In advance of our big Cornerstone Convergence client and partner conference in June, we will be talking about some of the issues facing organizations today as they try to find ways to Reimagine Work in our multi-generational, multi-geographical, multi-cultural, and location- and device-agnostic world. We hope you’ll join the conversation about working and managing smarter.
Have Millennials influenced the current world of work, or did environmental factors shape the way Millennials function in the workplace?
As Baby Boomers begin to retire and Gen X begins to gray, it's easy to assume that it must be the millions of 20-somethings who are re-setting expectations around work-life balance, communication, and technology. And yet -- the very trends today tied to Millennials -- a demand for more feedback, training and guidance, more flexible working hours, access to social networking and collaboration tools -- aren't necessarily unique to those born between 1980 and 2000. Turns out many of these "millennial traits" are just human traits that span the generations in the modern workforce, according to Dan Schawbel, CEO of Millennial Branding and author of the upcoming book Promote Yourself: The New Rules For Career Success.
"The 9-to-5 workday isn't for everyone," Schawbel explains. "You should be able to work on your own terms as long as you deliver value to the company. You should be able to work wherever, whenever you want as long as you get the job done and meet expectations. It's all about how you get work done best." So if it's not just the Millennials, what other factors are driving changes in talent management?
Today's workforce includes legions of working mothers, international workers of every ethnic background, and people who've never even met face to face. There's no one-size-fits-all model, says Schawbel. Women aren't just secretaries, teachers and nurses. The workday is no longer confined to the hours between 9 and 5. When work ends in one time zone, it picks up in another. For all these reasons, and many more, choice and flexibility are essential. Companies are placing less of an emphasis on the office and company-issued devices, while focusing more on the tools and feedback that 21st-century workers needs to get the job done. Adds Schawbel: "Even though Millennials may be the ones pushing companies to do this, everyone is benefiting from it."
Redefining Space and Place
Now that employees have the tools that allow them to collaborate as easily and instantly with colleagues across an ocean as they would with a co-worker in the next cube, the physical space where productivity happens matters less and less. Take Aetna, the insurance giant where nearly half its 35,000 employees work from home -- as David Wessel put it recently in the Wall Street Journal, "We aren't talking about checking email after dinner or working from home on Fridays. We're talking staying home every day: no desk, no cubicle, no computer in an office somewhere."
Unlike their generational predecessors, Millennials might be more vocal (and social) about expressing their desire to have a more balanced lifestyle. But it's not unique to their generation -- just amplified by what social and mobile technology now enables. "I couldn't imagine being forced to go into an office every day," says Schawbel, who, as a Millennial himself at the age 29, holds some generational bias. "It's the number one reason I wouldn't want to go back to working for a company."
The War for Talent Doesn't Discriminate
The transparency of the digital age has turned the power dynamics of recruiting upside down. Companies are the ones vying to prove their worth to prospects as much as the other way around -- and that applies to Boomers as much as it does a new college grad. "We live in a global economy with a global talent pool," Schawbel says. "Employers simply want to hire the best talent from around the world."
Now that the tables have turned and employees are asking companies "what can you do for me" -- rather than the other way around -- accommodating top talent has shaped the way companies do business. "We have to be more accepting now and embracing of true talent," Schawbel explains. "Otherwise, they'll just go to your competitor."
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4 Ways to Expand Your Social Media Recruiting Strategy
Social media is ubiquitous, and companies are using it in many different and innovative ways for enhancing their sales, marketing and customer services. So why is it then that many HR departments still fail to see social media as more than a job board? Outside of the office, the same HR people happily engage with friends on Facebook, share news and ideas on Twitter, look at pictures on Instagram and send snaps on Snapchat. But when they put their work hat on they seemingly forget why they use social in the way they (and hundreds of millions of other users) do every day, and resort back to just posting jobs (in a boring way) on social media! Of course there is nothing wrong with job posting, and it's often an effective approach to reaching an audience, but not all of the time. According to LinkedIn, only 12 percent of the working population are actively seeking new employment. So, if all you do is post jobs on your LinkedIn, Twitter or Facebook page, you are consciously ignoring the other 88 percent of the working population who might be interested in hearing more about your company in general. Creating and sharing interesting content about your company such as employee stories or volunteer days help bring your employer brand to life. It might even trigger people to reach out to you and find out more about your job opportunities. In truth, mixing up your social media feeds with a variety of content will provide more depth and candidate engagement. Here are four ways to expand your social media strategy and engage with new potential candidates. 1) Candidate Sourcing With people using an average of more than five social networks, sourcing talent via social media makes absolute sense. Branch out from just using LinkedIn and look to sites like Twitter, Facebook and Google+ to search for and engage with prospective talent. Try search tools like Followerwonk to search Twitter bios for keywords and job titles, a clever Chrome browser extension called Intelligence Search that easily searches Facebook and using the search bar at the top of Google+. They will help you identify new talent. If you are looking to build social media pipelines then try Hello Talent. It is a great free tool that allows you to build talent pipelines from many different social networks by using a browser extension. 