Millennials

Moving Past Maslow

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It has been a good run for Abraham Maslow and his motivational theory The Hierarchy of Needs. But after 75+ years, a new generation of employees may be turning Malsow’s motivational pyramid upside down.

It was in 1943 when Maslow first publish his concept of the Hierarchy of Needs in a paper titled A Theory of Human Motivation (Click here to read the article)

In the rare case that you have missed or forgotten the concepts, let me refresh your memory of the long lasting and ground breaking theory of human motivation. Maslow professed that all human motivation goes through distinct levels. Here they are as summarized in Maslow’s original research:

“There are at least five sets of goals, which we may call basic needs. These are briefly; physiological, safety, love, esteem, and self-actualization.”

Over the years, there has been criticisms of Maslow’s hierarchy theory. The main one being that one must start at one level and then pass to the next in a certain order. That being said, Maslow’s pyramid of motivation is still being discussed in every published organizational behaviour textbook today.

Society talks about companies such as Apple, Airbnb, and Uber as being societal and economic disruptors. Perhaps the millennials who are now the largest generation in the workforce (click here to read the official statistics) and their deep desire for meaningful work, is the ultimate disruptor in the workplace.

What would Maslow think of this statistic?  According to a recent survey, 47% of millennial respondents would give up a pay raise for more meaningful work. Of those who would forgo the raise, the average amount they would give up was $9,639. That is a huge reduction in income.

Click here if you wish to read the whole article.

It seems for the millennial workforce, self- actualization is the first step in their motivation – not the last. Almost 50% of millennial employees will forgo safety and security needs that come from earning more income in order to find employment that is meaningful to them.  Organizational and HR departments must start to deliver on this need.

This truly is disruptive behaviour in the workplace, and it turns traditional motivation and behaviour economic theory on its head.  How are HR departments going to respond? No longer can HR professionals stick their heads in the sand and think this trend will blow over. The largest group of employees in today’s workforce are demanding meaningful work and following a 75-year-old motivational theory will no longer cut it. There are not enough Gen Xers around to fill in the holes when the baby boomers are gone. What is HR to do?

Discussion Questions

  • Research and create a list on the ways millennials are different as compared to the baby boomers.
  • What are the key expectations of millennials in the workforce?

The Giggers: Part 1

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Young designer presenting a flow chart to colleagues during a meeting
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The New Gig Economy

We have the Baby Boomers, the Gen Xers, the Millennials and now we might just have a new term which all generations of workplace employees may find themselves in.

It is the rise of the “Giggers.”  What is a Gigger, you ask? Well, it is someone who works in the Gig Economy. What is a Gig economy? According to the online Cambridge Dictionary, the Gig Economy is defined as: “A way of working that is based on people having temporary jobs or doing separate pieces of work each paid separately, rather than working for an employer.“

Click here to read the online Cambridge Dictionary.

According to Faith Popcorn, who is a futurist, and her Fast Company article, the new “Gig Economy” is on the rise.

Click here to read a more detailed outlook for future employment trends.

These trends will have a major impact on HR departments, including:

  • On demand hiring
  • Temporary assignments for senior executive positions
  • New virtual reality collaboration software
  • Professional networking opportunities will be expanded

These recruitment and hiring trends are here to stay and will continue to expand in 2017. Is HR ready to handle the Gig?

Discussion Questions

  1. The Fast Company article outlines four new trends of the Gig economy. Pick one and create a presentation on how your HR department could develop and address new HR processes to help implement the trend.

Let the Data Tell the Story

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Trying to figure out where to begin for effective compensation planning is challenging. The end result of a good compensation plan is the alignment of the plan with the expectations of those who are going to use it. Before we can get to the end, however, we must understand, from the beginning, whom the plan intends to serve in order to design the plan to meet these expectations.

Who is in the target market?

Of course, part of analyzing the market will focus on the existing workforce within the organization. This provides us with a short-term view based on immediate workforce needs and expectations. However, the investment of time and resources used to build an effective organizational compensation strategy must look to the long-term goal for sustainable results.

Who in the target market will benefit from a long-term vision? We can find answers to this question through market surveys that shape and guide the path to the future.

A recent example of this type of market survey focuses on the value-based expectations of the millennial workforce.

Click here to read the article.

Click here to read the full report.

