New challengers in HRM: Challenge of attracting millennials to organizations

New generation employees or millennials enter in to the workforce with new values, attitudes and preferences towards work. How those values attitudes and preferences are going to affect the organizations and in which ways they attract and retain these employees is a hot topic among HR professionals these days. However real challenge for organizations is to create a multi-generational work environment to suit Baby boomers (born 1946-1964), generation X (born 1965-1981), and generation Y (or millennials, born 1982-1999) (Twenge et al., 2010). In 2025 work force worldwide mostly will be made of Millennials, in 2025 75% US labor force will be millennials (Emerson, 2019)

 (Statistica, 2019)


The Millennials were exposed during their teenage years to a Cultural Historical, economic and technological changes that have shaped their values and attitudes, preferred interaction styles, beliefs, and personal concerns and desires (Sauser & Sims, 2012). Some of those key events include the innovation of computer technology, the Internet (ICT), smart phones, social media, television, globalization, global economy, international trade, city bombings, (civil) wars, terrorist attacks (9/11), fall of the Berlin wall, end of cold war, many corporate and political scandals, global warming, economic recession etc. (Latkovikj, et al., 2016)

The new millennial values towards work are such as meaningful work, opportunities to collaborate, freedom of choice (Gross, 2012), corporate culture, CSR, Ideas above things (Alton, 2017) brings certain challengers to organizations So, the challenge is how to transform their culture to meet new business realities and employees with changing values (Graen & Grace, 2015)
(The Institutes, 2012)


Organizations that can successfully complete this cultural and value conversion and who can best leverage employees’ knowledge, skills, and abilities(Companies with better Employer Brand) will have a benefit over those that cannot. For example, “according to new research companies in the USA with the best HR practices (e.g., the top 100 best companies to be employed) have outperformed Wall Street's major companies by 3.5 percent annually for over 25 years” (Edmans, 2011) and those with best HRM design-oriented practices such as recruitment practices outperformed organizations listed in S&P 500 companies by 228 percent (DMI Dialog, 2014).

References


Alton, L., 2017. Forbes. [Online]
Available at: https://www.forbes.com/sites/larryalton/2017/06/20/how-millennials-are-reshaping-whats-important-in-corporate-culture/#4aa0fae52dfb
[Accessed 04 04 2019].
Emerson, C., 2019. World Economic Forum. [Online]
Available at: https://www.weforum.org/agenda/2015/02/3-ways-millennials-are-changing-the-world-of-work/
[Accessed 04 04 2019].
Graen, G. & Grace, M., 2015. New talent strategy: Attract, process, educate, empower, engage and retain the best. SHRM-SIOP. Retrieved from. [Online]
Available at: https://www.shrm.org/Research/Documents/SHRMSIOP%20New%20Talent%20Strategy.pdf
[Accessed 2016].
Gross, T. S., 2012. Forbes. [Online]
Available at: https://www.forbes.com/sites/prospernow/2012/07/05/the-new-millennial-values/#31941b397976
[Accessed 04 04 2019].
Latkovikj, M. T., Popovska, M. B. & Popovski, V., 2016. Work Values and Preferences of the New Workforce: HRM Implications for Macedonian Millennial Generation. Journal of Advanced Management Science, 4(1), pp. 312-319.
Sauser, W. & Sims, R., 2012. Managing Human Resources for the Millennial Generation. Charlotte, N.C: Information Age Pub.
Statistica, 2019. tatistica. [Online]
Available at: https://www.statista.com/statistics/829705/global-employment-by-generation/
[Accessed 04 04 2019].
The Institutes, 2012. Millenial generation attitudes about work and the insurance industry, s.l.: The Institutes.






Comments

  1. Naz Journals April 5, 2019 at 8:44 PM

    Thanks for nicely written article which gave and idea about how different generations thinking pattern and behavior.

    ReplyDelete
  2. Nimmitha KumarasingheApril 6, 2019 at 12:33 AM

    Beautifully explained, if I am not mistaken Millennials is usually considered to apply to individuals who reached adulthood around the turn of the 21st century. They have gone through all the above mentioned changes and it further reflects by the way of there attributes when considering a Job.

    ReplyDelete
    Replies
    1. Chaminda SamarakoonApril 6, 2019 at 5:42 AM

      Yes you are correct. Thank you for your valuable comment

      Delete

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