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Employee Experience (EE) is a growing priority for businesses across the globe, thus organisations are continuously looking for innovative ways to retain their people.
HR leaders are planning to invest 49% across lifecycle management and EE.
The multigenerational workforce wants purpose, continuous feedback and mentorship.
Employee Experience (EE) has become a growing priority among businesses across the globe. People are still core to any business and therefore organisations continue to seek innovative ways to create inspiring working environments. Knowledge Executive and Ucademy’s 2018 – 2019 HRO & EE report revealed that HR leaders plan to invest +-49 percent across employee lifecycle management, motivational activities, crafting personalised experiences and creating flexible workplace environments. These investment numbers prove that Employee Experience is becoming vital to all kind of organisations, and it also validates the employee experience expectations of the multi-generational workforce.
So, let’s find out what makes the multi-generational workforce tick and stick?
Employees from all generations desire to work for organisations that have distinct values and purpose. According to a survey conducted by Deloitte, 73 percent of employees who feel they work for a purpose -driven business said that they were engaged. It is extremely important for businesses to not only communicate their mission and vision but also have values and principles that underpin the mission – this ultimately defines the purpose. Purpose also refers to the workforce’s growing desire to be associated with a company that is equally focused on both profitability and socio-economic impact. For the multi-generational workforce, this creates a sense of trust and assures employees that their employers care about the larger society and not just their people.
Gone are the days of annual performance reviews, employees today expect transparent communications and continuous feedback. As the pace of business continues to increase, it only makes sense to align employee feedback accordingly. The feedback needs to be provided in real-time so that employees are in a position to make the necessary changes immediately. Employees tend to feel despondent when they are not receiving regular feedback and this also results in a lack of engagement. With technology advancements like mobile-led employee engagement platforms, it is now possible to create this type of real-time engagement. Managers and leaders can communicate and have relevant conversations with their team members at any time. Apps that include team group conversations have proven to boost teamwork and collaboration and positively impact performance. Deloitte’s 2017 Continuous Performance Management research report revealed the three primary benefits associated with continuous performance management:
The multi-generational workforce which consists predominantly of millennials wants mentors who teach and not managers who simply dictate. Leaders must take a proactive approach when it comes to coaching, and the feedback should motivate their team members to improve on their performance. This meets the millennials expectations in terms of transparency and leadership. The multi-generational workforce will trust leaders who are willing to equip them with the skills needed to succeed which will positively impact engagement, performance as well as attrition. The Gallup Millennials 2016 Report revealed that ‘Opportunities to learn and grow at work are highly important to millennials when seeking out new jobs or deciding to stay in current ones.’ Once again it is important to note that the development of technology has enabled organisations with the tools needed to mentor and coach their employees and businesses must embrace tech-enabled performance management if they want to meet the expectations of their people.
It is evident that millennials are drastically changing the traditional working environment and it is important that businesses provide them with purpose, continuous feedback and mentorship – if they want them to stay and perform.