WINNING THE WAR FOR TALENT

Transcription

1 WINNING THE WAR FOR TALENT Steve Coughran, Coltivar Group LLC. The War on Talent: A Growing Concern With stagnant or decreasing productivity and an aging industry workforce, companies must act to remain viable. Nearly three million job openings due to baby-boomer retirement will be available by As the contribution to working age population growth slides, industries will struggle to replace workers (5 Year average) 90-'94 95-'99 00-'04 05-'09 10-'14 15-'19 20-'24 25-'29 Natural Growth Net International Migration Source: BLS, Moody Analytics The labor shortage will evoke a war on talent. Annual population and labor force growth rates by decade (Percent of growth) The victors of this war will be innovative companies with a strategy for attracting new talent '59 60-'69 70-'79 80-'89 90-'99 00-'09 10-'19 20-'29 30-' Labor force growth rate Population growth rate Source: BLS NPCA 1

2 Source: Washington Post Millennials are the largest generation in the U.S. representing roughly one-third of the total U.S. population. As the workforce becomes more educated, job preferences will continue to shift. U.S. Population Distribution by Age, 2013 Millions Homeland Millennials Generation X Generation (1980- ( ) (2005-Present) 2004) Baby Boomers ( ) Silent Generation ( ) People Ages 25 to 34 By Education Attainment 50% 40% 30% 20% Percent FACT The average millennial views manufacturing jobs as dreadful, dirty, and dangerous dead ends. 10% 0% Source: Article by Jeff Koeppel in MyStateman No Degree Degree Age Source: Current Population Survey; CEA Calculations Source: Census Bureau Manufacturing can lure millennials through well-paid jobs where skills are learned through apprenticeships, avoiding college debt and allowing them to live outside expensive cities. The future of manufacturing requires unprecedented levels of tech savviness and strategic thinking. NPCA 2

3 By designing and implementing a holistic strategy, companies will deliver and capture greater value. Strategic Statements Low Degree of Meaningfulness More Vision and Mission Statements We want to change the world Company Values Innovation, collaboration, excellence 1 Instill a Strategic Culture Degree of Measurability Short Term Objectives Increase profits by 10% from last year Purpose Statement Be number 1 or 2 in every market in which we compete, or get out High Conviction behind the cause is a powerful force that drives purpose and enables mankind to accomplish the impossible. Employees need to feel connected to their jobs through an inspiring purpose and a clear strategy. Percent Reporting Life Goals as Being "Quite or Extremely Important" 100% 80% 60% 40% 20% 0% Time for recreation Contribution to society Children better off Live close to friends and family Find new ways to experience things Baby Boomers Generation X Millennials Source: Monitoring the Future, ; CEA calculations The US is not the world leader on prioritizing employee training. 2 Invest in Employee Development NPCA 3

4 Walls of Culture Little r s Why training fails and what can we do about it? Developing strategic, innovative employees will empower front line decision makes and grow company values Technical Skills Business Skills 1 Neocortex vs. Limbic System Power and decision making is distributed differently among leadership structures Leadership structures dictate the authority managers have to engage in thinking activities to achieve results within agreed upon boundaries Leadership Skills People Skills 2 3 Applications based vs. principles based Challenging employees Dependent Independent Interdependent Command and control Individuals operate in siloes Mutual inquiry and team collaboration Zone of Freedom Unique Processes & Priorities To Solve Problems Big R s Walls of Culture In order to get people to stay, we need to understand why people leave. Why do people leave their jobs? 3 Build Apprenticeship Models Career or Promotional Opportunties Pay/Benefits Lack of Fit Management or Work Environment Flexibility/Scheduling Job Security 75% of the reasons people leave are controllable through management. Gallup Poll 2017 If we succeed in the 5 million apprenticeship challenge, we would boost opportunities a hundredfold. Considerations To effectively implement these strategies, companies must retool the talent pool Culture: What is your current culture and how can you become strategic? Employee Development: How does your company develop current and future employees? Apprenticeship Models: What innovative programs do you have in place the will develop strategic and technological capabilities? Begin with Where You Are Now: What are you doing to lift others? NPCA 4

5 Photo by: Edewaa Foster Help others along the way Related Coltivar Academy Classes: Related Coltivar Institute Resources: Want more? WWOT SIL EIL SD BYFIQ Winning the War on Talent Strategic Innovative Leadership Emerging Innovative Leadership Strategy Design Boosting Your Financial IQ Connect on LinkedIn Steve Coughran Coltivar Group Strategic + Financial Expertise Strategy design & implementation support Financial management Change management Corporate workshops Keynote speaking Strategic Financial Leadership academy NPCA 5