With “81% of all organisations percei[ving] [employee] turnover as having a negative effect on their effectiveness”[1]; how can organisations in todays network economy engage their workforce in a cycle of continual excellence that leads to high employee retention?
To really dig into this we need to firstly analyses the fundamentals that define a Network Economy [ since like I haven’t really done that in the introductory post as effectively as I would like to in hindsight ].
Kelly and Liebowitz in a publication I have which I will scan on my Google Picasa public page soon indicates that a Network Economy is more like a “all for one and one for all” type of economic system made up of millions of different types of networks – where a network – per se – can be anything from users to a forum, mailing list subscribers and facebook fan page members, collaborative or networked businesses, computers, trucks and even fax machines!
Now when this is put into context, we can appreciate that businesses have always relied on a network of any king – whether be its supply chain or vendors or even campaigns that incite word of mouth advertising. Therefore, the concept of the Network Economy is not a new concept; but more so the result of an alchemy of industry trends, technological advancement and global intellectual appreciation which consequently manifests in the form of exemplary examples of network economics at work.
A very vivid example would be the Blizzard Network which incubates and actively self-propagates an active subscriber base that interacts with a global network of gamers in a computer generated fantasy world. These types of virtual worlds are prime examples of the increasing popularity of collaborating or finding alternative lifestyles through the power of the internet. This provides anyone with a poignant point of reference to understand the mechanics of how the future of work may be i.e. virtual avatars and real time simulations.
So basically, to be successful in maintaining your employees in anticipation of this paradigm shift, businesses need to understand a) the changing nature of relationship management with employees and more significantly b) the N-Generation as an army nurtured through the rise of the internet.
This new generation of workers have a new work ethic which aligns themselves to the interests and paradigms of their time. Things such as openness, freedom, authenticity and innovation are endemic attributes each one possesses.
Therefore, attracting what is known as N-Gen Capital will require companies to revamp their employee development model from recruiting, training and retaining to initiating their development and helping them evolve their relationships and capabilities.
Now these are just the basics! The complexity arrives when organisations need to align their research and people departments with a seamless integration of the new workforce with existing organisational values and systems. So things like what is the role of technology in an N-Gen workforce and how N-Gen norms will change management will arise in all levels and forms.
Attraction and retention will take a whole new form with individual and organisational influences requiring a flexible approach in creating a culture of engagement to accommodate this new breed of worker.
Doesn’t this sound like an excellent means to promote a pay rise for yourself guys? Go for gold!
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oh, it is a great post! I really like it!^_^
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