Participation and Performance – Importance of Participation
The greatest and widely accepted benefit of participation is the increased work ownership of employee. An employee is better able to relate himself/herself with his or her work and this improves performance and efficiency at work. John Newstrom and Keith Davis worked extensively upon the subject. They identified three variables that lead to increased performance. […]
An Online Guide to OSHA Safety Regulations, Standards and Checklist
Occupational Safety and Health Administration, an agency of the United States Department of Labor, was created on December 30, 1970. Formed under the Occupational Safety and Health Act, its mission is to ensure safe and healthy conditions at workplace in order to prevent work-related illness, injuries, diseases and wrongful deaths by setting and implementing safety […]
The HRM Challenge: Managing the Millennials Entering the Workforce
Who are the Millennials and What are their Characteristics? The Millennials or those born between 1985 and 2000 are entering the workforce in large numbers. This generation is perhaps the most unique in the history of modern world since they are the first to have come of age during the Digital Age. Having grown up […]
How to Know Your Employees? – Tips for Managers to Know their Team Members
Managers need to know their employees for them to feel valued and indispensable for the organization. Even the best of salaries and facilities would not help you retain your employees, if you do not appreciate and acknowledge their hard work. You need to know your employees’ well – their capabilities, skill sets, expertise and also […]
How to Manage Star Performers and High Achievers
What do the Terms Star Performers and Fast Trackers Mean? In every organization, some employees are designated as Star Performers and Fast Trackers by the Managerial and the Human Resources Professionals. The term Fast Trackers refers to the internal classification of some employees who are expected to move faster up the hierarchy than other employees […]
Most of the organizations do not feel much about managing their talent. Here is why they should -
Talent management is not only important for hiring people as per the need, it is also important for determining when to hire. In the traditional model of hiring supply meant developing people internally for future. There was an upfront investment in candidates recovered through an enhanced performance over time. This was a good perspective; there were equal chances of making and losing money by investing in your people.
Hiring from outside or temporary employment on the other hand was seen as something that cannot fetch you substantial returns and or act as potential source of knowledge and competitive advantage.
These trends lost sheen over a period of time with the rise of the great corporate career. Consider this - In 1950’s — 1960’s an average fortune 500 executive had been with his/her company for average 24 years. Not anymore, the traditional and lifetime model was breaking up and giving way to a new model. Outside hiring increased along with the increased employee turnover.
The change was brought over by organizations failing to plan. Increased pressures from market for speed of delivery and variety of goods, the third wave of corporate restructuring and failure to keep up with new management practices brought chaos to planning.
In a survey conducted in 2003 by SHRM it was found out that 60% of the firms have no succession planning of any kind. Surprisingly more than 70 % had it in that late 1970’s! IPMA-HR survey of the workforce as a whole in the year 2004 found out 63 % have no workforce planning of any kind; the same was an integral component of virtually all companies in 1950’s. A new trend had taken shape, shortage - go outside and hire!
On the employee side, the trend of lifetime employment has diminished now. Talking in terms of the percentage of lifetime employees - in 1980’s 53 % of employees worked as life time employees, the same decreased to 34 % in 2009. The questions that arises is how do we manage the next generation employees and what exactly do people expect from jobs.
The new generation employees it seems do not believe in the old philosophy of ‘we will stick around till you need us’. They are more enterprising and will to take risks in their career; they accept failures easily and are prepared for them. People now prefer flat hierarchies, build careers around jobs and want a clear performance management system.
There are work-life balance concerns, issues of job flexibility all of which calls for renewing the social contract with the employees. The employees, their psyche, their beliefs and most important their attitudes are changing - talent management can’t afford to sit back. It needs evolution.
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