www.pwc.com/ca Millennials at Work Understanding Your Future Workforce Presentation at the 2013 Financial Management Institute PD Week Presenters Lori Watson Partner Ryan Lotan Director Franck Hounzangbe Senior Associate
Today we will discuss Why workplace generations matter; What we have learned about Gen Y; and What this means to you as a manager or employer. Millennials at Work Understanding Your Future Workforce 2
Are generations really that different? Who are the Boomers, Gen X and Gen Y? 1. What is their focus when it comes to work? 2. What is their preferred communications style? 3. What comes first? Millennials at Work Understanding Your Future Workforce 3
Baby Boomers (Born between 1943 1960) General characteristics Focus is on quality and efficiency See life as an adventure Prefer to communicate in person Interested in traditional forms of reward (e.g. bonus, raise, promotion) Prioritize work first Millennials at Work Understanding Your Future Workforce 4
Generation X (Born between 1961 1981) General characteristics Focus is getting the job done Like being independent See work as a challenge Enjoy direct communication (in person/phone) Less concerned about promotion Want freedom and flexibility Want work/life balance Millennials at Work Understanding Your Future Workforce 5
The Millennial Generation / Generation Y (Born between 1982 2000) General characteristics Always looking to the future Goal orientated See work as a means to an end Prefer communicating via email and social media Desire instant feedback and recognition where it is due Want balance between work and life. Millennials at Work Understanding Your Future Workforce 6
Why care about these differences? People in different age groups tend to share a distinct set of attitudes and behavior due to their coming of age during a particular period in history. Strauss and Howe, Generations (1991) Millennials at Work Understanding Your Future Workforce 7
A Deeper Dive: PwC s Millennials at work study Global survey with millennials from 75 countries. 4,364 respondents, including 1,470 PwC employees and 2,894 other graduates. In Canada, 75 individuals responded to the survey. All respondents were 31 years of age or younger and had graduated between 2008 and 2011. 75% were employed or about to start a new job. Detailed results available at: www.pwc.com/millennialsatwork Millennials at Work Understanding Your Future Workforce 8
Do you believe that Millennials will be better off than their parents generation? Although this generation is likely to be the first in living memory that is worse off than their parents, 67% of Millennials still expect to be better off. Millennials at Work Understanding Your Future Workforce 9
Taking a lower salary than expected Working away from my preferred location Fewer additional benefits than I hoped for Working outside my preferred sector More limited opportunities for advancement than I hoped for Working outside my preferred job role Working for an organisation that was not my first choice Taking a job for which I am over-qualified Other compromise(s) No I did not have to make any compromises Millennials have made compromises to get work 35% 30% 25% 20% 15% 10% 5% 0% Which compromises do you believe are the most acceptable to millennials to get into work? 32% 17% 17% 15% 14% 14% 14% 14% 6% 28%?????????? Base: Those employed/ due to start work for an employer shortly Millennials at Work Understanding Your Future Workforce 10
Money isn t everything. Knowing that the company values its professionals and has a solid professional development scheme and concern for holding on to talent. Male graduate, Brazil Millennials at Work Understanding Your Future Workforce 11
Millennials are attracted to employers who can offer more than just good pay What makes an organization an attractive employer? 0% 20% 40% 60% Opportunities for career progression Competitive wages/ other financial incentives Excellent training/ development programmes Good benefits packages Flexible working arrangements International opportunities Good reputation for ethical practices Corporate values that match your own A reputation as an employer of the best and The employer brand Diversity/ equal opportunities record The sector in which the organisation operates Other Base: All graduates 52% 44% 35% 31% 21% 20% 15% 15% 15% 10% 8% 8% 1% Millennials at Work Understanding Your Future Workforce 12
Millennials expect to keep on learning and spend a high proportion of their time gaining new experiences and absorbing new information. Millennials at Work Understanding Your Future Workforce 13
Millennials believe they have a lot to learn from senior management, and are comfortable working with other generations Overall, over three quarters (76%) of graduates agree they enjoy working with older senior management, while only 4% disagree. 100% 80% 60% 40% 20% 0% Enjoy working with senior management of an older generation and believe I can learn a lot from them 76% Agree 4% Disagree Base: All graduates Millennials at Work Understanding Your Future Workforce 14
Millennials want regular feedback from managers on their performance at work Millennials want and expect detailed, regular feedback and praise for a job well done. The most valued opportunity is the chance to work with strong coaches and mentors 46% of employed millennials said the development opportunities offered by their employer influenced their choice to accept the job. Millennials at Work Understanding Your Future Workforce 15
Millennials expect employers to have a flexible approach to "how" work is done they want to be able to work in the way that suits them best 70% expect some degree of flexibility in their working hours. 78% believe that using the technology they like makes them more effective at work. Millennials at Work Understanding Your Future Workforce 16
Many millennials have found opportunities for progression to be limited since starting work Satisfied Neither Dissatisfied Employed in a non graduate job 32% 29% 39% Employed in a graduate job 57% 26% 17% There is a strong appetite among millennials for working abroad 71% would like to work outside of their home country in their career. Millennials at Work Understanding Your Future Workforce 17
Will millennials be loyal? Most millennials expect to have between two and five employers in their careers. The most popular course among millennials is to stay in the same field, progressing through a variety of organizations. Millennials at Work Understanding Your Future Workforce 18
The millennial generation is all about: 1. Flexibility 2. Feedback 3. Options 4. Development Given the Federal Government context, what are the levers available to managers to stimulate their millennial workforce? Millennials at Work Understanding Your Future Workforce 19
For more information, please contact: Lori Watson Partner, Financial Effectiveness 613 755 4358 lori.c.watson@ca.pwc.com Ryan Lotan Director, Operations 613 782 2979 ryan.w.lotan@ca.pwc.com Franck Hounzangbe Senior Associate, Financial Effectiveness 613 755 5901, ext. 2182 franck.hounzangbe@ca.pwc.com Millennials at Work Understanding Your Future Workforce www.pwc.com/ca/ 20
Thank-you This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, PricewaterhouseCoopers LLP, its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it. 2012 PricewaterhouseCoopers LLP. All rights reserved. In this document, PwC refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership, which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity. 21