In the face of evolving global economy, rising competition and changing business trends, the human resources departments are particularly experiencing new and challenging situations every now and then. Developing and retaining a talent pool for companies is becoming tougher. Leadership positions are facing a serious lack of appropriate skills and, with the experienced workforce growing older and approaching retirement, hiring suitable candidates is becoming even more challenging. Besides, more and more companies are becoming multinational organizations, recruiting talent from diverse countries and cultures. Physical and emotional health of employees is also emerging as an important aspect that needs attention. Gone are the days when the employees used to stay in a company for long. Today, the employees are switching companies fast, seeking better opportunities, better work-life balance and more. Speaking of 2020, the year will be no different and the human resources needs to prepare for some big challenges, as anticipated by the experts, to be more impactful and add more value to the organization they are working for.
Today’s workforce is composed of four generations and each generation has its unique characteristics. Each of them, namely Baby Boomers, Gen X, Gen Y and Gen Z, brings exclusive strengths to work but their different working styles and philosophies can often lead to conflicts. As much as this multigenerational workforce is adding value to work, there is also a growing challenge for human resources managers in terms of managing the coordination and collaboration among different generations. Millennials or Gen Y is increasingly assuming management and leadership roles which further fuels workplace disruptions. Each generation has been shaped by different societal and economic conditions and has different life experiences. A smart manager views this as a unique opportunity to enhance productivity. Managing widely different viewpoints and focusing on the bottom line isn’t an easy task and may lead to workplace tensions and friction among employees. Here are a few tips and strategies that can help managers manage the multigenerational workforce efficiently:
Every organization needs high potential employees to achieve goals and make profits. And, it’s extremely important that those employees stick to the organization and contribute effectively. Employee retention is one of the most important yet most overlooked aspects in many companies. Research suggests that retaining top talents in your organization could be the key to sales growth, high morale and satisfied customers. On the other hand, loosing important employees leads to reduced productivity and it could also cost the company more than the employee’s salary, in the process of finding a new and good employee. There are a number of factors that lead to employee turnover such as lack of opportunities, ineffective management, lack of appreciation, work pressure and more. This calls for effective employee retention strategies aimed at providing a superior work experience to your employees.