Talent Management - December 2008 - (Page 27)

workers report a greater need for safety nets such as health insurance. This factor becomes an important variable when designing compensation systems targeted to Generation X. • They seek recognition. When this generation is asked the main reasons for working, one of the most frequent responses is, “I work because of the recognition it brings me.” This generation is building skills and trying to identify niches where its members can grow and be recognized. Successful organizations address this need with employee recognition programs, organizational goals and other opportunities for individuals to shine. Awards are important, too, such as vacation days, special parking spaces, meal vouchers, dry cleaning vouchers, access to on-site massage and gifts. • They value goal setting. Younger workers report being more goal-oriented than older workers. Generation X will feel motivated when speciﬁc expectations regarding their future performance are identiﬁed, as opposed to receiving feedback on their past performance. This way they can work toward a goal and identify the resources they need to be successful. • They prefer family-friendly work environments. parental involvement in structured environments that included sports practices and after-school programs. They value role models who they can trust. • Provide challenging opportunities. Although this generation is used to schedules and new challenges, it is also driven to seek new challenges. A job that does not represent a challenge will soon become dull and uninteresting to this generation of workers. Routine is unattractive to them; variety is the key. • Realize the importance of social networks. Technology has opened doors to create social networks, some of which are active 24x7. This tells us that this generation prefers to work with people who are their friends. Organizations who want to attract One of the main reasons Generation X leaves the workforce is a lack of work-life balance. Approximately 30 percent of this group’s talent in the workplace is lost because of family issues, and lost productivity when an individual is unable to perform well at work due to sickness or family issues. Companies successfully retain this talent by creating job conditions compatible with family life, including on-site child care, onsite schools, tuition reimbursement programs, help planning children’s birthday parties, cross-cultural competency development for spouses on foreign assignments and telecommuting. Generation Y A new generation of employees is entering the workforce in the same numbers as baby boomers: the Millennials, or Generation Y. They have been identiﬁed as open-minded, sociable, optimistic, conﬁdent, willing to be part of a group and well-connected. They were born in a society in which computers are a staple of their lives and where most of their social networks reside. Here are some examples of what can help motivate them: • Find role models they can trust and follow. This generation has experienced well-deﬁned schedules since childhood. They grew up with strong Effective managers ﬁnd ways to retain and motivate different generations with widely different needs and wants. this talent should provide a work environment that makes these social interactions possible. Think of virtual watercoolers, online cafes and company picnics. • Provide ﬂexible job environments. Although this generation is used to routines and schedules, the Internet offers a diverse array of choices in many aspects of their lives. For example, they may compare prices, vendors and job opportunities. They value work environments that allow them to express themselves, offer their points of view, learn from others and share ideas both virtually and face-to-face. Generations will change and new work ethics will develop, but the bottom line in understanding motivation means knowing the people who work for you and what is important to them. If talent managers can align organizational resources with generational preferences, they can stay abreast of the ever-changing motivators of a dynamic workforce. Dr. Ivonne Chirino-Klevans is program director of international programs at Walden University. She can be reached at editor@talentmgt.com. December 2008 talent management magazine www.talentmgt.com 27 http://www.talentmgt.com

Table of Contents Feed for the Digital Edition of Talent Management - December 2008

Talent Management - December 2008 Editor's Letter Contents Human Performance Leading Edge Foundations Recruitment & Retention Assessment & Evaluation Compensation & Benefits Performance Management Learning & Development Succession Planning Insight Dashboard Application Advertiser's Index Editorial Resources Full Potential

Talent Management - December 2008

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