Millennials at workplace
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The document discusses the characteristics and workplace expectations of millennials, highlighting their entrepreneurial spirit, desire for work-life balance, and the importance of feedback and development opportunities. It emphasizes that millennials often prioritize meaningful work over traditional career advancement and are likely to change jobs for better family management. Additionally, it notes their unique approach to leadership and the impact of academic inflation on job qualifications.
![ENTREPRENEURSHIP IS NEVER BAD
Idea of Playbour [work that feels like leisure]
Innovate
And
Create A
Legacy
Don’t
Have
Anything
Better To
Do
Easier Than
Ever
Crave
More
Meaning
Freedom To
Do Work
Opportunity
To Give
Back
“I don’t believe in
failure. It’s not failure
if you enjoyed the
process”
- Oprah Winfrey
The Social Good Summit is a two-day
conference examining the impact of
technology on social good initiatives.](https://image.slidesharecdn.com/millennialsatworkplace-161122040334/85/Millennials-at-workplace-5-320.jpg)
Millennials at workplace
- 1. MILLENNIALS AT WORKPLACE ABV - Indian Institute of Information Technology and Management, Gwalior BY – Aakash Khandelwal Arun Pant * All the images in this document are obtained from google images
- 3. WHO ARE MILLENNIALS? • Born between 1980 – 2000 • Brought up in an era of advanced and disruptive technologies • Natives of digital world • Global citizens • Pampered kids • The most educated generation • Generation with highest student debt • The “ME” generation • The liberal generation • Barely religious
- 4. 67 % want to do business. Only 13% want to climb business ladder and become CEOs ENTREPRENEURIAL ESCAPISM Most business ideas that come out of college students are not feasible. 50% of all startups cease to exist after 5 years of incubation, many die much sooner. VS Millennials start companies because they are too lazy to get real jobs Survey: Bentley University, 2014
- 5. ENTREPRENEURSHIP IS NEVER BAD Idea of Playbour [work that feels like leisure] Innovate And Create A Legacy Don’t Have Anything Better To Do Easier Than Ever Crave More Meaning Freedom To Do Work Opportunity To Give Back “I don’t believe in failure. It’s not failure if you enjoyed the process” - Oprah Winfrey The Social Good Summit is a two-day conference examining the impact of technology on social good initiatives.
- 6. Millennials pay most emphasis on leadership skills. 39% millennials believe leadership skills are important to succeed in business. However 63% believe that their leadership skills are not fully developed. Only 28% believe that their organizations make full use of their talents Source: Deloitte, Millennial survey 2016 LEAST LOYAL GENERATION Millennials have one foot out of the door. Even the millennials in senior management level expect to leave their organization soon. Clearly they no longer have potential to shape the future of their organization
- 7. TALENT MOBILITY RIGHT SKILLS RIGHT PLACE RIGHT TIME Mobility is evolving from a straightforward transfer of skills to a far more complex concept, designed to address a diverse set of business needs: • International perspective • Exciting career opportunities to the best talent as competition to attract. • Two-way transfer of knowledge, skills and experience • Borderless Workforce There is a growing recognition that the best future leaders of today’s organizations must reflect the world in which they operate. International experience is an essential part of their development. Source: PWC, Talent mobility 2020 and beyond
- 8. Proportion of those who would like to work outside home country in their career Source: PWC, Talent mobility 2020 and beyond
- 9. Millennials: The Job-Hopping Generation Source: PWC (2016), Talent mobility 2020 and beyond
- 10. According to, Sir Kenneth Robinson “Academic inflation”, or “education inflation”, is the process of inflation of the minimum job requirement, and the simultaneous growing number of higher educated persons. This results in an excess of college-educated individuals with lower degrees (associate and bachelor's degrees), and even higher qualifications (master's or doctorate degrees), competing for too few jobs that require these degrees, and devaluation of educational degrees. ACADEMIC INFLATION Sir Kenneth Robinson is a British author, speaker and international advisor on education in the arts to government, non-profits, education and arts bodies there is a shift in the educational requirements of most jobs. Degrees aren’t worth anything
