There is an urge to understand the complexity of the current labor market in terms of coexistence of various and different generations of employees. Generation Y, or Millennials, are continuously entering the workforce and, as widely discussed, companies that do not learn how to make career opportunities attractive for them will struggle.
Connecting to a connected generation
According to recent studies, there is a lack of skilled employees in the workplace. Therefore, companies should increase their knowledge and understanding of the needs, motivations and values of these individuals from which we still do not know enough. It is crucial to take into account several factors that have changed with Generation Y, based on the principle that work is no longer just a way to survive economically, but also a source of satisfaction and development. “From Performance Review to Performance Preview” describes the values considered important for these individuals and how they should become part of the HR policy.
However, it is still not easy to integrate them in the organization due to their new and partly unknown expectations, as well as the differences between them and previous generations. Also, these distinctions should be handled correctly in order to enhance their capabilities, which will have a reflection on the organization's profit. Moreover, a better awareness and control of the needs and motivations of Generation Y would help to quickly build up knowledge about the upcoming Generation Z and understand how to handle them.
Aren't you using performance evaluation tools to engage and motivate Generation Y? Then your company may be vulnerable
Generation Y employees are the most likely of all generations to switch jobs, with nearly half of fully disengaged Millennials actively seeking a new job. As a result, Gallup estimates that badly motivated and disengaged employees cost the German economy between 210 - 275 billion euros annually in lost productivity.
In order to engage Generation Y employees, organizations should offer a sense of unity within the company, frequent feedback, transparency and opportunities to learn and grow. In their Predictions for 2016, Bersin by Deloitte said, "A new generation of performance management, recruitment, learning, wellness, and employee feedback systems will arrive, supporting new models and tools for people management." Hence, performance evaluation tools can do a lot to smooth this path. It will increase the degree of satisfaction of the entire company and their performance, preparing Generation Y for their jobs. Still, it is important to get guidance in the planning and execution of an effective and suitable employee development software. Our white paper “From Performance Review to Performance Preview” elaborates exactly on the changing needs of a generation and how you can move your company towards a data-driven HR management.
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