The U.S. Chairman of PwC on Keeping Millennials Engaged

Reprint: R1411A

PwC’s workforce is strikingly young: Two-thirds of its employees are in their twenties and early thirties. In the past, the assumption has been that most hires will eventually move on to other firms or other careers, while a few will be promoted all the way up to partner—rewarding and justifying years of long hours in service to clients. But a recent study done by the company revealed that the allure of becoming partner someday is no longer enough to generate high levels of engagement. Millennials are less willing than Boomers to make their work lives an exclusive priority, even when offered the prospect of substantial future compensation. They want job flexibility in the here and now, along with opportunities for training and mobility and more frequent feedback and rewards.

PwC has instituted several initiatives in response to the results of the study: Employees are asked for their ideas on how to invest in human capital and given choices about what form their bonuses will take. Career paths have become far more flexible. Life skills and leadership training and sabbaticals demonstrate appreciation in nonmonetary ways. Participation in corporate responsibility programs has improved retention and engagement.