The Millennial generation has also been termed "Generation Y" or "Echo Boom" and includes people who

were
born after 1982. Many call them impatient, demanding, or entitled. However, if employers don't provide incentives
to attract and retain young workers, somebody else will. Thus, they will be at a competitive disadvantage. Baby
boomers are retiring, and Millennials will be working for the next several decades. Additionally, they have many of
the requisite skills to succeed in the future workplace-tech-savviness and the ability to innovate-and they are more
racially diverse than any prior generation. Thus, they are better able to relate rapidly to different customs and
cultures.
— Attracting Millennials

involves traits one was born with, such as gender, ethnicity, and sexual orientation.
— Inherent diversity

Technology changes so fast that we estimate 20 percent of an engineer's knowledge becomes obsolete each year.
Training is an obligation we owe to our employees. If you want high growth and high quality, then training is a big
part of the equation.
— Developing Human Capital

demographic changes "When you make a genuine commitment to diversity, you bring a greater diversity of ideas,
approaches, and experiences and abilities that can be applied to client problems. After all, six people with different
perspectives have a better shot at solving complex problems than sixty people who all think alike."
— Problem-solving argument

is another key factor that links people to the organization. A tribe is not the organization as a whole (unless it is very
small). Rather, it is teams, communities of practice, and other groups within an organization or occupation.
— Tribal loyalty

The trend is to recruit job candidates at the crux of social relationships in organizations, particularly if they are seen
as having the potential to bring with them valuable colleagues 85 This is a process that is referred to as "hiring via
personal networks.
— Social Capital Helps Attract and Retain Talent

Money-whether in the form of salary, bonus, stock options, and so forth-can mean many different things to people.
It might mean security, recognition, or a sense of freedom and independence. Paying people more is seldom the
most important factor in attracting and retaining human capital.
— Financial and Nonfinancial Rewards and Incentives

In the knowledge economy, it is not the stock of human capital that is important, but the extent to which it is
combined and leveraged. In a sense, developing and retaining human capital becomes less important as key players
(talented professionals, in particular) take the role of "free agents" and bring with them the requisite skill in many
cases. Rather, the development (that is, the friendships and working relationships among talented individuals) gains
importance, because it helps tie knowledge workers to a given firm.80 Knowledge workers often exhibit greater
loyalties to their colleagues and their profession than their employing organization, which may be "an amorphous,
distant, and sometimes threatening entity." Thus, a firm must find ways to create "ties" among its knowledge
workers.
— social capital

that is codified, documented, easily reproduced, and widely distributed, such as engineering drawings, software
code, and patents.
— explicit knowledge

They are redefining the jobs of their experts and transferring some of their tasks to lower-skilled people inside or
outside their companies, as well as outsourcing work that requires less scarce skills and is not as strategically
important. Redefining high-value knowledge jobs not only can help organizations address skill shortages but also
can lower costs and enhance job satisfaction..
— Enhancing Human Capital: Managing Diversity

Firms have found that redefining jobs and leveraging the benefits of a diverse workforce can go a long way in
improving their performance.
— Enhancing Human Capital: Redefining Jobs and Managing Diversity

will be more likely to contribute to team discussions, resulting in creative problem solving. Six behaviors spur
innovation across the board: ensuring everyone is heard; making it safe to propose novel ideas; giving team
members decision-making authority, sharing credit for success; giving actionable feedback, and implementing
feedback from the team.
— Minority team members

_provides additional benefits since employees with diverse experiences can provide insights on the needs and
preferences of different groups and cultures. They are also more open to the perspectives of the other members the
team. Since increases openness, it also enhances the value of inherent diversity.
— acquired diversity

Whether a firm uses on-site formal training, off-site training (e.g., universities), or on-the-job training, tra individual
progress-and sharing this knowledge with both the employee and key managers-becomes
— Monitoring Progress and Tracking Development

the difference between the market of the firm and the book value of the firm, including assets suc reputation,
employee loyalty and commitment, customer relationships, company values, brand names, and experience and skills
of employees.
—. intellectual capital

Developing human capital requires the active involvement of leaders at all levels. It won't be su only as the
responsibility of the human resource department.
— Encouraging Widespread Involvement

_can provide many benefits-to the organization as well as the individual 50 For the organization, it can help to
recruit qualified managers, decrease turnover, fill senior-level positions with qualified professionals, enhance
diversity initiatives with senior-level management, and facilitate organizational change efforts. Individuals can also
benefit from effective mentoring programs. These benefits include helping newer employees transition into the
organization, helping developmental relationships for people who lack access to informal_relationships, and
providing support and challenge to people on an organization's "fast track" to positions of higher responsibility"
— Mentoring

