TM - February 2008 - (Page 41)

interactive, actionable, multidimensional performance reviews that involve regular, proactive communication between employees and their managers and their peers (versus the historical, one-dimensional appraisals experienced by previous generations). Performance management plans for this group might be adapted to provide venues and opportunities for managers to easily recognize Gen Yers’ accomplishments not only in private performance evaluation meetings, but publicly as well. When it comes to Generation Y workers, who tend to view job hopping as a necessity and themselves as marketable “free agents,” performance management systems also must ensure these workers can easily keep their wanderlust in check and their “eyes on the prize” by providing them with easily accessible, readily digestible information detailing what they have accomplished thus far, what they need to accomplish in the future, and the rewards they can expect to receive in return for their accomplishments: advancement, stretch assignments, additional responsibilities, working on interesting projects, salary growth. Gen Yers are highly interested in having insight and input into their careers, and they want a clear understanding of what is required for them to advance. Creating performance reviews that define and map performance goals and linking them directly to individual development plans that feed the career and succession planning lifecycle is critical across all levels of an organization, but is especially effective when managing Gen Yers. The goal of any performance management strategy is not only to enhance performance but to retain top performers. Thus, today’s companies need to design advancement and compensation practices to meet the needs and expectations of multiple generations. More and more U.S. companies are operating under relatively “flat” organizational structures, under which traditional longevity-based advancement opportunities may be limited. Organizations that want to retain workers from multiple generations need to think more creatively to craft nontraditional advancement opportunities for workers. Advancement needn’t always mean appointment to a management- or executive-level position. Workers should be empowered to advance in other ways, such as by job role or project responsibilities. Western Union Holdings Inc., for example, boasts a fairly flat organizational structure and employs a large cadre of younger workers who have high expectations in relation to career development and opportunities for advancement. In response, Western Union uses career planning to address these expectations by creating rotational assignments, often across functions and geographic rotations, to support younger workers’ needs. The company also offers specialized training and learning programs via a Web-based talent management solution to address the short- and long-term goals of its multigenerational workforce. Similarly, compensation at Western Union isn’t automatically tied to one’s longevity, job title or seniority level. Instead, the organization’s compensation structure is designed to reflect each employee’s actual contributions to the organization. For example, the company monetarily rewards workers for contributions they make to the organization while on special assignment, in addition to base pay. Shelly Heiden is executive vice president for global field operations at Plateau Systems. She can be reached at editor@TalentMgt.com. http://www.thetrainingassociates.com http://www.thetrainingassociates.com

Table of Contents Feed for the Digital Edition of TM - February 2008

Talent Management - February 2008 Editor's Letter - Talkin' 'Bout My Generation Contents Human Performance - Achievement Motivation: Top Talent At Any Age Leading Edge - Who's On First? Foundations - Managing the Next Generation Workforce Viewpoint - Talent Strategies That Work Are Talent Strategies That Stick Those Who Have Left: The Value of Building Employee Relationships Alternatives to 360s: The Manager's Role Compensation and Benefits For X&Y Build A Multigenerational Performance Management Strategy Development's Role in Creating A Culture Of Inclusion Tomorrow's Leader: Identifying the Next Generation Integrating Talent Management Systems Strategically Seagate Uses Yearlong Evaluations to Help Integrate Talent Efforts Western Union: Connecting Strategy and People Globally Advertisers' Index Editorial Resources Full Potential - The Best Time to Change? Right Now!

TM - February 2008

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