Times are changing and the competition between businesses for the brightest and talent is going to get fiercer in the coming years. As many economies face declining birth-rates and aging populations, the shortage of skilled workers is set to rise. This means that companies who intend on expanding and sustaining their competitive advantage on a global scale will increasingly have to battle it out to attract the best up-and-coming talent in the harshest talent climate. To access the best from the global generational talent pool, businesses should be prepared to understand what makes each generation unique, employ innovative strategies such as virtual platforms, and have the ability to manage flexible teams of remote employees.
Understanding Generational Needs
Working abroad still remains a driving factor for many talented individuals aiming to enhance their career development. However, understanding what makes each generation unique could better prepare recruiters and organizations to source the best of the best talent. In a report released by PriceWaterhouse Coopers on Talent Mobility by 2020, three generation of workers—be it the Baby Boomers, Generation Xers, and Millennials—will have various career and remuneration expectations that will result in their different mobility practices.
According to the report, by 2020, Baby Boomers would have realized their career objectives. Yet as the rate of life expectancy increases, this group will be more than willing to continue working in a bid to accumulate more income that could see them through to retirement. Their decision to relocate abroad for a job opportunity will stem from the long-term financial package offered, the location, or opportunity.
Generation Xers on the other hand will be more selective of international job offers by 2020. This generation will be near, or at the height of their earning potential and careers. They will be concerned about job security, pension entitlements, and financial stability that will allow them to support their children’s educational needs. Accepting an international job offer with the intent of relocating will more than likely occur if it is a senior position and a long-term job offer. An international job offer will also have to include benefits and allowances or flexible travel arrangements to balance this group’s private and working life.
By 2020, Millenials will be the generation eager and more inclined to accept international job offers and relocate. Not only do they think differently, but they view the world and the organizations they work for differently. If employment prospects are better abroad, they will not hesitate to start their careers far from home. They are more flexible and more willing to move from one opportunity to another, across multiple cultures and economies, pursuing well-paid opportunities abroad and for various lengths of time. However, they will also be much more demanding when it comes to their earning potential and their career advancement.
Yet not every individual will be willing to board a plane to a foreign country. This could be related to costs of international deployment, fear of new locations, breaking family and social networks or regulatory barriers—such as awaiting work permits that could take unusually long and end up deterring prospective employees from wanting to leave at all, etc. Where such cases exists, companies should consider accessing talented individuals eager for global experiences but yet not willing to relocate, by means of delivering international work opportunities in innovative and alternative ways.
Virtualization
This can be accomplished by making use of technology, such as broadband, cloud computing, or online collaboration tools, that incorporate virtual teams operating on virtual platforms. Such virtual platforms will allow individuals to work effectively from their home-base with their employees in initial host countries. The advantage to companies means no costs incurred for redeployment and accessing a wider variety of global talent from across the generational divide. This trend seems to be taking off, according to KPMGs report Rethinking Human Resources in a Changing World. Their findings indicate that 60 percent of businesses surveyed have incorporated virtual workspaces, and 72 percent maintain that increases in both virtual and flexible workers are required.
Nevertheless, challenges do exist when companies opt to go virtual. The challenge is retaining remote employees. Monetary rewards and incentives will have to be adjusted in a bid to keep remote employees loyal and highly productive. Companies will also have to be prepared to invest in training and development to make workers feel included in their organizational culture, as well as, continuously engage with remote workers via other technological tools, such as video conferencing and instant messaging as a means of building and maintaining relationships. Yet, as Professor Ulrich states, “employees want to do work that is meaningful. If remote work is meaningful, people will stay.”
Managing Remote Flexible Teams
McKinsey indicates in Preparing for a New Era of Work that jobs can be broken up into compartments, while others can be virtualized. In so doing, companies stand a better chance of accessing a wide variety of highly skilled global generational talent. However, according to KMPG, only 24 percent of businesses indicate that their HR departments are equipped in dealing with and supporting an increase of both virtual and flexible workers.
This means that companies will have to rethink how they intend to manage a flexible remote workforce. As such, McKinsey recommends that managers become coordinators and coaches that ensure information gets dispersed to groups or individuals effectively. Over-communicating is also stressed, so that employees have clear roles. Furthermore, managers should be willing to define objectives, observe and listen to employees and then be willing to get out of their employees’ way so that they can get the job done.
There is no doubt that the needs of generations will change over the course of time. Yet companies that are prepared to go the extra mile and think out-of-the-box by making use of technological tools and managing remote teams of employees will be at the forefront of tapping into the best generational talent pool the world has to offer.
Cheryl-Anne Smith is a Cape Town, South Africa based researcher for Wikistrat. She holds a Masters of Philosophy degree specialising in Public Policy and Administration, an Honours degree in International Relations, and an undergraduate degree in Political Studies and Governance from the University of Cape Town.
This article was originally published in the Diplomatic Courier's January/February 2014 print edition.
