Benefits Of Multigenerational Workforce And Talent Management
Today’s workforce is comprised of multiple generations, where everyone has varied work habits, communication styles, and unique perspectives. But to address the elephant in the room, is having a multigenerational workforce a strategic decision or a scruffy one?
In our work industry, most companies have almost five generations of employees working side by side, and while it might have its pitfalls, having a multigenerational workforce is surely a boon for every company. As an HR professional, you should consider this strategy to attract, hire and retain the best talent out of the lot. This will reflect how your company works and significantly raise your credibility. To transform your workplace into one that drives innovation, you will need to address your management system how to make the best out of it.
Employing a staff of a range of ages adds immense value to your organization. While the younger employees are quick on their feet when it comes to adapting to new hr tech, the mature employees have the upper hand when it comes to decision-making from their knowledgeable experience. Here are the key benefits of multigenerational workforce and talent management:
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Increased problem-solving capability
When the creativity and ideas of multiple generations are combined, the outcome is surely going to be astounding. Our life experiences have a rife impact on our problem-solving abilities. As a result, when the minds of employees with age diversity are combined, they can come up with conducive ways to solve any problem.
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Diverse perspectives
No person fits the same mold. Especially when it comes to insights and perspectives, your human resource team can leverage the collective ideology and perspectives from employees of different generations. Employees from different generations have distinct ways of handling job responsibilities. If your multigenerational workforce brainstorms together, it will work like a hand in glove.
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Peer mentoring opportunities
Each generation has something innovative to offer, and when put together, it can give a productive outcome. Let’s have a look at the multigenerational force in the work industry and what they have to offer-
- Baby Boomers- People born in 1946-1964: It takes a lot of energy to boil the ocean, and since this generation has worked for a long time, they are reliable, respected, and bring a lot to the table.
- Generation X- People born in 1965-1980: This generation has been in the work industry for quite some time, and being in the middle, they can easily resonate with the generations before and after them.
- Generation Y or Millennials- People born between 1980- 1996: Millennials grew up in the era when technology advanced at a giddying pace, and thus they are tech-savvy well-versed with all the latest hr tech.
- Generation Z- born in 1997-2012: This is the youngest generation who have just come out of their cocoon, and are driven by determination and motivation.
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Knowledge sharing
One of the key advantages of having a multigenerational workforce is that each generation offers and shares their ideas to help you align with the company’s vision and mission. An organization’s “employees” are the main reason why they exist. Learn the script as you make the film, thus to make your company stay ahead of the competitors, it is essential to build a robust workforce, and what better way to do that than have multiple generations of employees working for you?
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Meaningful relationships
As a human resource specialist, you must know that the foundation of any company is its employees. Having job satisfaction is essential to bring out productivity in employees, and having age diversity in the workforce helps you to do just that. Multiple generations mirror a family that helps everyone to meet their emotional needs, which ultimately leads to job satisfaction. It is time that we stop treating employee engagement as an HR issue, and instead view it as an amalgamated effort.
That being said, many companies are still failing to attract the Millenials, mostly because they are using outdated methods of recruitment. This explains the urgency of updating the recruitment process to attract the best talents. Many organizations are still using outdated methods of handling recruitment and talent management. It is time that they update their talent management strategy, otherwise, there is a chance that their business will suffer tremendous loss. What many employers don’t realize is that talent management is the key to their business growth and success. It helps to capitalize the employees, that are the most valuable and crucial asset of any organization.
Importance Of Talent Management
Talent management is a tried and tested method of attracting and retaining experienced and skilled employees. There are many benefits to keeping the talent management strategies up to date, such as-
- It helps the company to surpass their performance, and with the presence of skilled workers, the company can reach any goal without any hassle. Talent management is best put to use when it has the combination of three prime components, positive employee experience, strategic HR team, and rapid talent acquisition.
- By recruiting and helping the employees to grow and develop, the company stays ahead of its competitors. This in turn helps the organizations to become robust and be prepared for any risks or challenges.
- Whatever be the business, new trends are coming up regularly. Talent management helps the employees to stay on top of all the latest technologies and drives innovation to help them come up with new tools and techniques to solve any problem.
- It helps to create a productive team, who is capable of facing any challenge. This is far better than just having a group of talented employees who can’t keep up with the fast-paced technologies and trends.
- If your company has a strong talent management strategy, the employees are more likely to stick with the company for the long haul if they see their career progressing.
- It helps in the branding of the company, which in turn helps to attract top potential candidates in the future.
Top Strategies Of Talent Management
As mentioned above, talent management strategy varies from company to company. Having said that, there are some top ways through which a robust talent management model can be created, such as-
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Planning
Proper planning of a talent management model will help you in aligning your employees’ goals to your organization. Only with precise planning a company can attract and hire a talent that will prove to be a useful resource and add to the company’s growth.
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Attracting
When an employee abruptly leaves the organization, it takes time to fill the vacant role. With the help of talent management, other employees can take on additional responsibilities as they are trained to take on new roles. This gives the employer enough time to attract the best-suited candidate for the role and not hire an unqualified candidate just because the role is vacant.
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Development
The development process of the talent management process entails the steps involved to make an employee grow within the organization. It should be in alignment with the employees’ career progression plan and providing them with new responsibilities that can help them to develop their skills and take on new challenges in the future.
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Retaining
Another key purpose of the employee management model is to ensure that your experienced and best employees stay in the company for a long period. To stick with the same company, employees need to be reassured that they are valued and recognized. Through training and other development opportunities, employees feel motivated to stay in the company as they know their career can be progressed by staying in the company too.
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Transition
After recruiting and developing the employees’ skills, it is crucial to plan their transition. The main goal at this stage is to keep their knowledge and talent within the organization. Talent management helps in planning whether an employee should be promoted or not, and if yes, then to which position they should be promoted. Amidst this, if an employee decided to leave the company, it is crucial to know their reason behind it. If it is a reason that is related to the work or the company, it should be rectified so that it doesn’t repeat in the future.
The gist of it
Just like a well-balanced dish needs a variety of ingredients, a workforce as well needs a multigenerational workforce to reach the epitome of success. Having said that, discovering how to manage such a varied workforce can certainly be challenging, but once you have strategized to use this to your benefit, many will have an ace up their sleeve.
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