Presentation on theme: "Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov."— Presentation transcript:
Millennial Expectations of the Workplace Millennial Attraction Eduardo Baudet Clement Bel Leila Jahanshahi Yash Mehta Vilian Zhekov
Agenda Objectives Introduction Methodology Themes - Results and Discussion Most admired companiesFeedback ValuesPay Social MediaBenefits TeamworkOptimism Career advancementSkills and training Work-life balanceMentoring Recommendations
Oracle: Background Second largest software maker in the world by revenue, with $ 37.2 billion in revenue in Particular specialization in provision of database services and the cloud. Over 400,000 customers in 145 countries. Also owns one of the most popular programming languages in the world – Java.
The aim of the project is to understand what attracts millennials to employers Objectives: Understand which employers millennials admire and the rationale behind it. Explore what expectations millennials have of their employers. Provide recommendations for companies to attract millennials.
Who are Millennials? The Millennial Generation, born from 1982 until 2000, represents a generational cohort distinct from the Baby Boomer generation, and their immediate predecessors, Generation X (Howe and Strauss, 2003). High expectations for careers They have strong expectations regarding job content, training, career development, and financial rewards, which are largely embedded within the generation. Moreover, Millennials’ expectations are significantly influenced by individual variables, careerism, and optimism (De Hauw, 2010). Globally connected They have a more global orientation and understand the need for interconnectivity in the worldwide market (Alch, 2000).
The team followed an integrated research approach Quantitative Survey with 25 questions. Most questions given as a Likert scale - 1 (Strongly Disagree) to 5 (Strongly Agree). Qualitative 18 semi-structured interviews for average of minutes. Sampled mainly from students of the London School of Economics. Reliability and Validity checks: Interviewed students until no new information was being discovered and patterns started to repeat. Each interview conducted by two members of the team
We surveyed 260 millennials The dropout rate was 47%. 136 surveys were fully completed. N=136 59% of respondents stated their highest level of education was a Master’s degree. 27% said they were pursuing their final year of their bachelor’s degree.
The sample was representative of the diversity of the Millennial generation We had a diverse group of respondents. Around 50% of the the respondents were either French, American or Indian. N=136
We asked millennials which companies they admired Out of 130 respondents in the survey 18% chose Google to be their most admired company. Q. Which company do you admire the most? “I love Google’s creative culture, open atmosphere, background diversity and the their constant innovation.” “Apple is the reference in the technology industry. I love their iconic products and their global impact.” “BCG is my dream company and the ultimate reference in strategy consulting. I want to learn from the best and I know that working for BCG will open doors for me in the future.”
Consulting and Marketing are the most popular industries Q. Which industry do you want to work in the most? N=136 *Other includes arts & culture, sport, tourism, telecommunication
Values: Results 84% of the respondents from the survey either agree or strongly agree that they would want to work for a company that matches their values. “It’s really important for my values to match company’s value. If not, then technically I am simply working for a living, rather than work for my value or the company. It would be painful to work in that kind of surrounding.” “Opportunities for development within the company are important for me. It’s important that the company allows me to grow; while making a valuable contribution to society.” “I like companies that emphasize egalitarianism among its employees. I like when teamwork is emphasized as opposed to working individually. In general companies that have a flatter structure.”
Most valued job attributes
Most important job attributes Q. Scale the attributes you consider most important when making career choices
Social Media: Results On average, millennials spend 2 hours 50 minutes on social media per day. 66% of respondents stated that they would use social media to look for potential employers. Q. What is your prefered method of communication at work?
Q. Do you prefer to work individually or in a team? Teamwork: Results N= 136
Career Advancement: Results (1) 75% of those surveyed expect to be promoted within 18 months. Q. When would you expect to be promoted after being recruited into your first job? N=136
Career Advancement: Results (2) 81% expect to stay no more than 3 years at their first job. N=136 Q. How long do you expect to stay at your first job?
N=136 Q. Scale the attributes you consider most important when making career choices Work-Life Balance: Results (1)
It was also found through the survey that millennials expect to work 9-10 hours on average per day. N=137 Q. How important are the following benefits to you when you are looking for a job: Work-Life Balance: Results (2)
53% of respondents are either likely or very likely to sacrifice work-life balance in exchange for higher pay. N=137 Q. How likely are you to sacrifice work-life balance in exchange for higher pay? Work-Life Balance: Results (3)
Feedback: Results 76% of respondents would like to receive job performance feedback on a monthly or quarterly basis. N=137
Pay: Results N= 138 Q. What is your annual pay expectation immediately after graduation?
N=137 Q. How important are the following benefits to you, when you are looking for a job: Benefits: Results
Optimism: Results Only 36% are either optimistic or very optimistic about securing a job with their ideal company after graduation. N=137
Skills and Training
Skills and Training: Results 87% of respondents agree that they would like to have additional training sessions at work.
Mentoring: Results 86% percent of respondents stated that they would like to have a mentor at their job. “The teacher should not strike fear into the student; the teacher should strive to make the student exceed his own ability” “I would want a very informal relationship. I would like to know that I can be honest and don’t feel as if I am talking to a superior”
Key takeaways Skills development New skills Variety of work Promotion opportunities Frequent feedback Open culture Bosses as friends Collaborative environment Work-life balance Group and individual work Pragmatic Realistic expectation about pay Job security as priority Willing to take job outside preferred industry Pension plan and health insurance Meaningful work and innovation Value matching Innovative companies most admired Positive impact 2.5 hours per day in social media
Recommendations Skills development Open culture Pragmatic Meaningful work and innovation Offer new and challenging projects plus training sessions for both technical and soft skills. Provide fast-track promotion opportunities Advertise company’s friendly environment and opportunities for flexible working hours. Implement mentor and buddy schemes. Ensure transparency in pay and benefits Advertise company’s provision of pension & retirement plans. Advertise company’s mission and benefits to society Active company presence in social media. Strengths-based tool Seniors active hiring Reverse mentoring Strengths-based tool Seniors active hiring Reverse mentoring Short-term projects Diversity in training Incremental feedback Short-term projects Diversity in training Incremental feedback Structured schemes Clarity with P&B Tailored packages Structured schemes Clarity with P&B Tailored packages Societal values Partnerships #Opportunities Societal values Partnerships #Opportunities