The following extracts are from my recent article, co-authored with VP HR and consultant Lauren Leader-Chivee published by the Journal of the Human Resources Planning Society: People and Strategy (the Special Future Edition)
Let’s review the statistics. More than seventy-five percent of 400 Human Resource executives from 40 countries surveyed recently by the IBM Institute for Business Value and the Economist Intelligence Unit1 said they are concerned about their ability to attract, retain and develop future leaders. In other studies, as many as four out of five companies express worry that they will not have the talent they need to fuel their businesses in the coming years. Despite the current economic downturn in the US, Human Resources executives are bracing for a looming talent crunch that is widespread, global and has already become apparent in the IT, scientific and technical sectors.
According to the US Bureau of Labor Statistics by the year 2014 the number of US employees ages 55 to 64 is expected to grow by forty-two percent and the percentage of workers over 65 is expected to increase seventy-four percent. Overall, the American workforce is aging and many younger entrants to the workforce are not developing the skills they need to fill key roles with impending shortages. At the same time, Human Resources leaders in many industries are reporting spikes in voluntary turnover, as young workers are markedly less likely to stay in their jobs than in the past. The average college educated worker in the US will hold ten or more jobs between the ages of eighteen and forty. 2 What’s more, seventy-two percent of educated workers between the ages of 26- 30 will stay in their jobs less than two years and eighty-seven percent will hold jobs for less than five years.
What can social networking do? Companies may prepare talent pools- networks of interested candidates in persistent dialog with the recruiting organization. Beyond building and leveraging talent networks that coordinate with recruitment marketing campaigns, companies may also address top considerations of young professionals through the introduction of online communities.
A recent Harvard Business Review3 study revealed that among high potential young leaders, individual responsibility, social and enjoyable colleagues and a congenial workplace are the most important factors impacting loyalty to employers. This study also indicated that opportunities to learn and grow are critical, as are team-based work and collaborative decision-making. Another recent survey of employees about benefits of social networking at work4 reports that seventy-four percent of employees consider work culture assimilation challenging and twenty-five percent report having quit a job due to lack of social connectivity. An incredible seventy-seven percent of 20-29 year-old employees find social aspects of work essential to workplace satisfaction, and eighty percent of workers indicate connectedness as critical. In essence, culture and engagement are at least as important to young workers as compensation. Employees want to be connected to colleagues and the firm and to learn from peers and managers. This kind of feedback supports what Human Resources executives have suspected for years; connectedness is what keeps people engaged at work. Well-planned company social networks can foster such a workplace connection.
Implications go beyond recruitment and retention. Connectedness is often linked to workplace performance. As outlined in the book “The Hidden Power of Social Networks5,” decades of research indicate networked teams out-perform the competition. And within teams, on an individual level, the high-performance distinguisher- more than technology access or personal expertise- is having access to a large and diversified personal network.6 This is no surprise when you consider the statistics: more than eighty percent of employees across the workplace generations indicated they are more likely to listen to information or recommendations if presented by someone they trust and know; sixty-three percent indicate the quality of information they receive through trusted networks is higher than any other7. In other research, employees are as much as five times more likely to turn to a trusted connection for information as to an institutionally provided source.8
Corporate adoption of social networking, while new, is already showing enormous benefits. By offering employees the tools and technology to reach out and connect with one another, organizations can facilitate a collaborative corporate culture while benefiting from a wide range of improved efficiencies, from sourcing and recruiting, to on-boarding and learning programs, to improved alumni, diversity, women’s and retiree communications. Many process improvements may be found through efficient social networking programs and organizational connectivity.
According to the US Bureau of Labor Statistics by the year 2014 the number of US employees ages 55 to 64 is expected to grow by forty-two percent and the percentage of workers over 65 is expected to increase seventy-four percent. Overall, the American workforce is aging and many younger entrants to the workforce are not developing the skills they need to fill key roles with impending shortages. At the same time, Human Resources leaders in many industries are reporting spikes in voluntary turnover, as young workers are markedly less likely to stay in their jobs than in the past. The average college educated worker in the US will hold ten or more jobs between the ages of eighteen and forty. 2 What’s more, seventy-two percent of educated workers between the ages of 26- 30 will stay in their jobs less than two years and eighty-seven percent will hold jobs for less than five years.
What can social networking do? Companies may prepare talent pools- networks of interested candidates in persistent dialog with the recruiting organization. Beyond building and leveraging talent networks that coordinate with recruitment marketing campaigns, companies may also address top considerations of young professionals through the introduction of online communities.
A recent Harvard Business Review3 study revealed that among high potential young leaders, individual responsibility, social and enjoyable colleagues and a congenial workplace are the most important factors impacting loyalty to employers. This study also indicated that opportunities to learn and grow are critical, as are team-based work and collaborative decision-making. Another recent survey of employees about benefits of social networking at work4 reports that seventy-four percent of employees consider work culture assimilation challenging and twenty-five percent report having quit a job due to lack of social connectivity. An incredible seventy-seven percent of 20-29 year-old employees find social aspects of work essential to workplace satisfaction, and eighty percent of workers indicate connectedness as critical. In essence, culture and engagement are at least as important to young workers as compensation. Employees want to be connected to colleagues and the firm and to learn from peers and managers. This kind of feedback supports what Human Resources executives have suspected for years; connectedness is what keeps people engaged at work. Well-planned company social networks can foster such a workplace connection.
Implications go beyond recruitment and retention. Connectedness is often linked to workplace performance. As outlined in the book “The Hidden Power of Social Networks5,” decades of research indicate networked teams out-perform the competition. And within teams, on an individual level, the high-performance distinguisher- more than technology access or personal expertise- is having access to a large and diversified personal network.6 This is no surprise when you consider the statistics: more than eighty percent of employees across the workplace generations indicated they are more likely to listen to information or recommendations if presented by someone they trust and know; sixty-three percent indicate the quality of information they receive through trusted networks is higher than any other7. In other research, employees are as much as five times more likely to turn to a trusted connection for information as to an institutionally provided source.8
Corporate adoption of social networking, while new, is already showing enormous benefits. By offering employees the tools and technology to reach out and connect with one another, organizations can facilitate a collaborative corporate culture while benefiting from a wide range of improved efficiencies, from sourcing and recruiting, to on-boarding and learning programs, to improved alumni, diversity, women’s and retiree communications. Many process improvements may be found through efficient social networking programs and organizational connectivity.
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