The Jakarta Post
Human resources needs to consider the effectiveness of annual reviews, Korn Ferry's research suggests. (Shutterstock/File)
Management consulting firm Korn Ferry has released its Emerging Talent Trends 2019 report, which identifies trends in human resources.
Dilal Ranasinghe, head of professional search and growth, ASEAN, RPO and professional search business at Korn Ferry, suggested that companies in Indonesia pay attention to three trends, namely personalized salaries, titles or role rebranding and the annual performance review.
In a statement, Ranasinghe shared data released by Statistics Indonesia (BPS), revealing that there were would be 83 million people between the ages of 20 and 40 in Indonesia entering the job market by 2020, making the country’s working group rather unique as it comprised a younger generation.
Since millennials are considered to have a different perspective on life, them desiring different things are to be expected.
Personalized pay suggests that HR departments avoid generalized reward packages, as millennials and baby boomers are looking for different benefits. Meanwhile, new titles, such as chief happiness officer and chief people officer, have started to appear and they are considered more attractive to the younger generation.
In regard to annual appraisals, a survey conducted by Korn Ferry discovered that 30 percent of the respondents said annual reviews did not affect their work performance. In the same survey, 96 percent shared that real time feedback and regular discussions with their superiors were more effective than annual reviews.
“In developing countries, such as Indonesia, the trend is even more relevant as there is a talent shortage, which influences salary increments,” said Ranasinghe,”In order to attract, develop and maintain human resources, companies need to realize the importance of artificial intelligence and talent analytics, while also being flexible and thinking ahead in talent management strategies.” (jes/wng)