LEAD Breakfast focused on Leading Millennials

Twenty-four LEAD Alumni and their guests participated in a "LEAD Breakfast" discussion on "Leading Millennials."  

Following introductions that included each attendee saying a word that came to mind when we hear the word "millennial," Jana Beal (2017 LEAD Classic) and Dave Gooch (2012 LEAD Classic) of Park National Bank facilitated a wide-ranging discussion. 

Millennial Statistics

  • By 2020 Millennials will outnumber Boomers
  • Average tenure of a Millennial – 2 years
  • 84% of Millennials say making a difference in the world is more important than professional recognition (Bentley University)
  • It’s costs an average of $24,000 to replace each Millennial employee (Millennial turnover costs the US economy 30.5 billion annually)
  • 45% of Millennials will choose workplace flexibility over pay
  • 63.3% of executives will be ready to retire within next 5 years (leadership gap – will Millennials be ready?)
  • 93% of millennials left their company the last time they changed roles (Gallup)
  • 53% of millennials aspire to become the leader or most senior executive within their current organization (Deloitte) 
  • 71% of Millennials expecting to leave their employer in the next two years are unhappy with how their leadership skills are being developed (Deloitte) 
  • 58% of Millennials want to work for a small or medium sized company compared to 63% of Gen X and 71% of Baby Boomers. Only 13% want to work at very large or global companies with 10,000 or more employees (Future Workplace)
  • 52% of millennials say opportunities for career progression is the most desirable quality in a workplace, competitive wages and financial incentives (44%), good training and development programs (35%) (PWC) 
  • Top reasons why Millennials consider leaving their jobs: to make more money, to move forward in their careers, to pursue work that is more aligned with their passions, and to have more flexibility/better work-life balance (Boston College) 
  • 71% of millennials who strongly agree that they know what their organization stands for and what makes it different from its competitors say they plan to be with their company for at least one year (Gallup)

Biggest myths about Millennials from Chamber speaker and best-selling author Bruce Tulgan:

  • They aren’t loyal and have short attention spans
  • They want things handed to them on a silver platter (actually they want to earn it)
  • They want weak leaders
  • Feedback – frequent, positive, coaching (More, Less, Keep format)

Remember, it’s not personal, it’s generational 

Articles provided:

The Complete Story of the Millennial Generation;  How gaming, the Internet, and mobile technology rewired an entire generation. This exhaustive timeline will help you better understand Millennials.

Mixing and Managing Four Generations of Employees 

Thank You & Jana & Dave for this timely & instructive discussion!

LEADership through the Ages

  1. Leadership Development
  2. Team Leadership
  3. Community Leadership
  4. Leadership
  5. Personal Development
  6. Clermont County
  7. Lead Clermont Academy
  8. Lead Over