Millennial myths, exaggerations and uncomfortable truths - The real story behind Millennials in the workplace

Myths, exaggerations and
uncomfortable truths
The real story behind Millennials in the workplace
Carolyn Heller Baird
Global Research Leader
IBM Institute of Business Value
1

© 2015 IBM Corporation
IBM Institute for Business Value
Table of contents
Introduction - The Millennial impact
Study methodology
Five myth busters
Three uncomfortable truths
Recommendations
Summary
2

Millennials—as digital natives—bring vital value to a work
environment in the midst of a digital revolution
3
5050%%
USA workforceUSA workforce
7575%%
Global workforceGlobal workforce
By 2020, Millennials will
be roughly 50%
of the USA
workforce, and 75%
of the
global workforce by 2030.1
Source: Meister, Jeanne. “Three Reasons You Need To Adopt A Millennial Mindset Regardless Of Your Age.” Forbes. October 5, 2012. http://www.forbes.com/sites/jeannemeister/
2012/10/05/millennialmindse/
By sheer numbers alone, Millennials have become
the catalyst for accelerated change in the workplace.
They are the first wave of digital natives to enter
the workforce, and this does distinguish them.
Organizations that have embarked on their own
transformation urgently need this digital capital.
2020 2030
3

The hype swings from one extreme to the other
Millennials are open-minded, have
a strong sense of community, and
are bent on saving the world.2
Notes:
1
Stein, Joel. “Millennials:The Me Me Me Generation” Time magazine. May 20, 2013.
2
Feldmann, Derrick & Emily Yu. “Millennials and the Social Sector: What’s Next?” Stanford Social Innovation Review. June 18, 2014.
Millennials are
lazy, entitled, selfish
and shallow.1
Yet the buzz about Millennials suggests that the
differences between them and their older colleagues
go much deeper
4

©2015 IBM Corporation June 16, 20155
The first paper is the one we are covering today:
Myths, exaggerations and uncomfortable truths – The real story
behind Millennials in the workplace
Get the Executive Report: ibm.biz/millennialmyths
The IBV Millennial study is a
2-part series
The second paper in the Millennial study series:
To buy or not to buy –
How Millennials are reshaping B2B marketing
Get the Executive Report: ibm.biz/millennialsb2b

Table of contents
Study Methodology
Five myth busters
Recommendations
Summary
6

In a multigenerational study of
1,784 professionals
from companies large and small across 7 regions and more
than 6 targeted industries, we compared the workplace preferences
and behavioral patterns of Millennials, Gen X, and Baby Boomers
So what’s the
real story?
Now that the first wave of Millennials is reaching the
top echelons and making – or influencing – major
business, it’s time to take stock.
65%
Millennials
(21-34)
20%
Gen X
(35-49)
16%
Baby
Boomers
(50-60)
Generational breakdown
 All respondents - currently employed with at least a bachelor’s
degree
 Each generation - wide range of job roles, from senior leaders
to entry-level staff
 30%
– 40%
of respondents influence B2B purchasing decisions
(single purchases of US$10,000 or more)
Source: IBV Millennial survey issued July-August 2014
7
ages in summer of 2014

Table of contents
Study methodology
Five myth busters
Recommendations
Summary
8

50 90807060403020100 100
Myth 1:
Millennials’ career goals
and expectations are
different from those
of older generations
Fact:
Millennials have similar goals as their older
colleagues—and they place much the same weight
on each goal.
Make a positive impact on my organization
Help solve social and/or
environmental challenges
Work with a diverse group of people
Work for an organization among the
best in my industry
Do work I am passionate about
Become an expert in my field
Manage my work/life balance
Become a senior leader
Achieve financial security
Start my own business
Percentage of respondents who ranked the following goals among
their top two career aspirations
Source: IBV Millennial survey: Select the two long-term career goals that are most important to you. (Millennials n=1,153, Gen X n=353, Baby Boomers n=278)
9

Percentage of respondents who agreed
Myth 2:
Millennials want
constant acclaim
and think everyone
should get a trophy
Fact:
It’s largely Gen X employees, not Millennials, who
think everyone on a successful team should be
rewarded, and employees should be recognized for
information sharing and collaboration.
64%
55%
44%
If a team is successful,
everyone should be rewarded
Employees should be rewarded
for sharing information
and collaborating
10
55% 64%
44%
Millennials Gen X Baby
Boomers
55% 66%
43%
Millennials Gen X Baby
Boomers
Source: IBV Millennial survey: How should work performance be rewarded? To what extent do you agree or disagree with the following statements?
(Millennials n=1,153, Gen X n=353, Baby Boomers n=278)

Fact:
Millennials are comfortable using interactive online
tools to acquire new work-related knowledge and
skills, but they prefer in-person interaction.
39%
37%
36%
35%
35%
34%
33%
27%
23%
…attending in-person classroom training
…working along side knowledgeable colleagues
…accessing self-paced interactive modules,
apps or online simulations
…reading education/training
manuals/instructions
…figuring it out on my own
…attending a live webinar
…attending a Massive Open Online
Course (MOOC)
…watching a video
Millennials prefer to obtain
work-related knowledge by…
…attending a third-party sponsored event
Percentage of Millennials who selected these options as one of their
top three preferences
39%
37%
36%
35%
35%
34%
33%
2727%%
2323%%
Source: IBV Millennial survey: How do you prefer to obtain network-related knowledge and skills? (Millennials n=1,153, Gen X n=353, Baby
Boomers n=278)
11
Myth 3:
Millennials are digital
addicts who want to do
everything online

