This is an age dominated by millennials at work, and given this demographic reality, businesses need to be responsive to the requirements of this generation. There are clear indices that represent the preferences of these employees. The current year has presented some important lessons that need to be operationalised as we move forward and embrace the new year. A recent study ‘Talent Mobility: 2020 and beyond’, conducted by PwC, indicates that the business world is grappling with fast-paced changes at workplace and the ability of firms to manage these changes will be the key differentiating factor between success and failure. The study also mentions that the strongest and most sustainable supply of talent lies in the eastern part of world, not west, however mobility will grow 50 per cent by 2020.
The millenials, with different preferences, pose challenging demands for the industry leaders. Training and developing staffs to make them job-ready helps them to imbibe organisational values, enhances performance and fosters engagement. The impending danger of not investing in employee skills could render firms without a competitive edge. Stakeholders are not interested in observing a firm’s success only on economic parameters like enhanced profit, positive financial ratios etc. A lot of importance is attached to the softer aspects like employee satisfaction, engagement, inclusiveness etc. This aspect has been stressed by a group of 38 CEOs who were interviewed (for the PwC 15th Global CEO Survey) to understand their resolve to manage the talent challenge. According to them, identifying skill gaps, developing a comprehensive understanding of talent today and a planned and structured learning path for tomorrow are likely to be crucial factors of success.
Traditional classroom learning sessions are giving way to virtual workshops. Convenience is important for the present generation, so virtual learning is becoming hugely popular methodology both in academia and the corporate world. With the advent of advanced technology, organisations should capitalise on this medium. Investments should be made in technology as it is likely to be critical in disseminating specific knowledge and values of firm to the staff. Business leaders should be made aware of the advantages of virtual, mobile, synchronous and asynchronous learning, and its benefits to them and staff. They should be open-minded, practical and agile.
We have observed that even though the virtual sessions are convenient, employees may still prefer to attend a class where they connect with their colleagues. Meaningful interactions foster great amount of peer learning. Therefore, the design of the workshops need to be changed so that they facilitate reflective learning from the participants and are not a tutor-led one-way communication. A combination of virtual and classroom methodology is the way forward to build a skilled workforce.
Being self-reliant, learning on the job and in control of the career are some of the key preferences of the present workforce. Any initiative that provides an employee with these opportunities are likely to be helpful in skilling them. Giving timely feedback and channelising the high energy that this workforce possesses will be a key competence of the managers. Managers need to be coached to acquire leadership qualities. This will not only help in reducing dependency on the managers but also develop decision-making and problem-solving skills of the staff members. It will benefit the firms as employees are likely to feel more involved.
An environment that fosters sharing and collaboration builds connectivity across borders and firms become seamless. Efficiency of an individual is determined by his or her ability to plan, organise, communicate, build relationships and perform the assigned tasks. Possessing technical expertise is fundamental to any business. However, this does not create distinctiveness. People should be trained on building deep relationships with internal and external stakeholders. Strong relationships help in facing the most difficult situations and organisations come out of them stronger. Building and sustaining relationships help an organisation deliver value to its clients. We know that happy employees lead to higher client satisfaction.
Another crucial area of upskilling employees is ensuring that they understand and practice appropriate language while communicating verbally or non verbally.
Miscommunication is one of the biggest challenges faced by us in family and at workplace. People need to be trained to communicate with impact and empathy. All these competencies would create a workforce that responds, shares, collaborates and provides an experience that is distinctive.
