Read, Click, Post or Tweet: Engaging multiple generations in the Workplace 2017 Annual Educa.on Conference Academy of Medicine March 30, 2017 10:15 -11:15 a.m. 1
Introduc=ons Speaker: Keisha Olinger Client Rela=onship Director Willis Towers Watson Atlanta, GA 2
Three megatrends impac=ng employee engagement 1 2 3 Pace of Change The Employee Value Shifting Workforce Proposition (EVP) Insights from the 2016 Global Talent Management & Rewards and Global Workforce Studies 3
About Willis Towers Watson We are an integrated advisory, broking and solu=ons company organized around four business segments designed to meet our clients’ risk and people needs Investment, Corporate Risk Risk and and Broking Reinsurance Integrated offering around people and risk Human Capital Exchange and Benefits Solutions 4
1. Pace of Change 5
Content Source: facebook.com. 6
Content Source: wikipedia.com. 7
Content Source: U.S. Department of Labor. 8
Pace of Change: Fortune 20 (1964 – 2015) 9
Pace of Change: Time to Reach 50 Million Users 75 Years 38 Years 13 Years 4 Years 35 Days Telephone Radio TV Internet Angry Birds Space Source: Attributed to Carl Benedikt Frey and Michael Osborne (Oxford Martin School, University of Oxford) and G. Kofi Annan, author; note: some figures disputed 10
2. The Employee Value Proposi=on (EVP) Insights from the 2016 Global Talent Management & Rewards and Global Workforce Studies 11
About Willis Towers Watson’s 2016 studies Global and Talent Management & Rewards Study Fielded June 2016 We surveyed: § 29 global markets § 2,004 employers participated and represented > 21 million employees Global Workforce Study Fielded April – May 2016 We surveyed: § 29 global markets § > 31,000 employees participated 12
The Employee Value Proposi=on (EVP) is grounded in programs, prac=ces and work experiences It covers your purpose and values, the type of Your EVP is what you offer employees work, culture and people, as well as the total throughout their working experience to rewards received. motivate them to deliver the performance that you need to make your organization successful. Human Capital Business Outcomes Dimensions Strategy Desired Customer Experience Culture Business Performance EVP Employee Performance Employee Value Proposition Employee Retention Employee Engagement Human Capital Employee Attraction Strategy 13
EVP is the experience of working at your company It should answer these employee questions … WORK PURPOSE Do I enjoy the work I do? Do I believe in where you are going? Do I have the opportunities, tools and resources available to Do I know how I me to deliver what you want? support that? TOTAL REWARDS PEOPLE Am I rewarded in the right way to Do my leaders/managers inspire me? motivate me? Does the Company have the diversity, Do I understand the benefits I get and culture and resources to enable high is it clear how they work? performing teams? Do I know where my career can go? Will I be working with great people? 14
Best prac=ce EVP organiza=ons achieve be\er outcomes Leadership Business strategy Human capital dimensions Outcomes almost 3x as likely to report their employees are highly engaged 93% more likely to report significantly Desired Culture outperforming their industry peers financially EVP More than 10% less likely to report Employee Value difficulty attracting and retaining key Proposition employees segments Human 27% fewer regrettable new hires Capital in the first year Strategy 17% lower voluntary turnover Measurement, Change Management, Communication and HR Technology 15
Closer Look at Millennials and Future Genera=ons 16
The genera=ons defined… Traditionalists Baby Boomers Generation Y Generation X Generation Z (also known as Millennials) (also known as Centennials) 1981 – 1994 1995 – 2010 1946 – 1964 1965 – 1980 Before 1945 Age in 2016 Age in 2016 Age in 2016 Age in 2016 Age in 2016 6 – 22 years 22 – 35 years 52 – 70 years 36 – 51 years 71+ years Estimated Estimated Estimated Estimated Estimated population size population size population size population size population size (U.S.) (U.S.) (U.S.) (U.S.) (U.S.) ~25 million 80 million – 76 million – 34 million – ~29 million – (and 90 million 79 million 40 million 31 million growing?) Loyalty Team-oriented Competitive Self-reliant Immediacy Respect for Tech-savvy Optimistic Globally- Connected authority minded Socially Career-minded Realistic Sacrifice Adaptable conscious One generation does not fit all … 17
Baby Boomers 18
Genera=on X 19
Genera=on Y 20
Genera=on Z 21
Millennials – Value flexibility and technology 45% of Millennials will choose workplace flexibility over pay 1 74% of Millennials believe that new technology makes life easier. It is part of their DNA 2 1 Millennial Branding. The Gen Y Workplace Expectations Study , September 3, 2011 2 Nielsen, Millennials: Technology = Social Connection , February 26, 2016 . http://www.nielsen.com/us/en/insights/news/2014/millennials-technology-social-connection.html 22
Millennials – Idealis=c and socially- conscious 64% of Gen Ys rank making the world a better place as a priority in life 56% would take a pay cut to work somewhere that is positively changing the world Source : Intelligence Group – Cassandra Report; 2013 23
Millennials – Not corporate-focused 57% of Gen Y’s would rather work freelance than a regular 9 a.m. to 5 p.m. job 55% would rather work for a start-up than a corporate environment 57% would rather work for themselves than for a company Source : Intelligence Group – Cassandra Report; 2013 24
Millennials – Balancing act 88% of Gen Ys prefer work life integration over work life balance Source : Intelligence Group – Cassandra Report; 2013 25
Millennials – Financial dependence 93% of Gen Ys receive financial assistance from parents Source : Intelligence Group – Cassandra Report; 2013 26
Millennials have a unique view of the world and idea of success… OLD NEW • LIVE to work • Work to LIVE • INDIVIDUAL achievement • GROUP oriented • CORNER office • FLEXIBLE schedules/social media • PRESTIGE • GIVING BACK Source : Intelligence Group – Cassandra Report; 2013 27
… and are more likely to leave their job if the elements they value are not part of the organiza=ons EVP Millennials are 2x more likely to leave their current job after two years compared to Gen X 45% of Millennials would quit a job if they did not see a career path they wanted in a company The Nielsen Global Survey of Generational Attitudes , 2015. 28
Moderniza=on, relevance and what’s at stake Creates increased pressure and stress on the workforce and a whole new definition of what it means to be an engagement leader Market trend/reality Fast-changing market Fast-changing technology Demographic shift – It’s really happening Expectations of transparency and individualization 29
What this data means for your organiza=on 1. Survey, focus group and segment your workforce to understand their unique engagement and reten=on drivers 2. Treat your employees like consumers • 70% of employees believe that their organiza=on should understand them to the same degree that employees are expected to understand external customers • 43% of employees repor=ng having an employer that understands them in this way 3. Establish and execute a consistent communica=on framework • Iden=fy key themes in your business strategy or value proposi=on and consistently align them with total rewards programs 30
Ques=ons? 31
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