17th Learning EB: Current trends and challenges on talent management

17th HR Philippines Learning EB

Current Trends and Challenges of Talent

Management in the Philippines

www.hrdguru.wordpress.com

Current Trends and Challenges of Talent Management in

the Philippines

I. Introduction

II. Current State of Talent Management

III. 8 Biggest Strategic Recruiting Challenges

IV. 12 Hottest Recruiting Opportunities in 2014

V. Summary


Introduction

In today’s volatile global economy, organizations are struggling to

establish and maintain an effective and affordable attraction, retention

and engagement strategy.

Know-how, innovation and experience constitute the main advantages

that organizations can have over their competitors. The most talented

and most skilled employees drive these advantages.

Therefore talent management should focus on the organization's talent:

the most skilled and experienced individuals. Attracting, developing and

retaining talent is fundamental to a company remaining ahead of its

competition.


Current State of Talent Management 2012-2013

Important Data: • Almost three-quarters of survey respondents (72%) cite problems attracting critical-skill employees. • About six in 10 have difficulty attracting high potential and top-performing workers (60% and 59%, respectively). • In addition, 43% have problems attracting diverse

Employee populations. *** Tower Watson 2012 – 2013 Global Talent Management and Rewards Study

** 1,605 employers globally



TOWER WATSON REPORT 2012-2013

Figure 1. Diffi culties attracting and

retaining key employee groups continue

despite variable economic conditions

To what extent is your organization

experiencing problems

attracting/retaining

employees in the following groups?

Problems Attracting

*Problems Retaining*

All employees 31% 25%

Critical-skill employees 72% 56%

High-potential employees 60% 55%

Top-performing employees 59% 50%

Diverse employee populations 43% 31%

Recent university graduates 18% 20%

Employees with tenures between 18

months and three years NA 43%

* Percentages represent the percentage of respondents hav ing diffi culty to a moderate or great extent.

Biggest Talent Concern:

• Availability of talent (right numbers, right time, right quality/skills)

• Low attrition rate

• Quick replacement for movements and attrition

Business Impact:

Affects continuity of operations, quality of services, and growth

*** 2013 B&M Global Services Manila Case Study: An Integrated Talent Management Program


The Philippines has the highest unemployment rate

among members of the Association of Southeast Asian Nations (Asean), according to a report of the International Labor Organization (ILO) published in 2014.

The Biggest Strategic Recruiting Challenges

1. Retention problems will increasingly impact recruiting

As more employees become comfortable shifting away from security needs and toward more exciting job opportunities, turnover rates will increase by over 25 percent. This dramatic increase in turnover will create many new “sudden openings” which will put an added strain on already stressed recruiting systems. In order to help reduce future turnover, the “potential for early turnover” will have to be included in the assessment criteria for all finalists.



2. Process Time /Speed is once again becomes essential to remain competitive

Over the last few years — with high unemployment and little competition for talent — in many cases recruiters could take their time and still land top candidates. As the pace of change in business and the competition for talent increases, firms will have no choice but to revisit “speed of hire” approaches and tools in order to land candidates that are in high demand.



3. Limited resources will require position prioritization

The increased hiring volume

coupled with the inevitable lag in

being provided with additional

budget resources will require most

firms to prioritize their jobs.

Recruiting will then allocate their

resources toward filling revenue

generating and other high-

business-impact positions.



4. Business volatility makes workforce planning more necessary but more difficult

As continuous business volatility in a VUCA world becomes the “new normal,” executives will increase their demand for data-driven workforce planning. Unfortunately, most talent functions simply do not currently have staff with the capability to conduct sophisticated workforce forecasting and planning.

*** Dr. John Sullivan is an internationally known HR thought-leader from the Silicon Valley


VUCA best describes the volatile and chaotic business, economic, and physical environment that we all now face

In a VUCA environment, there are more changes, a faster rate of change, and the size of the changes are so impactful that they must be labeled as “disruptive.” So the question for talent leadership becomes, “how do you effectively hire, develop, place, and retain individuals and leaders in the volatile environment where literally everything changes in months rather than years?”


5. College recruiting must be reengineered if it is to succeed

The demand for college talent in key majors will continue to increase dramatically.

A reengineered college recruiting model must move beyond a focus on career centers and increase its capabilities in the areas of global college recruiting, remote college recruiting, recruiting students from online universities, recruiting “passive” students, and the use of market research to completely understand the job search process and the expectations of this new generation of grads



6. The shortage of top recruiters will become evident

As recruiting ramps up, firms will begin to realize that there is a significant shortage of talented and currently up-to-date recruiters. After poaching from the rapidly shrinking executive search world, leaders will begin bidding over top corporate recruiters.

A lack of quality internal and external recruiter training capability will make the recruiter shortage even worse.



7. Large firms must learn to

compete with startups for talent

The recent lavish funding and the

economic success of numerous

startups will continue to make

them attractive to innovators and

top talent. Unfortunately, few

major corporations have a

market-research-driven strategy or

a set of tools that allows them to

successfully recruit against startups

for these valuable prospects with

a “startup mindset.”



8. Finding a high-impact technology will still be problematic

Although there is a wealth of new technology in recruiting, almost all of it is designed to reduce costs and administrative burdens.

