Post on 17-Aug-2015
PanamaA Unique Workforce Reality
By Annette ChanOrganizational Development Consultant
The New World of Work
3 .
P o r t f o l i o S e r v i c e s
1 .
N e w Ta l e n t W o r k f o r c e
2 .
N e w Ta l e n t M a n a g e m e n t
The New World of Work
3 .
P o r t f o l i o S e r v i c e s
1 .
N e w Ta l e n t W o r k f o r c e
2 .
N e w Ta l e n t M a n a g e m e n t
The New World of Work
Worldwide The New Ta len t Work fo rce
The Workforce
W o r l d w i d e
The Workplace
W o r l d w i d e
Generation RevolutionTechnology & Social MediaUnemployment World crisis
Workforce Globalization
Talent ShortageHigh Employee Attrition
High Employee ExpensesCEO Summit of the Americas 2015
HR Practices non Strategic
Generation RevolutionTechnology & Social MediaUnemployment World crisis
Workforce Globalization
Talent ShortageHigh Employee Attrition
High Employee ExpensesCEO Summit of the Americas 2015
HR Practices non Strategic
The Workforce
W o r l d w i d e
The Workplace
W o r l d w i d e
The Workforce
W o r l d w i d e
Baby Boomers Last ones retiring from the workplace regardless of leaving a legacy or not.
Generation XRelieving Baby Boomers and training Millennials.
Generation Y (Millennials)A Totally different set of values, career aspirations & work habits.
Generation Z (Post Millennials or iGeneration)About to start College and in a few years will join the Workforce. First born with internet. The most technology dependant generation.
Soon -4- very different Generations will coexist in the Workplace.
1946-1964
1965 – 1979
1980-2000
2001-2013
Generation RevolutionTechnology & Social MediaUnemployment World crisis
Workforce Globalization
Generation RevolutionTechnology & Social MediaUnemployment World crisis
Workforce Globalization
The Workforce
W o r l d w i d eInstant CommunicationEveryone has a voice, an opinion – followers retweets & “likes”Twitter – Instagram – Snapchat
New ways of doing business. Paypal - Airbnb – Uber
Work MobilityFree to work from anywhere in the world with wifi. New tools & apps.Skype – Dropbox - Spreecast
Massive Global changes never seen before in human history
Generation RevolutionTechnology & Social MediaUnemployment World crisis
Workforce Globalization
Talent ShortageHigh Employee Attrition
High Employee ExpensesCEO Summit of the Americas 2015
HR Practices non Strategic
The Workforce
W o r l d w i d e
The Workplace
W o r l d w i d e
Global economic crisis has significantly increased unemployment rates worldwide.
European Unemployment 2015Spain 23.4%Greece 26%Portugal 17%
Unemployment due to social - political – economic situations.
Global Unemployment Crisis.The number of people that are unemployed will continue to rise over the next five years, warns the International Labour Organisation (ILO), with the number of jobless forecast to reach more than 212m by 2019. But the report from the organization highlights regional differences.
Generation RevolutionTechnology & Social MediaUnemployment World crisis
Workforce Globalization
Talent ShortageHigh Employee Attrition
High Employee ExpensesCEO Summit of the Americas 2015
HR Practices non Strategic
The Workforce
W o r l d w i d e
The Workplace
W o r l d w i d e
Workers are looking to relocate to countries with job opportunities
The rise of the Entreprenour. Location Free
Borderless Workforce.Diverse Workforce
Co-working – Increasing new work spaces all over the world
Increased Cross Cultural Exchange
Generation RevolutionTechnology & Social MediaUnemployment World crisis
Workforce Globalization
Talent ShortageHigh Employee Attrition
High Employee ExpensesCEO Summit of the Americas 2015
HR Practices non Strategic
The Workforce
W o r l d w i d e
The Workplace
W o r l d w i d e
ManPower Group Talent Shortage Survey
2012: 34%2013: 35%2014: 36% of surveyed companies reporting difficulties filling jobs.
Talent shortage persist in specific roles despite high unemployment rates worldwide.
