Millennials: Who are They and Why You Should Care Sarah Simoneaux, CPC, President, Simoneaux & Stroud Consulting Services Sarah Simoneaux, CPC, President, Simoneaux & Stroud Consulting Services Sarah Simoneaux is the founder and president of Simoneaux Consulting Services. SCS specializes in strategic planning, business consulting, qualified plan technology consulting, retirement plan services firms best practice development, and qualified plan technical and soft skills training. SCS nationwide customer base includes third party administrators, recordkeepers, financial institutions, financial advisors, broker dealers, and other service providers in the retirement services industry. Ms. Simoneaux earned her Certified Pension Consultant designation with the American Society of Pension Professionals and Actuaries (ASPPA) in 1988, and she served as President of ASPPA in 2005-2006. 1
Sarah Simoneaux, CPC, President, Simoneaux & Stroud Consulting Services She served as a Technical Education Consultant for the Enrolled Retirement Plan Agent (ERPA) education program and as an ASPPA Educational Programs Advocate. She is the author of the textbook, Retirement Plan Consulting for Financial Professionals, and is the author of the NAPA Certified Plan Fiduciary Advisor online course. She recorded the ASPPA DC-1 web course used in the ASPPA Qualified 401(k) Administrator (QKA) and Qualified Pension Administrator (QPA) programs. She is a regular columnist in ASPPA s Plan Consultant and NAPA s NAPA Net magazines, and co-authors a quarterly column in The Journal of Pension Benefits on retirement organizations best practices. 2
The Generations and Influences Gen Xers born 1965 1980 Baby Boomers born 1946 1964 Millennials (Gen Y) born 1981 2000 What happened when you were in junior high and high school? JFK, RFK, MLK; Viet Nam/Cold War; Man on moon; Watergate; Civil & women s rights Gen Xers born 1965 1980 Columbine 9/11 terrorism Recession-Housing Difficulty finding work Global economy Social networking/blogs Baby Boomers born 1946 1964 Challenger explosion AIDS Parental disruption Clinton administration CNN, USA Today, Internet Millennials (Gen Y) born 1981 2000 3
How Each Generation Works Boomers Tell me what to do Gen X Tell me what to do and when to have it done Let me figure out how to do it by myself Let me do it in regular work hours Millennials Tell me what, when and how Also tell me why! I ll see if I can figure out a better way Let me work with my friends I have a fear of failure and conflict 4
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We asked Millennials, What are the most important values a business should follow if it is to have long-term success? 6
This generation evaluates such success in ways that go beyond a focus on financial performance, increasing the focus on activities and behaviors that support long-term sustainability. Millennials are not naive, though. While they certainly wish to see a greater focus on the needs of the individual, whether employees or those who use their products and services, they simultaneously demonstrate an appreciation of business fundamentals. This generation is acutely aware of the impact of the Great Recession and closely attuned to changing economic conditions. They, therefore, recognize the importance of ensuring the long-term success of a business and its ability to support and create jobs. When salary or other financial benefits are removed from the equation, work/life balance and opportunities to progress or take on leadership roles stand out. 7
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They are more likely to report high levels of satisfaction where there is a creative, inclusive working culture (76 percent) rather than a more authoritarian, rules-based approach (49 percent). 10
Teran and his team learned that traditional markers of success education, experience in the industry, recommendations from employers were not tightly correlated with success at Q. Instead, Teran said, the two crucial personal characteristics are optimism and empathy. 11
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Adam Henderson of Millennial Mindset: If you can t trust your employees to work flexibly, why hire them in the first place? A flexible approach to work also helps businesses retain their best talent as they are giving their employees an option to do great work, but in a way that fits their lifestyles, providing a win-win scenario for all. 13
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Soft Skills Training Management/leadership skills Giving/accepting constructive criticism Dealing with rejection (sales) Dealing with confrontation (difficult customers) Communication styles and etiquette Web hygiene Brainstorming Promote Collaboration and Get Buy-in Facilitate; establish rules Create multi-generational groups Brainstorm strategic topics Involve staff in implementation of ideas 15
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