Millenials are coming, yet another challenge in resource development

This week, the millenials are coming. While CEOs and HR managers believe that major changes are on their way with regard to recruitment and performance management, when it comes to resource development, the upcoming challenge for HR managers and CEOs will involve harnessing the power of the millenials.

 

Be that as it may, how much of this load should be borne by each party? Is this the responsibility of HR or the company CEO? Although, technically, this component should mainly concern HR, each CEO should be involved upstream. Too many executive officers don’t even care to provide for the tools and opportunities necessary to the development of their employees’ full potential.

 

Ironically, a total of 60 percent of the CEOs interviewed as part of a PwC survey reported having problems with resource development within their own organization. This can lead to missed opportunities with respect to innovation or even to the cancellation of previously scheduled strategic initiatives.

 

Indeed, several businesses lack adequate support to fuel HR activities and uphold the mission of the company. In turn, HR managers often have their back against the wall, which prevents them from making their due contribution with a view to generating additional revenue and, thereby, foster personnel retention. Moreover, this impedes the use of emerging technologies, comes in the way of making informed decisions based on facts, and hinders the capacity to develop close business relationships with employees and clients for increased productivity and trust.

 

That being said, things could turn sour soon enough in upcoming years with millenials invading the labor market. The percentage of millenials is expected to hit 36 percent for the year 2014, while it is believed that it will soar to 46 percent by 2020, according to the Business School of the University of North Carolina. In addition to hitting the market with nearly half of the overall worker population, the “digital generation” will attack with its share of demands as regards the tools they will want to use as part of their duties. We’re talking about everyday apps and software here.

 

In the end, any company or CEO failing to adapt to the lifestyle of millenials will send a clear signal as to the desire to hire new employees or keep newcomers.

 

Read the entire article here: How CEOs can transform HR into a revenue driver.