Y2KX – The Need for Talent Development Now
By Terri Herren
We recall the warnings that came along in the mid to late 1990’s – Will our technology systems be equipped to handle the dreaded Y2Kdilema? To avoid crashing and burning, businesses opened their pocketbooks for all kinds of new technology, training, consultants and additional IT support. What happened? Very little. Was it because we were sufficiently prepared or was Y2K a bunch of hype?
Are you prepared for 2010? Okay, what now? Actually, the Y2KX concept is a little easier for non-techies to understand. It is all about the shortage of professional talent. We understand that concept because industries like engineering, accounting and nursing have been experiences shortages for several years. What we don’t want to think about is the problem getting worse. Welcome to Y2KX.
There are solutions but they require non-traditional thinking and change and most people resist change. A company that successfully manages change in dealing with their people will survive. Those that are particularly successful will thrive.
Senior Management
The first thing to consider is your senior managers, particularly older baby boomers. Ask them for their thoughts on how they can best contribute to company success and leave their legacies. Unlike previous generations, the boomers will fight to remain vital or at least be perceived that way. With the shortage of professionals doesn’t it make sense to create opportunities for the best and brightest of all generations to continue contributing to your company? This will require reevaluation of success factors for senior managers. With the projected void of talent in the next decade, success factors such as retention and development of people should be high on your company’s ‘list’.
To make this resonate with everyone within your company, a paradigm shift may need to occur. An extended ‘career track’ must to be visible and working. Does your company have a plan for senior managers to work reduced work schedules? Are success factor measurements in place and are there on-going performance discussions with the senior managers so they understand the expectations and how they are performing?
Team Members
We have all read stories about Gen Y and their expectations. “Because the demand for their services so greatly exceeds the supply, young graduates are in a strong position to dictate terms to their prospective employers. Young employees are demanding that they be given productive tasks to do from the first day of work, and that the people they work for notice and react to their performance”. That is an excerpt from the April 1969 Fortune Magazine. The major thing that differentiates the two generations is boomers were constantly told by the parents and employers that they were required to earn their stripes. Baby boomer parents have raised Gen Y to believe they can do anything they set their minds to. Couple this with the quick pace of the electronic age and it adds up to instant gratification.
What does this mean to companies? Young employees are not going to wait 12 or 15 years to become key company leaders – The carrot is too far out there. Companies will have to accelerate the learning curve for top talent. This will be a change in peer group status and require company leaders to provide meaning performance feedback to team members. Some employees hired in a particular year will surpass their peers because of their abilities and efforts to accelerate their careers. Training programs traditionally held for first year, second year and so on, will vary by participant. Besides classroom learning, structured on-the-job experiences and directed coaching will be required.
Total pay and rewards need to be reevaluated on a regular basis to ensure they are meeting the needs of the company and its team members. What is your company’s market position with salary increases, bonuses and promotions? Is your position known and documented for leaders and team members? Do you talk with team members about your salary management strategies and how it benefits them?
Conclusion
Y2KX will be here soon, even if you may be feeling the affects now. If you have strategies in place for senior leaders’ continuing contributions, accelerated career advancement, and total rewards management, you will be well on your way to survive Y2KX.