MEMO format need up to 600 words
Proposed Millennial Recruitment Practices for US Bank 2017 Feasibility Report
Prepared by Azra Ahmetovic, Majed Alharthy, Emily Rogan, and Sarah Weissert SAME Consulting Firm
Report Distributed December 5, 2017
Prepared for Human Resource Department
US Bank
1
ABSTRACT In previous years, US Bank has seen an increase in difficulty recruiting millennials. This report provides data collection on the desired workplace benefits and expectations millennials have. SAME Consulting Firm conducted surveys and interviews on the Western Kentucky University (WKU) campus that will provide US Bank with adequate information and statistics to update and improve recruitment practices. Also presented are outside research studies and articles pertaining to millennial workplace desires. Recommendations are provided for the implementation of benefits that will enhance the recruitment of millennials.
2
TABLE OF CONTENTS ABSTRACT TABLE OF CONTENTS EXECUTIVE SUMMARY INTRODUCTION
Current Millennial Recruitment Strategies Problems with Millennial Recruitment Research and Data Collection Statistics and Analysis Millennials are the Future
CONCLUSIONS AND RECOMMENDATIONS
Flexible Scheduling Training Resources Recruitment Officer
WORKS CITED APPENDIXES
Appendix A: Student Survey Appendix B: Manager Survey Appendix C: Interview Questions
3
Executive Summary Recruitment strategies have really changed with time. Previously, employers
have used methods such as newspaper advertisements, postings by employment
offices, employment agencies as well as hiring internally. With the modern technological
developments, employers have found it necessary to improve recruitment strategies
which include social media interactions and online interviews, use of job posting
websites and online outsourcing.
- http://www.ironstonehq.com/a-millennials-take-on-millennial-hiring-trends/
Millennial Recruitment is also accompanied by various problems which include
miscommunication, conflict between the benefits desired by the managers against those
desired by millennials. lastly, there exist a disconnection between the millennials who
think that they are understood by the managers and those managers who think that they
don’t really understand the millennials. With respect to the above problems there was
need to conduct a research involving data collection.
The research was aimed at showcasing the desire of millennials in a job and
those that managers think are desired by millennials. A survey method of data collection
was adopted for the research whereby twenty-three Wester Kentucky University
students were surveyed. The students ranged between eighteen to twenty-two.
Interviews were also conducted with Monica Duvall and Career Coach, Gordon Ford
College and Rachel Jones who is a Specialist in Employer Relations. Surveys were also
conducted with three managers from different organizations.
4
Schedule flexibility data was obtained and displayed on a bar graph. Here, both
employers and the millennials entering the workforce realized that the most desirable is
schedule flexibility. This is because most millennials are trying to find balance between
their work life and personal or family lives. Recruitment officer data was taken from both
surveys even though most of the millennials barely had any experience with a
recruitment officer. However, those who had used recruitment officer revealed that it
was quite beneficial. The data portrays some clear disconnect. raining data was also
collected from the managers. Most of these managers had offered training services for
their companies as illustrated in the pie chart.
In the statistics and analysis, it is portrayed by the data that currently, more than
half of the millennials are barely satisfied by their career. However, by the year 2020, at
least half the workforce will be made up of millennials. Therefore, millennials are the
future generation of the workforce.
The report concludes by identifying the disconnect between the millennials
thinking that managers understand them and managers thinking that they don’t
understand the millennials to be the greatest problem with the millennial recruitment
today. But, the report also presents various recommendations towards more efficient
recruitment of millennials. First recommendation is the incorporation of flexible
scheduling in the company as majority of the millennials believe that it would make the
workplace more enjoyable. Therefore, US bank can incorporate flexible scheduling
through allowing its employees to work for forty hours every week and allow them to
determine the time they start working every week.
