CapRelo Blog

Relocation is a Key Factor in Making Millennial Employees Happy

Posted by Amy Mergler on Thu, Dec 17, 2015

Millennials' Rising Expectations

staff-resized-600.jpgMillennial workers, defined as those born after 1980, are graduating from college and ready to take on the world – literally. According to a Pew Research study, millennials are expected to comprise 37 percent of the workforce in the U.S., which will grow as Boomers retire. Because they have grown up with digital media, the world of the millennials is wider than that of their parents. Consequently, they have developed a global mindset that is reflected in their choice of career paths as well as the need for balance in work and personal life.

Learn more about developing relocation policies in our free guide.

Unlike their grandparents or even parents, most millennials see career travel as a given, seldom staying in one job for more than two or three years, especially if few opportunities exist for relocation and career growth. On the other hand, millennials also value personal growth, balance and meaningful work in addition to career advancement. To successfully manage workers of this generation requires an understanding of what millennials need and want.

Millennials Often Delay Marriage While Establishing Careers

Millennials are more likely than their parents or older siblings to delay marriage and family to establish themselves in a career first, one which preferably includes travel and all of its career-supporting, culturally enriching benefits. Lack of family and other external "baggage" often gives them the freedom to pick and choose plum assignments without worries about spousal employment, quality school availability or other concerns and restrictions often experienced by employees with families. Once millennials do marry and settle down, however, they insist on a work environment that allows a balance of work and family.

Until recently, relocation was usually considered an "earned right" reserved for higher-ranking executives. Millennials believe that organizations intent on keeping their loyalty should offer them the chance to experience other locations and cultures as part of their employment experience.

What Do Millennials Want at Work?

A characteristic of millennials is authenticity in their work as well as personal lives, reports a Bentley University study, with most refusing to compromise values. This includes a willingness to leave companies whose work demands restrict their ability to live an authentic life aligned with their values, including a healthier balance of work and leisure than that experienced by their parents. Pew Research Center studies confirm that many millennials preferred fulfilling careers, where they are valued and enjoy what they do, to high salaries. (Benefits, however, did rank highest in millennials' corporate "wish lists.")

Far from rejecting the corporate world, over 72 percent of millennials surveyed in the Bentley study would enjoy working with a large company; 48 percent of responders also reported that they want to be loyal and would prefer to work for no more than two companies over the course of their careers. The good news is that companies offering great benefits, including travel as well as flexibility, balance and purposeful work should find it easier to keep their millennial workers productive and happy.

Talent Management: Engagement Article

 

 

Topics: talent retention, employee engagement, talent management, millennials

Five Ways to Improve Employee Engagement

Posted by Shirien Elamawy on Tue, Apr 14, 2015

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Employee engagement is a key driver of business success. According to a report by Harvard Business Review titled “The Impact of Employee Engagement on Performance,” a workforce that’s highly engaged with its employer improves productivity, maximizes human capital and reduces turnover, thereby positively impacting a company’s bottom line. A disengaged workforce, however, can contribute to low productivity and increased attrition. In fact, according to Gallup’s 2013 report “State of the American Workplace,” disengagement costs U.S. companies between $450 and $550 billion each year.

Learn more about how to increase employee engagement with our free article.

So it’s no surprise that organizations around the globe are looking for methods to enhance how engaged their people are. Here are five ways to improve employee engagement:

  1. Clearly communicate corporate goals and achievements. Companies whose leadership provides information and insights into business objectives, company policies, and corporate achievements are more likely to engage their employees that those that don’t. In the Entrepreneur article “Richard Branson on Increasing Employee Engagement,” Branson states that at Virgin, management informs workers about what the company’s doing and why by means of internal newsletters.

  2. Provide transparency as to how employees’ performance contributes to overall business goals. Employees want to feel valued, and a large part of this is tied in with how much their individual efforts and performance contribute to company-wide goals. By recognizing high performers and encouraging employees to understand their role in the bigger picture, companies can make them feel more engaged.

  3. Listen to employee feedback to determine satisfaction levels. Harvard Business Review advises getting employee feedback by means of employee satisfaction surveys that are carefully designed to yield information about what is and isn’t working in the company. It’s optimal if the surveys can provide specific, actionable data that can guide company policy.In short, they should enable management to work with employees to pinpoint obstacles to engagement and come up with ways to overcome those obstacles.

  4. Employ good managers. The role of frontline managers is key in employee engagement. Managers who know how to develop their teams, encourage them to excel and help them advance their careers are far more likely to establish a connection with employees than those who don’t. This means that frontline managers also need the support of their companies’ leadership in order to help their people become effective.

  5. Empower employees. Employees who feel supported, who have the tools to do their jobs and who are offered training and development opportunities, are far more likely to feel engaged than those who don’t. By offering employees ways to grow within their jobs and with the company, employers demonstrate their trust in their people, as well as how much they want them to succeed.

Enhancing employee engagement is an ongoing process. It requires unbiased information about employee satisfaction and dissatisfaction, as well as the ability to analyze that information and adapt or create company policies accordingly. But when you consider that employee engagement is one of the greatest drivers of business success, spending the time and effort on improving engagement strategies is well worth it.

 

Download our Free White Paper: Ways to Increase Employee Engagement

Topics: employee engagement, talent management

Why CEOs are Worried About Talent Management

Posted by Shirien Elamawy on Tue, Apr 07, 2015

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In a recent Harvard Business Review article titled “The 3 Things CEOs Worry About the Most,”talent management issues were cited as the number one concern for 16 out of 24 CEOs. It’s no secret that many organizations are struggling to attract and retain the talent they need to grow their operations.

