By Daniel Lai
The millennial generation is the fastest-rising workforce and will comprise 75 percent of the global workforce by 2025, according to PwC. In order for Michigan’s automotive and mobility industry to reap the talent it needs to maintain its leadership in connected and autonomous vehicle development, changing “the company culture” to appeal to millennials is not only necessary, it is essential. That was a key message Marvin Mendoza, director of talent innovation at PwC, delivered to more than 150 automotive industry leaders and stakeholders at the sixth MICHauto Annual Meeting.
“What we’re seeing, regardless of industry, are three megatrends impacting businesses: the rise of the millennial workforce, the rise of the flexible and freelance workforce, and the explosion of mobile and digital technology,” Mendoza said. “To stay ahead of the game, you have to adapt to these trends quickly and strategically.”
According to Mendoza, companies must adjust their culture to appeal to the next generation of talent. In conducting its own study, PwC determined that millennials are highly satisfied working for companies that provide: opportunity for career progression, merit bonuses, training, flexible working schedules, and a sense of doing something “good” for society. Additionally, millennials prefer to receive performance feedback in a real-time face-to-face environment.
Following Mendoza’s presentation, he was joined on stage by Anya Babbitt, founder and CEO of SPLT; Steven Fitzgerald, vice president and chief human resources officer for Visteon Corp.; and David Whitman, senior manager of global talent acquisition strategy and business planning for General Motors Co., for a discussion on how the “culture of making a difference” has positively impacted their business’s growth.
“We see a lot of talent coming back to Michigan,” Whitman said. “We have figured out that if people feel like they are making a difference in a very real way, and if they are happy, they will stay. What better way to capitalize on this than this convergence of the automotive and technology industries?”
In responding to a question from moderator Joann Muller, Detroit bureau chief for Forbes Media LLC, about preparing the next-generation to fill the talent pipeline, Fitzgerald said Michigan universities have stepped up with a plethora of degree programs. However, the automotive industry must not be afraid to look globally.
“There are only 300 million people in the United States trying to fill the demand of a global population of 7 billion people. There’s no way that a country as proportionally small as the United States is to the world can keep up with the talent demand in education if we continue to look solely in our borders,” he said.