Myth 4:
Millennials, unlike older
colleagues, can’t make
a decision without first
inviting everyone to
weigh in
Fact:
Millennials value others’ opinions, but Gen X is even
more inclined to want a variety of people to provide
input and to seek group consensus.
37%
36%
39%
55%
61%
Percentage of respondents who agreed
It is important to have
group consensus
I make better decisions when a
variety of people provide input
64%
56%
49%
61%
55%
39%
Source: IBV Millennial survey: To what extent do you agree or
disagree with the following statements about how you make
business-related decisions? (Millennials n=1,153,
Gen X n=353, Baby Boomers n=278)
12

Myth 5:
Millennials are more
likely than employees
of other generations
to jump ship if a job
doesn’t fulfill their
passions
Fact:
Millennials change jobs for much the same reasons
Gen X and Baby Boomers do.
Employees of all ages have much the same reasons for moving to another position
13

Myths:
Implications
Fact:
Build a workplace environment where Millennials,
as well as older employees, will thrive
Millennials and most older employees want…
Career goals and expectations
Leadership style and recognition
Use of digital technologies
Decision making
Job satisfaction
1
2
3
4
5
To make a positive impact and feel inspired and
informed
To be treated ethically and fairly, and valued for
their contribution to the team’s success
To maximize their digital acuity, but also balance virtual
interactions with in-person engagement
To collaborate with colleagues and others so
the best ideas can surface and flourish
To receive competitive compensation and work in a
creative, innovative environment
14

Table of contents
Study methodology
Five myth busters
Recommendations
Summary
15

Many employees aren’t sure they
understand their organization’s
business strategy
Uncomfortable truth
1
16
Percentage of respondents with limited or no understanding
…my organization’s business strategy
…my manager’s expectations of
me as an employee
…what my customer’s want
…my organization’s brand promise
I don’t fully understand…
%
6560504035

The majority of respondents
believe their organization
effectively addresses a number
of issues, including work-life
management, workforce diversity
and environmental/societal
concerns.
The sole exception is the
customer experience.
Most employees, irrespective of age,
think their organization provides a
poor customer experience
60%
40%
70%
Millennials
Gen X
Uncomfortable truth
2
Percentage of respondents who believe their organization is
not addressing the customer experience
Baby Boomers
17 © 2015 IBM Corporation

Only 4%
of respondents say their
organization has no
problem implementing
new technologies
Employees of all generations
say their organization is slow to
implement new technologies
Impact on current customer experience
Leaders’ lack of technological savvy
Complexity of technology
Leaders’ inability to envision future needs
Organizational culture that is resistant to change
Uncomfortable truth
3
72%
44%
44%
36%
32%
The top barriers to implementing new technologies
18 © 2015 IBM Corporation

Employees need to
understand their business
fundamentals so they…
More engaged
employees will lead to
happier customers
Uncomfortable truths
Implications
Employees need improved
technologies so they…
─ feel their role matters
─ feel part of a bigger mission
─ feel empowered to make a difference
…And can become enthusiastic brand ambassadors
─ can be more collaborative and innovative
─ can be more efficient and effective
─ can be informed decision makers
…And can design and deliver differentiated
customer experiences
19

Table of contents
Study methodology
Five myth busters
Recommendations
Summary
20

21
We’ve made five practical recommendations for helping a
multigenerational workforce thrive in today’s volatile environment
Recommendations
Focus on individuals
Use robust workforce analytics, policies and
programs that accommodate individual career
aspirations, not generational stereotypes
Foster a collaborative culture
Deploy collaboration technologies and tools along
with adoption programs and incentives
Make customer experience a priority
Investigate weaknesses, be transparent, and
work collaboratively on improvements
Look within
Leaders assess how well you are personally
connecting with employees
Get everyone on board
Help all employees understand the business
fundamentals
Implications for business leaders
The “Millennial” mindset transcends age.
Employees in each generation want:
A diverse, collaborative, innovative workplace
The tools and technologies to help them be
their best
Delighted customers
Inspirational leaders who are invested in employees’
engagement and development
These attributes will be the competitive differentiators
that attract and retain top talent.

Table of contents
Study methodology
Five myth busters
Recommendations
Summary
22

Millennials as
a catalyst
for change
 Millennials, as digital natives, bring the digital capital
organizations need to accelerate their business
transformation
 Gen X and Baby Boomers have also adopted new ways of
doing business - they want many of the same things
Millennials do
 Organizations need nuanced talent strategies and robust
analytics for a multigenerational workforce; employees of all
ages are complex individuals
Summary
23

Millennial myths, exaggerations and uncomfortable truths - The real story behind Millennials in the workplace

Millennial myths, exaggerations and uncomfortable truths - The real story behind Millennials in the workplace

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