The growing uncertainty in the overall directions of the Global Political Economy has become a major cause of fluctuating Economic confidence among employees- especially Millennials.
In the year 2016, 2 out of 3 millennials seemed to be planning an employer switch in the coming year or two. But, after 12 months of political and social upheaval, those ambitions have tempered, according to Deloitte Global’s sixth annual Millennial Survey. Research indicate the “Millennial professionals” are NOW LESS LIKELY to leave the security of their jobs, more concerned about uncertainty arising from conflict and not optimistic about their future prospects nor the directions their countries are going.This unusual switch in the thought process of the most prominent workforce can prove to be a double-edged sword.
What does it mean for Employers?
Resource churn has been a huge pain point for businesses globally. Anything that impacts retaining employees is HR bliss. For managers this change can be a little concerning, owing to the fact that need for security doesn’t necessarily mean engagement. So now you have a new and somewhat more complex problem to deal with i.e. Keeping employees ENGAGED for this prolonged stay.
Simply put, now you will have a millennial sales force that has plenty of potential but is not really interested in utilizing it.
What can you do about this?
Pay more attention to performance management. For starters, Gallup 2017 State of US workforce report states that only 21% of total US workforce thinks that their performance is managed in a way that is engaging. Which is not really surprising considering the fact that only 13% employees in the country feel that their leadership is effective in communicating effectively with the rest of the organization.
Most employees expect to approach job roles in any company as a highly-defined set of expectations and they WANT these job roles to have meaning and purpose. At the time when the need for clearly defined meaning and purpose is increasing exponentially, confusing and vague KPIs can prove to be a suicide note for managers (especially those struggling to improve engagement and motivation in the workplace). If you can’t define what is expected with a clear 'how'and 'why', then you are better off scrapping the appraisal cycle completely.
The process of goal management and motivation can be tricky and painstaking but its worth its while. At some point, employers need to similar attention their employees as they would give their customers. If you would try everything to figure out what works to improve customer engagement, it's time you start thinking on the same lines for employee engagement.
Technology can play a key role in bringing the light to the hidden insights around performance management and help managers drive employee engagement through SMART goals, Data Democratization and Gamification.
Catalyst provides a unique combination of gamification and goal management features to boost engagement and accountability in the workplace. With manager level goals traced deeply in workforce activity, you can communicate priorities seamlessly across the organization and no one feels left out. The daily and monthly goals provide a guided path to success and enable managers to not only identify various levels of engagement in the workforce but, also influence these intelligently using contests and feedback.
The state of the global workplace is changing. Don’t be left out.
Get Catalyst now!