Top 10 Hardest Job to fill *Manpower Group Talent Shortage Survey 2014
1. Skilled Trade Workers2. Restaurant & Hotel Staff3. Sales Representatives4. Teachers5. Drivers
6. Accounting & Finance Staff
7. Laborers8. IT Staff9. Engineers10. Nurses
Generation RevolutionTechnology & Social MediaUnemployment World crisis
Workforce Globalization
Talent ShortageHigh Employee Attrition
High Employee ExpensesCEO Summit of the Americas 2015
HR Practices non Strategic
The Workforce
W o r l d w i d e
The Workplace
W o r l d w i d e
High Employee Turnover is now a workplace reality. Its here to stay.
50% Annual Attrition its becoming more and more usual these days.
An increase on involuntary attrition means we have to look deep into our talent culture.
Generation RevolutionTechnology & Social MediaUnemployment World crisis
Workforce Globalization
Talent ShortageHigh Employee Attrition
High Employee ExpensesCEO Summit of the Americas 2015
HR Practices non Strategic
The Workforce
W o r l d w i d e
The Workplace
W o r l d w i d e
The War of Talent. Increases total compensation for key roles.
High attrition has a cost for every employee. (starting at three months of monthly wage)
The loss of knowledge and expertise has a negative impact for intellectual capital.
Generation RevolutionTechnology & Social MediaUnemployment World crisis
Workforce Globalization
Talent ShortageHigh Employee Attrition
High Employee ExpensesCEO Summit of the Americas 2015
HR Practices non Strategic
The Workforce
W o r l d w i d e
The Workplace
W o r l d w i d e
Millennials will have a minimum of 10 jobs in a lifetime.
Talent Attraction & Retention its key concern at CEO level.
Workplace Equity. Women´s Economic Empowerment: Good for woman, good for business and good for development
Workplace Diversity.Corporate social innovations: Driving Entrepreurship for social development.
Generation RevolutionTechnology & Social MediaUnemployment World crisis
Workforce Globalization
Talent ShortageHigh Employee Attrition
High Employee ExpensesCEO Summit of the Americas 2015
HR Practices
The Workforce
W o r l d w i d e
The Workplace
W o r l d w i d e
Companies are starting to understand the talent workforce reality & challenges and are implementing strong People Retention Strategies.
Top 10 HR Global Trends 2015by Deloitte
1. Leaderhip: Why a perennial issue?2. Learning & Development: Into the spotlight Engaging3. Culture & Engagement: The naked
organization4. Workforce on demand: Are you ready?5. Performance Management: The Secret
Ingredient Reinventing6. Reinventing HR: An extreme makeover7. HR and people analytics: Stuck in neutral8. People data everywhere: Bringing the outside
in Reimagining9. Simplification of work: The coming revolution10. Machines as talent: Collaboraiton not
competition
Panama The New Ta len t Work fo rce
Generation RevolutionIdeosyncrasy
Technology & Social MediaSolid Economic Growth
Lowest Unemployment Rate
Panama Talent ShortageHigh Employee Attrition
High Employee ExpensesCEO Summit of the Americas 2015
HR Practices non Strategic
The Workforce
P a n a m a
The Workplace
P a n a m a
Generation RevolutionIdeosyncrasy
Technology & Social MediaSolid Economic Growth
Lowest Unemployment Rate
Panama Talent ShortageHigh Employee Attrition
High Employee ExpensesCEO Summit of the Americas 2015
HR Practices non Strategic
The Workforce
P a n a m a
The Workplace
P a n a m a
Baby Boomers Grew up in the Panama Dictatorship years. Witnessed the Torrijos-Carter treaty and the 1999 Celebration of the completion of it.
Generation XGrew up in the 70s-80s in Panama and later on experienced the technology boom and learned new skills at work.
Generation Y (Millennials)1989 had an irregular school year. Grew up with internet and experience early in adult life, Panama´s accelerated development.
