The Changing Singaporean Graduate

Transcription

1 Startfolie The Changing Singaporean Graduate The impact of demographic and economic trends how this impacts you who select David Barrett Managing Director cut-e 1

2 cut-e talent Solutions Services Overview 3 million candidates a year 23 Offices Worldwide Assessments available in 35 languages Innovative Technology Structured Scorable Video Interviewing Skills & Knowledge Tests Full Singapore team and Pte Company Talent Solution & Advisory Services offered: Selection, Retention, Development and Career Management External and Internal Talent Management Individual Assessments, AC s and Development Centers Organisation Development and related diagnostic support systems

3 Would you purchase one of these for your organisation without a good business case? 3

4 But do you use the same logic when hiring & investing in people? 4

5 Performance Bottom Line: Retention & Performance More Green & Less Red & Some Yellow Strong Performer But Leaves At Approx 2 yrs or earlier Strong Performer & Stays 2yrs + Weaker performer and leaves or stays at any time OK performer and stays 2yrs + Length Of Tenure 5

6 Assessments Designed For The Web 6

7 Technical & Knowledge Tests 7

8 Self Service Web Video Interview 8

9 Current Clients

10 3 Cases - Clear Communication Of ROI Dell - European Technical and Sales Consulting Through use of cut-e shapes behavioural styles questionnaire connected with a custom risk management interview. New hires in model against 5 core behaviour areas achieve 36% more revenue and 42% more profit alternate hiring methods Siemens Though use of cut-e logical tests and interest inventories 7% improvement from 88% to 95% in successful completion of apprenticeship training. This equates to approx 4,200,000 ROI per annum in wage and training costs. easyjet Airline - use simple verbal test and situational judgment questionnaire to achieve. 40% reduction in interview volumes across EU to complete hiring 2,500 cabin crew per annum. Approx 6,000 less interviewing hours cost and logistical expense.

11 Human Capital and Singapore Human Investment Revolution has played a critical role in Singapore s success Sustained levels of investment in Human Capital development An Education Miracle behind the economic miracle Skills; the global currency of the 21 st century

12 Economic Trends Slowing economic growth across region Increased regional competition from emerging knowledge economies Increased trade within ASEAN Singapore s growth to be driven by higher value-added industries and services

13 Demographic Trends Singapore s shrinking population and ageing workforce poses many challenges Easing of immigration framework Changing workforce requirements will require more investment in education and training schemes Shift to focus on: Lifelong learning Retraining of workers Later retirement ages

14 Citizen population size

15 Projections of employed Singaporean s by occupation 15

16 Impact of demographic trends on economic growth

17 Technology is changing the Nature of Work, requiring better educated workers 17

18 Evolving World of Work Jobs of the future will be unlike those of the past Worker skills will need to evolve Retraining of mid-level workers is essential Growing pools of untapped talent Could become a drag on business expansion But presents opportunities for companies with proactive recruitment processes Jeremy Lin

19 The Singapore Graduate Increased demand for highly-educated workers (particularly STEM graduates) Graduates will become more expensive as they demand wage premiums Graduates will be tasked with broadening scope of roles Increased ambiguity and complexity Ageing workforce will require firms to invest in potential $ $ $ $ $ $ $ $

20 Implications for Companies Need to invest in processes to streamline recruitment, as wrong candidates will become increasingly expensive Develop internal training schemes Identify and nurture future talent Increase retention rates through incentives that match employee motivations Significant Costs Associated with a Making a Bad Decision

21 What makes someone good at their job? Job Context Manager The Person / Job Customers Experience Abilities Knowledge Motivation Technical Infrastructure Personality Behaviours Stakeholders Interests Market Conditions

22 What makes the difference? Most of the aspects that influence job performance, and over which we have control, are to do with people Moreover, if we can reliably measure these people aspects, they become powerful predictors of actual job performance The more we measure, the more accurate our predictions become...

23 Predicting Performance The Person / Job Experience Abilities Knowledge Motivation Personality Interests Behaviours

24 The Universal Economic Case For Online Psychometrics Validity.6 Trial Period Assessment Centre Ability Tests Personality Questionnaires Structured Interview Biograph & Situational Questionnaires Interview Application biodata Graphology Cost based on: Metaanalyse, Mike Smith University of Manchster; IS&T $

25 Predicting Job Performance Assessment tools can reliably measure most areas pertaining to work performance Assessment Centres assess candidates using multiple exercises, multiple assessors, specifically designed competencies and a thorough review of integrated evidence to arrive at a decision Effective use of resources Interviewing Assessment Centres Use of existing employee performance records

26 How to make Better Decisions 1. Review practices to align with your organisation s unique context 2. Consider introducing reliable, well-designed, low-effort assessments 3. Develop a company policy on checking job applicants online profiles question fairness 4. Provide focused training to people who play roles in assessment simulations 5. Be realistic: What are you actually measuring? 6. Reconsider how you approach over-qualified candidates (BPS Occupational Digest)

27 Key Points Graduates will be presented with more and more choice and basic economics would suggest that they will therefore become more expensive Wrong decisions will as a result become more and more costly We know however that People make the difference It is therefore imperative to measure key aspects of people that contribute to business goals Therefore Use multiple assessment measures for maximum benefit Further maximise your ROI on selection by using robust assessment tools that are deployed in a well thought-through way with a role that is key to the business goals

28 Endfolie cut-e Consulting Singapore Straits Trading Building Battery Road 9 Singapore tel