Never before has there been so much talk of generational shocks or the potential impact of new generations on organizations. Much is said about what millennials want or how they act, or even what they value. Among the constant surveys already conducted by countless companies, and a mix of opinions from other generations, can organizations already understand them?
Flexibility, the balance between professional and personal life and space for the growth and development of young talent, are some of the requirements put by the millennial generation to the organizations with regard to the management of people.
In this sense, the change in organizations is now an unavoidable factor, and talent management is assuming an increasingly important role. This transformation is due, in particular, to the disruptive changes in digital and to the recent business models and, not least, to the new ways of thinking of these generations.
However, today there are two particularly difficult challenges for companies, namely, the turnover rate increase, especially for the new generations, and the increasing generational diversity with which organizations deal with the entry of millennials, which have a profile and a different attitude towards work. This is a new reality, with which companies will have to learn to cope, although it can be mitigated.
But what do these changes really mean for organizations?
The best way to address all these changes is to respond directly to the needs of the new generations and try to understand their characteristics. Millennials want to be heard and do not want their ideas ignored. They like to be part of the decisions, and prefer more informal work environments. On the other hand, in order to face an increasingly difficult labor market, they are aware that it is essential to be innovative, flexible and creative in supporting the organizations where they work.
In this way, the great challenge for organizations is to understand how they will retain professionals who are considered to be those who have a lower sense of belonging and who demand more from companies than previous generations. Is it enough to offer them a good salary or other benefits? A promotion or a prominent position in the organization? No... What really moves a millennial in a career is the attainment of an ethical professional context, with a solid, human mission, a friend of constant learning and with recognition of its merit.
As such, it is important to invest in each talent, to create training opportunities that allow them to constantly update their skills, because what today is innovation, tomorrow is obsolete. It is essential to motivate them and make them a key player in the development of the company, because in fact these new talents, full of new ideas, new business knowledge and more technology oriented, will enable organizations to take a step towards the future, contributing to its development, making it stronger and more competitive globally.
According to the Great Place to Work study, there is no evidence that such changes lead to greater innovation within companies or lead to increased profits, however, the numbers seem to indicate that the organizations that most seek to integrate millennials are also those who have achieved better performances in their business.
In this way, it is essential that organizations try to understand generational differences and which drivers drive the involvement of the different generations represented in their company. By adapting this strategy, organizational leaders will have a greater ability to motivate their teams and understand what factors should work to achieve higher retention rates and talent attractiveness.
However, for this, organizations must become more agile, differentiating from the rest in the market, bet on analytical solutions that allow to streamline processes and tasks in order to retain their main talents.
And in your organization, what role do people play?
Opinion article published in media PME Magazine – August 6, 2018