Over the past three years, in a recovering economy, businesses have been busy creating new strategy to meet the demands of the 21st century.
Baby boomers are retiring and Millennials are entering the workforce in droves. Expect some changes…. This new generation of workers has arrived………. with expectations not seen since the “women’s rights” movement of the 1960s and 70s. Your corporate culture will shift to a more versatile and flexible workplace as the Millennials and Post Millennials take their seat at the leadership table.
What will it take to become, or remain, an “A Player?” According to a new survey released by Deloitte, The New Organization: Different by Design, The 2016 Global Human Capital Trends, there are 10 human capital trends companies will start to experience that will have immediate impact on how they recruit, train, promote and retain employees.The 10 trends ranked in order of importance
Keeping these 10 trends at the forefront of thought, CEOs and their managers can initiate a Change Management Plan that will help them bridge the gap between where they are and where they need to be to attract the best talent and capture the market-share of customers for their industry.
The Millennials – the workforce of today and tomorrow
First, let’s take a look at the history of the US Workforce over the past 50 years.
The Silent Generation has all but left the workplace, while the Boomers are making tough decisions whether to retire at social security age or keep working past retirement age. Within the next 10 years, most Boomers will be exiting the workplace in mass numbers. Unfortunately, the Boomers followed the “zero population” movement which resulted in one to two children households. That would have made the Gen X population very small except for the fact that the US government allowed large numbers of young people to enter the US as immigrants. That effort has lessened the impact of the zero population movement. However, you can still see the gap in population between 1965 and 1981. Essentially what the chart reveals is that the next ten years will serve as a beta-of-sorts for US employers to design a workplace that attracts and retains the Millennials, and prepares for the next wave of workers, the Post Millennials.
According to The Deloitte Millennial Survey:
Millennials, who are already emerging as leaders in technology and other industries and will comprise 75 percent of the global workforce by 2025, want to work for organizations that foster innovative thinking, develop their skills, and make a positive contribution to society. The study also reveals that Millennials believe businesses are not currently doing as much as they could to develop their leadership skills and that they need to nurture their future leaders, especially as they cannot count on them biding their time until senior positions arise.
Changing The Workplace Culture…………. What should you do?
In 2016, Millennials make up more than half of the workforce. According to the Global Human Capital Trends Deloitte Study, “they bring high expectations for a rewarding, purposeful work experience, constant learning and development opportunities, and dynamic career progress.”
What that means is the workplace needs to cater to the demands that come along with this new group of workers.
- Millennials are placing huge emphasis on the use of digital technology. They have grown up in the height of the digital movement. They are ready for “everything technology” the day they enter the workplace.
- They want promotional opportunities - the old term “promote from within” is alive and well with the Millennials.
- Millennials want to know their purpose. This necessitates companies to look at their current mission and vision statements and start sharing the corporate goals with their employees.
- Millennials look for recognition of a job well done. This requires goal setting and performance tied to things that make a difference; performance that is tied to overall company success.
Peter Nanterme, CEO and 32-year veteran of Accenture, recently offered this comment, “And for the millennium generation, it’s not the way they want to be recognized, the way they want to be measured. If you put this new generation in the box of the performance management we’ve used the last 30 years, you lose them. We’re done with the famous annual performance review, where once a year I’m going to share with you what I think about you. That doesn’t make any sense.”
How is Your Company Measuring Performance?
There have been many articles written about throwing out “the old way of performance management.” But does that mean to stop telling employees what it takes to be successful? I think we’re all in agreement that employees in general want to know what is expected of them…how their goals fit into the the bigger picture of corporate success…… and how they will be recognized and rewarded for meeting or exceeding performance objectives.
Yes, the old ways of performance management are broken. But this new generation, and generations to come, want their performance measured frequently and digitally. They want coaches and mentors to provide frequent and meaningful feedback. And, they want their goals to be aligned with corporate goals. They need to make a difference.
When an organization can track every contribution back to the larger mission, that’s alignment; and its effect on employee morale and productivity is the common denominator between some of the world’s most successful organizations.
Visit www.kpisoft.com for more information and learn how you can reinvent your corporate strategy to attract, measure, reward and retain your talent……………... all while boosting your profits.