Enterprise IT News, Singapore: Cognizant’s Regional Head for ASEAN and Greater China Analyzes the War for Talent in the Millennial Marketplace

“As workforce demographics shift and average employee tenure shrinks, the pressure to hire suitable candidates has become more intense than ever,” writes Jayajyoti Sengupta. “To resolve the new retention issues that they face, employers need to look toward the front end of their talent management lifecycle.” Excerpts:

“To cost-effectively transform the front end of their talent management lifecycle, organizations need to consider leveraging HR solutions based on social, mobile, analytics and cloud technologies (the SMAC Stack™). The advanced capabilities of SMAC will be critical towards realizing better returns of investments and is the key to helping organizations jump ahead of their competitors to attract and retain the best employees.

Understanding the demographics and psychographics of the talent pool is a start. Crucially, understanding the millennial generation (or “digital natives”) and knowing how to engage them is important for companies looking at acquiring talent and keeping them.

A recent Cognizant survey of millennial workers revealed several insights about the new generation of workforce. Millennials value career growth far more than training opportunities or work-life balance programs, and they equate international work opportunities with career growth. Millennial employees are looking for a greater say in their day-to-day activities. This demographic is less brand-loyal than its older counterparts.

Organizations accustomed to using traditional practices to engage potential hires are going to have to change their ways if they hope to engage and retain the millennials, who make up the newest and most heavily scrutinized employee cohort.

In the future, companies that excel in talent acquisition will work closely with SMAC technologies to understand exactly who their target workforce is and reinforce their relationship with this desired talent pool.

Technology alone will not deliver business results; success lies in coupling technology with HCM process transformation to deliver measurable business results, including rapid onboarding and increased efficiency. The SMAC Stack™ serves to drive this revolution on the system side; social will become the new norm for attracting talent and interacting with candidates; cloud-based solutions are providing an intuitive user interface and nimble extensibility. Adding analytics to HR process allows for better decision-making and achievement of high-impact results.

Organizations that are able to quickly infuse their talent acquisition processes with SMAC will definitely be ahead of the pack in attracting the best candidates.”

Click here to read more.