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Challenges of Business Leaders and Hr Managers Meeting the 21st Century Workforce

In: Business and Management

Submitted By shen91
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Challenges of business leaders and HR managers when managing the 21st century workforce

” A company’s workforce represents one of its most valuable resources: for this reason the way this workforce is managed represents a critical element in enhancing internal effectiveness and improving the organization’s competitiveness” (Rennie 2003)”.
Introduction
Most HR management systems available in most firms were formed at a time when business and technological practices were completely different. As the world is becoming more economic globalized so is the workforce. The 21st century workforce will consist of multi-generational team and a mix of minorities. With a more diverse and complex workforce, the challenges facing the HR managers also expands. There are several issues faced by contemporary business leaders. First is globalization-which is the present flow of capital, goods, services, ideas, people, and information virtually. Second is talent acquisition and talent management issues- HR Administrations are still struggling with managing their talent efficiently. Most corporate employment and talent meanings are reactive and hardly are they future focused. Third is fruitful human capital administration-the explanation to handling your multi-generational staff. As we move towards 2020 there will be four generations working side by side, how can we accomplish knowledge transfer and maintain good team work when there exists intergenerational problems due to generational differences in values.
To maintain a productive workforce requires a HR organization that understands the talent pool of a business and can review and implement needs for the business. Talent management processes like performance cycles and compensation interact flawlessly with benefits and payroll (Lussier, Robert & John 48).

The major challenges facing leaders and managers

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