2) Competitor Monitoring Social media is a fantastic source of information and data. By using tools like Hootsuite and Tweetdeck, you can monitor the social media activity of your competitors. Both of these tools allow you to set up search columns, where you can enter things like keywords, hashtags, Twitter names and track when any of these are mentioned on sites such as Twitter. You can use the interact or use the insights accordingly. 3) Resources for Candidates Consider your Facebook page (or Twitter channel) as a real-time customer services channel for you to engage and communicate with both new and existing candidates in the recruitment process. Provide links to your social media pages to candidates at all stages in the process and encourage them to visit the pages and ask questions about any part of the process. You can also share useful information about working for the company, including locations, employees and other relevant news. 4) Live Recruitment Events Not everyone can attend the many recruitment events happening every month. But by using social media like Twitter, Facebook Live, Instagram and Snapchat, you can easily provide live commentary for these events you attend or host. Real-time video via Facebook Live and interaction via Twitter chats are superb examples of ways to regularly engage with a live audience of potential candidates. With social media firmly established in our working lives, I question how much more evidence HR departments will need to fully embrace this "new" form of candidate engagement. Photo: Twenty20
Cartoon Coffee Break: Unconventional Recruiting
Editor's Note: This post is part of our "Cartoon Coffee Break" series. While we take talent management seriously, we also know it's important to have a good laugh. Check back every two weeks for a new ReWork cartoon. Missed the Recruiting Trends conference? From the state of recruiting automation adoption, to the role that the human element still plays in recruiting, our recap covers everything you need to know. Header photo: Creative Commons
The Latest Office Benefit Is Tackling Student Debt
Modern companies are more than just employers — increasingly, they are also gyms, cafeterias and even laundromats. As perks like yoga class, free lunch and complimentary dry cleaning become the norm, companies continue to push the boundaries on ways to attract and retain top talent by providing much more than a paycheck to employees. The latest in the slew of new workplace benefits? Student loan assistance. In April, Chegg partnered with Tuition.io to give full-time employees extra cash for student loan reduction. Then in September, consulting firm PricewaterhouseCoopers announced it would provide up to $1,200 to help employees pay off loans annually. As a benefit, student loan assistance programs are certainly still in their infancy— one survey found that only 3 percent of companies offer such a benefit. But experts say that may soon change as companies seek to differentiate themselves in a competitive hiring environment. "We think student loan benefits are poised to be the next big benefit; similar to what 401(k) matching was when it was first introduced," says Dana Rosenberg, who leads employer and affinity group partnerships at Earnest, a lender that offers student loan refinancing and works with companies to create loan pay-down programs. The Burden of Student Debt Such programs could be extremely attractive to debt-laden Millennials. Around 40 million Americans collectively carry $1.2 trillion in student loan debt, and the graduating class of 2015 was the most indebted class in history with an average debt of $35,000 (a superlative they won't hold for long come May 2016.) For employers looking to adjust benefits to correspond to the changing demographics of their employee base, student loan programs hit the mark. "In 2016, our employees will be 80 percent millennials, and we also hire close to 11,000 employees directly out of school each year," says Terri McClements, Washington Metro managing partner of PwC. With student debt often preventing young people from participating in 401(k) plans and reaching traditional life milestones, the benefit could potentially make a large impact on employees' financial and personal well-being. A study from the American Student Association found that 73 percent of people with student loans reported putting off saving for retirement or other investments due to their debt, 75 percent reported delaying a home purchase and 27 percent reported it was difficult to buy daily necessities. "Student loans can be a very stressful thing to deal with, so if we can give our employees peace of mind, that's great," says Caroline Gennaro, corporate communications manager at Chegg. The Allure for Employers Student debt assistance programs aren't just attractive to employees, either. Rosenberg says there are significant benefits for the organizations that offer them as well. "Employers that offer programs to help their employees get out from under their debt load are seeing big benefits: increased retention, more competitive recruiting and, perhaps most importantly, happier employees who have additional cash flow to put towards their life goals," Rosenberg explains. Rosenberg says happier employees are more engaged employees, who tend to be more productive. Studies show that companies with high employee engagement experience lower turnover and have double the rate of organizational success than their less-engaged counterparts. Student loan benefit programs may also lead to a more diverse workforce, attracting employees whose financial backgrounds meant they had to take on more debt for their education. "Diversity and inclusion are also very important to us, so the ability to offer this benefit can help minorities who come out of school with a higher debt burden," says McClements. A Promising Response Companies say the response to their student loan assistance programs have been overwhelmingly positive. Chegg has had more than 80 people sign up since they started their program this summer, and they've already eliminated roughly 86 years of collective loan repayments for their employees. Companies are also finding these programs are a way to differentiate themselves from organizations that may offer more generic benefits. "As a company in the San Francisco Bay Area, we are always looking to attract the best and brightest in the industry, and this benefit is a big draw," says Gennaro. Photo: Shutterstock