In The New Workforce Challenge, Andrés Hatum aims to help companies meet the challenge of absorbing the technologically savvy millennial generation into the workforce at the very time that organizations are changing faster than ever before in response to the turbulence they face worldwide. Hatum examines how firms are organizing for the future, the impact of the new organizational forms on the workplace, and the practices that firms are putting into place to attract, develop, and retain the new generation of workers. Hatum believes that the workplace and workforce need to be analyzed together in order to present the big picture. By shedding light on recent changes that organizations have gone through and likely changes to come in the future, companies can better understand how to manage the new workforce.
In his book, Hatum informs readers that:
- Successful firms are adaptable and innovative; they combine changes in structure, such as decentralization, delayering, and project forms of organizing; processes, such as horizontal communication, investments in information technology, and new human resource (HR) practices; and firm boundaries, such as downscoping, outsourcing, and greater use of strategic alliances.
- Agile and virtual firms will shape the marketplace and at the same time will influence and be influenced by the new workforce.
- Heterogeneity and diversity characterize the new workforce and have replaced the previously homogeneous workforce.
- Millennials, the generation born between 1979 and 1997, value work-life integration and a flexible workplace.
- There are four main values that drive Millennials: multitasking, desire to integrate work and personal life, concern for society and the environment, and access to technology.
- Companies’ are relying less on their brands to attract and retain employees and more on their Employee Value Propositions (EVPs), which consist of the features that allow companies to promote themselves outwardly and generate loyalty internally.
- Millennial learning characteristics can be described with the acronym EPIC, which stands for: Experiential, Participatory, Image-rich, and Connected.
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Related book summaries in the BBS library: Keeping the Millennials, Managing the Millennials, The Trophy Kids Grow Up
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