Career Development: Empowering Talent Mobility

Transcription

1 Career Development: Empowering Talent Mobility Molly Weaver, Director, Talent Acquisition, Children s Mercy Hospital Bud Blom, Director, Talent Development, MUFG Americas Union Bank

2 Today s Labor Market 2017 Bright Horizons Family Solutions LLC

3 Talent Shortage 4.1% Lowest unemployment rate in 17 years +17% Increase in hiring in January 2018, compared to January % Projected unemployment rate in 2019 Sources: Department of Labor LinkedIn - Moodys Analytics

4 Impact on Businesses 92% 2% 14 Employers who say skills shortage is affecting their company s productivity Workers who could immediately transition to a new job without reskilling support Average increase in the price of a Big Mac due to higher labor costs Sources: Hays US 2018 Salary Guide - World Economic Forum McDonalds Q Earnings Report 2017 Bright Horizons Family Solutions LLC

5 Internal Hires Perform Better 20% lower average salary than external hires 61% less likely to be laid off Institutional knowledge ensures quicker ramp-up Proven cultural fit Source: Paying More to Get Less: The Effects of External Hiring versus Internal Mobility, Matthew Bidwell, Wharton Business School

6 Organizations Still Prioritize Outside Recruiting To meet changing business needs: Only 11% of senior executives say they plan to provide training or reskilling to existing employees 59% plan to hire extensively Source: Randstad Sourceright 2018 Talent Trends report

7 Limited Internal Recruiting Less than 20% of roles are filled by current employees Percent of Total Hires and Interviews by Top Sources Source: SilkRoad Sources of Hire 2017

8 Enhanced Retention Internal development also addresses the #1 reason for quitting If you are planning on looking for a new job in 2018, what is the top reason? 33% - I m bored, need new challenge 24% - Culture doesn t fit with me/my values 21% - I have either lost my job or expect that I will 19% - Higher salary 3% - Company politics / Source: Korn Ferry Survey, December, Bright Horizons Family Solutions LLC

9 What are Leading Employers Doing?

10 Rotational Programs Typically 3-4 different assignments over a 1-3 year period Real-life experience supported by an associated learning program Often linked with leadership development and/or mentorship programs

11 Facilitating Internal Transfers Encourage internal postings Address resistance from managers in considering internal applicants Internal Posting vs. internal Sponsorships Technology Solutions HireVue Twine Labs Fuel50

12 Career Development Initiatives Structured development programs for defined groups of employees Career Pathways & Educational Pathways Leadership Development & High-Potential Programs

13 Addressing Cultural Barriers Hiring managers feel internal candidates don t have right skills Concerns about employees learning new skills and leaving Organizational culture and structure can discourage poaching Messages from senior leadership are key

14 Role of Educational Assistance

15 The Tuition Program as a Career Catalyst Education Highly Valued by Younger Employees 60% 62% Would pick a job with strong development potential over one with regular pay raises Always want to be learning new skills Tuition programs provide a low-cost way for employees to experiment in new areas Consider including shorter, more flexible programs (e.g. Certificates, MOOCs) to encourage experimentation

16 Tuition Programs are a Valuable Source of Candidates Track upcoming graduations closely Encourage managers to hold development conversations before employees graduate Distribute graduation reports to hiring managers and recruiters Hold recognition ceremonies for graduates, with participation from senior leadership, hiring managers & recruiters 2017 Bright Horizons Family Solutions LLC

17 Aligning your Tuition Program to Grow Your Own Tuition programs bolster internal recruiting: Additional support for targeted groups or programs Higher tuition cap Additional educational guidance resources Direct bill to schools to address affordability Preferred educational partners Educational Pathways

18 Q&A