The trend is to recruit job candidates at the crux of social relationships in organizations, particularly if they are as
having the potential to bring with them valuable colleagues.85 This is a process that is referred to as "hiring personal
networks."
— Social Capital Helps Attract and Retain Talent

Recent graduates don't mind long hours-if they can work them on their own schedule. Lockh employees to work
nine-hour days with every other Friday off. And Chegg, the online textbook introduced an unlimited vacation
policy-turnover rates among the younger workers dropped 5 its CEO, Dan Rosensweig, "If you provide them with
the right environment, they'll work forever."
— No time clocks, please

Typically, they are unenthusiastic about their parents' 70 or 80-hour workweeks. Millennials striv balance, so liberal
vacations become very important. They also want assurances that they can u At KPMG, 80 percent of employees
used 40 hours of paid time off in the first six months of a rec
— Let them have a life
Another example of social relationships causing human capital mobility is the _Microsoft is known example of this
phenomenon.87 Professionals frequently leave Microsoft en masse t and technology start-ups, called "Baby Bills,"
built around teams of software developers. For e Corporation, of Bellevue, Washington, was formed by Brad
Silverberg, a former Microsoft seni former Microsoft executives, among others, founded the company.
— emigration of talent from an organization to form start-up ventures.

A combination of demographic trends and accelerating globalization of business has made the ma cultural
differences a critical issue. The effective management of diversity can enhance the social re goals of an organization.
However, there are many other benefits as well. Six other areas where soun of diverse workforces can improve an
organization's effectiveness and competitive advantages are resource acquisition, (3) marketing, (4) creativity, (5)
problem solving, and (6) organizational flexibility changes have implications not only for the labor pool but also for
customer bases, which are also be diverse.74 This creates important organizational challenges and opportunities.
— Enhancing Human Capital: Managing Diversity

In today's competitive environment, collaboration and interdependence are vita Individuals must share their
knowledge and work constructively to achieve coll However, traditional systems evaluate performance from a single
perspective address the "softer" dimensions of communications and social skills, values, b
— Evaluating Human Capital

is "the network of relationships that individuals have throughout the organization." Relationships are critical in
sharing and leveraging knowledge and in acquiring resources. 14 Social capital can extend beyond the
organizational boundaries to include relationships between the firm and its suppliers, customers, and alliance
partners.
— social capital

In today's world, talent is so critical to the success of what you're doing-their core competencies and how well they
fit into your office culture. The combination can be, well, extraordinary. But only if you bring in the right people.
— Attracting Human Capital

On the other hand, _involves traits gained from experience, such as working in another country to understand
cultural differences and selling to both male and female consumers to develop "gender smarts."
— acquired diversity

_knowledge that is in the minds of employees and is based on their experiences and backgrounds.
— tacit knowledge

What are some of the "best practices" to attract Millennials and keep them engaged? High-tech sales presentations
and one-on-one attention may be attractive to undergrads. However, the pitch had better match the experience.
Consider that today's ultra-connected students can get the lowdown on a company by spending five minutes on a
social networking site.
— Don't fudge the sales pitch.

People who identify with and are more committed to the core mission and values of the organization are less likely
to stray or bolt to the competition.
— Identifying with an Organization's Mission and Values

To address the limitations of the traditional approach, many organizations use_Here, superiors, direct reports,
colleagues, and even internal and external customers rate a person's performance.55 Managers rate themselves to
have a personal benchmark. The 360-degree feedback system complements teamwork, employee in Time left
1:25:58 organizational flattening.
— 360-degree evaluation and feedback systems

People who come for money will leave for money. Another nonfinancial reward is accommodating working families
with children. Balancing demands of family and work is a problem at some point for virtually all employees.
— Financial and Nonfinancial Rewards and Incentives
_is the "individual capabilities, knowledge, skills, and experience of the company's employees and managers."
— human capital

This concept is sometimes referred to as because senior executives benefit from the insights of p Time left 1:28:28
who have more updated technical skills- but rank lower in the organizational hierarchy. And, not surprisingly, the
TAS stand to benefit quite a bit as well.
— reverse mentoring

Organizations are increasingly emphasizing general knowledge and experience, social skills, values, beliefs, and
attitudes of employees.
— "Hire for Attitude, Train for Skill"