5
Another recommendation is recruitment officer to recruit millennials. From the
data collected in the survey most of the students who previously had experience with
recruitment officers revealed that it was quite helpful as they understand the needs of
the organization, build relationships and attract suitable job candidates. Third
recommendation is training resources. However, even though all the above mentioned
recommendations are capable of working for US bank, the most recommended strategy
is the flexible scheduling since it is the most cost effective strategy.
https://www.thebalance.com/advantages-and-disadvantages-of-flexible-work-schedules-
1917964
References
http://www.ironstonehq.com/a-millennials-take-on-millennial-hiring-trends/
https://www.thebalance.com/advantages-and-disadvantages-of-flexible-work-schedules-
1917964
https://www.shiftelearning.com/blog/training-millennials-elearning
6
Introduction US Bank managers have noticed an increase in the difficulty of recruiting millennials due to the lack of desirable benefits millennials are seeking. Over the last five years, the amount of millennials entering the workforce has increased by thirty-three percent and by 2025 seventy-five percent of the global workforce will be millennials (Gutierrez, 2016). Although millennials make up the highest portion of workers they are the least engaged generation. Only three out of ten millennials are emotionally and behaviorally connected to their job (Adkins, 2016). This report details the data collection of millennial recruitment using information from:
● A survey of seventy-three millennial students at Western Kentucky University (WKU).
● A survey taken by three managers, each with over ten years of experience. ● Interviews with Monica Duvall and Rachel Jones of WKU. ● Various online resources
Current Millennial Recruitment Strategies (Emily)
Recruitment strategies have greatly changed over time. Local newspaper advertisements, employment office postings and agencies, and internal hiring are all methods that have previously been used by employers (Kaye/Bassman, 2013). With the development and increasing use of technology, employers have been able to improve their recruitment strategies. The Australian recruitment agency Robert Half has found that, “The traditional resume and face-to-face contact that were once the cornerstones of the recruitment process have been replaced by social media interactions and job interviews over Skype” (Half, 2015). Additionally, job posting websites and online outsourcing have been used in new recruitment processes (Tarcomnicu, 2013). Robert Half has also reported that, “The digital era has shifted the boundaries of the job market” (Half, 2015). Companies are able to connect with potential hires sooner and build a relationship with them before starting the hiring process (Half, 2015). This reassures the hiring staff that they are making the right hiring decision, rather than a decision based on a resume and an interview alone.
http://www.ironstonehq.com/a-millennials-take-on-millennial-hiring-trends/ Problems with Millennial Recruitment (Everyone) -Disconnect between millennials thinking that managers do understand them and managers thinking that they don’t understand millennials
7
-Miscommunication -Managers think that millennials desire certain benefits when they really desire other benefits
Research and Data Collection Over the course of our research we compiled data that showcases what millennials desire in a job and which managers think millennials desire. Data was collected via a survey given to seventy-three students at Western Kentucky University (WKU) between the ages of 18-22. Interviews were conducted with Gordon Ford College of Business Internship Coordinator, Monica Duvall and Career Coach and Employer Relations Specialist, Rachel Jones and surveys with three managers:
● Earl Weissert, former Best Buy General Manager. ● Kimberly Pfefferkorn, HR Specialist, Hensley and Throneberry. ● Stephanie Coy, Operations Manager of Student Technology Center.
Schedule Flexibility Data
Millennials and Desirable Workplace Benefits
Manager's Perspective on Desirable Workplace Benefits
8
Figure # Millennials desire a strong work-life balance, which a flexible schedule can provide them. All three of the managers surveyed acknowledged flexibility is the most desirable attribute to millennial employees as shown in Figure #. Recruitment Officers Data
Millennials and Recruitment Officers
Managers and Recruitment Officers
Figure # Of the 73 millennials surveyed 29.4% reported a positive experience with a recruitment officer. Over half of the millennials surveyed did not have previous experience with a recruitment officer and 13.2% reported they did not benefit from one. Of the three managers surveyed none had used a recruitment officer for hiring. When SAME Consulting Firm interviewed Monica Duvall and Rachel Jones, both women agreed that companies are moving towards hiring recruitment officers because they are able to market the companies and form a relationship with potential millennial hires.
