Generational stereotypes often seem overplayed in the media – think ‘lazy, entitled’ Millennials, ‘cynical, depressed’ Gen X’s, ‘power hungry, competitive’ Baby Boomers and ‘unimaginative, cautious’ Traditionals.
While much of this is rhetoric, differences do exist. Millennials in particular have different expectations of their career experience than previous generations. The Millennial employee expects a patchwork career, isn’t typically loyal to a single employer, and expects to be in charge of their own career path. Traditional semi-annual reviews are too infrequent for Millennials; they want to know that they’ve done a good job, and they want to know now.
Deloitte’s research uncovers emerging trends in performance management that are a better fit for the new world of work, increasingly characterised by self-forming teams responding to rapidly changing business challenges.
|
Traditional Approach |
Emerging Trends |
|
Hierarchical |
Networked |
|
Direct |
Coach |
|
Top-Down |
Bottom-Up |
|
Process-Focused |
Outcome-Focused |
|
Autocratic |
Democratic |
|
Measures |
Improves |
|
External Rewards |
Intrinsic Rewards |
|
Fixed Organisation |
Matrix Organisation |
|
Annual Cycle Feedback |
Just-In-Time Feedback |
|
Weakness-Based |
Strength-Based |
From: Deloitte, Human Capital Trends 2013 Leading indicators (34) http://www.deloitte.com/assets/Dcom-UnitedStates/ Local%20Assets/Documents/Consulting/us_cons_humancapitaltrends2013_040213.pdf
It is clear that engagement and management strategies that worked for say, the Traditionalist generation (3% of the workforce and soon to become insignificant), will have to be rewritten when it comes to Millennials. While Gen X is currently the largest generation of active workers, the Millennial generation or Generation Y is the largest to emerge since the Baby Boomers, and as this group quickly grows as a proportion of the workforce, employers will need to make major adjustments in their strategies.
* Today’s workforce is more dynamic and more demanding than ever. Data is becoming a valuable currency. Employees are demanding more flexible, dynamic and diverse work arrangements. A multigenerational workforce – four generations working side by side - breakneck technological advances and increasing globalisation are forcing the business world to re-think previously successful people strategies.
This whitepaper explores emerging trends in talent management and examines how we are managing talent in an environment increasingly characterised by change.
For Talent Management – the next wavewe surveyed 233 senior managers, leaders and specialists and 287 employees across Australia and New Zealand to gain their insights into talent management.