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The Perfect Storm: THE FUTURE OF RECRUITMENT, RETENTION AND ENGAGEMENT

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The Perfect Storm: THE FUTURE OF RECRUITMENT, RETENTION AND ENGAGEMENT JAY J. JAMROG Sr. V.P., Research, i4cp jay.jamrog_at_i4cp.com www.i4cp.com 727.345.2226 – PowerPoint PPT presentation

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Title: The Perfect Storm: THE FUTURE OF RECRUITMENT, RETENTION AND ENGAGEMENT


1
The Perfect Storm THE FUTURE OF RECRUITMENT,
RETENTION AND ENGAGEMENT
  • JAY J. JAMROG Sr. V.P., Research,
    i4cp jay.jamrog_at_i4cp.com www.i4cp.com 727.345.2226

2
Institute for Corporate Productivity
i4cp is the worlds largest vendor-free
network of corporations focused on building and
sustaining a highly productive, high market
performance organization
2
3
The War for Talent
  • Myths and Realities

4
The War for Talent
5
The Workforce is Aging
43
  • of the U.S. labor force eligible to retire in
    next decade

50
F500 expect to lose of senior managers
in next 5 years
40
of these companies have no formal succession
plans
10,000
Every day people turn 55
15
By 2015, there will be a decline in 35-54 yr.
olds, while demand increases 25
Source Various Sources
6
The Workforce Is Aging
  • The 55 population is projected to swell from 29
    to 35 from 2006 to 2016
  • Labor force participation of those 55 will jump
    from 38 to 43 in that same period
  • In 2016, those 55 will be 35 of the population
    and those 65 will be 18.5 of the population
  • Regardless of these increases, a large number
    those 55 are expected to retire

Source BLS, 2007
7
Education System is Struggling
  • A shortage of 2.2 million teachers is predicted
    in the K-12 system over the next 10 years
  • With Gen Y entering school, class sizes are
    dramatically up, and new classroom additions
    only marginally so
  • Putting a strain on the quality of education
  • Achievement scores in subjects such as
    mathematics and science progressively fall for
    U.S. students as they move from lower into higher
    level grades, putting an extra burden on eventual
    employers
  • Colleges are significantly increasing the number
    of remedial courses required for entering
    freshmen graduates are less prepared for work
    life than they were previously

8
Three Storms On the Horizon
Labor Shortage? SHOWERS PREDICTED
Skill Deficit? THUNDERSTORMS LIKELY
Knowledge Drain? SEVERE WEATHER ALERT
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Births per Year in the U.S.
Gen X 66.0 mil 1965 to 1983 2009 - 26 to 44 2019
- 36 to 54
Depression 45.4 mil 1927 to 1945 2009 - 64 to 82
2018 - 74 to 92
Millions
Baby Boom 75.5 mil 1946 to 1964 2009 - 45 to
63 2019 - 55 to 73
Gen Y 74.6 mil 1984 to 2002 2009 - 7 to 25
2019 - 17 to 35
1927
2002
1946
1965
1984
Source U.S. Bureau of the Census
11
Generational Markers
  • DEPRESSION
  • GENERATION
  • Great Depression
  • Electrification
  • World War II
  • Cold War
  • BABY BOOM
  • GENERATION
  • Civil Rights
  • War on Poverty
  • Race to Space
  • Assassinations
  • Vietnam
  • Impeachment
  • GENERATION
  • X
  • AIDS
  • Video Games
  • Homelessness
  • Berlin Wall
  • Technology
  • Diverse
  • Latchkey Kids
  • Downsizing
  • GENERATION
  • Y
  • Poverty
  • The Environment
  • Violence
  • Columbine
  • Terrorism
  • Wired
  • Medicated