9
Training Resources Data
Employers and Training Services
Figure # Of the three managers surveyed 66.7% offer training resources to employees. Millennials rank training and development high on the list of workplace desires. The 73 millennial students who took the survey ranked training at 60.6% most desirable benefits. Millennials are looking for opportunities they will be able to grow and develop skills. Statistics and Analysis (Azra) By 2020, half of the workforce will consist of millennials, but currently 70% of millennials are not satisfied with their careers (Korobka, 2015). According to a research study conducted by Gallup six out of ten millennials are open to new opportunities. (Adkins, 2016). The dissatisfaction can be attributed to millennials wanting more of a work-life balance, researchers from Bentley University found 77% of millennials say they would be more productive if they had a flexible schedule. (Bentley University, 2014). When SAME Consulting Firm conducted a survey with students ages 18-22 at WKU (see Appendix A) we found 75.8% of them ranked schedule flexibility as the most desirable workplace benefit. Heidi Parsont, CEO of TorchLight, a recruiting firm, states, “Wanting flexibility or work-life balance is the number one thing we hear all the time from candidates. It’s the number one reason why people are looking for a new job, by far.” (Schulte, 2015). Managers are realizing this workplace benefit is cost effective for their company and retains their millennial employees. Three managers who SAME surveyed: Earl Weissert, Kimberly Pfefferkorn, and Stephanie Coy (see Appendix B) ranked schedule flexibility as the most important benefit, each stating they have noticed that flexibility has most appealed to their millennial workers.
10
Figure # (PWC, 2011) In Figure #, a study conducted by PricewaterhouseCoopers (PWC), “Millennials at Work: Reshaping the Workplace,” shows that the top two benefits valued by millennials are training development and flexible training hours (PWC, 2011).
11
Figure # (Ernst and Young, 2015) Figure # shows millennials are willing to sacrifice more than the Baby Boom and Gen X generations for work-life balance according to a survey conducted by Ernst and Young in 2015 (Ernst and Young, 2015). Millennials are the Future As the baby boom generation is retiring millennials are beginning to make up more of the workforce, by 2020 millennials are going to make up more than 50% of it. Companies are beginning to invest in the recruitment of millennial employees by offering benefits that appeal to their needs. Providing training and development establishes loyalty between the millennial employees and company. Investing in millennials gives US Bank the potential to train them into future managerial positions.
12
Conclusions and Recommendations Disconnect between millennials thinking that managers do understand them and managers thinking that they don’t understand Flexible Scheduling Our first recommendation to recruit millennials more efficiently is to incorporate flexible scheduling in the company. Seventy-seven percent of millennials say flexible scheduling would make the workplace more enjoyable (Bentley University, 2014). Organizations have already begun moving towards this structure in the workplace. According to “Here’s How to Make Your Workplace More Flexible” of the fifty best workplaces for flexibility, 92% of the companies offer flextime (Peters & Frauenheim, 2016). US Bank can incorporate flexible scheduling by implementing:
● Flextime ● Alternative Friday schedules ● Telecommuting once a week ● Split Shift ● Results-only work environment (ROWE)
By allowing employees to pick their weekly schedule you allow them to balance personal and work life. This is something millennials are looking for when joining a company. Flexible Scheduling is most effective because millennial employees will be more inclined to be productive if they are choosing when to work. Based on all of the research SAME Consulting Firm conducted both managers and millennials acknowledge this as a top priority in the workplace. Training Resources (Azra) Millennial employees are seeking careers that offer personal development and growth, 52% of millennials believe opportunities for career progression over financial incentives is their top determining factor when choosing a job (Sapling). US Bank wants to retain employees that will grow within the organization and lead with excellence. Implementing training resources is a long-term benefit because this allows for entry-level millennial employees to train for mid-to-upper level management, advancing their knowledge and contributing to US Banks retention rate. Training and development can be implemented in numerous ways:
13
● Leadership Courses ● Mentoring Programs ● Development of soft and hard skills ● Company integration of advanced technology
Recruitment Officer (Emily)
According to the data collected in our survey, the majority of students who have had experience with a recruitment officer said it was helpful. The purpose of using a recruitment officer is “to understand an organization’s needs, engage in marketing, build relationships, and screen applicants for the best match to open positions” (Kinsey, 2017). Recruitment officers understand the needs of the organization and know how many and which positions need to be filled. Additionally, recruitment officers know the requirements of jobs and can find candidates with the proper qualifications. Recruitment officers promote the company to potential hires by advertising the strengths and benefits that are offered. Building relationships with potential hires is another task of the recruitment officer; building relationships allows the recruitment officer to get to know the future employee and ensure that they are the right employee for the position. Recruitment officers also screen applicants to find those that are most qualified by implementing tests, such as the employment personality test, and conducting interviews on behalf of the company (Kinsey, 2017). Kinsey states, “Hiring is about job performance, not likability” (2017). Recruitment officers must stay unbiased when choosing which candidates to recommend to the company to ensure that the candidate meets the company’s needs (Kinsey, 2017). Conclusions
While all of the recommendations would work for US Bank, we recommend flexible scheduling because it is the most cost effective option.
