The Millennial Auditor Understanding and Managing the Next Generation Toby DeRoche MBA, CIA, CCSA, CRMA, CICA TeamMate Senior Market Development Consultant

Presentation Overview and Objectives The presentation will address the topic of generational management, focusing on the inclusion of millennials In this presentation we will: Establish a baseline understanding of millennial skills Understand the skill gaps and training needs for the generation Discuss changes that may be necessary within our departments

Who are Millennials Generally refers to individuals born after 1980 They were raised from a position of positive affirmation • Participation Awards become the norm so that no one feels left out or discouraged

Educated in the technology age that produced innovations faster than anyone can predict, often producing huge cultural shifts The Millennial generation will comprise 75 percent of the global workforce by 2025

Who are Millennials Recent college graduates were introduced to video games by age 5, cell phones by age 12, social media by age 15, and mobile technology by age 19. In fact, the past 8 years, the time this group spent in high school and college, saw unprecedented technological growth.

Managing the Millennial Auditor

Do you currently have Millennials on staff?

Be Ready to Innovate We need to blend the realities of the work we do with the sociable, optimistic, collaborative, tech savvy, and achievement oriented millennial staff Audit and compliance departments often delay introducing technology and innovation Several key technology innovations that need to be in place: • Data Analytics • Data visualization and dashboards • Mobile documentation tools • Continuous training

Establish a Technology Strategy Conduct a critical assessment of the current use of technology Conduct an inventory of your technology tools Develop plans and strategies to leverage potential tools

Establish close ties with the organization’s IT function Develop a long-term technology strategy Develop a comprehensive training program Imperatives for Change: The IIA’s Global Internal Audit Survey in Action

Understand Generational Differences Interview skills Writing skills Giving criticism Continued training Expectations for promotions Working remotely

Managing the Millennial Auditor

Interview Skills Millennials may seem reluctant to engage in face to face meetings • Defaulting to communication tools that are most convenient is not the same as avoiding meetings in person

Teach the importance of non-verbal cues Consider implementing an interview program using WebEx, Skype, or other meeting technologies that are available

Writing Skills Our primary writings are emails • Education on appropriate business communication techniques Writing an audit report is a unique skill that is not typically taught in college Teach the basics: • Explain briefly and clearly a description of the scope and background • Issues should include common elements • Training should also cover all your department’s own writing style and tone

Giving Criticism Millennials have been called “The Trophy Generation” Appear to need endless reassurance and only positive feedback Actually open to improvement and work hard for positive feedback Delivering constructive criticism should be a mandatory training for your departmental managers

Continued Training Train people well enough so they can leave, treat them well enough so they don’t want to. - Richard Branson • Develop staff, especially in technical skills • Include both basic skill sets pertaining to audit and emerging trends such as data analytics • Establish clear rules regarding training and ongoing education

Do you offer annual skills training?

Promotions Millennials have been raised in a world where achieving a goal results in a reward. Every video game ever made is based on a system of reward for achievement. If you collect enough experience points, you reach the next level.

Promotions In the manager’s mind, if they have met or exceeded expectations, then they could be promotable over the next 3-5 years.

In the millennial’s mind, they have met the goal and deserve next level, probably immediately.

Remote Work You hand a new hire a laptop, email and instant message software, a VPN token, and a company issued cell phone on their first day. Then you tell them to carry this mobile command center into the office every day. In a recent survey, “77% said flexible work hours would increase their productivity, while 39% said working remotely would do the trick”

The Millennial Mind Goes to Work

Does your department allow remote work?

Worth the Effort Millennial’s may challenge a department’s conventional practices They bring new skills into our teams, and often bring a higher level of technological expertise The knowledge they bring, coupled with a desire to succeed, is a perfect opportunity for audit management to bring on board a new generation of highly successful, capable, and loyal team members.

Understand Generational Differences Interview skills Writing skills Giving criticism Continued training Expectations for promotions Working remotely

Managing the Millennial Auditor

More Information To read more of Toby’s work, visit: TeamMateSolutions.com/Blog To read other thought leadership and industry reports from TeamMate, visit: TeamMateSolutions.com/Leadership

References Deloitte 2014 Millennial Survey Managing Millennials Imperatives for Change: The IIA’s Global Internal Audit Survey in Action How to Help Millennials Shine in the Workplace "Gen Y” interns: 7 Reasons Why They Are Good Hires The Millennial Mind Goes to Work