Many speak about the invasion of social media and different theories have come up as to whether this growth is a mythical monster or an actual profound change in the way people communicate. Whichever the case, the change is so fast that companies cannot afford to wait and see. Technology is entering the field of the human capital management and enterprises have to be prepared to embrace the change, which is a part of a tremendously big network of changes and modifications in the modern workforce.
Did you know that if you are sending 1 email, it is just 1 of the 165 billion sent every day! The average employee spends over 10 years of their working life dealing with emails. The impact – organizations pay over $25,000 a year to a senior manager to deal with emails, 70% of which is spam, costing organizations a total of $ 130 billion a year. And as if email communication is not enough, 2/3rds of social network users are actively in the workforce. These users spend 18,5 billion minutes everyday on these websites and you can only begin to imagine how much of that time is during working hours. The impact – social networks are a productivity killer at work if they are not managed correctly. Thus, employers need to devote time and effort to learn about and get involved in social media activity as well as to be familiar with the methods to block or limit (possibly) extra social media activity during the working day.
Did you know that India´s major export is no longer gems and jewelry? Rather, in the 21st century, India will be the biggest exporter of human capital. The 28% of India´s population with the highest IQ scores is greater then the total population of the United States. In other words, India has more honours kids, than America has kids at all. These kids are working hard through school looking forward to participating in the international business world. If every Indian working overseas sent $100 home every week, that would account for 1/3rd of India´s total export value. And how many Indian graduates in 2006 finished university speaking fluent English – 100%. The same is expected to happen in China in a few years. Then China will become the largest English speaking country in the world. Thus, the English speaking candidate market will increase by over 300 million people which means that organizations will have access to the largest English speaking Talent Pool ever available (this should rise serious thoughts in the minds both of the organizations and recruiters and in the candidates themselves).
Human communication has evolved from Snail Mail to Email. In 2009, 1 of every 4 employees preferred to communicate via email rather then face to face. Social scientists predict that in 2020 this figure will be 3 in 4.
However, even with the advancement of modern communication tools which shorten distances and decrease formality and pressure, why is talking still difficult. If managers say that employees are their greatest assets and they do have the tools to demonstrate it, why do they:
• Read their emails… daily
• Pay their bills… monthly
• Check their inventory… quarterly
• Service their machinery… half yearly
• Check Engagement and Performance of their people … only ONCE per year
The impact – the truth is that Human Capital practices have not caught up with the new practices and are still tuned to the Industrial Age. And this slow advancement is a pity considering the human capital represents 77% of the total expenses of the organization.
Because of the delay in Human Capital modernization the loyalty of the employee to the company falls dramatically. Today´s learners will have had 14 different jobs by the age of 38. This means an average job duration of 1.5 years and 2240 working hours spend doing induction. Impact – there is a positive effect from these changes – employees need to become productive and valuable to the company faster then ever. They cannot afford inaction. They further need to remain learning daily and updating their knowledge by the most relevant and recent sources. Half of what students learn in their first year of college is outdated by the time they are in their 3rd year. These changes put the pressure harder on the hands of the young professionals but also are an easy test for who will make a good professional. Learning Agility is becoming the critical factor for any information worker. Thus, organizations which do not have a structured continuous learning program will seriously be limiting their potential by not allowing their employees to expand and deepen their knowledge. Even moreso, considering that the top in-demand jobs in 2009 did not even exist in 2004, organizations (businesses and schools alike) prepare their people for jobs that do not yet exist, using technologies that have not been invented, in order to solve problems we do not even know are problems yet.
Did you know that by 2013 there will be super computers that exceed the performance of the human brain? Yet, technology was already being used in 2005 to help predict when and why an employee will leave their current organization. The impact – the companies are not using these technologies which came to being 5 years ago, thus, the organizations themselves are 5 years behind. And in 2015, if they are still not using them, they will be 10 years behind. And in 2020 – 15 years behind. Did you know that if Facebook was a country it will be the forth largest country in the world – twice the size of Japan. This is only one demonstration of how Internet communities are becoming larger then some of the most powerful countries in the world.
So, what does it all mean? We are experiencing a transition to a new world, where people and technology come together. Tech-savvy new employees will need something more then a comfortable chair to stick around. They are likely to have a relatively lower attention span since they are required to always be on top of the wave with the most recent developments in any field. Thus, it will be left to the corporations to provide challenge and inspiration for the young professionals with broad knowledge, learning agility and technical know-how.
*People Streme statistics! (www.peoplestreme.com)