Generation Z (Post Millennials or iGeneration)Most of them don´t know about Panama´s history of The Invasion, or who Noriega is.The are currently facing the ongoing challenges of the crisis of society.Soon to start joining the workforce
1946-1964
1965 – 1979
1980-2000
2001-2013
Generation RevolutionIdeosyncrasy
Technology & Social MediaSolid Economic Growth
Lowest Unemployment Rate
Panama Talent ShortageHigh Employee Attrition
High Employee ExpensesCEO Summit of the Americas 2015
HR Practices non Strategic
The Workforce
P a n a m a
The Workplace
P a n a m a
New found desire to right the wrong and to find & punish the corrupt. “End of corruption”
Lack of a proactive maintenance or prevention culture
The local way of driving or “Traffic culture” permeates to other arenas.
Melting pot of cultures, races, backgrounds. Panama is Diversity
Generation RevolutionIdeosyncrasy
Technology & Social MediaSolid Economic Growth
Lowest Unemployment Rate
Panama Talent ShortageHigh Employee Attrition
High Employee ExpensesCEO Summit of the Americas 2015
HR Practices non Strategic
The Workforce
P a n a m a
The Workplace
P a n a m a
Panama has embraced Social Media as the rest of the world.
Employees expect their employers to have a strong social media presence.
The implementation of new tools & applications to ease the flow of work and corporate communication.
Collaboration tools: Video Conference, Corporate Portal, Instant Messaging systems, internal social media connections.
Generation RevolutionIdeosyncrasy
Technology & Social MediaSolid Economic Growth
Lowest Unemployment Rate
Panama Talent ShortageHigh Employee Attrition
High Employee ExpensesCEO Summit of the Americas 2015
HR Practices non Strategic
The Workforce
P a n a m a
The Workplace
P a n a m a
Panama is one of the fastest growing countries in the Americas. Its economy is greatly influenced by the famous canal connecting Atlantic and Pacific Ocean and business-friendly regulations. As a result service sector with insurance, finance, legal industries and flagship registry accounts for 80 percent of GDP. However, in order to keep the current pace of growth the government needs to address the shortage of skilled workers, corruption and lack of judicial independence
www.tradingeconomics.com
Generation RevolutionIdeosyncrasy
Technology & Social MediaSolid Economic Growth
Lowest Unemployment Rate*
Panama Talent ShortageHigh Employee Attrition
High Employee ExpensesCEO Summit of the Americas 2015
HR Practices non Strategic
The Workforce
P a n a m a
The Workplace
P a n a m a
In the last 3 years Panama has experienced the lowest rates of unemployment down to 3.1% in August 2013.
2014 Unemployment Rate: 4.8%Equals to full employment.
Young adults have the highest rate within the unemployed population. Increasing from 10.8% to 12.6% in 2014.
The rise of the Panamanian Entrepreneur and Informal jobs (No Social Security or regulations)
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07
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08
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09
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12
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4.5 4 4.1 4.8
*Panama - Unemployment Rate
Generation RevolutionIdeosyncrasy
Technology & Social MediaSolid Economic Growth
Lowest Unemployment Rate*
Panama Talent Shortage*High Employee Attrition
High Employee ExpensesCEO Summit of the Americas 2015
HR Practices non Strategic
The Workforce
P a n a m a
The Workplace
P a n a m a
Japan
Brazil
Bulgaria
Australi
aU.S.
India
New Ze
aland
Taiw
an
Panam
a
Romania
Argentina
Mexico
German
y
Turke
yPeru
Austria
Singa
pore
Poland
Guatemala
Swed
enIsr
ael
Hong Kong
Costa Rica
Global Ave
rage
Hungary
Colombia
France
Switz
erlan
d
Finlan
d
Belgium
Slove
nia
Canad
a
Greece
China
Norway
Slova
kia Italy
Czech Rep
ublic UK
South Afri
caSp
ain
Netherl
ands
Irelan
d0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Manpower Group Talent Shortage Survey2012-2013-2014
Japan
Brazil
Bulgaria
Australi
aU.S.
