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Investing in Your Human Capital

Based on multiple studies, we understand there has been a workforce shortagem however, even as we move into a downturn, you can't forget about the war for top talent. The fight for the brightest and most versatile talent will not hit just certain industries. All organisations employing workers will be actively engaged in a battle to find and keep top talent.

It is abundantly clear that there is a critical need for companies to move beyond recruiting hype and begin viewing the development of high performers and potentials as a strategic business driver.

Recent research, done by the University of Pennsylvania, shows that investments in human capital provide twice the return as capital investments. In building developmental programs for high peformerns and potentials, top performing organisations have seen substantial return on their investment by:

  • Investing in people whose values, skills, and potential are in alignment with the organisation's strategic plan.
  • Utilising detailed research results of each generation's set of common traits to tailor communication, learning, motivation, and loyalty development. By offering engaging developmental opportunities with these best practices in mind, organisations can begin recruiting and attracting talent with reasons other than the size of a pay cheque.

High performers and potentials are decidedly enticed not just by financial success, but also by new opportunities and challenges, further development of their skills, and advanced education, which will help to propel them within the organisation. Enterprises that develop a strategy for attracting, developing, and retaining top talent, will triumph over the competition.

The most skillful of organisations will create outstanding strategies for winning the war for talent by taking immediate action to:

  • Attract the right people to the organisation.
  • Align their HR programs, policies and processes to business goals.
  • Motivate and reward employee efforts in innovative, valuable ways.
  • Inspire employees to be fully engaged in their work.
  • Identify and develop high potentials.

Below, we share with you the characteristics of the different generations in the current workforce.

Baby Boomers

  • Born between 1946-1964
  • Staying in the workforce longer
  • Want flexible or semi-retired schedules
  • Very loyal and optimistic
  • Prefers formality
  • Believes in paying dues

Gen X

  • Born between 1965-1980
  • Motivated by opportunities to develop skills and growth
  • Want clear communication with rapid feedback
  • Comfortable with change
  • Driven by money, but also wants work/life balance
  • Results oriented
  • Prefers informality

Gen Y

  • Born between 1981-1998
  • Most technically savvy generation
  • Most ethnically diverse generation
  • Distinctively practical worldview
  • Optimistic
  • Social
  • Civically minded
  • Highly moral

 

- Adapted from GLNow

 

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