Generations Working Together
How well organisations respond to today’s workforce Demographic Trends and Changing Dynamics will determine their success in attracting and retaining talent.
As the baby boomers are retiring they will far outnumber those in the workforce. Those who want to retire are most likely to be asked back to the labour market, as the labour shortage of skilled, educated people underlines the importance of retaining and attracting talented employees.
Another trend highlights that educated professionals are changing occupations for opportunities and advancement in other industries, becoming generalist rather than specialists, even though having trained for specific roles. Changing the dynamics of the labour force and adding extra costs to employers.
Replacing employees, costs at least double of an employee’s salary, excluding the training costs, lost of productivity, recruiting costs and also the lost of knowledge and other financial factors so for employer to find new futuristic solutions – they can become an employer of choice.
There are shifts in employee expectations, individuals want more affiliation with their employer, experiencing personal and professional growth, feeling that they are making a worthwhile contribution in their job and enjoy a sense of community at work.
More women have work life balance needs and this will determine their work satisfaction and willingness to keep on with an employer. Many female employees want different working conditions, more time off, whilst flexibility and balance in their personal/working lives stay important, with job challenges and promotion.
Men now also start showing interest in balance and flexibility at work. While younger employees will want to be treated like partners, they want ownership not participation.
More important, than demographics, might be the shift in work ethic. In many studies the reason for employees leaving is that they believe their employers, do not respect or listen.
This shift in values and expectation is particularly striking and employers are responding to these changing by offering and applying flexible hours, part-time work, job sharing and sabbaticals, which will the main determination of their success in retaining and attracting employees.
The main issue is that employees want to be involved and partnering with the business. This creates opportunities for employers to exchange ideas, discuss barriers that prevent the business to stay competitive, engaging everyone in the organisation.
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