Traditionally, human resources have been seen as focusing on the employment of staff and managing their employment contracts. But the growing number of younger millennial workers entering the workforce, who view salary as only one part of the employment jigsaw puzzle, coupled with the changing dynamics of the working population, is reshaping what is expected from both human resources and the wider organisation.
“Millennials are looking for more than just a good salary. They want to work for businesses that truly embrace social responsibility and they’re looking for more defined benefits. The pension aspect of employment is also becoming much more of an intrinsic expectation of the individual worker, who wants instant detailed access to their pension pot,” says David McCormack, chief executive of Hive360, a leading employee engagement firm.
As a direct consequence, firms must be proactively looking after both the current and future needs and expectations of staff, including their mental and physical health, and their financial wellbeing. Failure to do so can lead to employees not performing at their peak and becoming unmotivated or disengaged. Such employees often don’t leave their jobs immediately and can negatively impact other productive staff.