India
New Ze
aland
Taiw
an
Panam
a
Romania
Argentina
Mexico
German
y
Turke
yPeru
Austria
Singa
pore
Poland
Guatemala
Swed
enIsr
ael
Hong Kong
Costa Rica
Global Ave
rage
Hungary
Colombia
France
Switz
erlan
d
Finlan
d
Belgium
Slove
nia
Canad
a
Greece
China
Norway
Slova
kia Italy
Czech Rep
ublic UK
South Afri
caSp
ain
Netherl
ands
Irelan
d0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Manpower Group Talent Shortage Survey2012-2013-2014
Japan
Brazil
Bulgaria
Australi
aU.S.
India
New Ze
aland
Taiw
an
Panam
a
Romania
Argentina
Mexico
German
y
Turke
yPeru
Austria
Singa
pore
Poland
Guatemala
Swed
enIsr
ael
Hong Kong
Costa Rica
Global Ave
rage
Hungary
Colombia
France
Switz
erlan
d
Finlan
d
Belgium
Slove
nia
Canad
a
Greece
China
Norway
Slova
kia Italy
Czech Rep
ublic UK
South Afri
caSp
ain
Netherl
ands
Irelan
d0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Manpower Group Talent Shortage Survey2012-2013-2014
Generation RevolutionIdeosyncrasy
Technology & Social MediaSolid Economic Growth
Lowest Unemployment Rate*
Panama Talent ShortageHigh Employee Attrition
High Employee ExpensesCEO Summit of the Americas 2015
HR Practices non Strategic
The Workforce
P a n a m a
The Workplace
P a n a m a
In the last 3 years there has been a war for talent in banking, hotels & tourism and call center industries increasing significantly attrition rates among management and entry level.
Low unemployment rates increases attrition as the employee has the advantage of choosing its employer.
Generation RevolutionIdeosyncrasy
Technology & Social MediaSolid Economic Growth
Lowest Unemployment Rate*
Panama Talent ShortageHigh Employee Attrition
High Employee ExpensesCEO Summit of the Americas 2015
HR Practices non Strategic
The Workforce
P a n a m a
The Workplace
P a n a m a
The War of Talent increases total compensation for key roles.
High attrition has a cost for every employee. (starting at three months of monthly wage)
The loss of knowledge and expertise has a negative impact for intellectual capital.
Generation RevolutionIdeosyncrasy
Technology & Social MediaSolid Economic Growth
Lowest Unemployment Rate*
Panama Talent ShortageHigh Employee Attrition
High Employee ExpensesCEO Summit of the Americas 2015
HR Practices non Strategic
The Workforce
P a n a m a
The Workplace
P a n a m a
Millennials will have a minimum of 10 jobs in a lifetime.
Talent Attraction & Retention its key concern at CEO level.
Workplace Equity. Women´s Economic Empowerment: Good for woman, good for business and good for development
Workplace Diversity.Corporate social innovations: Driving Entrepreurship for social development.
Generation RevolutionIdeosyncrasy
Technology & Social MediaSolid Economic Growth
Lowest Unemployment Rate*
Panama Talent ShortageHigh Employee Attrition
High Employee ExpensesCEO Summit of the Americas 2015
HR Practices non Strategic
The Workforce
P a n a m a
The Workplace
P a n a m a
Unhealthy payroll practices
Not enough effective onboarding & training
Not enough Leadership development opportunities
Lack of empathy for the worker as well as corporate and self governance practices.
Senior Manager
Manager
Specialist
Entry Level
Avai labi l i ty Desirabi l i ty
Most Wanted
In Rise
Wanted
In Rise
Not Wanted
The Workforce
Availabi l i ty Desirabi l i ty
The Workplace
Senior Manager
Manager
Specialist
Entry Level
Most Wanted
In Rise
Wanted
In Rise
Not Wanted
*Best Employers Ranking see:Great Place to WorkMercados & Tendencias and Dichter & NeiraAmong other surveys
Senior Manager
Manager
Specialist
Entry Level
Senior Manager
Manager
Specialist
Entry Level
Candidate -vs- Workplace ( J ob )
Avalabi l i ty
Top Wanted
In Rise
Wanted
Not Wanted
Most Wanted
In Rise
Wanted
In Rise
Not Wanted
Candidate -vs- Workplace ( J ob )
Desirabi l i ty
Top Wanted
In Rise
Wanted
Not Wanted
Most Wanted
In Rise
Wanted
In Rise
Not Wanted
Candidate -vs- Workplace ( J ob )
Desirabi l i ty
Yo u M u s t S t e a l A t t r a c t Ta l e n t
You Must Create & Develop your own Talent Pipeline
But above all, you must adapt your Organization in order to become an
Employer of Choice.
