The Goal-Driven Millennial: The real reason behind Rising Retention By Dasni

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The target-driven population of millennials is growing rapidly, with this innovative generation set to make up a significant proportion of the global workforce by the year 2025. 

 

Generation Y (1981-2000s) employees prefer to engage in collaborative goal-setting in open working culture. They pursue careers in workplaces where they have space to grow with constant guidance, support, and feedback. The modern Gen Y employee prefers mentor-mentee relationships with their supervisors that enable them to advance professionally and develop as individuals.  

 

OrangeHRM’s leading-edge Employee Development Solution assists managers in the creation and tracking of Professional Development Goals. An Employee Development Plan(EDP) (hyperlink to IDP) is a live document created by the manager or mentor who works closely with the employee to identify his or her skills and competencies. The objective is to understand the skills or competencies the employee needs in order to perform better in his or her current role and also prepare them for a better role or their next level up.

 

EDP (hyperlink to IDP feature on website) helps simplify the process where the manager can be assigned as the Coach or Mentor. The Mentor works closely with the employee to initiate the Employee Development Plan (EDP) and once the EDP is acknowledged by the employee, they will add the goals related to the current or future role. This plan is focused on improving people to do better in their present role, while also contributing towards their development as individuals.

 

Here’s why you should think ahead and plan your talent development strategy.

 

  • EDP improves worker morale, productivity, and loyalty when they know they’re working for an employer who constantly supports their development.

  • You can build a better relationship with employees while understanding their talent, goals and what drives them.

  • It improves employee competitiveness and focus.

  • EDP helps your organization to stay prepared in the event of having to fill an unexpected loss of a key employee.

  • It’s a sustainable win-win for the organization as well as the employee, as goals are aligned with that of the Organizations overall Mission/Objectives.



How can you contribute as an HR Professional?

 

Although it comes down to the management’s decision on whether or not to implement an effective EDP, it is HR that should take the step in convincing them on how beneficial an EDP process would be. 

 

To quantify the benefits of an effective EDP, HR should understand the organization, its mission and goals, the industry and the needs of employees. The understanding will help the management the know-how of the development strategy needed to ensure everyone works towards the best interest of the organization.



To Plan Employee Development Programs Successfully, you need to:

 

  • Gain executive support and involve management

  • Understand how the Performance Management of Employees is a part of a long term development strategy and should be planned based on the employee’s present progress.

  • Have a clear idea of the expected skills to upgrade via the development program

  • Focus more on formal mentoring and help match mentor- mentees based on their skill and development needs. It need not necessarily be the line manager, it could even be another more experienced and competent employee.

  • Identify your organization’s talent pool to carry out effective Succession planning and development 

 

Find out more about Succession and Development at OrangeHRM.