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Tapping Into the Global Generational Talent Pool
February 14, 2014
Times are changing and the competition between businesses for the brightest and talent is going to get fiercer in the coming years. As many economies face declining birth-rates and aging populations, the shortage of skilled workers is set to rise. This means that companies who intend on expanding and sustaining their competitive advantage on a global scale will increasingly have to battle it out to attract the best up-and-coming talent in the harshest talent climate. To access the best from the global generational talent pool, businesses should be prepared to understand what makes each generation unique, employ innovative strategies such as virtual platforms, and have the ability to manage flexible teams of remote employees.
Understanding Generational Needs
Working abroad still remains a driving factor for many talented individuals aiming to enhance their career development. However, understanding what makes each generation unique could better prepare recruiters and organizations to source the best of the best talent. In a report released by PriceWaterhouse Coopers on Talent Mobility by 2020, three generation of workers—be it the Baby Boomers, Generation Xers, and Millennials—will have various career and remuneration expectations that will result in their different mobility practices.
According to the report, by 2020, Baby Boomers would have realized their career objectives. Yet as the rate of life expectancy increases, this group will be more than willing to continue working in a bid to accumulate more income that could see them through to retirement. Their decision to relocate abroad for a job opportunity will stem from the long-term financial package offered, the location, or opportunity.
Generation Xers on the other hand will be more selective of international job offers by 2020. This generation will be near, or at the height of their earning potential and careers. They will be concerned about job security, pension entitlements, and financial stability that will allow them to support their children’s educational needs. Accepting an international job offer with the intent of relocating will more than likely occur if it is a senior position and a long-term job offer. An international job offer will also have to include benefits and allowances or flexible travel arrangements to balance this group’s private and working life.
By 2020, Millenials will be the generation eager and more inclined to accept international job offers and relocate. Not only do they think differently, but they view the world and the organizations they work for differently. If employment prospects are better abroad, they will not hesitate to start their careers far from home. They are more flexible and more willing to move from one opportunity to another, across multiple cultures and economies, pursuing well-paid opportunities abroad and for various lengths of time. However, they will also be much more demanding when it comes to their earning potential and their career advancement.
Yet not every individual will be willing to board a plane to a foreign country. This could be related to costs of international deployment, fear of new locations, breaking family and social networks or regulatory barriers—such as awaiting work permits that could take unusually long and end up deterring prospective employees from wanting to leave at all, etc. Where such cases exists, companies should consider accessing talented individuals eager for global experiences but yet not willing to relocate, by means of delivering international work opportunities in innovative and alternative ways.
Virtualization
This can be accomplished by making use of technology, such as broadband, cloud computing, or online collaboration tools, that incorporate virtual teams operating on virtual platforms. Such virtual platforms will allow individuals to work effectively from their home-base with their employees in initial host countries. The advantage to companies means no costs incurred for redeployment and accessing a wider variety of global talent from across the generational divide. This trend seems to be taking off, according to KPMGs report Rethinking Human Resources in a Changing World. Their findings indicate that 60 percent of businesses surveyed have incorporated virtual workspaces, and 72 percent maintain that increases in both virtual and flexible workers are required.
Nevertheless, challenges do exist when companies opt to go virtual. The challenge is retaining remote employees. Monetary rewards and incentives will have to be adjusted in a bid to keep remote employees loyal and highly productive. Companies will also have to be prepared to invest in training and development to make workers feel included in their organizational culture, as well as, continuously engage with remote workers via other technological tools, such as video conferencing and instant messaging as a means of building and maintaining relationships. Yet, as Professor Ulrich states, “employees want to do work that is meaningful. If remote work is meaningful, people will stay.”
Managing Remote Flexible Teams
McKinsey indicates in Preparing for a New Era of Work that jobs can be broken up into compartments, while others can be virtualized. In so doing, companies stand a better chance of accessing a wide variety of highly skilled global generational talent. However, according to KMPG, only 24 percent of businesses indicate that their HR departments are equipped in dealing with and supporting an increase of both virtual and flexible workers.
This means that companies will have to rethink how they intend to manage a flexible remote workforce. As such, McKinsey recommends that managers become coordinators and coaches that ensure information gets dispersed to groups or individuals effectively. Over-communicating is also stressed, so that employees have clear roles. Furthermore, managers should be willing to define objectives, observe and listen to employees and then be willing to get out of their employees’ way so that they can get the job done.
There is no doubt that the needs of generations will change over the course of time. Yet companies that are prepared to go the extra mile and think out-of-the-box by making use of technological tools and managing remote teams of employees will be at the forefront of tapping into the best generational talent pool the world has to offer.
Cheryl-Anne Smith is a Cape Town, South Africa based researcher for Wikistrat. She holds a Masters of Philosophy degree specialising in Public Policy and Administration, an Honours degree in International Relations, and an undergraduate degree in Political Studies and Governance from the University of Cape Town.
This article was originally published in the Diplomatic Courier's January/February 2014 print edition.
