Talent Management - December 2008 - (Page 45)

A special supplement from Diversity Executive magazine CONNECTIONS | Kellie A. McElhaney Generation Next Is your workplace Millennial-friendly? They currently are referred to as Millennials, echo boomers, the digital generation, Gen Y and trophy kids, and depending on the study, these individuals are anywhere between the ages of 8 and 30. No matter the birth date, Millennials are the candidates you are trying to attract, recruit, retain and satisfy at your companies right now. They are a complex generation, seemingly like none that have gone before. They have seen horriﬁc tragedies during their lifetime: Columbine, Sept. 11, Katrina, corporate greed and associated scandals. And they feel responsible for changing their world’s negative momentum and creating positive impact. Other generations have had similar goals and experiences, but Millennials feel personally empowered to use their consumer and technological power, as well as their careers, to support companies on the trajectory toward positive social and environmental change. nior leaders looked aghast, bafﬂed or like the proverbial deer in headlights when asked these questions. Perhaps even more disappointing, the bulk of these senior leaders’ companies have in fact executed integrated corporate responsibility and community involvement strategies: They simply are not knowledgeable and miss out on a signiﬁcant recruiting opportunity with top Millennial graduates. Lesson No. 2: To retain Gen Yers, engage them in your CSR strategy and execution. Once a company differentiates itself by communicating CSR messaging, recruited employees’ expectations go up. To retain a high level of engagement, organizations must continually inform employees about the company’s positive impact on society. Second, offer them ways to join in. This engagement can range from any of the following: Use corporate responsibility and community engagement to counterbalance some of Millennials’ more difficult work attributes. Here are a few statistical characteristics to consider about Gen Yers, as found in “The 2006 Cone Millennial Cause Study:” • 79 percent want to work for a company that cares about and contributes to society. • 78 percent believe companies have responsibility for making a difference in the world. • 56 percent would refuse to work for an irresponsible corporation. In short, they look for purpose and meaning in their work. Most companies today have developed some commitment to community investment and corporate social responsibility (CSR). But do new recruits and Millennial employees know about it? Further, are there ways in which they can become involved on a day-to-day basis? Lesson No. 1: Integrate your company’s corporate responsibility message into recruiting. An increasing number of today’s corporate recruiting presentations at top business schools offer fancy food and ﬁne wine to top-notch undergrad and MBA recruits, as though to soften them up before the questions about the company’s corporate responsibility strategy and practices begin. Sadly, I have encountered many students who report companies’ se- • Give paid time off for employee volunteering to causes linked to company business objectives and core competencies. VolunteerMatch.org can help. • Develop and integrate CSR employee training and education programs into leadership development, management rotation or training programs. • Ask employees for ideas on how the company can improve its CSR strategy. Wal-Mart did this, and employees suggested the company disconnect light bulbs and sound cards from all its internal vending machines to the tune of $1 million in savings a year. This generation has also shown other work characteristics that are a bit more difﬁcult to manage. They are inclined to change jobs frequently in search of ideal, feel-good work. They need constant feedback on their performance, prefer to work in teams and want promotions quickly. Corporate responsibility and community engagement strategies can be effective to navigate and counterbalance some of this generation’s more difﬁcult work attributes. « Kellie A. McElhaney is adjunct assistant professor at Haas School of Business at University of California, Berkeley and author of Just Good Business. She can be reached at editor@diversity-executive.com. http://www.diversity-executive.com http://www.VolunteerMatch.org

Table of Contents Feed for the Digital Edition of Talent Management - December 2008

Talent Management - December 2008 Editor's Letter Contents Human Performance Leading Edge Foundations Recruitment & Retention Assessment & Evaluation Compensation & Benefits Performance Management Learning & Development Succession Planning Insight Dashboard Application Advertiser's Index Editorial Resources Full Potential

Talent Management - December 2008

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