Improving morale, creating loyalty and increasing overall productivity in your employees through performance management is the key to your company outperforming the competition. An effective performance management system is at its best when it establishes a true pay-for-performance culture which, in turn, develops employee engagement. The process for linking a company’s compensation plan to individual or team performance includes setting, measuring and rewarding achievable performance expectations.
Unlike workforces in the past, today’s workforce demographics typically include individuals from four distinct generations, each of which has been commonly labeled: Traditionalists (born between 1925 and 1945), Baby Boomers (born between 1946 and 1964), Generation X (born between 1965 and 1979) and Millennials (born between 1980 and 2000).
Here are some recent stats from Deloitte on the state of workplace learning:
- 73% of Traditionalists plan to (or may need to) return to work in some capacity after they retire. How will you reorient them to the workplace?
- Less than 40% of the labor force today consists of Baby Boomers, age 45 or older. Is your organization management prepared for their projected retirement?
- 77% of Generation X would jump ship if they found an opportunity offering increased intellectual stimulation. How will you retain these employees and secure your organization management’s future?
- 57% of Millennials expect to have access to state-of-the-art technology and the ability to telecommute. Is your organization structured to meet this expectation?
Each generation has been influenced by a variety of personal attributes and events representative of its time. Historic local and global events, wars, economic conditions, technological changes, family influences such as divorce, and other factors shape the personality and behavior style of each generation. As a result, a one-size-fits-all education program or leadership skills style is not always effective. Here are the best methods to engage each generation in learning:
- Traditionalists prefer instructor-led employee education and workbooks. Also, add in some time to the training for hands-on practical application.
- Baby Boomers prefer visuals and case studies. Also, you can really encourage their mastery of a topic by allowing them to engage in simulations of newly learned information and allow them to share experiences during group discussion.
- Generation X prefers modularized and focused learning with opportunities for experiential learning and sharing of best practices.
- Millennials prefer self-study and opportunities to listen to podcasts and Webinars. If you can keep learning interactive and sessions under four hours, you can retain their attention.
Organization management is a worthwhile area in which to start incorporating new, generation-friendly strategies. The next question is which system will you use to encourage interactive learning? Learn more about how team-based learning can be achieved on a virtual platform with the Ascendis LMS!