Using Values in the War for Talent. Maia Rushby & Rowena Wild Business Values Partnership

Transcription

1 Using Values in the War for Talent Maia Rushby & Rowena Wild Business Values Partnership

2 Lenses of diversity Gender Cultural Age

3 The business case for connecting at the value level to attract the best people To build engagement with your employees: 1. Give people a strong sense of purpose 2. Build a culture of engagement Ø An engaged employee puts in 57% more effort and is 87% less likely to resign than the disengaged. Ø $450-$550bn is the estimated annual cost of disengagement Ø 33% higher profitability for companies with engaged employees Ø 51% lower staff turnover with satisfied employees Ø 2.x increase in performance related business outcomes. PwC Employee Engagement Survey, 2014

4 Up to 4 Generations are Working Together Maturist / Traditionalist / Silent Generation Baby Boomers Generation X Generation Y / Millennials Generation Z / igen / Centennials Born before 1945 Born Born Born Born since m 14.8m 13m 13.8m 14.5m By 2020, Millennials will form 50% of the global workforce

5 Differences in values between baby-boomers and millennials Millennials rank inward-focused values like happiness and discovery higher than collectivefocused values that mark the Baby Boomers generation, such as practicality and family. Happiness Passion Diversity Millenials Sharing Baby Boomers Discovery Justice Integrity Millenials Family Practicality Baby Boomers Duty

6 Implications of gender differences in the workplace Created by the differences in values and working styles /preferences of men and women: Patience Sustainability Collaboration Inclusion Time for praise Time for learning and innovation Short term orientation Competition Inner circles Constant focus on what else needs to be change Aggressive challenge and a no-mistake culture Community Connection, friendship, sense of belonging Appreciation, being valued Diversity-in-Leadership, 2015 Learning, development, growth

7 Using the knowledge in differences in HR processes Patience Community Connection, friendship, sense of belonging Appreciation, being valued Learning, development, growth Long term career prospects Team working Office culture, norms, social club Recognition and reward programmes Talent development programmes More focus on pace of career progression Opportunity to show independence Referred by a friend Opportunity to change things / leave their mark Results mean progression

8 What people around the world value most OECD Better Life Index

9 Recognising cultural differences and using them to your advantage.

10 Recognising cultural differences and using them to your advantage.

11 The Virtuous Cycle of a Diverse Workforce Diversity in teams provides an inclusive environment that embraces shared and individual values... and an inclusive and balanced workplace attracts diversity A diverse workforce helps to create a values based organisation DISCRETIONARY EFFORT An environment where values are lived on a daily basis attracts a diverse workforce.

12 However some diversity of values is a good thing too! Risk of Group Think Balance to create an environment that fosters creativity and innovation Risk of Disengagement

13 How to win the war for talent using values

14 Discretionary effort comes from a diverse workforce living their values A diverse workforce helps to create a values based organisation DISCRETIONARY EFFORT = imagination + heart + conviction + honour An environment where values are lived on a daily basis attracts a diverse workforce.

15 Henry Ford Coming together is a beginning; keeping together is progress; working together is success

16 Viktor Frankl, Man s Search for Meaning Man is able to live and even to die for the sake of his ideals and values

17 APPENDIX

18 Why diversity? it avoids group-think What is group-think Occurs when one or two people or personality styles dominate a group s culture so completely that there is no room for other styles and perspectives In group-think, conformity reigns supreme Result of group-think is that it overestimates its own power and morality How diversity impacts group-think Diversity allows for differing perspectives on ideas Diversity offers unique insights into problems Diversity creates opportunities for innovation 18

19 Why diversity. it helps to manage complexity Characteristics of a complex situation Unpredictability No right answer No emergent instructive patterns High presence of ambiguities and uncertainties Unknown unknowns A need for creative and innovative approaches Diversity encourages the emergence of well-forged patterns and ideas to find the best solution possible in complex situations. 8 19