As we enter the second decade of the new millennium, an astonishing new challenge confronts the HR Managers of today – managing 5 generations at the work-place. With the “millennials” (i.e. People born after 1980) set to become half the workforce, it has become imperative for us to assess the shifting priorities and dynamics in the workplace. At the same time, it is important to glean some context on the employability of the newly emerging workforce.
Some statistics then – a colossal 350,000+ students emerge from B-Schools in India every year, yet less than 10% of them (approximately 35,000) can be considered employable. Add to that close to 1.5 million engineering graduates also passing out each year, and we have an excess supply of skilled workers in the market. However, their lack of employability poses a significant challenge.
Given that developed countries in Europe are facing a talent crunch, the glut of skilled workers in India can readily ameliorate the global workforce demands. Yet as mentioned before, the emerging workforce in India is still scuppered by a few key considerations. In my opinion they are principally an inability to communicate well in English (both written and verbal), lack of familiarity with basic applications such as MS Word and Excel, and finally, a stagnant curriculum which no longer comports to the needs of the Industry.
While a certain amount of effort has been made by both Government sponsored and private initiatives (such as the National Skill Registry by NASSCOM or Finishing schools funded by the Government through NSDC), there continues to remain a significant lacuna in terms of output. I believe that close collaboration between academia and industry, through a jointly developed curriculum and co-sponsored research and innovation will largely bridge the gap and help us build a globally competitive work-force.
But while the employability context remains a challenge, a further question is posed by the shifting priorities of the new generations at the workforce. One can look back with fond remembrance at a time where employers and employees shared a life-long contract and relationship. Indeed one of the biggest differences between the Baby Boomer Generation and the one that is currently emerging is the concept of long term ‘loyalty’ and the associated concept of job security. However, today there has been a paradigm shift in terms of how employees view their prospective employers. Increasingly, the emerging generation is redefining career choices – both in terms of non-traditional career choices as well as non-traditional modes of working.
As the economy continues to grow despite several challenges, various opportunities are opening up for young talent. The lure of traditional companies with their secure offices and job security is no longer viable – these people have an open disdain for the office routine and want to embrace new and exciting challenges. The start-up revolution we are witnessing in India owes largely to this paradigm shift.
As I have mentioned above, even the modes of working are being sharply redefined. Work from home is no longer merely an IT fad, but fast becoming an institutionalized norm across Industries. The onus is now largely on the individual – how he/she wants to manage his/her career across various stages of life. The highly influential theory of Mass Career Customization promulgated by Cathy Benko, Chief Talent Officer for Deloitte, derives largely from this changing mindset. Essentially, employees want to be able to customize their work-loads and manage their modes of working as per their convenience.
Accompanying the changing modes of relationship is a shifting dynamic in the relationships between various generations at the work-place. No industry is immune to the need of continuous innovation, and this is being driven entirely by the emerging work-force. A generation of technocrats are dismantling the traditional top-down flow of ideas that used to pervade the work-place. Indeed, in many an organization a crucial aspect of reverse mentoring – where the emerging generation coaches their seniors on adopting and embracing the digital revolution. This empowerment through knowledge needs to be adroitly managed, because it holds the key to creating a successful environment.
To thoroughly mine the mix of experience and youth that is pervading the workforce today, one must look to continually engage with the workforce. Through dialogues and surveys, companies should look to engage with staff across generations and map out their aspirations and planned career paths. Continuous, open and transparent communication hinged on professional development is a shared need across generations, and becomes an important tool for planning business/hiring strategies. It can also help you figure out the answers to key questions – What matters to the different generations at the work-place? How can I hire the best people across generations?
And finally, the entire approach towards building a dynamic environment fails without one key anchor – collaboration. The overall approach should be to ensure that you value each employee and work with a mindset to make that person your partner and involve them in everything you do irrespective of their age and vintage. An open environment which promotes healthy debate and discussion will stimulate the emerging work-force and will bring to the table diverse and enriching inputs.
A keen battle for Talent continues to pervade the market, and the winners will be those who take cognizance of these changes and manage the emergent generations at the workplace effectively. Digitization is changing the world at an unprecedented pace. With the generation of Digital natives accessing information real time at the swipe of their fingers, the world of opportunities have opened up creating a Kaleidoscope of careers.