14
References Adkins, A. (2016, May 12). Millennials: The job-hopping generation. In Gallup News.
Retrieved from http://news.gallup.com/businessjournal/191459/millennials-job-hopping-generatio n.aspx
Bentley University. (2014, November 11). Millennials at work. In Bentley University.
Retrieved from http://www.bentley.edu/newsroom/latest-headlines/mind-of-millennial
Ernst & Young. (n.d.). Study highlights: Dual-career dynamics in the US. In Ernst & Young. Retrieved from http://www.ey.com/us/en/about-us/our-people-and-culture/ey-study-highlights-du al-career-dynamics-in-the-us#.WiMGShSnXox
Frauenheim, E., & Peters, K. (2016, March 29). How to make your workplace more flexible. In Fortune. Retrieved from http://fortune.com/2016/03/29/workplace-flexibility-business-strategy/
Half, R. (2015, May 26). How staff recruitment has changed in the past 10 years. In Robert Half. Retrieved from https://www.roberthalf.com.au/blog/employers/how-staff-recruitment-has-change d-past-10-years
Heathfield, S. M. (2017, September 30). Advantages and disadvantages of flexible work schedules. In The Balance. Retrieved from https://www.thebalance.com/advantages-and-disadvantages-of-flexible-work-sch edules-1917964
Korobka, T. (2015, November 2). Why 70 percent of millennials are unhappy with their jobs. In sheknows. Retrieved from http://www.sheknows.com/living/articles/1100749/why-70-percent-of-millennials-a re-unhappy-with-their-jobs
Kaye/Bassman International. (2013, December 27). Modern recruitment methods vs traditional recruitment methods. In KBic. Retrieved from http://www.kbic.com/blog/blog/recruiting-executive-search/modern-recruitment-m ethods-vs-traditional-recruitment-methods/
15
Kinsey, A. (2017, August 1). Recruitment officer duties. In Career Trend. Retrieved from
https://careertrend.com/list-6600684-recruitment-officer-duties.html Landau, J. (2017, October 3). Health-care dilemma: 10,000 boomers retiring each day.
In CNBC. Retrieved from https://www.cnbc.com/2017/10/03/health-care-dilemma-10000-boomers-retiring- each-day.html
Morgan, J. (2014, August 22). The future of work: How millennials are changing the workplace. In Forbes. Retrieved from https://www.forbes.com/sites/jacobmorgan/2014/08/22/the-future-of-work-how-mi llennials-are-changing-the-workplace/#6adb616c6893
PricewaterhouseCoopers, . (2011, December 15). Millennials at work: Reshaping the workplace. In PwC. Retrieved from https://www.pwc.com/m1/en/services/consulting/documents/millennials-at-work.p df
Sapling. (n.d.). Three tips for effective millennial employee training. In Sapling. Retrieved from https://www.trysapling.com/resources/three-tips-effective-millennial-employee-trai ning/
Schulte, B. (2015, May 5). Millennials want a work-life balance. Their bosses just don't get why. In The Washington Post. Retrieved from https://www.washingtonpost.com/local/millennials-want-a-work-life-balance-their- bosses-just-dont-get-why/2015/05/05/1859369e-f376-11e4-84a6-6d7c67c50db0 _story.html?utm_term=.635399637b96
Sloan Center on Aging & Work at Boston College. (n.d.). Flexible Arrangements: Flexible work schedules. In Focus on Workplace Flexibility. Retrieved from http://workplaceflexibility.bc.edu/types/types_arrangement_schedules
Tarcomnicu, F. (2013, May 31). How the hiring process has changed over the years. In The Huffington Post. Retrieved from https://www.huffingtonpost.com/felix-tarcomnicu/how-to-hiring-process-has_b_33 64603.html
16
Taylor, T. C. (2016, March 23). Workplace Flexibility for millennials: Appealing to a valuable new generation. In Thrive. Retrieved from https://www.adp.com/thrive/articles/workplace-flexibility-for-millennials-appealing- to-a-valuable-new-generation-3-324.aspx
17
Appendix A: Student Survey
1.)What year are you? Freshman Sophomore Junior Senior
2.) What is your major? _______________________________
3.) Do you currently have a job? Yes No
-If no, skip to question #6
4.) If yes, does your job pertain to your major? Yes No -If no, skip to question #6
5.) If yes, do you plan on staying there post-graduation? Yes No
6.) Please circle all of the workplace benefits/expectations you desire in a job.