The data provided in this report is just that: data. The charts and graphs on their own provide the basis for analysis. Analysis comes from translating the data into meaningful information. In this case, the data is used as a base to build a compelling story that tells the tale of what the millennial worker expects from their future as a valued participant in the Canadian workforce. The results of this report should lead to a natural conclusion that the long-term vision for sound compensation planning must be based on the growing needs of the millennial workforce.

Data analysis and market surveys help anchor the development of compensation strategy at the beginning. It is up to the thoughtful compensation practitioner to use this information effectively in order to implement a sound compensation structure at the end.

Discussion Questions:

  1. Based on the survey data in the report, identify three effective elements of a compensation plan that will meet the needs of millennial workers.
  2. How can market surveys be used to provide short-term planning for compensation design?
  3. How would you use this report on the millennial workforce to shape the compensation plan in your current place of work?

Millennial Considerations

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Two creative millenial small business owners working on social media strategy using a digital tablet while sitting at desk
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The times they are a-changing, for sure.

Much has been written about the challenges facing the millennial generation as its members begin to take greater hold of the economy and the workforce. The millennial worker is someone who has grown up with access to a world of information through digital resources that a person from previous generations simply did not have. As this millennial generation increasingly populates the world of workers and business leaders, they are bringing about a changing view of what constitutes effective rewards and incentives for employment performance.

A recent article, published by Benefits Canada, outlines some positive statistical analysis of the millennial approach to indirect reward plans.

Click here to read the article. 

Previous generations of managers commonly held back group health and dental benefits until employees asked for them. It is apparent that upcoming business leaders recognize the reward potential of offering wellness initiatives from the very beginning of the employment relationship. In order to have a healthy, engaged and constructive workforce, millennials prefer to have a pro-active influence in an employee’s social and physical well-being.

Further, supporting employees on a pro-active wellness path is more affordable at the beginning of a business venture, rather than incurring escalating premiums for an unhealthy workforce later on. It is evident that access to digital resources, such as the statistical evidence provided in this article, has had a great impact on the way benefits are provided. It is also evident that the Human Resources professional has helped to shape this changing workforce view in a positive way. And, as noted in the article, millennial business owners appreciate the value of the Human Resources professional in helping to advise, shape and shift the modern workplace in a constructive way.

Discussion Questions:

  1. What are the top five HR compensation ‘must-haves’ you would advise a small business owner to put into place from the start?
  2. Why do you think flexible benefit plans, as outlined in this article, are attractive to the millennial workforce?
  3. After a year of working in your chosen profession, if you had a choice between a moderate pay increase or full access to an employer paid benefits plan – which would you select? Why?

Millennial Movement

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If there is one consistent thing when looking at workforce patterns, it is that the millennial generation is on the move.  However, how that movement is perceived seems to be a bit of a glass-half-full/glass-half-empty view.

GIF with caption, " I don't want to freak you out, but I may be the voice of my generation".
Source: alastairadversaria.wordpress.com. The above content constitutes a link to the source website.

A recent article in the Huffington Post provides us with survey-based information related to the high patterns of millennial workers wanting to quit their jobs.

Click Here to Read the Article.

The Canadian HR Reporter also posted an article recently that looks at the rationale behind the high rates of workforce movement for the millennial crowd.

Click Here to Read the Article.

As HR practitioners, we have a choice as to how we capture the challenges and opportunities offered by these millennial created patterns. The known benefits of a staid and stable post-millennial workforce may be just that, offering a steady flow that is predictable, unchanging, and perhaps, a bit dull.  It should be no surprise that the millennial workforce is vibrant and full of movement. This is a generation that is young, well-educated, and connected to the virtual world in a way that has never been seen before.  It certainly seems that the decision to move to the next best thing, for a person of the millennial generation, comes at a faster rate when existing things like career limitations or organizational values based fit are no longer comfortable.

Should we hold this generation back or let them go, knowing that this millennial pattern too, shall change?

Discussion Questions:

  1. As an HR professional, how does the statistical information about millennial workforce patterns assist in HR forecasting?
  2. If the patterns for millennial workforce movement are accurate, then a) What types of HR activities would be least effective for retention purposes? and b) What types of HR programs would be most important and effective to have in place?
  3. How does the survey information, including the identification of age/generational categories, reflect your own career experience or expectations?