We have yet to encounter the breakthrough recruiting technology that produces a competitive advantage by demonstrating in a split sample that its usage directly improves the on-the-job performance of all new hires by at least 20 percent over existing processes.


A recent survey (Forbes) suggests that 57

percent of companies plan to make a major

HR technology purchase in the next 18

months, and recruiting is the most commonly

cited focus for the big-ticket purchase

*** Josh Bersin (Forbes.com)

12 Hottest Recruiting Opportunities in 2014

1. Competition for talent

continues to Intensify

Dr. John Sullivan a internationally

known HR thought-leader said

that in 2014 can be called “the

year that intense recruiting

competition returned.”

That is because after years of slack

hiring, the competition for top

performers and technical talent

will increase over the next year in

many industries to the point where

current recruiting resources and

tools will be stretched to the limit.



2. A metric-driven employee referral program as a dominant hiring source

As more firms adopt quality of hire metrics, it becomes even clearer that well-designed employer referral programs produce high performers, high retention rates, and if managed correctly, they are faster, just as diverse, and often cheaper than all other sources.

At the same time, many of the recently introduced vendor supplied external referral programs will begin their inevitable decline.



3. Predictive metrics and the use of big data move from interesting to essential This new focus will be on real-time metrics that let managers know what’s happening today, and predictive metrics, which alert everyone about upcoming recruiting problems and opportunities, so that they can act appropriately with time to spare. Although still in its infancy, a handful of vendors are beginning to show that you can actually identify hundreds of top performers who are not currently looking for a job (the so-called passives) using external “Big Data.”



4. Employer branding returns as the only long-term recruiting

strategy

After years of minimal funding and

attention, strategic employer

branding begins its return as the

only long-term recruiting strategy.

This shift is partially due to

increased recruiting competition

but it also comes about because

social media now makes it so easy

for others to virally spread either

positive or negative comments

covering working at your firm.



5. Boomerangs (Re Hires) become a primary target once again Boomerang rehires have proven to be one of the highest quality of hire sources, and this new talent shortage will return them to prominence after years of inattention. As the competition for talent heats up, the best firms will re-energize alumni groups and they will use them as the mechanism for bringing back the very best former employees with a proven track record (among the many who were recently released).



6. Accepting social media profiles in lieu of resumes

opens the door to many

passives

The unabated corporate goal of

targeting and recruiting those top

prospects who are not in job

search mode” cannot be met if

an up-to-date resume is required.

That is because these individuals

often resist applying for a job

simply because they don’t have

the time to update their resume



7. Social-media and mobile platforms continues to be a

critical tool

The emergence of the technical

capability that allows the direct

“instant” application for jobs from

mobile phones and social-media

sites will soon become

mainstream. A multitude of

startups will continue their

development of a variety of

recruiting-focused mobile phone

apps. and will also partner with

social media sites



8. Pre-recorded Video Resume and Live video interviewing

steadily grows in acceptance

Reviewing pre recorded video

resumes and conducting Live

video interviews has now proven

its effectiveness, so its use will

continue to expand until it

becomes the standard practice,

at least for initial interviews.



9. Market research practices will eventually allow you to

fully “know” your prospects

and candidates

Recruiting leaders should learn

that you can’t effectively find or

sell top prospects until you fully

understand how they search for a

job, where they would see

recruiting information, and what

factors excite them about a

company or a job.



10. Firms must eventually begin to “map” their future talent pipeline

This practice involves identifying and then “mapping” the top talent throughout your industry with the goal of eventually bringing the best onboard when they are ready to move on. More firms will also eventually learn to use professional learning communities as talent pools, while others will use pre-need employee referrals to develop this talent pipeline based on employee recommendations.



11. Finding “their work” online will eventually become a key

sourcing tool

As more and more individuals post

examples, pictures, videos, or

portfolios of their work on the

Internet, finding talented

individuals who might not be

looking for a job will move into the

mainstream. In addition,

evaluating their actual work will

prove to be an accurate

assessment approach.



12. Near Hire Training

Although the concept of Near Hire Training is not new, but the due to the emergence of a competitive market and the continuing “war for talent”, Stakeholders are again realizing the real value of having an effective Near Hire Program.

Reliable near-hire training is extremely valuable in ensuring you always meet your recruitment ramps. Statistically, near-hire training averages an 70%- 85% success rate in converting failed applicants into successful hires.


SUMMARY

War for Talent is Real. Unlike the talent war of the 1990s and up to the

early 2100s, which was driven by a lack of supply of all talent,

today’s war is all about a lack of supply of the right talent to

generate growth and compete in a crowded and fast-changing

economic and technological landscape. Being able to have

numerous strategic, scientific and “out-of-the-box” game plan is

crucial for success in winning the war for talent.

Talent Acquisition (Sourcing & Recruitment) should finally adopt the

practice of monetizing its business impacts – By moving away from its

long-held attempt to “align with business goals” and instead focus

on having a direct impact on business goals.


Speakers Contact Details


FB: www.faceboom.com/HRDGuru

Twitter: darwinrivers

LinkedIn: www.linkedin.com/in/darwinrivers

Blog: www.hrdguru.wordpress.com

17th Learning EB: Current trends and challenges on talent management

Career

Transcript of 17th Learning EB: Current trends and challenges on talent management