By Academic Committee
The new trend in companies now geared towards the 21st century focuses on technology and globalization. Millennials, today’s leaders, with easy access to the global market, and native to technological surroundings transform Startups to billion dollar companies overnight leaving their competitive advantage to Talent and Creativity.
Whereas, CEO’s are now enforced to redefine their recruitment process within the four pillars of Talent Management considering as a starting point the Millennial’s way of thinking, use of technology, and globalization.
I. The Recruitment process:
The recruitment process is the first step where changes need to occur. Before, CEO’s through Human Resources office scouted people that would perfectly match the position requirements. In today’s global market, the focus is on talent and adaptability. In the modern globalized economy, companies weigh employee’s ability to acquire new knowledge and collaborate. Also, gaining experience and developing individuals’ skill-sets becomes essential. Employers would now prefer to have energetic, malleable workforces who can learn on the job and help one another to innovate and create new solutions.
II. Learning Development
Today’s candidates are not looking for a career inside a company; they are looking for an experience. This immense change in the status quo of what people wanted at their workplace comes from the changes needs directly connecting to the economy. Thus agile workforce is required.
Millennials’ inherent values and life skills set imply hands-on the job and learning by doing. So, development of learning is shifting towards business leaders who progressively identify the lack of competence as a dominant obstacle to the implementation of their company’s strategies; thus, ensuring the need for creating opportunities and space for learning.
Millennials’ creative workforce considers of high added value the emphasis on continuous learning to the point that when they are not learning, they leave organizations. The key lies in creating conditions for learning to happen as part of their development aligned to the recruitment process and meeting the needs of the changing economy and its workforce.
III. Periodical Check-ins
Annual Reviews are a thing of the past; today proved ineffective and inefficient in fostering high performance. According to talent managers, Annual Reviews do not promote employee engagement or talent. Instead, valuing a year full of work and noticing changes that would require follow-ups until a new year comes and which results directly connects to compensation derives in demotivating collaborators. Millennials whose mindsets focuses towards learning and gaining experience that fosters talent and creativity need immediate input hence constant check-ins lead to direct real-time improvements.
Also, lifelong learning is the key to adjust performance through coaching and skills development rather than just evaluations. Today, Millennials value instant feedback given after direct performance if it is active and constructive. They feel the need to be geared towards their responsibilities and progress within the roles and duties they perform; hence their results drive the companies’ culture and employee’s engagement as they feel valued and take part of the system and for those that need improvement creating a support system that helps them grow. If leaders provide constant feedback on performance they are also building future leaders, coaches, and mentors who drive the economy and their responsibilities to fulfillment fostering teamwork; as a result creating new leaders. Also, instant check-ins goes hand in hand with clear objectives and results since they bring transparency and efficacy to the job performed which Millennials highly value.
IV. Career Development and Compensation
Unlike the traditional idea of career development which meant reaching the next step in the corporate ladder, the 21st Century economy places great importance on providing opportunities and support to middle-level operations to advance and create development opportunities for employees to meet the rapidly changing needs of the company. Talent Managers should focus on three primary drivers- purpose, autonomy, and mastery- to meet Millennials mindsets expectations for development. Ideally, employers should create opportunities for young, talented, creative minds to experience different functions, roles, and markets for them to gain experience and build adaptability to change in employees; from now on, creating a more stable job opportunity to the collaborator. This career development opportunity leads to a change in view and although Millennials are ambitious and strive for financial success, they also prefer a collaborative work culture environment and value transparency.
Millennials focus on collaboration and equality and draw towards projects that connect their strengths and abilities leading to career fulfillment since social networks are their essence, they expect an open culture without barriers of any levels; subsequently, they also favor leaders who create opportunities for training and development.
Millennials now connected to the world through technology; they embrace cultural diversity and change as essential to their environment. The creation of culturally diverse leadership teams and workforces with divergent backgrounds, perspectives, and ideas enables collaboration, inclusion and ensures equipped leaders for future challenges. Lastly, considering that new challenges lie ahead, a succession of employees is essential to the fulfillment of positions with great talents, creativity, and better-equipped life skills. Such replacements can fulfill the needs throughout the organization connected to the economy, and its global trends requiring an immediate change in the Talent Management process where Millennials are taking over.
Haak, Tom. “10 Talent Management Trends for 2016 | HR Trend Institute.” HR Trend Institute. HR Trend Institute, 2016. Web. 28 Aug. 2016.
Martin, Jean. “How to Keep Your Top Talent.” Harvard Business Review. Harvard Business School, May 2010. Web. Aug. 2016.