Today the workforce is changing, and it’s changing really fast. Every day approximately 10,000 baby boomers are turning 65. And as fast as they are retiring, the millennials will enter the workforce so as to replace them. For example this year only, nearly 2 million students have graduated from different colleges from all over the world.
This shift of the generations will have significant implications on every leader of every company. If we look into addressing this, it becomes important that we comprehend all the opportunities and challenges.
Here below are three challenges which are being faced by the leaders who are struggling with this change of momentum.
1. Knowledge Transfer –
At the end of the retirement parties, after the wishes and tears, the next emotion which arises in the mind of the company or the leader is usually the emotion of fear. ‘A mind with decades of experience just stepped out of the company’s door. Have we done enough to pass on all the institutional knowledge from that person?’ it is a big and great question which leaders need to answer.
In many companies, the highly skilled & highly trained employees (which constitute half of the employees in that organisation) are eligible to get retired in the next five years.
To do that, which is called ‘all of the above’ approach – mentoring, job shadowing, learn-and-lunch sessions and many more? The most impressed one is the partnership in this knowledge transfer. Most often, the retiring baby boomers have worked with the millennials in new ways for sharing their knowledge – like creating videos, building Google drives and many more.
This generation shift, calls for everyone to be creative and disciplined regarding the knowledge transfer. It is the central point for the workforce strategy and continuation of success
2. Employee engagement –
It is very important for the long-term success of the business that the passion and wisdom of the employees should be tapped (of every demographic). This becomes more important during the transition of the workforce.
Each and every employee, regardless of his/her age, wants to be respected, valued and should be put in a position to succeed in his/her career. The interaction with young employees reveal that they have a feeling of enthusiasm for learning new things and also for making a difference in the company and community – and they want to make these changes very fast.
It is important that leaders should tap into these spirits to capture the enthusiasm of the millennials. Leaders should start engaging other employees for bringing new and creative solutions for the problems being faced by the organisation.
It is said that the millennials make sure that their work means something, something which has a purpose which means beyond the paycheck.
3. Organisational Agility –
The shift in the workforce is occurring in across all the industries –driven by major changes in technologies, consumer expectations and other market forces.
Most of the millennials, who are entering the workforce,are tech savvy and flexible in getting the things done. They are well prepared to work in teams in a project or individually. They grew up in the digital world doing multitasking and are productive both at home as well as in the office.
These traits permit them to be successful in today’s fast-paced business environment, wherein the customers want to do the communication in the real time with the help of social media and smartphone applications, they have an easy access to personalised services.
Companies need to be enough smart and agile to create an environment which seems appealing to the millennials and their expectations from work.
Blog by- Hemangini Mahajan
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