Before I graduated, I had a brief stint working for a start-up founded by a friend not older to me by more than 4 years. Working there was a hoot: I barely felt I was working. I enjoyed the work, I enjoyed my co-workers and more than that, I enjoyed that it felt like home. Six months later, I found myself working for one of most respectable employers out there, and it felt like real adulating and real work.
My manager was at least 15 years older, my manager’s boss at least 25 and my colleagues were a most diverse set of people. I was working in the office of today- the office of today which hosts three different generations, and is just now starting to welcome its fourth.
Globalization, digitization and advances in AI, automation and human-machine interaction are changing the workplace of today to an unrecognizable level. The defining element of this new environment is not simply change, but change at an ever increasing pace, that has led to new ways of working, for organizations overall and for the HR practitioners specifically. The context and content of all human resources practices are being redefined from acquisition to development to retention. The issue of talent is consistently a top CEO concern and the market for specialized skills is extremely competitive. Deloitte’s Global Human Capital Trends Report 2017 emphasizes that talent acquisition is the third most important challenge for companies today, and 81% of the HR practitioners supported this.
THE NEW NORMAL
In light of the challenges and trends identified in the rapidly changing workplace, any organization that wishes to remain at the top of the talent game and win the war over talent needs to inculcate newer, more agile practices and overcome all challenges that were laid out.
Following are 5 policies that can enable organizations to remain relevant today:
a) CREATING AN ENHANCED AND DIGITAL ENVIRONMENT FOR INNOVATION: The only way to win the war over talent is to enable the employee to see why the company is winning the war over talent. Many companies are taking steps to improve their job roles and environments, and innovative companies are adding excitement to their employees’ jobs. Google (# 2 rated recruiter) encourages employees to devote 20% of their work time to personal passions, and eBay offers 1- month sabbaticals to all employees after 5 years tenure.
b) TARGETING TALENT AT ALL LEVELS: The effect of top management on corporate execution hasn’t reduced, however what’s much clearer today – not slightest, because of the extension of knowledge work—is that firms can’t bear to disregard the commitments of different levels of employees: especially, competent, relentless. Talent that makes up the larger part of any workforce. Aviva is one organization that has made its commitment to high performers clear.
c) DEVELOP A NUMBER OF VALUE PROPOSITIONS: RIGOROUS DIVERSITY AND INCLUSION MANAGEMENT: In view of demographic and strategic patterns, effective organizations are adjusting their EVPs to target employees with various esteems, desire, and desires: for instance, GenX, millennials, moderately aged ladies, more seasoned specialists, and individuals from particular social foundations.
d) CHANGE THE SCHEDULE AND THE WORKPLACE: Employees of the generation do not find the 9-to-5 schedule conducive to growth. Allowing for flexible hours and work-from-home policies and providing similar flexibility in managing the work schedule is the most important point for all millennials. 45% of Millennials will choose workplace flexibility over pay.
e) MENTORING AND FEEDBACK: Millennials prefer to be provided with the right resources to learn, and are always on the lookout for opportunities to grow and lead. Additionally, these mentorship programs can be tapped to help the experienced professionals to learn from the younger generations too, all the while providing feedback on the go.
Written by Gunika Bahal, a 2nd year MBA student at XLRI Jamshedpur.
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