siliconindia | | March 20179Create a Strong Succession Plan for Key PositionsThese days, you don't just need a plan B but a plan C, D and E as well. The fact of the matter is that people will move and change jobs. There is a dire need for a contingency plan to fill in key vacancies and gaps. Leaving these unoccupied will cost you considerably more money in the long term. It is imperative to be flexible and think of solving the problem in multiple ways. If you have this in place, you're less likely to be caught by surprise.Develop Individual & Manage-ment Development Plans for High Potential TalentIf you want to retain your high poten-tial employees, you need to give them opportunities to maximize their per-formance and advance their careers. When a key position opens up, use your established talent pools to iden-tify qualified internal candidates with the right skills and competencies to step into the role. Armed with this in-formation, you're ready to assign top employees to appropriate talent pools for development.Formulate Precise Career Frameworks for Critical Roles in the OrganisationThe convention of setting-up a frame-work and expecting people to adhere to is passé. This top-down way of engaging with employees will be a hindrance to development. The trends are shifting; more companies move to-wards situations where they are look-ing to develop frameworks with the help of employee feedback. The mil-lennials need to feel as though they are stakeholders in the decision-making process. Although the idea of conduct-ing regular workforce surveys is fairly nascent in India, managers are slowly waking up to their effectiveness. The Hierarchy QuestionThere is a huge generational discon-nect between top management and the rest of the workforce, and this can sometimes cause problems. Mil-lennials prefer a culture that is more relaxed and less formal. It is of para-mount importance that you maximize the talent of the millennial workforce, as they approach change in a far more mature manner. Fostering clear com-munication between top management and employees on the future growth plans of the organisation and integrat-ing multi-centered decision-making is becoming increasingly significant.Design New Compensation Incentive Programs Linked to Performance & Value-AddYou will need to revisit motivation-al tactics to better suit the emerging workforce. Rather than financial re-ward, the millennials look for other sources of motivation such as a chance to prove their leadership skills after a performance-based appraisal. They prefer value-additions to increments, are often willing to put in long hours if need be, and are the most vocal. Overall, millennials shouldn't be treated differently; the current work-force has more expectations from an employer than previously. As part of your retention policy, ensure that you are implementing strategies that will help you maximize output from the millennial workforce. They are the most technologically savvy, en-trepreneurial and the least financial-ly committed individuals. Throw new challenges at them and watch them grow. Nicolas Dumoulin
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