This is achieved o n l y by creating a
Loyal Workforce
Talent Workforce
Reality
Yo u M u s t S t e a l A t t r a c t Ta l e n t
You Must Create & Develop your own Talent Pipeline
But above all, you must adapt your Organization in order to become an
Employer of Choice.
This is achieved o n l y by creating a
Loyal Workforce
Talent Workforce
Reality
Yo u M u s t S t e a l A t t r a c t Ta l e n t
You Must Create & Develop your own Talent Pipeline
But above all, you must adapt your Organization in order to become an
Employer of Choice.
This is achieved o n l y by creating a
Loyal Workforce
Talent Workforce
Reality
Yo u M u s t S t e a l A t t r a c t Ta l e n t
You Must Create & Develop your own Talent Pipeline
But above all, you must adapt your Organization in order to become an
Employer of Choice.
This is achieved o n l y by creating a
Loyal Workforce
Talent Workforce
Reality
Yo u M u s t S t e a l A t t r a c t Ta l e n t
You Must Create & Develop your own Talent Pipeline
But above all, you must adapt your Organization in order to become an
Employer of Choice.
This is achieved o n l y by creating a
Loyal Workforce
Talent Workforce
Reality
3 .
P o r t f o l i o S e r v i c e s
1 .
N e w Ta l e n t W o r k f o r c e
2 .
N e w Ta l e n t M a n a g e m e n t
The New World of Work
Employee Loyalty
Everyone talks about building a relationship with your customers. I think you build one with your employees first.
-Angela AhrendtsSVP Retail & Online Sales at Apple Inc.
Loyalty. True loyalty is not an enforced requirement but an earned response to the trust, respect and commitment shown to the individuals in your company. When you demonstrate loyalty to your employees, they'll reciprocate with commitment and loyalty to your business. Remember that people don't begin their employment with you as loyal employees, but will develop loyalty over time as they're t r u s t e d , re s p e c t e d a n d a p p re c i a t e d b y y o u .So how are you going to demonstrate your commitment to them? How loyal are you to your employees?
Why employees stay ?
Inspiring & Good LeadershipCareer growth, learning & development
Fair pay + Incentives
Sense of AchievementInertia
Being recognized, valued & respected
Great Work Environment & Culture
Work Ethics Compatibility
Why employees stay ?
Inspiring & Good LeadershipCareer growth, learning & development
Fair pay + Incentives
Sense of AchievementInertia
Being recognized, valued & respected
Great Work Environment & Culture
Work Ethics Compatibility
Why employees stay ?
Inspiring & Good LeadershipCareer growth, learning & development
Fair pay + Incentives
Sense of AchievementInertia
Being recognized, valued & respected
Great Work Environment & Culture
Work Ethics Compatibility
Why employees stay ?
Inspiring & Good LeadershipCareer growth, learning & development
Fair pay + Incentives
Sense of AchievementInertia
Being recognized, valued & respected
Great Work Environment & Culture
Work Ethics Compatibility
Why employees stay ?
Inspiring & Good LeadershipCareer growth, learning & development
Fair pay + Incentives
Sense of AchievementInertia
Being recognized, valued & respected
Great Work Environment & Culture
Work Ethics Compatibility
Why employees stay ?
Inspiring & Good LeadershipCareer growth, learning & development
Fair pay + Incentives
Sense of AchievementInertia
Being recognized, valued & respected
Great Work Environment & Culture
Work Ethics Compatibility
Why employees stay ?
