This is the third in a three-part blog itelligence series exploring how HCM technology can help organizations attract, retain and manage the newest generation of employees. In part one, we explored how recruitment management tools are helping companies reach the right candidates on the right channels. In part two, we discussed how technology can help companies keep their talent engaged and invested. In this post, we will look at the ways technology is improving talent management and career development processes.
As the workforce continues to shift to a millennial majority, businesses must cope with their immediate workforce needs while planning for tomorrow. To maintain operations and grow their teams, businesses are already recruiting, hiring and training millennials. However, this is not enough to stay ahead of the curve. Smart businesses will look ahead and anticipate what types of leaders they will need five or 10 years down the road. Rather than planning to recruit new talent, businesses can look to their top performers and plan for joint success in the future.
To prepare tomorrow’s leaders, businesses must understand individuals’ goals and how they picture success. In some circles, millennial workers have earned a reputation as job hoppers, but frequent career moves may not be quite what they seem. For many, switching jobs or even industries is an opportunity to move ahead and fast track the path to the top. By identifying motivated workers who are dedicated to increasing their rank, businesses can direct resources toward their growth, helping retain top performers and prepare them for future leadership roles.
Cultivate Talent Today
Preparing a recent graduate for a leadership seat may seem counter-intuitive, but investing in high-achieving talent will pay off today and down the road. Your best employees are likely the most motivated to advance in their careers. They put in time and effort to succeed in the long term, not just at the task at hand. Businesses can cultivate future leaders by empowering workers at every level to explore career paths and positions throughout their operations.
Tools like SuccessFactors Career & Development Planning enable businesses to align workers’ goals with their corporate needs and objectives, delivering a win-win situation. Millennials hungry to climb the latter will work to build skills necessary for advancement, and human resources teams will close workforce gaps before they even occur.
Prepare for Success Tomorrow
Just as a product roadmap outlines future advancements and updates, succession plans help companies anticipate future needs and develop talent to meet them. As senior leaders move towards retirement, midlevel managers will step up to the plate, creating a domino effect of open positions below them. Through thorough succession planning, companies can plan ahead and develop successors to keep business running smoothly.
Through succession management tools such as SuccessFactors, employers can gain insight into their current workforce and keep up with changing business needs. By evaluating successor readiness, team competencies, and turnover risk, businesses can plan for future gaps and develop talent to fill them.
Millennials are not just entering the workforce. They are growing, developing skills and moving up, and will eventually make up the majority of workers. Just as the business world had to adapt to major shifts in technology before computers and mobility became ubiquitous, millennials are becoming a core part of the workforce. Inspire your newest employees to reach their potential, and you’ll see how vital they are.