Future of Work
Get to Know Your Workplace Generations Do you know the demographic breakdown of your workforce? How is this likely to change in 5 years? What about 10?
Demographics in Action: The Latest Numbers (U.S.) 2014: Millennials will comprise 36% of U.S. workforce By 2020 Millennials will comprise nearly half (46%) Gen X = 16% of workforce Median age of workforce expected to increase to 42 in 2020 How this affects your business: Workforce growing at a slower rate Pension and health costs rise just as growth in the tax base slows Fewer workers – particularly fewer experienced workers -- threat to productivity.and economic growth Departing Baby Boomers create leadership and skills gap Immigration a strong contributor to workforce growth Increased diversity
Talent Follows Opportunity
Relative Size of the Generations in Most Westernized countries* Traditionalists Baby Boomers Generation X Millennials Gen 2020 ??? * Example is US
Not Surprisingly…Millennials Like Smaller Companies Why? More opportunities to do more/different things – to determine preferences and hone abilities Fewer layers ? more direct access to leadership, greater opportunity for mentorship More exposure, influence on strategic decisions - more likely to be “heard” “Gen Y on the Job,” www.payscale.com, 2012.
Who Are These Millennials? Dispelling the Myths MYTH TRUTHS
Another Myth MYTH TRUTHS
One More Myth MYTH TRUTHS
More Millennial Facts You Need to Know Will comprise 75% of the Western workforce by 2025, the largest proportion in history. Most educated workforce in history. Tech-natives – grew up with access and dependence on technology. Ethnically and culturally diverse due to more open immigration policies than in previous generations. Most educated female demographic in history. The children of Baby Boomers, or older Gen X.
Embracing Technology to Optimize Your Workforce Each retiring Baby Boomer subtracts ~40 years of workplace experience How do you not only fill the gap but surpass your competitors? Collaboration Deliver employee experiences that strengthen knowledge of and appreciation for the customer value chain Authenticity Values in action and transparency facilitated through social media/collaboration, open financial books, full disclosure on pay Personalization Nurture employee relationships that align with needs of every generation at each life stage Innovation Offer innovative practices aligned to organizational strategy Social connection Provide fun, engaging work environments (virtual or physical) Encourage use of social media tools/techniques that allow employees to enable workplace performance and support life interests
Why does Technology Matter? Your Workforce has Changed…
…and is Using Apps Like These
So Why Keep Technology that Looks Like This…
…When You Can Have HR Technology that Doesn’t Look or Act like HR Technology…
…And is Available Wherever Your Employees Are, 24/7
Business Execution Technology: GPS for Strategic HR Putting knowledge in the hands of decision makers to support real time decisions Let’s take a look…
Of Course…You Have to Know How to Use It Correctly
Predictions for the 2020 Workplace Your mobile device will become office, classroom, and concierge Work-life flexibility will replace work-life balance The global talent shortage will be acute Recruiting will start on social networking sites You will be hired and promoted based upon your reputation capital Building a portfolio of contract jobs will be the path to full-time employment Corporate social networks will flourish and grow inside companies Social media literacy will be required for all employees Leaders will learn to blog (to promote authenticity, transparency) Lifelong learning will be a business requirement Development opportunities will be personalized and address generational needs The 2020Workplace: How Innovative Companies Attract, Develop and Keep Tomorrow’s Employees Today by Jeanne C.Meister and Karie Willyerd. Copyright © 2010 by Jeanne C. Meister and Karie Willyerd.
Seven Actions You Can Take Today To Prepare