Uncertainty about the global economy and a high unemployment rate has insulated companies from many talent related problems. But businesses must plan for a future where the Baby Boomers — along with their experience — are retired. How can companies retain key talent to guide their organizations successfully into the future?
Are traditional incentives such as above-average salaries, healthcare, paid time off, 401K contributions, and opportunities for advancement going to retain the employees of tomorrow?
Compensation and benefits have always been an important part of talent retention, and have achieved the desired results for employers working with Baby Boomers and members of Generation X. What will be the best strategies to engage and motivate Millenials and future generations?
Motivating a workforce has never been as easy task, even for those employers that attempt to stay attuned to their people’s likes and dislikes. This will be an even greater challenge in the future.
Millenials have a different set of expectations. They will not be satisfied with poor communication and lack of involvement. They want to know the company’s direction and the reasons for completing tasks. They expect a clear road map on what opportunities are available to them and how to achieve those opportunities.
Successful companies will solicit ideas and provide an environment in which their people are comfortable providing feedback. They will know the skills, talent, and experience of their people and create avenues to engage them.