Abstract one page needed
mjd16894
FeasibilityReport.pdf222.pdf
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
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
4
Introduction Brief introduction to the paper
-Our reasoning for wanting to do this -Why it is important -Why it is important to US Bank
Current Millennial Recruitment Strategies/Techniques/Trends (Emily)
Recruitment strategies have greatly changed over time. Local newspaper advertisements, employment office postings, employment agencies, and internal hiring are all methods that have previously been used by employers (kbic). 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that, “The traditional resume and face-to-face contact that were once the cornerstones of the recruitment process have been replaced by social media interactions and job interviews over Skype” (Robert Half). Additionally, job posting websites and online outsourcing have been used in new recruitment processes (Huffington Post). Robert Half has also reported that, “The digital era has shifted the boundaries of the job market” (Robert Half). Companies are able to connect with potential hires sooner and build a relationship with them before starting the hiring process (Robert Half). 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 -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. Surveys with three managers:
5
● 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
Both millennials entering the workforce and their employers found that schedule flexibility is the most desirable. Most millennials are looking for a balance between their work life and their personal lives making this the most desirable benefit for them. Recruitment Officers Data
6
Data was taken from both surveys in relation to recruitment officers. Although a majority of millennials had not had experience with a recruitment officer. The individuals who have used a recruitment officer believed it was helpful, while none of the surveyed managers have used a recruitment officer. Based on this data there is clearly some disconnect. Training Resources Data
A majority of the managers who took our survey offered training services for their company.
7
Statistics and Analysis (Azra) By 2020, half of the workforce will consist of millennials, but currently seventy-percent 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 seventy-seven percent 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 we found fifty-percent 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.” 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 ranked schedule flexibility as the most important benefit, each stating they have noticed that flexibility has most appealed to their millennial workers.
8
Figure #
Figure # - "Fifteen percent of male employees and 21 percent of female employees would give up some of their pay and slow the pace of promotion in their careers in exchange for working fewer hours," the PwC study found. https://www.adp.com/thrive/articles/workplace-flexibility-for-millennials-appealing-to-a-va luable-new-generation-3-324.aspx
9
Millennials are the Future (Majed)
-Have to start training millennials for future managerial positions -Baby boom generation is retiring.
Millennials are the generation of today. They are young they are energetic and they babe the knowledge of the present world and challenges that it has. They have had the apt resources while growing up to research about things and learn much quicker. Their ability to learn things and then disseminate it in their own practical ways is beyond great. Hence it is now time to rain the Millennials for the managerial positions. They are the young generation with lots of potential and new techniques. They shall be taught and trained to run companies and be managers . They are not in managerial positions in great numbers today hence they do not have the hands on experience for it not they do have knowledge . So it has become important to let them lead the ways and ne managers to the teams. The Baby boomers are a generation of yesterday. They have enough experience but they practice rigid and stagnant methods of management. They have not been able to cope with the advanced pace of technological and other development in the present era. They are now aged and are retiring from their positions. They are at a point where they can not function as the best managers to the team given their age and lack of knowledge and flexibility to new ideas. Hence it is can be developed that the Millennial are the future to managerial positions. They will be on all major managerial positions really soon but they are to be trained for it timely.
10
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. 77% 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 50 most workplaces for flexibility 92% and 94% of the companies offer flextime (Peters & Frauenheim, 2016). US Bank can incorporate flexible scheduling by allowing its employers to work 40 hours a week, but allow them to determine when they begin working each week. This could vary from working a set schedule (7-3 each day) or coming in and working 9-5 Monday, Wednesday, Friday while coming into work 7-3 Tuesday Thursday. (Sloan Center on Aging & Work At Boston College). By allowing employees to pick their weekly schedule you allow them to balance personal life with work life. This is something millennials are looking for when joining a company. Flexible Scheduling is also cost effective, other recommendations that could be given to recruit millennials could become costly and could take away from personal or family time. Not only does flexible scheduling save the company money, it saves the employee’s money as well. If employees pick their own schedules they are able to avoid sitting in traffic, saving gas money and intangible costs such as personal time (Healthfield, 2017). Training Resources (Azra) https://www.shiftelearning.com/blog/training-millennials-elearning Recruitment Officer (Emily)
Our third recommendation to recruit millennials is to use a recruitment officer. According to the data we collected in our survey, the majority of students who have had experience with a recruitment officer said it was helpful.
-”Recruitment officers understand an organization's needs, engage in marketing, build relationships and screen applicants for the best match to open positions.” (Careertrend)
-”Recruitment officers are responsible for attracting suitable job candidates or students to an organization or school. They understand their organization's needs, engage in marketing, build relationships and screen applicants to find the best match for open positions.” (Careertrend)
11
-Understand organization needs - knows which positions and how many need to be filled, know if the company is looking for a more diverse workforce or not, knows if certain jobs require certain educational backgrounds, the experience needed for jobs, or the personality traits that are required of particular positions.
-Marketing - details the strengths and benefits of the company to potential hires; recruitment officers can listen to the candidates needs and respond with the strengths and benefits that fit that need.
-Relationship building - building relationships allows the recruitment officer to truly get to know the candidate and ensure that they are the right person who possesses the right qualities to fill the particular position.
-Screening - look through resumes and find the most qualified people, employment and personality testing, conduct interviews and give recommendations. Hiring is about job performance, not likability. They cannot be biased with their emotions.
-https://careertrend.com/list-6600684-recruitment-officer-duties.html Conclusions
While all of the recommendations would work for US Bank, we recommend flexible scheduling because it is the most cost effective option.
12
References http://news.gallup.com/businessjournal/191459/millennials-job-hopping-generation.aspx http://workplaceflexibility.bc.edu/types/types_arrangement_schedules http://www.bentley.edu/newsroom/latest-headlines/mind-of-millennial http://fortune.com/2016/03/29/workplace-flexibility-business-strategy/ https://www.thebalance.com/advantages-and-disadvantages-of-flexible-work-schedules- 1917964 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?ut m_term=.635399637b96 https://www.pwc.com/m1/en/services/consulting/documents/millennials-at-work.pdf https://www.huffingtonpost.com/felix-tarcomnicu/how-to-hiring-process-has_b_3364603. html http://www.kbic.com/blog/blog/recruiting-executive-search/modern-recruitment-methods -vs-traditional-recruitment-methods/ https://www.adp.com/thrive/articles/workplace-flexibility-for-millennials-appealing-to-a-va luable-new-generation-3-324.aspx https://www.roberthalf.com.au/blog/employers/how-staff-recruitment-has-changed-past- 10-years http://www.ey.com/us/en/about-us/our-people-and-culture/ey-study-highlights-du al-career-dynamics-in-the-us#.WiMGShSnXox
13
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): _______________
14
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
15
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?
16
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).
17
