The intricacies of HR – from compliance to employee engagement to workforce management – do not make it easy to be an HR leader. To help ease this burden, Ceridian hosted an Executive Experience session at #CeridianINSIGHTS, offering attendees expert advice on how to survive and thrive in the ever-changing world of HR. Read more
Posts tagged ‘retention’
At this juncture, one of the greatest challenges in human capital management is managing several different generations of employees. The gaps between the age groups are becoming more pronounced with time – the baby boomer group is heading for retirement, but a few still linger behind, and meanwhile millennials are entering the workforce in droves.
This latter group is particularly vexing. With millennials flooding into every office worldwide, HR leaders must be ready to adjust quickly. They’re forced to prepare for this unique demographic group. What’s different about them? What makes them challenging to manage successfully?
According to Deloitte’s research, there are a lot of factors. The organization recently published an extensive report on the subject, entitled “Mind the Gaps: The Deloitte Millennial Survey 2015,” which explores the many challenges of working with millennials today. Deloitte surveyed 7,800 millennial employees spanning 29 countries, getting their opinions on effective leadership and the impact of business on society.
Millennials have new attitudes about work all over the world.
“Findings from Deloitte’s fourth annual Millennial Survey show that business, particularly in developed markets, will need to make significant changes to attract and retain the future workforce,” the organization stated.
In the end, Deloitte uncovered a lot of interesting nuggets. Below are six key takeaways about the millennial mindset in today’s workforce:
Skepticism about corporate values
Ideally, every corporation would do its part to help society, but millennials aren’t so sure if that’s happening. Deloitte found that 75 percent of millennials think businesses do more for their own agendas than to help others.
Concern about untapped potential
Every employee has a great deal of talent to bring to their jobs, but unfortunately only 28 percent of millennials say their current organization is making full use of their skills.
A newfound sense of ambition
Some youngsters have an eye for the throne. Deloitte found that 53 percent of millennials aspire to become the leader, or at least the most senior executive, within their organization.
Big aspirations in emerging markets
This ambition for the top position is particularly pronounced internationally, in less economically powerful countries. In emerging markets, 65 percent of millennials said they wanted to be top executives, versus only 38 percent in developed markets.
A fear of big business
If you thought most youngsters in the U.S. wanted to work for a large corporation, then you thought wrong. In emerging markets, 51 percent of millennials see an appeal to large global businesses, but in developed markets, that figure is only 35 percent.
Reluctance toward entrepreneurship
If they don’t join existing big employers, will they instead start their own companies? Among millennials, the predominant answer is no. Only 11 percent of young people in developed markets and 22 percent in emerging markets expressed an interest in founding their own businesses.
As companies whip out every trick in the book in their ongoing effort to ensure employee retention and productivity, they often find that one value is a key prerequisite: trust. Simply put, you’ll never be able to get quality work out of people if they don’t trust you first. HR officials have found that in order to maximize overall productivity, they need to guarantee strong personal relationships between employees and their managers.
There’s plenty of data to support the claim that today, trust is more important than ever. In a competitive business climate where companies everywhere are fighting for the best possible talent, having trusting relationships within the workforce might make all the difference between retaining your best people and losing them.
There’s a commonly held conception in many HR circles that in order to maximize employee retention and productivity within an office, it’s important to have everyone under one roof. If you have your entire staff in house and you’re able to watch over them and monitor their every move, it’s easier to ensure that they’re working hard.
This sentiment might be fading, however. These days, workforce leaders are realizing that with the range of new technologies available to people today, it might not be necessary for everyone to show up to the office every day. Allowing people to telecommute might be equally effective.
And in fact, it might save companies a little bit of money as well. Simply put, people are willing to make less if they can work from home. That’s the finding of a recent survey, conducted by Staples for the third time in 2014, as published by the Society for Human Resource Management. The company found that 71 percent of telecommuting employees consider the “working from home” privilege an important benefit, and 36 percent of people would choose telecommuting in lieu of receiving more money.
Pretty much every corporate HR office under the sun makes it a goal to maximize employee retention and productivity, but they’re unfortunately finding these days that working toward that goal is harder than ever. Companies want to keep their prized people around, but they often find that those individuals are itching to leave.
Perhaps that’s a product of today’s economic and technological landscape – the competition for talent is fierce, and the next job opening is always just one mobile app or web search away. It’s therefore unsurprising that in the modern climate, getting employees to stick around is quite difficult.
Today’s HR offices are often finding that the challenge of maintaining employee retention and productivity is harder than it ever was before. With the growth of new high-tech tools and the evolution of the workday to become more flexible and customizable, people are completing their professional duties in different, more creative ways.
Consider, for example, the growth of telecommuting practices. In a previous era, it was assumed that virtually everyone who had a job would need to somehow commute to the office, go to a specifically assigned workplace and complete their work under a boss’ close supervision. That paradigm doesn’t necessarily fit anymore.