Talent management in the millennial era
Guest author Brooklin Nash is a content marketer based in Central America. With a passion for SaaS and B2B tools, Brooklin enjoys staying up to date with what can help SMBs grow.
4 MINUTE READ
Millennials make up the majority of the workforce today.
Many have pointed to millennials as the driving force behind an economy marked by record employee turnover. With rising rates of people eager to switch employers, there is greater competition to find, maintain, and develop talent.
With steeper competition over the talent pool, companies need to reconsider how they approach talent management. The following three trends reflect how companies are thinking about their investment in talented employees.
Be the company they want to work for
About 71% of workers say they are looking for a new employer. That puts the power of choice in the hands of employees. Employees have the ability to stay in their current jobs while keeping their eyes peeled for better opportunities on the horizon.
When looking for companies to work for, workers are able to compare employers on employer review sites. These sites list top employers to work for. A recent list of top companies to work for in 2019 highlighted companies that had strong reviews in:
- Positive company culture
- Work-life balance
- Competitive Benefits
- Training and development
Employees seek places to work that encourage professional growth, creativity, purpose, and competitive compensation. To find the talent that will grow your business and stay for the long haul, companies need to stay competitive in how they treat their workers.
Talent management is a strategic process
Finding the best leaders, developers, and creatives does not happen by sheer luck. It requires a plan. This plan spans a long cycle that starts with recruitment and continues on with intentional onboarding, performance management, and succession planning.
Effective recruitment is the initial step to reducing turnover and hiring staff that will contribute long term to the business. Choosing the right hires is the foundation for all steps in the talent management process.
Strategic onboarding and performance management are necessary for making sure that the employee understands the values and goals of the company, how they fit in with team, and finding potential leaders. These steps are also critical for making sure that employees are satisfied with their work, the company culture, and the available professional development opportunities.
Succession planning is the process of grooming high performers for executive roles in the future. Though most companies recognise the importance of planning for future leadership, less than half actually have a plan for how to do so. Companies need to take time to put a system in place to internally develop future leaders.
Speaking their language with software
Once businesses have a plan of how to run with talent management, they will need the tools to actually put the plan into practice.
Talent Management Software is a good place to start when looking for a platform that can assist HR with the entire lifecycle of talent management. Components of a robust talent management software include:
- Performance Management
- Compensation Management
- Cascading Goal Alignment
- Succession Planning
- Learning Management
Finding functional and beneficial software begins with reading peer reviews. Fellow professionals offer honest insights on which solutions have best enabled them to tackle the multifaceted challenge of talent management in the millennial era.