12
Characteristics of Generations
View of Authority
View of Leadership
Value in Organization
Respectful
By Hierarchy
Loyalty Similarities Relationships
DEPRESSION 1927-1945
Love/Hate
By Consensus
Profitability Reputation Sink or Swim
BOOM 1946-1964
Unimpressed Unintimidated
By Competence
Stimulation Balance Feedback
X 1965-1983
Polite
By Pulling Together
Diverse Environment Support System
Y 1984-2002
13
Characteristics of Generations
View of Feedback
Work Ethic
No news is good news
Work hard Save money Whats play?
DEPRESSION 1927-1945
Once a year with documentation
Work hard Play hard Worry about money
BOOM 1946-1964
Interrupts and asks how theyre doing
Work hard if it doesnt interfere with play
X 1965-1983
Wants feedback at the touch of a button
Good grades Make others pay Save money
Y 1984-2002
14
Generation gaps sometimes make it hard for me and
my team to get things done
15
The toughest generation for me to work with is
16
The easiest generation for me to work with is
17
Which generation has done the best at achieving
work/life balance?
18
Which generation acts the most entitled at work?
19
Filling the void? Generation Y
20
characteristics
  • Generations

21
Who is Gen Y?
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Environment Experience by Most Young People
  • Technology as a toy
  • Increased cultural awareness
  • Dual income/career parents
  • Corporate restructuring

24
The importance of technology
  • Gen Y

25
The pace of technological change keeps
accelerating
  • As late as the 1940s, the product cycle (idea,
    invention, innovation, imitation) stretched to 30
    or 40 years. Today, it seldom lasts 30 to 40
    weeks.
  • Eighty percent of the scientists, engineer, and
    doctors who ever lived are alive today and
    exchanging ideas in real time on the internet.
  • All the technical knowledge we work with today
    will represent only 1 of the knowledge that will
    be available in 2050.

26
Web 2.0 is Important
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A Digital Generation Gap
Source American Express
44
More hi-techmore hi-touch
  • HI-TOUCH
  • Need for affiliation
  • Personal attention
  • Recognize individual differences
  • Customized response
  • Im important
  • HI-TECH
  • Remote
  • Distant
  • Impersonal
  • One size fits all
  • Im not important

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Environment Experience by Most Young People
  • Increased cultural awareness
  • Dual income/career parents
  • Technology as a toy
  • Corporate restructuring

47
diversity
  • Gen Y

48
Cultural Diversity
BABY BUST GENERATION
BABY BOOM GENERATION
Baby Boom
Baby Bust
Source U.S. Bureau of the Census
49
U.S. Population is Becoming More Diverse
Source U.S. Bureau of the Census, PEW Research
50
A rationale for the importance of diversity
In a team environment, when diversity is less
than 22 contrary opinions are interpreted as
noise.
  • Under 22 Lone Voice
  • Over 30 emerging dynamic ? contributions have
    value

22
Leadership Racial Diversity
Cornell University Study (ibid)
As depicted in the figure which represents the
relationship between leader racial diversity and
net income, the form of the relationship is
U-shaped with the low point occurring
at approximately the 22 minority representation
point.
51
Establishing Realistic Workforce Targets High
Level Process
  • Required
  • Document skills and requirements for the
    positions
  • Know your talent
  • Familiar with candidate sources or pools
  • Forethought for future organization needs
  • Understand what data is available
  • To define diversity and
  • Calculate the baseline
  • Create Assumptions
  • Separation Rates
  • Movement Rates
  • Addition/Reduction in Headcount
  • Determine a long-term desired state
  • Based on data determine the incremental annual
    improvement

52
Workforce Target Setting Math
  • Establish baseline with headcount and demographic
    numbers
  • Calculate Opportunities
  • Assumed Separations/Promotions
  • Open Positions
  • Additional Positions
  • Determine Sourcing Strategy
  • Internal
  • External
  • Based on Sourcing Strategy, evaluate availability
  • Set targets based on assumptions, calculations
    and information.

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Environment Experience by Most Young People
  • Dual income/career parents
  • Increased cultural awareness
  • Technology as a toy
  • Corporate restructuring

55
Key work issues
  • Gen Y

56
Two-income couples are becoming the norm
  • In 75 of U.S. households, both partners worked
    full- time in 2006, up from 63 in 1992
  • In Europe today, dual-income households outnumber
    single-income households by about two to one.
    Countries in northern Europe tend to have a
    higher percentage of dual-income households than
    those in southern Europe
  • Growing numbers of grandparents are raising their
    grandchildren. Among the poor, grandparents also
    provide live-in day care for the children of
    single mothers.

