With the traditionalists and boomers leaving the workforce to retire, the time has come to look beyond Gen X to the increasing numbers of Millennials in the workplace. The problem for businesses is that Millennials are not going to adapt to the workforce as it stands in the same way that Gen X has been mostly happy to do. Millennials demand that the workplace change to meet their needs and desires and when they aren’t happy they vote with their feet. This means that future business success is going to depend on each organisation’s ability to utilise effective performance management to engage staff and fill skill and knowledge gaps that appear when key staff members either move on or retire. A robust talent strategy building effective leadership pipelines at all levels of an organisation will further future-proof against the uncertainty that businesses are bracing for in a highly competitive global marketplace. For more information on building a better performance management system that helps to align your talent with business strategy, you can watch Performance Management: Improving on Traditional Offerings here. You can find more information on building a robust Talent Management Strategy here, and watch a video here.
With the growing increase in the number of Millennials in the workforce, and the undeniable fact that they will one day be our leaders and CEOs, it’s time to find new ways to engage and retain them, otherwise businesses will face continual talent shortages and the burden of costs to train and retrain as Millennials continually move on to greener pastures.
Future-proofing your business means finding new ways to retain your Millennial workforce
To compliment my earlier blog post about Talent Strategy which you can find here, I’ve produced a video that will give you a good launch pad to understanding the topic. Statistics in the video come from here. Once again I have utilised the services of Biteable.com, and thank you again to them for their excellent software. I hope you enjoy it, and please feel free to share it or leave me any feedback you may have.
I read an excellent article regarding the incredible statistic that only 4% of staff feel that performance reviews are useful here, and it really made me think. Why do we stick to formats that don’t produce results? A set and forget mindset is never going to create real change or development with measurable results, so let’s talk about how to do it differently. Let’s talk about how to turn annual reviews into a constant and continuous process that involves supporting and guiding staff to develop themselves in ways that benefit the business and allow employees to move further along in their chosen career path. If employee engagement is a problem, then let’s find new ways to get employees to engage. To that end, I produced this video with the help of an awesome online program from biteable.com, so I want to shout out to those guys for making a fantastic product, and encourage others to try it out. The findings and numbers in the video come from the article above about the survey run by Bamboo HR. I’ve enabled the option to download and share the video, and if you choose to do so, I would appreciate it if you linked back to this blog post because it did take effort to get it together. Thank you!
Social Learning and Millennials seem to go hand in hand. The focus on social media, communication and gamification tick all the generational stereotypes when L&D professionals try to appeal to the increasing numbers of Millennials and Post-Millennials joining the workforce. The key to success with Social Learning is to ensure that it is created on a level playing field where everyone’s expertise and ideas are valued; the tech-savvy youth of today know when they are being talked down to and when appeals for their participation lack authenticity. Remember, Millennials may have been raised in a technology obsessed world, but they are not a uniform group, no generation is, meaning that those entering the workforce in need of development need to be treated as individuals with individual development requirements and unique skill gaps. Social Learning is a highly beneficial way to identify those needs, and create a community around bridging the gaps.
For more information on Social Learning and how to get started, you can read my previous blog post here.
Social Learning and Millennials appear to be a match made in heaven!