Meeting the Talent Challenges of Multi-Generational Workforces. Julie Duda, Manager, Member Advisory Deloitte Consulting, LLC April 30, 2015

Transcription

1 Meeting the Talent Challenges of Multi-Generational Workforces Julie Duda, Manager, Member Advisory Deloitte Consulting, LLC April 30, 2015

2 Agenda Introduction and Overview The current talent landscape Multiple generations in the workplace Focus on Millennials Looking to the future Client Stories Ericsson Corporation Edelman Lockheed Martin Questions & Discussion 1 IMPACT 2015 THE BUSINESS OF TALENT Copyright 2015 Deloitte Development LLC. All rights reserved.

3 Today s Talent Landscape Changing work environment and workforce Complex Networked Contingent Highly Complex Somewhat Complex Complex 110 s per day 20% of US workforce now independent Source: 2015 Deloitte Global Human Capital Trends; Statistics Report, Radicati Group, Inc., April 2014 Accenture, The Rise of the Extended Workforce, April IMPACT 2015 THE BUSINESS OF TALENT Copyright 2015 Deloitte Development LLC. All rights reserved.

4 Multiple Generations in the Workplace US Population Distribution by Age Source: Census Bureau 3 IMPACT 2015 THE BUSINESS OF TALENT Copyright 2015 Deloitte Development LLC. All rights reserved.

5 Multiple Generations in the Workplace What challenges are on HR s mind? Boomers 10,000 REACH RETIREMENT AGE EVERY YEAR IN US ALONE GenX TOO FEW TO MEET TALENT NEEDS Source: Census Bureau; Bureau of Labor Statistics; 2014 Deloitte Global Human Capital Trends Millennials 2020: 50% OF US WORKFORCE 2025: 75% OF GLOBAL WORKFORCE 4 IMPACT 2015 THE BUSINESS OF TALENT Copyright 2015 Deloitte Development LLC. All rights reserved.

6 Heavy focus on Millennials Compared to previous generations, there is shorter runway for millennials to become leaders; organizations should take a more active role in preparing millennials to assume leadership positions at earlier points in their career. For both financial reasons and reasons of professional satisfaction, many Baby Boomers are extending their working lives benefiting from the incredible longevity dividend shared the world over. 44% Working millennials 41% surveyed have 3 5 years work experience Have 4+ direct reports Source: Deloitte Development LLC: I heart Lucy? Preparing millennials to lead in today's dynamic world and Deloitte Human Capital Trends IMPACT 2015 THE BUSINESS OF TALENT Copyright 2015 Deloitte Development LLC. All rights reserved.

7 How different are they? Some common myths, realities and conflicting opinions Narcissistic Individualistic Shaped by technology Unrealistic expectations Collaborative Not motivated by money Highly educated Altruistic Lacking needed skills and knowledge Highly confident Not loyal 6 IMPACT 2015 THE BUSINESS OF TALENT Copyright 2015 Deloitte Development LLC. All rights reserved.

8 How different are they? What is important in a job? Millennials Others Career growth Global opportunities Focus on short-term vs. long-term Clearly defined job descriptions Challenging roles Relationship with immediate manager Work from home Use all vacation time Rewards & recognition Source: AARP, What Older Workers Want from Work, 2004; Belkin, Teaching Office Decorum to the ipod Generation, 2007; CII-Deloitte Gen Next Workforce Study, IMPACT 2015 THE BUSINESS OF TALENT Copyright 2015 Deloitte Development LLC. All rights reserved.

9 Looking to the Future Is HR prepared to meet the need? 60% 50% 40% 30% 20% 10% 0% Source: Bersin by Deloitte, Just the Facts about Millennials, 2011 Boomer GenX Millennial 8 IMPACT 2015 THE BUSINESS OF TALENT Copyright 2015 Deloitte Development LLC. All rights reserved.

10 Client Stories Our panelists Elizabeth Knuppel Vice President of Talent Management Ericsson Corporation Albert Quisumbing Senior Vice President, Global HR Programs and Analytics Edelman Marvin Smith Talent Community Strategist Lockheed Martin Corporation 9 IMPACT 2015 THE BUSINESS OF TALENT Copyright 2015 Deloitte Development LLC. All rights reserved.

11 Ericsson Corporation Elizabeth Knuppel 10 IMPACT 2015 THE BUSINESS OF TALENT Copyright 2015 Deloitte Development LLC. All rights reserved.

12 Ericsson Internal Page 11 ericsson

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15 Why Gen Y? By 2025 Gen Y will comprise 75% of the workforce. Despite recruiting over 1500 Gen Y since 2010 Gen Y representation has declined due to retention challenges. You really need an advocate or sponsor to help you move into a new role outside your group. It has been very difficult to find my second job in RNAM so I just looked externally. - Recent Gen Y exit interview Ericsson Internal Page 14

16 Career Development Initiatives Exploration Days Cracking the Talent code Career Development manager workshops Career Development Day Ericsson Internal Page 15

17 Edelman Albert Quisumbing 16 IMPACT 2015 THE BUSINESS OF TALENT Copyright 2015 Deloitte Development LLC. All rights reserved.

18 Meeting the Talent Challenges of Multi-Generational Workforces Albert Quisumbing April 30, 2015

19 WE STRENGTHEN YOUR ENGAGEMENT WITH THE PUBLIC TO SOLIDIFY THE PUBLIC S ENGAGEMENT WITH YOUR BRAND. INDEPENDENCE Founded in 1952, family operated for more than 60 years BEHAVIORS Be multi-directional Be social Be action-oriented Be values-led Be open Generation % Matures ( ) 0.11% Baby Boomer ( ) 5.01% Gen X ( ) 22.14% Millenial ( ) 72.74% Grand Total % GLOBAL NETWORK ,500 CITIES COUNTRIES EMPLOYEES AFFILIATES IN 35+ CITIES GCRM PROGRAM QUALITY CHIEF QUALITY OFFICER CLIENT EVALUATIONS QUALITY SCORE INTELLECTUAL CAPITAL DATA SECURITY & PRIVACY

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22 Talent Analytics Talent analytics is a way to measure and forecast our talent data to help inform business decisions. This allows HR to be more agile in terms of identifying talent needs, planning for the future, and assessing the impact of our global programs. Summary of the Value of Analytics for Level 4 Organizations Companies with mature analytics are: 2x more likely to improve their recruiting efforts 2x more likely to improve their leadership pipelines 3x more likely to realize cost reductions / efficiency gains Source: Bersin by Deloitte, x more likely to improve talent mobility moving the right people into the right jobs In financial terms, the stock prices of organizations with mature analytics capabilities outpaced the S&P 500 by 30 percent, on average, over the last three years. 14% of HR organizations in the U.S. are using advanced or predictive analytics to make talent decisions. If HR continues to drag its feet, it risks losing control over its data, and its chance to gain some real power within the organization. Source: Bersin by Deloitte,

23 Succession Planning Edelman s succession and development planning allows HR to identify the company s future leaders, find developmental opportunities for employees, and to match internal talent with business needs around our network. Review 2x year Communicate Dev. plans Create Dev. Plans EDELMAN SUCCESSION MANAGEMENT LIFECYCLE Identify Potential Successors Edelman Next Identify Critical Positions

24 QUESTIONS & DISCUSSION Thank you!

25 Lockheed Martin Corporation Marvin Smith 24 IMPACT 2015 THE BUSINESS OF TALENT Copyright 2015 Deloitte Development LLC. All rights reserved.