98% of Millennials believe working with a mentor is a necessary component in development.
In the 14th Annual Global CEO Survey by PricewaterhouseCoopers, Millennials also rank training and development three times higher than cash bonuses when it comes to employee benefits.
The younger generation has been generally more difficult when it comes to developing employee retention strategy. Millennials tend to feel less connected with the organization, and 1 in 4 potential employees plan to leave their jobs in the next 12 months.
According to Vineet Nayar, Vice-Chairman and CEO of HCL Technologies in India:
“With Generation Y coming into the business, hierarchies have to disappear. Generation Y expects to work in communities of mutual interest and passion — not structured hierarchies. Consequently, people-management strategies will have to change so that they look more like Facebook and less like the pyramid structures we are used to.”
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The difficult job market has clearly played a role in new college grads having little luck with employment. In a survey, about 70% communicated that they wish they had done more (e.g., internships, cooperative learning, job shadowing, networking, etc) to prepare themselves for the workforce.
As recruiting is starting to rise gradually across companies, HR has tapped into internship programs as a powerful resource for finding new talent.
Experts agree that the feeling is mutual for colleges, who are trying to seek out more of these opportunities, which can help more college grads better prepare for their careers before they get their degrees.
“They [colleges] are focused mostly on getting employers onto campus and providing students with basic interviewing skills,” says Adecco Senior Vice President for Talent Management Kathy Kane, who oversaw the survey.
“It’s essentially a matchmaking service. I would rather see a more in-depth partnership between colleges and employers. And for HR leaders, forging tighter bonds with colleges may also help ease their concerns about managing wayward Gen Yers.”
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According to the Human Resource Executive, there is a major generational gap when it comes to recognition and rewards for hard work. A new study reveals that Generation Y employees are much less likely to believe that working harder or taking on new responsibilities will be rewarded by an employer.
In a survey of more than 4,000 employees across 13 different countries, the results teach us a few important things about different generations of workers today.
- Those who believe that hard work will always be recognized and rewarded – 38% of workers aged 56 to 60 and only 19% of workers aged 18 to 25
- Gen Y workers (18 to 25) believe that they will be rewarded for the results of their hard work
“They see recognition as reciprocity,” says Jennifer Rosenzweig research director of The Forum, which is affiliated with Northwestern University. “In their minds, this means, ‘If I work extra hard my employer will reward me by keeping me employed and not laying me off.’ The older workers also believe that their employers have an expectation of loyalty and part of that exchange is recognition of the employee by the employer.”
However, on that same token, the younger workforce, expects more immediate rewards and is more inclined to move when they don’t get what they want.
Read the Human Resource Executive Magazine article
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Employers are putting pressure on their internship programs to support their operations this year. From the National Association of Colleges and Employers, businesses are expecting to increase internship hiring by at least 7%.
However, while the demand for interns is rapidly rising, the competitive wages they can offer interns is getting lower. The average hourly rate, right now is $16.68 per hour, which has greatly dropped since last year. Instead, companies are opting to pay interns with perks like free lunches, travel stipends, and school credit.
Considering your own internship program, do you know if you meet the federal criteria?
HR, and especially small business owners, should keep in mind that the U.S. Labor Department’s Wage and Hour Division has rules to prevent you from taking advantage of unpaid interns, when you can’t afford to hire new full-time employees.
- The internship should model training that would be given in an educational environment
- The internship experience is designed for the benefit of the intern, not the company
- The intern does not displace regular workers, but works under supervision
- It is communicated clearly in advance if/when the intern will not receive wages
Read the Wall Street Journal article
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Over the past 4 or 5 years, employers have focused more on their intern pool for filling entry-level positions in the organization. In a national 2011 study by the National Association of Colleges and Employers (NACE), nearly 40% of this year’s entry-level jobs will be filled by former interns.
For example, at the consulting firm PricewaterhouseCoopers, 45% of the 4,600 college students that were hired in 2010 for full-time positions were former interns.
In doing internal research, their company discovered that former interns performed better than non-interns, and they see this as an important recruiting strategy for the next few years. In their pursuit of hiring interns, they began revamping their efforts to find and recruit students as early as their freshman year of college.
“Companies are essentially trying to take graduates out of the job market before there’s competition for them,” said Edwin Koc, research director for NACE.
More than 266 employers participated in the study, showing a marked interest in hiring fresh grads who already have hands-on experience and familiarity with their companies.
Read the Wall Street Journal article
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