STARK RAVINGS
The Newsletter of the IMA Canton Chapter

October  2016

 http://canton.imanet.org

Jeff Walters, President
Cullen Bahler, Editor

In this issue:

This Month's Technical Sessions

How to Acquire and Retain Millennial Employees

Webinar Schedule

IMA Technical Sessions

Connect with Us!

Do you have info to share with our chapter? Email it to news@cantonima.org.

If you wish a colleague to receive these announcements, send an email to news@cantonima.org and we will add them to our announcement list.

Please join Us!

October 18 |  5:00 - 8:00 pm
Kozmo’s Grille: 37 1st St SW, Massillon OH 44647 (directions)

Reservation Deadline: Friday, October 14

Pre-Dinner Technical Session (5:00 - 6:00 pm)
Economic Impact of Young Professionals
Presented by Eric Smer, Y Stark

After-Dinner Technical Session (7:00 - 8:00 pm)
Stark County Update
Presented by Richard Regula, County Commissioner

click here for more information about the speakers

click here to register

 

 

How to Acquire and Retain Millennial Employees

Employees who fall within the Millennials age bracket (individuals born between 1980 and 2000) will make up more than 50% of the workforce within the next 10 years. As a whole, this group is said to differ from Baby Boomers and Gen-Xers in having a more innovative mind-set, aptitude for new technology, and adaptability to different jobs. They want flexibility and work-life integration, have high aspirations, want to make a difference in the world, and desire a work environment more like Google than a conventional hierarchal organization. Here we report ways to improve hiring and retaining millennial employees.

IMA® (Institute of Management Accountants) conducted a survey of senior finance professionals in July 2016 to find out how companies are effectively recruiting and retaining this younger generation.

On average, Millennials make up about 30% of the respondents’ companies. Of the 85 survey respondents:

• 22% say recruiting Millennials is definitely a challenge
• 40% say recruiting Millennials is somewhat of a challenge
• 27% say it is not a challenge
• 11% don’t know.

The biggest challenge mentioned is tenure of employment. 49% said that Millennials stay at their company only 1-3 years! That’s a far cry lower than the baby boomers’ employer for life mentality. They said this turnover often causes several problems including:

• Cost of employee turnover (e.g., training, recruiting costs) (62%)
• Loss of knowledge transfer from experienced to less experienced workers (52%)
• Difficulty recruiting competent job applicants (46%)
• Finding motivated applicants (41%)

Contributing to the high turnover are four issues cited most often as challenges faced in employing Millennials:

• 49% cited Millennials’ desire for flexible work environment
• 42% cited differing views among management about Millennials
• 36% cited lack of defined career path
• 34% cited lack of competitive compensation

The most successful practices for retaining employees within the millennial generation are those that directly address these issues:

• 48% said flexible work arrangements
• 44% said competitive salaries and benefits
• 32% said leadership development programs
• 32% said opportunities for advancement
• 31% said mentoring programs

The practices that have been most successful in recruiting Millennials are:

• Employee referrals (51%)
• External recruiting (e.g., job fairs, college recruiting, networking events) (32%)
• Internships (31%)
• Internet job boards (28%)
• Company websites (24%)
• Social networks (e.g., LinkedIn, Facebook, Twitter) (21%)

Hiring and keeping people in the Millennial age group can be a challenge. Technology makes it easier to find and apply for other jobs and they will leave for “greener pastures” if they see more flexibility, compensation, or opportunities for advancement. Find them the way they find jobs: through friends, college recruiting events, internships, and social networking. Keep them by offering flexible work arrangements, competitive salaries, and an environment where good work is rewarded regardless of seniority or age with increased responsibility and pay raises. These don’t have to be huge increases; just often enough to help them feel their hard work is being recognized and rewarded.

source: article written by By Kip R. Krumwiede, CMA, CPA; click here to leave a comment

Webinar Schedule

You will earn CMA and CPE credits when you attend any live webinar. Replay webinars are available in the archive but do not earn credits. Advance registration is recommended—IMA webinars are popular and fill up quickly.

The Benefits of Moving from Manual to Mobile Expense Reporting
October 13, 2016
1:00 - 2:00 pm EDT

Navigating Conflict
October 18, 2016
1:00-2:30 pm EDT

Ace Your Next Job Interview
October 19, 2016
1:00-2:00 pm EDT

No More Vendor Hype: Understand the Latest Technology Trends
October 26, 2016
1:00-2:00 pm EDT

Trusting Your Data – Empowering Decisions and Business Foresight
October 31, 2016
1:00-2:30 pm EDT

Interpersonal Communications
November 15, 2016
1:00-2:30 pm EDT

Register for Any Webinar

 

Mark Your Calendar:
Join Us at IMA Technical Sessions

2016-2017 tech sessions will be held at Kozmo's Grille with the exceptions noted below. There are two hour-long sessions beginning at 5:00 and 7:00 and dinner in between.

  • October 18
  • November 15
  • December 20
  • January 17
 

Cost for dinner is $30 regardless of the location. Please look for invite emails with registration information prior to each meeting.

Schedule:

• Social/Networking at 4:45 pm

• Pre-Dinner Technical Session at 5:00

• Dinner at 6:00 pm

• Post-Dinner Technical Session at 7:00 pm

More info: http://canton.imanet.org

 


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The mission of the Institute of Management Accountants (IMA) is to provide a forum for research, practice development, education, knowledge sharing, and the advocacy of the highest ethical and best business practices in management accounting and finance. Please join us as we promote this mission in the greater Canton, Ohio, area.


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