Unlocking the power of a multigenerational workforce
To unlock the full potential of a diverse workforce, it's crucial to embrace and appreciate the unique preferences, habits, and behaviours that each generation brings
The modern workforce is becoming increasingly diverse as life expectancy rises and retirement becomes more flexible. With four different generations now working alongside each other, organisations face the challenge of managing the unique expectations of each demographic cohort.
Several studies and reports have demonstrated that baby boomers, Gen X, millennials, and Gen Zs each have different needs, wants, goals, and motivators However, organisations often struggle to address these differences, which may be a contributing factor to the high attrition rates recorded in recent years
A survey by Aon India showed attrition at 21% in 2021, said to be the highest since 2003 Another study by Michael Page predicted that around 86% of India’s professionals will look for new jobs in the next six months and that
that organisations will have a tough time meeting salary expectations
For leaders and HR professionals, it is key to have a very deep understanding of the needs and wants of every generation of the workforce, contextualised to the industry they operate in. What has changed across generations
As Lynda Gratton mentions in her book ‘The 100-Year Life’, over the years there have been many changes in the way work and life stages have existed in parallel – one clear changing paradigm has been the emergence of the multi-stage life as opposed to the ‘three-stage life’ (Education – Work – Retirement). It may be important for organisations to understand this aspect which has changed across generations, respect the changing priorities of the new generations and devise newer methods of talent management
Let’s take a snapshot of how people and work trends have seen shifts across the years, and what may have not changed:
Quicker job shifts (say over 1-3 years) vs staying in the same organisation for 3+ years: A trend which has picked up over the last 10 years in the industry – more predominantly seen from the millennial folks onwards vs Gen X and baby boomers. This has also led organisations to think about whether shorter career journeys within organisations can help retain talent better
Flexible work, work from home and remote work: These are trends that have picked up momentum post the Covid era and are here to stay. Organisations offering these practices have vastly benefitted in building great cultures and attracting a diverse set of talent
Seeking more clarity in one’s role and expectations: It is a behavioral trend that has been seen across the millennial generation This has led to organisations defining their jobs and roles clearly, reducing ambiguity, and making roles meatier
Vast improvement in importance given to feedback: This has been a constant ask from the newer generations – this allows for better direction, two-way communication, and no surprises when it comes to managing performance and overall feeds the above goal of seeking clarity as well
The middle-age ‘conundrum’: It has always been there to stay – with employees burdened by the middlemanagement syndrome and heightened family responsibilities maybe with growing children and/or aging parents. Somewhere towards mid-life, decisions are also spun around ‘what do I want to do in life’.
Early retirement: It is a recognisable factor speaking back to the three-stage life but speaking more to the fact that individuals cannot thrive only with the skills gained in their twenties or early thirties. Hence we see different careers and especially entrepreneurial capabilities spiking post one’s 50s after one is ‘done’with corporate life.
Career breaks: Perhaps it is a trend more seen in the last 5-7 years; seen earlier only with women at a post-maternity stage but then started moving towards individuals at mid-career stages, and now very often seen by folks in their late twenties or mid-thirties The reason for this being varied – at times tied with the middle-age stage, but mostly focused on sabbaticals focused on exploration, travel, self-discovery, and investment in learning
It has been challenging for organisations to create opportunities for all these employees to flourish, knowing that each demographic cohort has different expectations and motivations when it comes to their careers
How organisations can continue to thrive
Being ‘open’ and forward-looking: Those organisations that don’t innovate die a slow death; those who are not open to change and not forward-looking will not be far behind. Organisations have to constantly employ different ‘listening methods’to gauge the pulse of employees across generations, check on new trends and keep revisiting their programs and policies to imbibe what’s new, instead of sticking to the ‘tried and tested’.
Focus on building ‘diversity of thought’: Learning only happens when one’s thoughts and opinions are challenged by those people from entirely different backgrounds or have a very different thought process from that of one’s own The influx of talent from diverse groups, especially from across generations hence continues being very essential for the organisation The early-age talent brings enthusiasm and challenge; the older age group folks infuse much-needed wisdom and experience!
Sensitising managers and leaders: Since they hold the staff for taking the organisation ahead, especially in turbulent times ‘How to lead a team with members across generations’ is a learning module that organisations
Read more at : https://www.peoplematters.in/article/strategic-hr/how-tomanage-a-multigenerational-workforce-37517
Contrary to the popular "great resignation" trend, 47% of Indian jobseekers have no plans to switch jobs in 2023
Nearly half (47 per cent) of jobseekers in India do not intend to switch jobs in 2023, going against the prevailing trend of the "great resignation." Instead, a significant proportion (over 37 per cent) are focusing on advancing their career within their current organisation, reveal findings from the quarterly hiring tracker by global job site Indeed. There has been a notable decline in hiring activity. The data indicates that only 53 per cent of the surveyed employers had made new hires in the current quarter, marking a decrease from 64 per cent in the preceding quarter (October to December 2022).
“Amidst the ongoing uncertainties, the overall sentiment of jobseekers and employers seems to be cautious. However, some sectors like BFSI and healthcare are witnessing significant hiring, showcasing a strong future for these areas Additionally, in 2023, the acceptance of the gig economy at large is also expected to strengthen the job market Employers now need to focus on devising ways in which they can retain and continue to attract this talent pool,” said Sashi Kumar, Head of Sales, Indeed India
The BFSI sector witnessed the most significant hiring with 71 per cent of the sector’s employers hiring during the quarter Healthcare (64 per cent) and construction and real estate (57 per cent) were the other two sectors that hired substantially. In contrast, media and entertainment (49 per cent), IT/ITeS (29 per cent), and manufacturing (39 per cent) sectors saw the least hiring during the quarter. The survey results also indicate a significant rise in the proportion of employers hiring for mid-level (27 per cent, up from 23 per cent last quarter) and senior-level roles (12 per cent, up from 9 per cent last quarter). Additionally…
Read more at: https://www.peoplematters.in/article/recruitment/from-jobhopping-to-career-building-how-workers-priorities-have-changed-37523
From job-hopping to career-building: How workers' priorities have changed
Spilling the tea: the role of gossip in workplace culture
Since the dawn of civilisation, gossip has been a pervasive and powerful social tool influencing decision-making across cultures
Gossip, that juicy little nugget of information we all love to dish out, has been a staple of human societies since time immemorial. A recent study by anthropologists from Washington State University (WSU) shed light on the role of gossip in different cultures and how it influences resource allocation. The study found that gossip, whether positive or negative, has a significant impact on whether individuals are willing to share resources, such as job-related benefits or family heirlooms, with others.
The study, published in the journal Evolution and Human Behavior, involved a series of experiments with participants from different cultural backgrounds, including office workers in the US and India, as well as Ngandu horticulturalists from a remote village in the Central African Republic The researchers, led by WSU anthropologist Nicole Hess, developed scenarios that presented participants with hypothetical situations where they had to decide whether to share a resource with a co-worker or a family member They were then exposed to gossip statements about the behavior of the fictional person in question, either in the context of work or family relationships. The results showed that gossip influenced participants' willingness to share resources, with positive and contextspecific gossip leading to increased willingness, and negative gossip leading to decreased willingness. For example, positive gossip about a co-worker's job-related behavior, such as being able to work well under pressure, increased participants' willingness to give that co-worker a raise. Similarly, positive gossip about a family member's behavior, such as getting along well with siblings, increased participants' willingness to share a family heirloom with that relative. Interestingly, the results were consistent across different cultural groups, including the…
Read more at: https://www.peoplematters.in/article/life-at-work/spilling-the-teathe-role-of-gossip-in-workplace-culture-37531