With the labor landscape changing due to an evolving workforce that consists of an increasingly large number of non-traditional workers such as independent contractors and other contingent talent, employers have to determine where to source their talent to best meet their company’s objectives. At the same time, the manner in which work is performed is changing, with automation and technology having a significant impact on the types of skills needed in the workplace.

Learn more about increasing employee engagement with our free article. 

So what are some of the talent management issues CEOs are concerned about?

  • The skills gap. Finding qualified workers remains a problem for companies. According to research by Manpower, in 2014, 40 percent of employers reported difficulties in filling open positions and 56 percent of companies agreed that a lack of talent had a medium to high impact on their business functioning. The skills gap has a number of reasons:
    • A large number of experienced Baby Boomer workers are set to leave the workforce, taking their knowledge and expertise with them.
    • Entry-level and mid-career workers don’t yet have the skills necessary to fill more senior positions.
    • The rate at which technology is evolving makes it difficult for employees to keep up; even educational institutes are having a hard time ensuring the skills they teach don’t become obsolete within a few years.
    • Geographic disparities in education and occupational experience make it difficult to find qualified workers in certain regions.
  • Cultural fit. Companies that are poised to grow quickly oftentimes prioritize skill sets over cultural fit. Though this is a logical choice, when employees fill outward facing positions, cultural fit can be as important as possessing the right qualifications. At the same time, an employee who isn’t a good cultural fit can face more challenges functioning in a company and ultimately leave, costing the company thousands of dollars to search for a replacement.
  • Career advancement. Some CEOs are concerned about whether their high-potential employees are being adequately supported in their professional development. Companies need clear career paths and sufficient support for those employees who are aspirational and possess the ability to advance beyond their current positions.
  • Global mobility. With an increasingly global marketplace, more and more companies have a footprint in other countries. Creating a mobile workforce with top talent who are willing to relocate for the right opportunity is a challenge for many CEOs. The good news is, organizations that use a corporate relocation company like CapRelo can significantly enhance the success rate of their global assignees by providing them with the assistance and support they need to navigate international moves. With help for everything from packing household goods and relocating pets to locating schools and language classes, talent are far more likely to have a positive overseas experience. And that increases the chances they’ll act as ambassadors for their companies’ global policies by speaking out in favor of international assignments.
  • Talent pipelines. Companies with an established talent pipeline are concerned with ensuring those pipelines can provide a continuous flow of talent for the long term.

Considering these factors, it’s understandable that CEOs are concerned about talent. Yet the most important thing to understand is that in an evolving labor landscape, talent strategies need to be flexible. By remaining flexible, employers will be better equipped to incorporate any changes or developments that could further impact their talent management strategies.

 

Download our Free White Paper: Ways to Increase Employee Engagement

 

Topics: employee engagement, talent management

The Difficulty of Engaging and Retaining Employees Globally

Posted by Jim Retzer on Tue, Mar 31, 2015

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A 2015 financial article titled “Global organizations face looming crisis in engagement and retention of employees, according to Deloitte survey” states that 87 percent of business and HR leaders agree a lack of employee engagement is their primary concern.

What’s more, while the percentage of leaders who stated engagement was very important doubled from 26 to 50 percent from last year, an overwhelming 60 percent said they didn’t have specific processes to measure and enhance employee engagement.

Learn more about key ways to increase employee engagement in our free article.

These numbers are disturbing, especially when you consider that employees are most companies’ primary resource. A lack of engagement signals a lack of motivation and retention, resulting in reduced productivity, costly turnover and the inability to successfully and continuously expand business operations. ­

Moreover, according to Achieve Global’s report “Worldwide Trends in Employee Retention – How to keep your best employees in any market,” talent mobility is on the rise. In the United States alone, 23 percent of workers plan to leave their current jobs within the next 12 months. This level of attrition is concerning, especially since replacing employees is a lengthy, costly process.

And though many companies are streamlining their recruitment processes in order to minimize recruitment and return to productivity time, these types of measures can’t be effective without addressing the lack of employee engagement.

Obviously, for companies looking to enhance engagement and retention, it’s key to understand employees’ motivations for remaining satisfied with their jobs and their companies.

And this is where some interesting facts become clear. According to Towers Watson’s research, the factors that influence engagement include leadership’s sincere interest in employees’ wellbeing, a healthy work-life balance, flexible work arrangements and reasonable workloads. In other words, employees who feel supported by their companies’ leaders and whose jobs allow them a reasonable work-life balance are far more likely to be engaged than those who don’t.

Other factors that influence retention include a good understanding of a company’s goals and how a job contributes to those goals; a company’s public image; and empowerment (i.e. that management actively seeks out employees’ opinions in decisions that affect them).

When it comes to attracting, engaging and retaining top talent, employers around the world are advised to adapt their talent management strategies to better meet their employees’ expectations. Without taking this all-important step, employees are far more likely to look elsewhere when their job experience isn’t as good as expected.

Adjusting talent management strategies can involve a number of steps, including providing more transparency about the company, creating more flexible work arrangements and facilitating a more collaborative work environment.

Another aspect of enhancing engagement involves providing the best relocation experience possible for relocating employees. When talent feels supported by their companies during the demanding and often stressful time surrounding a relocation, they’re more likely to settle into their new positions smoothly. And that in turn greatly enhances the chances of them being engaged for the long term.

Of course, enhancing engagement and retention isn’t a process that happens overnight. By continuously staying abreast of talent trends and assessing why employees leave their companies, employers can gain the insights necessary to adapt their strategies to better engage and retain top talent.

Talent Management: Engagement Article

 

Topics: employee retention, talent retention, employee engagement, talent management

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