98% of Millennials believe working with a mentor is a necessary component in development.
In the 14th Annual Global CEO Survey by PricewaterhouseCoopers, Millennials also rank training and development three times higher than cash bonuses when it comes to employee benefits.
The younger generation has been generally more difficult when it comes to developing employee retention strategy. Millennials tend to feel less connected with the organization, and 1 in 4 potential employees plan to leave their jobs in the next 12 months.
According to Vineet Nayar, Vice-Chairman and CEO of HCL Technologies in India:
“With Generation Y coming into the business, hierarchies have to disappear. Generation Y expects to work in communities of mutual interest and passion — not structured hierarchies. Consequently, people-management strategies will have to change so that they look more like Facebook and less like the pyramid structures we are used to.”
Read the Business Insider article
According to a study published by Portfolio.com, 71% of small and mid-sized businesses (SMB) are “mobile businesses” adopting wireless technology to allow their employees to work effectively outside of the office.
The findings point to the business habits of the rising number of SMB mobile professionals – those who work outside of the office more than 30% of the time.
“It’s no surprise that advancements in technology are moving at a fast clip. What is a surprise is how much more successful those business owners are who can be rightly called mobile professionals,” says J. Jennings Moss, Portfolio.com’s editor.
“This tech-savvy group is spending more time doing business outside of a traditional office by staying connected via smartphones or tablets, and are already looking ahead to the next step – cloud computing.”
- 64% of small business owners who are considered mobile professionals spend 8+ hours connected to their business via computer, smart phone, or iPad.
- 88% use social networks, including 60% who leverage social media platforms to market their businesses on a regular basis.
Obviously with more business managers traveling for sales, and generally working while on the go, there is a valued perk of work mobility for future talent in the workforce. More business professionals are looking for careers that allow them to work effectively out of the office.
Read the Mobile Enterprise news article
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According to Entrepreneur Magazine, there are five types of managers that lead to employees getting burned out on the job or unhappy with their work environment.
The research included more than 400 participants, and they found that employees grow increasingly more dissatisfied, and worse, can result in their leaving the company.
“Nearly 60 percent of workers in the OfficeTeam study said they stayed on the job, despite having a nasty boss. Only 11 percent quit immediately, without another job lined up. Another 27 percent planned their escape, finding another job first and then leaving.”
- The Micromanager
- The Bad Communicator
- The Bully
- The Saboteur
- Mixed Nuts
Read the complete Entrepreneur Magazine article
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“With this economy, women are taking on more of a breadwinner role in the family, and part of this is working more hours,” says Laura Vanderkam, author of 168 Hours: You Have More Time Than You Think.
In a research study, conducted by the U.S. Bureau of Labor Statistics, the work-life changes since 2009 have affected women more than men. For instance:
- Women are working more hours overall than they did two years ago, including weekends
- Employed women spends 7 hours and 26 minutes a day, on average, doing work
- Women only have their weekend time for doing household activities and socializing
Women, who have historically worked fewer hours than men, are catching up as the hours men work are decreasing.
Read the USA Today article
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In a 2011 SHRM Employee Benefits Survey, nearly ¾ of HR professionals in the U.S. confirm the negative impact on benefits due to the economy. For instance:
- 3/4 of HR professionals report decline in healthcare benefits (a 5% increase from 2010)
- 25% fewer employers are offering housing/relocation to employees
HR practitioners also have reported a trend of employers have to take on greater responsibility in covering part or all of their healthcare insurance, retirement savings, and other benefits that previously were offered competitively by employers.
“We have seen so many cuts to HR benefit budgets over the last three years,” Mark Schmit, director of research at SHRM, said. “Organizations have had to be creative to find ways to compensate for the loss of benefits with hard cuts in order to stay competitive in the recruitment and retention of top talent.”
The addition of workplace flexibility programs has been one of the primary tactics organizations are using to offset the benefit losses.
Read the Workforce Magazine article
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From a Work Watch survey by Randstad, more than 1/3 of employees in the U.S. feel overqualified to do their jobs. However, they do want to acquire new skills or be more challenged at work.
The recruiting firm found that among 1,000 participants, 33% felt overqualified, 65% felt appropriately qualified, and only 3% felt underqualified.
“It’s surprising that one out of every three American employees feels over-qualified in their job,” said Jim Link, managing director of Human Resources for Randstad, in a statement.
“The data suggests that U.S. workers are less challenged by their current jobs. It also raises questions about how this will affect employee turnover and retention as the job market recovers.”
- 74% of younger workers and 56% of older workers want more skills
- 50% of Gen Y and Millennial workers wish they had more hard skills (e.g., trade knowledge)
- 30% of overall American workers want more soft skills, such as social and leadership skills
Read the Atlanta Business Chronicle article
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From Telegraph News, a recent UK poll of more than 1,000 business owners revealed that a vast majority is more interested in a candidate with “the right attitude,” and not the perfect skill set.
Two-thirds of employers said they if had to reduce their workforce they would fire someone with a perfect skills set over someone with deficient skills but sporting the right attitude.
The employers ranked the top six “essential” attitude qualities as “commitment, honesty, trustworthiness, adaptability, accountability, and loyalty.” This was even more so true for small business employers.
James Reed, chairman of recruitment giant Reed and co-author of ‘Put Your Mindset to Work’, which explores the research, said: “It is even more vital for a small business to choose someone with the right mindset when recruiting new talent than for a giant corporation. A single individual will have so much more impact on their prospects.
“Employers told us that someone with a winning mindset was, on average, seven times more valuable than a normal employee.”
Read the full Telegraph News article
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