Attracting And Retaining Next-Gen Talent — a Guide For 2021
By: Olivia Smith
Tags: Talent Acquisition, HR, Talent Management, Human Resources, Hr Talent Management

In the world of business, talent management is a relatively recent concept. Coined in the 20th century, it gained momentum only as we were knocking on the doors of the 21st century and is now common practice in most organizations.

As against human resources, talent management looks not just to find the right people for the job at hand but for the culture of the company as well as for subsequent job roles that may come up. This means its scope goes beyond just finding, hiring, and onboarding employees, also looking at how to retain them in the organization.

How important is talent management?

Its importance can scarcely be understated: talent (and its management) are key ingredients to making a company competitive and profitable, and ensuring it stays so. The right persons in the right jobs ensure a smaller gap — if any at all — between the skills of the people working on a task and the competencies the particular task requires. Employees and their teams become more efficient and effective in discharging their responsibilities, in the short and the long term.

Is the next generation of employees significant?

For talent managers, a key concern remains attracting and retaining the next generation of talent by offering them a winning value proposition. This is a generation seeking a great benefits package, excellent communication from company leadership, and a healthy dose of social responsibility, among many things to consider.

The ideal workplace for this generation can no longer be the office of old times, and technology is playing a major role in bringing about and speeding up this transformation. And no business can afford to ignore the particularities of this generation, given it is the next wave of talent and business must flow along or risk being left standing back.

What are the key characteristics of next-generation employees?

The next generation of employees is an important accelerant for economic growth. Here are its top characteristics:

Communication is top priority: The next generation lives by the latest communication tools, and they expect communication at a fast pace.

The next generation lives by the latest communication tools, and they expect communication at a fast pace. Highly driven: These employees are open to experimentation and taking risks, driven to doing something new. Their outlook is one of optimism rather than conservatism.

These employees are open to experimentation and taking risks, driven to doing something new. Their outlook is one of optimism rather than conservatism. Testing new concepts and ideas: They are very creative, and they like to try different approaches.

They are very creative, and they like to try different approaches. Knowledgeable: This group has a lot of knowledge, plus the ability to pick it up much faster through multiple channels.

How can the next generation of employees be attracted to work for a firm?

The more things change, the more they remain the same! Every generation of employees continues to seek a strong set of leaders helming an organization, along with a great, compelling work opportunity. However, some pointers particular to this group are the following:

A growth-oriented, exciting outlook: The old way of doing things just cuts no ice. What hooks them is a mindset to shake things up and move the market, thus making or boosting their careers. This need not just be in a startup but also in established companies.

The old way of doing things just cuts no ice. What hooks them is a mindset to shake things up and move the market, thus making or boosting their careers. This need not just be in a startup but also in established companies. A great candidate experience: Smooth recruitment procedures, timely follow-ups and responses, and other positive measures could not just bring the next gen on board but could also transform them into advocates for their employers.

Smooth recruitment procedures, timely follow-ups and responses, and other positive measures could not just bring the next gen on board but could also transform them into advocates for their employers. Driven by technology: This set looks for companies driven by advanced thinking and using the newest methodologies and tools for their work. Digitalization is a big draw.

Work-life balance: They value their families as much as their work, so flexible, accommodating workplaces with remote workspaces, flexible hours, good technology, and attractive perks are important.

They value their families as much as their work, so flexible, accommodating workplaces with remote workspaces, flexible hours, good technology, and attractive perks are important. Mentoring, training and development: It is important to work at a place from where they can learn and develop themselves, so that they can create an impact a few years down the line, if not sooner.

It is important to work at a place from where they can learn and develop themselves, so that they can create an impact a few years down the line, if not sooner. Diversity and inclusion: A company welcoming diversity and inclusion is one promoting a mix of cultures, thinking, and approaches. These have been proven to make good business sense and are also great social moves.

Source: financesonline

What are the considerations to retain the next generation of employees?

It is not enough to just get them on board — they need to want to stay there. Here is what a company must pay attention to:

A positive, progressive culture: Employees like to work where the thinking is forward and new ideas are welcomed.

Employees like to work where the thinking is forward and new ideas are welcomed. The bigger picture: Working toward a shared vision and values and being aware of the role individual contributions play toward the bigger goals is extremely valuable in retaining people.

Working toward a shared vision and values and being aware of the role individual contributions play toward the bigger goals is extremely valuable in retaining people. Manage by example: Avoid rigid hierarchies and give tasks, not orders, showing commitment and professionalism to getting work done with teams.

Horizontal mobility: Vertical mobility is taken as a given, but horizontal mobility allows people to remain with the company or even on the same project but in a different role, so they can learn something new or something more.

Vertical mobility is taken as a given, but horizontal mobility allows people to remain with the company or even on the same project but in a different role, so they can learn something new or something more. Intrapreneurship: Young employees look to create and own what they work on, to feel proud of it. They require the requisite autonomy, flexibility, and opportunities.

Young employees look to create and own what they work on, to feel proud of it. They require the requisite autonomy, flexibility, and opportunities. Corporate social responsibility: The next generation wants to feel like it is making a difference and is working toward the greater good, and strong CSR initiatives make employees proud of their employer.

To sum it all…

Managing talent is no easy task, particularly when it comes to the next generation. Improvisation does not work; planning does, and that too something that reviews how the company is doing. Technology is not something that can be ignored, not because everyone else uses it but because it really helps, and in myriad ways. A strategic, dynamic plan incorporating the best-of-breed tools suited to the purpose is the right way ahead!