- 12. WORK LIFE BALANCE • Work life balance is most influential factor in job after money • It carries more weight for women • 69% responded that their job provides good work-life balance • 28% feel their company does not provide enough opportunities for work-life balance Source: PWC, Millennials at work ; Deloitte, Millennial survey 2016 Degree of importance excluding salary
- 13. FLEXIBLE WORKING • 70% allowed to access email and other mobile applications during work • 67% allowed to work flexible hours within limits • Only 43% allowed to work from home or other locations where they feel most productive • 51% believe productivity will increase if they are allowed to work from their place of comfort Source: Deloitte, Millennial survey 2016 75% would like to start/do more 43%, currently offered 51%, positive impact on productivity Work from home or other locations where you feel you are most productive
- 14. FAMILY, FRIENDS AND MILLENNIALS
- 15. IMPACT OF FAMILY ON WORK • Millennials are more likely to take paid parental leaves (48%) as compared to older generations (Gen X 35% and Boomers 24%) • Millennials are more likely to have made or willing to make sacrifices to manage work and family/personal responsibilities • 77% ready to change job/careers for better managing families (Gen X 44%, Boomers 62%) • 44% ready to take pay cut to have flexibility (Gen X 35%, Boomers 31%) • 53% ready to leave job to take care of family (Gen X 48%, Boomers 42%) Source: EY (2015), Global Generation
- 16. Millennials expect to keep on learning as they enter the workplace and spend a high proportion of their time gaining new experiences and absorbing new information. According to PwC - 35% said they were attracted to employers who offer excellent training and development programmes for this reason and saw it as the top benefit they wanted from an employer. Chance To Work With Strong Coaches And Mentors Opportunity To Engage, Interact And Learn From Senior Management Particularly Effective And Also Help To Relieve Tensions Between Generations Like to devote more time to the discussion of new ideas and ways of working, on coaching and mentoring, and on the development of their leadership skills. CURIOUS LEARNERS Source: PWC (2016), Talent mobility 2020 and beyond
- 17. BUSINESS VALUES FOR LONG TERM SUCCESS 26% Employee satisfaction/ loyalty/ fair treatment 25% Ethics/trust/ integrity/honesty 19% Customer care/ focus 13% Quality/ reliability 8% Environmental impact and Corporate social responsibility 7% Good Products, Efficiency 6% Innovation and Respect Source: Deloitte, Millennial survey 2016
- 18. FEEDBACK, FEEDBACK AND MORE FEEDBACK “To summarize, using money to motivate people can be a double- edged sword. For tasks that require cognitive ability, low to moderate performance-based incentives can help. But when the incentive level is very high, it can command too much attention and thereby distract the person’s mind with thoughts about the reward. This can create stress and ultimately reduce the level of performance.” ― Dan Ariely, Professor of Psychology and Behavioral Economics (Duke University) in his book – The Upside of Irrationality: The Unexpected Benefits of Defying Logic at Work and at Home Millennials want and value frequent feedback. Unlike the past where people received annual reviews, millennials want to know how they’re doing much more regularly.
- 19. ADAM SMITH vs KARL MARX Efficiency vs Meaning INDUSTRIAL REVOLUTION - Adam Smith KNOWLEDGE ECONOMY - Karl Marx
- 20. MARX'S THEORY OF HUMAN NATURE In theory, one can speculate that ideologies will motivate people to love the work they are doing and stay creative without monetary incentives, so work would be a way of self-realization rather than a grind out of economic necessity. To quote Marx, “Labor has become not only a means of life but life’s prime want.” In other words, you do work because you love the work, not because you have to work. Alienation of labor is equally important. Machines will do the labor that no man wants to do. People will find rewards in the work itself, so to speak.
- 22. THANK YOU