A global survey conducted by SuccessFactors found that the up-and-coming millennial generation wants more feedback from their managers. Additionally, the survey highlights that millennials rely more on formal training and mentoring to develop their skills. One quote from a millennial surveyed in the study sums up these expectations: “I would like to move ahead in my career. And to do that, it’s very important to be in touch with my manager, constantly getting coaching and feedback from him so that I can be more efficient and proficient.”
1,400 millennials were surveyed to explore how frequently they expected honest feedback on their job performance. According to the findings, millennials want feedback 50% more frequently from their immediate supervisors than other generations.
SuccessFactors’s study also unearths a dangerous leadership gap shaping up within organizations. According to survey results, this is due to a lack of adequate leadership in key roles, and it’s a reason why so many companies fail to retain millennials.
To close this leadership gap and increase millennial retention, many business leaders are re-approaching their management styles. According to SuccessFactors, these are three areas they’re focusing on:
- Providing inspiration (encouragement and support)
- Hiring talented team members
- Being authentic when providing feedback
For insight into these three coaching areas as well as more research on millennial retention, read the full article from SuccessFactors.
As more millennials enter the job market, workplace values are evolving. One example of these changing values is the expectation of a collaborative culture in the workplace. Companies looking to retain top performing talent are focused on crafting a collaborative culture that is worth staying for. But true collaboration is more than communicating easily between co-workers, it encompasses all communication efforts such as recruiting interviews, client interactions or accommodating the new BYOD paradigm.
So, what exactly does collaboration mean in an organization, and how can HR teams use it to their advantage? According to an article by TalentCulture, “…mentoring opportunities and focusing on a team mentality are ideal ways to create a collaborative culture in which [millennials] will thrive.”
Many businesses think improving collaboration simply means increasing internal communication. While there are many factors that enable true collaboration, few are more important than having the right collaborative tools. This is especially important in today’s BYOD landscape where employees require the ability to communicate with anyone around the globe, anywhere, at any time.
TalentCulture’s recent study explores how HR teams can leverage collaboration tools to adapt to diverse work environments, drive employee recruitment and retention and unlock a host of other organizational benefits, including…
- Streamlined management of remote and flex workers
- Improved social networking
- Increased employee retention
Interested in learning more about the impact of collaboration tools in HR departments? Explore the full TalentCulture article here.
A new report from MarketsandMarkets states that the core HR software market is expected to expand from $6.47 billion in 2017 to $9.89 billion by 2022. Additionally, the market is expected to grow at a compound annual rate of 8.8 percent per year during this period. This includes core HR software across all components, deployment types and organization sizes.
The report states North America stands to be the largest region in terms of global market share due to a rising demand for cloud deployment and increases in the automation of HR processes. What’s more, North American businesses are leading the pack in terms of differentiated, customized and flexible products that meet the needs of HR professionals.
The largest contributor to the predicted market growth in America is governmental agencies. Because of the large pool of employees working for the US government, it is the most likely to adopt core HR software. However, it’s important to note that outdated infrastructures will be the biggest disadvantage for the US government in integrating new systems.
Another important takeaway from the study is that SMEs are expected to grow at that highest compound annual rate. Businesses with 100 to 1,000 employees are highly expected to deal with a resource shortage during this period, thus requiring better HR software to solve cost efficiency challenges.
This expected growth for core HR software is good news for HR software vendors of all sizes. It’s important to keep in mind that innovative HR software with customizable features will find the largest purchase with American businesses. The continued adoption of smartphone and cloud platforms means core HR software needs to compliment BYOD and cloud-centric networks. Want to explore the implication of this report in detail? Read the full report from MarketsandMarkets here.