57
Parent Adult Child
Parent Adult Child
58
Broad Business Competency
  • LSI - Using stepwise regression, 5 of the 15
    leadership competencies listed in this question
    were found to be predictive of the Leadership
    Success Index
  • Strategy development
  • Business ethics
  • Strategy execution
  • Decision-making sciences
  • Knowledge of the customer
  • MPI - Only 1 of the 15 competencies in this
    question was found to predict Market Performance
    Index using regression analysis
  • Sales

58
59
Relationship/Communication Competency
  • LSI Using stepwise regression, 5 of the 19
    leadership competencies predicted Leadership
    Success
  • Creating an environment of trust and respect
  • Coaching skills
  • Community involvement
  • Role model for organizational values (also listed
    with MPI)
  • Emotional intelligence
  • MPI 3 of the 19 competencies were found to
    predict the Market Performance Index (MPI),
  • Role model for organizational values
  • Negotiation skills
  • Business writing skills

59
60
Management Competency
  • LSI Using stepwise regression, 3 of the 12
    competencies listed in this question were found
    to be predictive of the Leadership Success Index
  • Developing other leaders
  • Change management skills
  • Hiring talent (also list with MPI)
  • MPI Only 1 of the 12 competencies in this
    question was predictive of the Market Performance
    Index (MPI),
  • Hiring talent

60
61
Utilization of Tools and Training Techniques
Overall 1-5 Scale Highest LSI Highest MPI Correlation with LSI Correlation with MPI
Perf Mgt development plans 2.99 3.76 3.11 .49 .15
On-line or e-learning 2.60 3.32 2.78 .41 .13
Mentoring 2.38 3.36 2.54 .57 .11
360 degree feedback 2.26 3.04 2.41 .36 .16
Internal coaching sessions 2.25 3.25 2.47 .49 .14
Off the shelf courses from external suppliers 2.15 2.48 2.33 .33
Psy profiles to increase self awareness 2.06 2.89 2.12 .32 .11
Custom courses from external suppliers 2.01 2.45 2.08 .35
Corporate university 1.93 2.57 2.15 .32
On-boarding 1.91 2.76 2.09 .47 .12
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Utilization of Tools and Training Techniques
  • Two techniques that showed the highest
    correlation with market performance (.19) are not
    being used by most organizations
  • Simulations and role playing
  • Overall only 4.8 use this tool to a high or
    very high extent.
  • 7.0 of large organizations use this tool to a
    high or very high extent.
  • 14 of the highest LSI
  • 6.2 of the highest MPI
  • Business case studies
  • Overall only 7.2 use this tool to a high or
    very high extent.
  • 9.4 of large organization use this tool to a
    high or very high extent
  • 18.9 of the highest LSI
  • 9.9 of the highest MPI

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Environment Experience by Most Young People
  • Corporate restructuring
  • Increased cultural awareness
  • Dual income/career parents
  • Technology as a toy

65
Succeeding with gen y
  • Gen Y

66
Loyalty has vanished
  • Tardiness is increasing sick-leave abuse is
    common
  • Job security and high pay are not the motivators
    they once were
  • Young people watched their parents remain loyal
    to their employers, only to be downsized and out
    of work
  • Fifty-five percent of the top executives
    interviewed say that erosion of the loyalty and
    commitment will have a major negative effect on
    corporate performance in the future

67
When selecting a new employee What organizations
look for as predictors that he or she will become
an engaged employee
All Respondents Organizations with Highly Engaged Employees Organizations with Disengaged Employees
Has positive attitudes toward peers and customers Has passion for work Intelligent
Has excellent job skills Has positive attitudes toward peers and customers Confident in work abilities
Has passion for work Has desire to set and achieve goals Has excellent job skills
Has desire to set and achieve goals Adaptable Has positive attitudes toward peers and customers
Adaptable Intelligent Emotionally mature
Intelligent Confident in work abilities Has passion for work
Confident in work abilities Has excellent job skills Has desire to set and achieve goals
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Key issues
  • Job Content
  • Desire to contribute valuable work
  • Require task variety to avoid boredom
  • Increase marketable skills
  • Quality of Co-workers
  • Value intellectual stimulation
  • Anticipate team environment
  • Salary
  • Match cost of living

74
Key issues
  • Career growth
  • Do not believe in paying dues
  • Want transferability of experience
  • Work/life balance
  • Refuse to be workaholics like parents
  • Work to live not live to work

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For more information
  • Jay J. Jamrog
  • jay.jamrog_at_i4cp.com

Or 727.345.2226 i4cp Research Office
76
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