Winning The Talent Wars. Presented by: Marvis Meyers, VP Training and Organization Development AAIM Employers Association

Transcription

1 Winning The Talent Wars Presented by: Marvis Meyers, VP Training and Organization Development AAIM Employers Association

2 Session Objectives Gain an understanding of what is happening to the talent across the U.S. Provide insight and direction for you to take action

3 Challenge # 1: Generation Demographics

4 Baby Boomers Are The 75.3 million people born in the United States between 1946 and 1964

5 Looking Closer First Boomer turned 65 on 1/1/11 Two waves of Boomers: (currently 57-68) (currently 50-56) According to the MetLife Mature Market Institute, on average, Boomers plan to retire at age 68.5

6 When Will They Retire? In 2011, 45% of Boomers age 65 were fully retired, 24% working full time In the two years ended 2013, 80% of the decrease in labor force participation was due to retirement

7 The 48.1 million people born in the United States between 1965 and 1979 Gen Xer s Are

8 Looking Closer Between the ages of 35 and 49 Display a different attitude towards work Have been stalled in careers due to Boomers, globalization, and the recession

9 Millennials/Generation Y are The 80 million people born in the United States between 1980 and 2000

10 Are You Ready For Them? Between the ages of 14 and 34 Unlike the generations that have gone before them, Gen Y has been pampered, nurtured and programmed with a slew of activities since they were toddlers, meaning they are both highperformance and high-maintenance. Bruce Tulgan, a founder of New Haven, Conn.-based RainmakerThinking Eileen Blass, USA Today

11 Notice Something? M

12 St. Louis MO/IL Metropolitan Area 1,460, ,450,000 1,440, ,430, ,420,000 1,410, ,400, ,390,000 1,380, ,370, Labor Force Unemployment Rate 12

13 Peoria Metropolitan Area 210, , , , , , , , , , Labor Force Unemployment Rate

14 Springfield Metropolitan Area 118, , , , , , , , Labor Force Unemployment Rate

15 Challenge # 2: Skill Gap

16 It s Not Just Demographics 82% of manufacturers report a lack of skilled candidates for jobs More than 7000 American students drop out of school every day Only 41% of college students in STEM fields graduate

17 What s The Impact One third of the unemployment rate is due to the talent gap 49% of employers report having difficulty filling jobs 29% of CEOs have delayed new initiatives due to a lack of talent

18 Challenge # 3: Engagement

19 Engagement Facts Gallup reports that 70% of the American workforce is not engaged Only 12% of workers are fully engaged 95% of the members of a typical workforce do not understand their organization s strategy 42% of employees are not satisfied with how their skills are utilized Highly engaged employees state that their most important priority is work that enables me to learn and grow Gallup Inc, State of the American Workplace american workplace.aspx Balanced Scorecard Fact Sheet and Statistics, BSC Designer, scorecard fact sheet.htm

20 Impact of Low Engagement The cost of low engagement can equal 30-50% of payroll 84% of professionals will seek to change jobs in 2014 Turnover cost % of annual salary

21 What Can You Do About This?

22 Five Key Strategies 1. Succession and Workforce Planning 2. Talent Retention 3. Recruiting Excellence 4. Knowledge Management / Transfer 5. Engagement

23 Succession And Workforce Planning 71% of executives say succession planning is more critical than in the past - Only 35% are doing it 83% of company leaders state that promoting from within is important - Only 10.3% of pipelines are robust

24 Succession And Workforce Planning Identify the key roles that require a high level of skill Identify the key skills needed as they impact the strategic plan Assess current talent for potential to fill those roles Create a plan to develop or acquire talent to fill key roles

25 Talent Retention

26 Retaining Your Talent Get the basics off the table Develop leaders that understand engagement Does your culture respect and reward talent? Offer opportunities for growth and development

27 Recruiting Excellence

28 Facts 66% of managers hired from the outside fail 40% of executives who change jobs or get promoted fail in the first 18 months Long term employee loyalty is cemented in the first 6 months

29 Recruiting Strategies What s your philosophy? Recruit for tomorrow, not today Make your work experience transparent Develop a targeted marketing strategy Integrate recruiting with workforce planning and talent management Know your employer brand Integrate a robust onboarding process

30 Knowledge Management Managing knowledge is identifying useful knowledge that exists in the organization and making it available to others to use or build on. Knowledge Management Basics, C.G. Atwood

31 Knowledge Transfer Knowledge transfer is the practice of distributing knowledge throughout an organization for future use and application. Argote, L.; Ingram, P. (2000), "Knowledge transfer: A Basis for Competitive Advantage in Firms"

32 Build Engagement

33 Build Engagement Learn what your employees think Let them know you heard them Empower your leaders to create engagement one person at a time Recognize and reward engagement

34 Summary Baby Boomers are retiring and the experienced workforce will shrink There is a skills gap and it will only worsen Employee engagement is low across America Five key strategies 1. Succession and Workforce Planning 2. Talent Retention 3. Recruiting Excellence 4. Knowledge Management / Transfer 5. Employee Engagement

35 Resources Marvis Meyers, AAIM EA, , The Workforce Crisis, Dychtwald, Erickson and Morison The Leadership Pipeline, Charan, Drotter and Noel Drive, Daniel Pink