Schedule Flexibility Training Resources Workplace sponsored events (socials) Up-to-date Technology Mentoring Programs Tuition Incentive Program Incentivized Goal Setting Other (please list): ___________
7.) Please rank the workplace benefits/expectations. (1=least desirable, 5=most desirable)
Schedule Flexibility
Workplace Sponsored Events (socials)
Mentoring Programs
Incentivized Goal Setting
Training Resources
Up-to-date Technology
Tuition Incentive Program
Other (please list): _______________
18
8.) How confident do you feel about being able to get a job in your field with most of the benefits that you desire? (1 = not confident at all, 10= very confident)
1 2 3 4 5 6 7 8 9 10
9.) Do you think that managers understand the needs of millennials? Yes No
10.) If you have had an experience with a recruitment officer, did you find it beneficial?
Yes No N/A
19
Appendix B: Manager Survey 1.) How many years experience do you have in a managerial position? 2.) Check the workplace benefits and expectations that you think millennials desire.
Schedule Flexibility
Workplace Sponsored Events (socials)
Mentoring Programs
Incentivized Goal Setting
Training Resources
Up-to-date Technology
Tuition Incentive Program
3.) Do you think managers understand the needs of millennials? 4.) What benefits do you offer that seems to appeal the most to millennials? 5.) Do you offer training programs for employees? 6.) Have you noticed a higher turnover rate in the millennial workforce?
7.) Do you use social media to recruit millennials?
8.) Have you used a recruitment officer to hire millennial employees?
9.) Do you foresee a change in the way you will recruit employees in the near future? 10.) Why do you or do you not foresee a change in the way you recruit millennials?
20
Appendix C: Interview Questions Monica Duvall
1) Tell us about yourself, what you do, and how long have you been doing it? 2) Have you seen a change in what students are looking for in
internships/jobs? 3) Have you seen a change in what employers are looking for in
students/graduates? 4) What trends have you noticed that employers are using to recruit
millennials? (How do they present benefits? Are they using recruitment officers?)
5) Does it make a difference if a company uses a recruitment officer or not? 6) Have the kinds of internships that students are looking for changed over
the past few years? (Larger companies vs. smaller ones?) 7) Do you have any other resources that you think would be beneficial to us?
Rachel Jones (CCPD) 1) Tell us about yourself, what you do, and how long have you been doing it? 2) Have you seen a change in what students are looking for in
internships/jobs? 3) Have you seen a change in what employers are looking for in
students/graduates? 4) What trends have you noticed that employers are using to recruit
millennials? (How do they present benefits? Are they using recruitment officers?)
5) Does it make a difference if a company uses a recruitment officer or not? 6) Have the kinds of internships that students are looking for changed over
the past few years? (Larger companies vs. smaller ones?) 7) Have you noticed a change in the number of students who utilize this
on-campus resource? Do you think that this plays a role in how you view millennial participation in actively seeking jobs?
8) Do you have any other resources that you think would be beneficial to us? 9) How have you had to change your ways in preparing millennial students
for careers? (changing interview styles, negotiating benefits, etc).
21