As the global economy shifts toward an increasingly digital standard, the preferences and expectations of employees are dramatically changing. In order for organizations to build successful environments for their workers, more progressive strategies must be implemented.
With much of the Baby Boomer workforce retiring, and Generation X right behind them, the workplace is increasingly dominated by their younger successors. It is anticipated that 50% of the workforce will consist of Millennials by 2020.
With this new era of employees comes a new working standard. Millennials grew up in the world of internet, and matured throughout the phenomenon of smartphones and social media. Organizations that prepare for the shift in dynamic put themselves in a much better position for achievement than unyielding counterparts.
The Millennial Mantra
Millennials are ambitious, more so than any other generation of workers. They have high aspirations toward their current employment and future advancements and place responsibility on themselves to improve their skill set and learn new ones to be as successful as possible.
By the numbers:
- Over 66% of millennials want to contribute more to their employers
- 75% are willing to use their own time to further their skills and learning when given proper career guidance tools by their employers
- 74% believe it’s their own responsibility to update their skills rather than rely on an employer
Millennials think that employment matching should be as simple as Uber or Postmates: plug in your current location and desired destination, and voila.
For this reason, it’s becoming increasingly common for current employees to continue seeking alternative or better employment. John Fitzgerald, author of Future Proof Your Career, explains that one-in-five employees are actively seeking another job today.
Organizations need a career architecture that is fluid, adaptive and agile as organization structures are evolving rapidly. Josh Bersin talked about the pixelated workforce, and it is this kind of skills agility that is needed by both employees and employers. Gone are the Henry Ford industrial revolution days of everyone having a rigid job title and defined deliverables that did not allow or require any kind of fluidity, flexibility or creativity.
Instead, today’s workforce is more characterized by making multiple contributions to the organization via scrums, agile projects that are matched to the unique talent-sets that an individual brings. We have a new level of definition around individual talent and capability that is no longer defined by a tight position description. That kind of thinking was fit for purpose a decade ago when we had an abundant talent supply.
With today’s talent-economics we have to think differently about talent supply and talent leverage within our organizations. We need deep, robust intelligence about workforce skills, talents, and capabilities, that traditional talent management systems cannot deliver because of the hidden, shaming truth of adoption of these systems. Employees just don’t want to use these compliance and management centric tools, as indicated by the appalling employee adoption statistics of most of the world’s leading Talent Management Systems.
More Intuitive Employment
With career pathing, a concept of highlighting a worker’s talents and aspirations to map out further learning and employment opportunities, the needs of employers can more appropriately be matched with the desires of workers.
At Fuel50, we are deploying exactly that through our Career Pathing Intelligence systems, that give employees an interactive road map to their future, a career GPS, that takes into account their own personal career drivers, aspirations, values and talent.
From there, employees can instantly see their skill gaps, learning needs, what skills are in hot demand by the business for the future and link instantly to mentors and online learning resources to start the learning and growth journey instantly, and be kept on track with their career progress so they continually add to their own career assets.
We have seen across our aggregate client data a strong correlation between engagement with the career pathing system and employee retention, with a 60% improvement in retention where there is system engagement.
Put yourself in someone else’s shoes, imagine being 25, with an MBA and happy to finally land a job as an analyst at one of the top 10 global banks, working in the retail banking arm. However, your dream is to become an Investment Banker.
For this individual with an intelligent career pathing system, we can show them the road to take with action steps to get started immediately. This is the foundation of the new career currency that will replace the old vertical promotional systems.