Welcome aboard. We have on this flight to the new cultural shift Gen Y and Gen Z and we would be reaching our destination ‘Feedback 2.0’ in the short span of time than we may ever realise. In today’s context, organisations are frequently innovating in their performance management system so as to include the aspirations of the new and upcoming Millennial generation.
Gen Y (Loosely defined as generation born in early 1980’s) along with the Gen Z (Born in early or mid 1990’s) believe in a faster career progression and regular feedback. They don’t wanna waste their time sticking to one organisation just to wait for the next career ladder. They believe in fast recognition of their work and emphasise more on results rather on sticking to time like the Baby Boomers/Gen X. Organisations like Adobe have revamped their performance management and have made feedback an ongoing process throwing away the old annual system. Companies like Google have encapsulated the 360 degree feedback system while Microsoft believes more in employee behaviour as compared to the targets defined.
To keep our PMS updated with the ongoing cultural shifts due to the generation gap we have to evolve and introduce a new performance evaluation system, Feedback 2.0:
1. Bake the cake and eat it too: If we have an ongoing regular feedback mechanism, we would be able to meet the aspirations of the Gen Y and Gen Z which will make them more comfortable in view of sense of recognition. If make feedback system to be robust that can accommodate changes after a quarter we would be able to recognise the talent and do away with the recency effect that but naturally comes in the annual appraisal system. Through this process, we would be able to incentivise Gen Y and Z to work more productively as after every three months we would be able to compensate or give a due promotion to the right talent which otherwise would have to wait for the annual cycle. Gen Y and Z being impatient in this context would never stay back for the entire year if something more valuable comes up in their kitty.
2. Don’t talk, better connect: Through the revamped Feedback 2.0 we would be able to meet and talk to the Gen Y and Z on a regular basis which will make them more comfortable and engaged at the workplace. We should remember that an engaged employee is a more productive employee. In short, don’t discuss after a year, better give the right direction at the right time. Moreover, an engaged Gen Y/Z‘er would also resolve the retention problem.
3. ‘FB’ the recognition: The word ‘FB’ has become synonymous to this generation who want to put up everything on the social media and are not hesitant to write to the executive level. Gen Y and Z don’t believe in waiting for the trophy or certificates. They want the rewards instantaneously which they can show it off to their friends over the social network within the organisation. We should build a power packed R&R system where client or manager appreciation could be shared over the network which gives them their moment of pride over the social media.
If we are able to connect with this Millennial generation, we would be able to build the employer brand and hence the right talent will automatically flow with the current and come to the right bucket. This new generation might be too demanding but I am sure if we ride with them will have a safe touch down!