A popular topic that keeps popping up recently in our work with Human Resource Management clients is “The Millennial Generation“. Many managers are wondering about the best strategies for recruiting, training, managing, and retaining fresh ‘Millennial’ talent.
Millenials are a demographic unto themselves with unique perceptions and attitudes towards their careers and workplaces
Southeast Asia in general, and Thailand in particular, have relatively high employee turnover rates. This isn’t news, however, what is new is that for the first time the majority of vacancies are being filled by Millennials, (or Gen Y’ers, as they’re also sometimes called).
In this two-part series, we’ll take a closer look at “The Millenials“, a group Pew Research has defined as people who were born between 1977 and 1992. We’ll take a look at their unique perspective, why they matter, how to best motivate them, and what they can bring to your workplace. However before we dive into discussing Millenials in detail, it’s a good idea to understand the global trends influencing their emergence as the dominant player in the workforce.
Surely most HR directors reading this aren’t surprised to hear that turnover rates, already high, are expected to continue rising thanks to changing demographics in the workforce.
The Journal of Organizational Behavior and an SHRM report on employee turnover found that Baby Boomers are leaving the work force at record numbers, and will continue to do so for the next 19 years.
In May 2011, Harvard University’s Program on the Global Demography of Aging published a report confirming the world’s population is getting older, people are living longer, and birth rates are falling. According to the ILO Labor Report (2012) in the US alone, ten thousand Baby Boomers are retiring per day (!!!).
As the Boomers leave, so does their expertise, institutional knowledge, workplace culture, etc…
For HR managers and organizations looking to recruit and retain the best talent possible, this fact has significant implications.
A recent SHL report found that whereas 65% of Boomers would consider staying with an organisation throughout their working lives, the same attitude was reported by just 40% of Gen-Xers, and only 20% of Millennials.
Over the last 10 years, the average tenure with employers has halved, dropping to around just 4 years.
In part two of our series, we’ll take a closer look at one of the biggest issues facing HRM in SEA today – The next generation of employees, their characteristics, and how to most effectively leverage them to get the most out of your team (for a long time to come!).
CloudForce HR has been working closely with future-thinking clients already experiencing the ramifications of baby boomer retirements. These companies are experiencing first-hand the importance of coordinated knowledge transfer and succession planning. Here are some of the topics we’ll be covering in our 2nd article in this series, based on our experiences with these clients: