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has completed over 120 executive search assignments during her ten-year tenure at EFL Associates. The ability to effectively recruit and retain emerging talent has become more important as Millennial candidates reach the executive ranks.


Wayne Larson, Marketing – EFL Associates
The token Millennial, Wayne leads CBIZ Human Capital Services & EFL Associates' national marketing efforts, specifically working cool, engaging stuff.

total compensation
=

Total millennial investment

by 2025 and more are stepping into management positions every day.

65.6M

61.7M

76.4M

24.0M

THE SILENT GENERATION

TRADITIONALISTS (69-84)

Comfortable with delayed gratification
Hard work, sacrifice
Recognition for great contributions

Utilize the lifetime of wisdom
Ask them (they might not volunteer)
Mentor – Millennials trust them

PERFORMANCE CLUES

BOOMERS CONTROL OVER 80% OF PERSONAL FINANCIAL ASSETS & MORE THAN HALF OF ALL CONSUMER SPENDING.

PERFORMANCE CLUES

Competitive
Enjoy leading teams
“Work hard, pay your dues”

Measure work effort in hours per week
Want to be recognized for contributions
Prefer phone, personal interaction, meetings

Xers HAVE AT LEAST SOME COLLEGE EDUCATION

Naturally skeptical
Loyal to individuals (not companies)
Training is security
Savvy with technology, media and information

Wants career security rather than job security
Balance now – not late in life
Prefer email, voicemail, direct and immediate

A MENTORING RELATIONSHIP WITH THEIR MANAGER WOULD IMPROVE THEIR VALUE & PRODUCTIVITY.

Respect accomplishment vs. authority
Accustomed to praise/feel entitled
Great multi-taskers, team members
Want meaning and good balance

Build parallel careers
Want excitement & challenge
Purpose/mission focused
Technology driven

more than money
Compensation package
Explain career path

the Way – Reward Performance
Create Challenges and Milestones
Promote Collaboration
Communicate & Provide Feedback - OFTEN
Transparency & Access to Leaders
Understand Motivations
Talent Management Reviews

DESIGNING SALARY STRUCTURES

Traditional Salary Structure Design

Accounting Clerk

Accountant

Bookkeeper

Controller

Chief Financial Officer

DESIGNING SALARY STRUCTURES

Salary Structure (and Career Paths) modified for Millennials

Junior Accounting Clerk

Junior Accountant

Junior Bookkeeper

Controller

Chief Financial Officer

Intermediate Accounting Clerk

Senior Accounting Clerk

Intermediate Bookkeeper

Senior Bookkeeper

Accountant

Senior Accountant

Accounting Supervisor

Accounting Manager

OFFER MORE THAN MONEY

of work/personal life
Fair treatment
Competitive compensation
Leaders who are:
Accessible, lead by example
Acts as a coach, holds people accountable.

to 2020,” and “Millenials at Work: Reshaping the Workplace,” by Michael Rendell, Sandy Pepper, Karen Vander Linde, Leyla Yildririm, et. al. PriceWaterhouseCoopers
“Millennials facing unique workplace challenges,” by Lexy Gross, USA Today, September 24, 2013.
“Money no longer the motivator for Gen X and Gen Y?” by Ray Williams, Wired for Success-Psychology Today, August 1, 2010.
“Study Reveals Surprising Facts About Millennials In The Workplace,” by Shama Kabani, Forbes.com, December 5, 2013.
“What Millennials Want In The Workplace (And Why You Should Start Giving It To Them,” by Rob Asghar, Forbes.com, January 13, 2014.
The Beat (Up) Generation,” by Abby Ellin, Psychology Today, March 11, 2014.
Practical Advice for Managing a Multi-Generational Workforce, IBM “Leading and Motivating a Multi-Generational Workforce, Leadstar
Concerns Grow over Workforce Retirements and Skills
Gaps, SHRM & AARP
U.S. Census Data 2010

Books
Y-Size Your Business: How Gen Y Employees Can Save You Money and Grow Your Business by Jason Ryan Dorsey (2009)
When Generations Collide: Who They Are. Why They Clash. How to Solve the Generational Puzzle at Work by Lynne C. Lancaster and David Skillman (2003)
Retiring the Generation Gap, Center for Creative Leadership, by Jennifer Deal (2006)

Presentations
“Managing Generational Differences” CBIZ Supervisory Training, 2011.
Age Differences in Organizational Leadership, MRG
Online Sources
“11 Tips for Managing Millennials,” by Susan Heathfield, About.com.
“Gen Y Job Seekers: How They’re Different from Gen X and Baby Boomers,” by Dan Schawbel, TIME.com, September 24, 2012.
“How Millennials are Transforming Careers and the Workplace,” by Ray Williams, Wired for Success – Psychology Today, September 16, 2013.
“How the Millennial Generation Will Change the Workplace,” by Ray Williams, Wired for Success-Psychology Today, March 19, 2014.