Inspiring & Good LeadershipCareer growth, learning & development
Fair pay + Incentives
Sense of AchievementInertia
Being recognized, valued & respected
Great Work Environment & Culture
Work Ethics Compatibility
Why employees stay ?
Inspiring & Good LeadershipCareer growth, learning & development
Fair pay + Incentives
Sense of AchievementInertia
Being recognized, valued & respected
Great Work Environment & Culture
Work Ethics Compatibility
Why employees stay ?
Inspiring & Good LeadershipCareer growth, learning & development
Fair pay + Incentives
Sense of AchievementInertia
Being recognized, valued & respected
Great Work Environment & Culture
Work Ethics Compatibility
Why do employees leave?Even though exit interviews are important to measure loyalty. Lets focus on the employees that stay and find out meaningful reasons they for why they do.
Smart Retention Companies that understant the current talent workforce place their retention goal for entry level of 1 year. The focus is on what keeps an employee working in the organization for 1 year. After that the work is done. Let´s challenge our current perceptions on what employee turnover goals should look like.
Measure RetentionHire the right talent Recognition program based on measurable achievementsIncrease flexible work hours. Worklife BalanceWellness ProgramsBe sure your operational process flow is smoothAwesome Endomarketing StrategyStrong Social Media Presence – Be ProudHave 1 Management Policy only: Lead by ExampleCustome Made – Employee Benefits PortfolioCreate community spaces at work
How does it looks like?
Yo u c a n ’ t a ff o r d t o a p p r o a c h e m p l o y e e r e t e n t i o n h a l f - h e a r t e d l y. E v e r y t h i n g y o u d o s h o u l d b e j u s t a p a r t o f a c o m p l e t e a n d o v e r a r c h i n g s t r a t e g y. W h i l e a t t a c k i n g e m p l o y e e r e t e n t i o n w i l l u n d o u b t e d l y n e t y o u r e s u l t s , c r e a t i n g t h e t y p e o f f r i e n d l y a n d i n v i t i n g w o r k e n v i r o n m e n t t h a t y o u n e e d t o s u c c e e d i s t h e m o s t e ff e c t i v e ( a n d i n t h e e n d m o s t e ffi c i e n t ) w a y t o ke e p y o u r b e s t e m p l o y e e s o n .
Yo u m u s t s e e i t a s t h e s t r a t e g i c m o v e t h a t w i l l s o l v e m o s t o f t h e c u r r e n t o r g a n i z a t i o n a l p r o b l e m s .
Panama The New Ta len t Work fo rce
Companies: Jo in the Evolut ion!
3 .
P o r t f o l i o S e r v i c e s
1 .
N e w Ta l e n t W o r k f o r c e
2 .
N e w Ta l e n t M a n a g e m e n t
The New World of Work
By Annette ChanOrganizational Development Consultant
Contact Info:email. ninn14@me.comCel. 507.6678.7800
Bibliographyhttp://www.theguardian.com/news/datablog/2015/jan/20/global-unemployment-forecast-to-hit-212m-country-by-country-breakdownhttp://www.ceosummitoftheamericas.com/en/agendahttp://www.inc.com/suzanne-lucas/why-employee-turnover-is-so-costly.htmlhttp://www.tradingeconomics.com/panama/gdp-growth-annualhttp://www2.deloitte.com/content/dam/Deloitte/at/Documents/human-capital/hc-trends-2015.pdfhttp://www.greatplacetowork-ca.com/mejores-empresashttp://revistamyt.com/especiales/ranking-de-los-mejores-empleadores-2015/http://www.manpowergroup.us/campaigns/talent-shortage-2012/pdf/2012_talent_shortage_survey_results_us_finalfinal.pdfhttp://www.manpowergroup.com/wps/wcm/connect/587d2b45-c47a-4647-a7c1-e7a74f68fb85/2013_Talent_Shortage_Survey_Results_US_high+res.pdf?MOD=AJPEREShttp://www.manpowergroup.us/campaigns/talent-shortage-2014/http://www.centralamericadata.com/