Attracting & Retaining Talent...Attracting & Retaining Talent: Lessons for Singapore & Southeast...

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IMDA Industry Day | 17 Oct 2019 Attracting & Retaining Talent: Lessons for Singapore & Southeast Asia Ivan Chang SGTech Co-Opted Councillor

Transcript of Attracting & Retaining Talent...Attracting & Retaining Talent: Lessons for Singapore & Southeast...

Page 1: Attracting & Retaining Talent...Attracting & Retaining Talent: Lessons for Singapore & Southeast Asia Ivan Chang SGTech Co-Opted Councillor Title 2019-10-17 IMDA Industry Day - Attracting

IMDA Industry Day | 17 Oct 2019

Attracting & Retaining Talent: Lessons for Singapore & Southeast Asia

Ivan Chang SGTech Co-Opted Councillor

Page 2: Attracting & Retaining Talent...Attracting & Retaining Talent: Lessons for Singapore & Southeast Asia Ivan Chang SGTech Co-Opted Councillor Title 2019-10-17 IMDA Industry Day - Attracting

We are the advocate for the Tech-At-Core companies in Singapore.

A B O U T U STalent Committee

Focus on bridging the gap between Employers and Employees.

TA L E N T F I R S T

Insights from today’s presentation gathered from our annual Tech Landscape Survey.

D ATA D R I V E N

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AGENDA FOR TODAY

Talent Landscape

Attracting Talent

Retaining Talent

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TALENT LANDSCAPE TODAYFIERCE COMPETITION, RESTRICTED SUPPLY

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ABSOLUTE LACK OF TALENT

There are just not enough tech-ready talent to join the technology workforce in Southeast Asia. 60,000 Supply Gap in Singapore by 2020 1,350,000 Supply Gap in Southeast Asia today

WAR FOR TALENT IS REAL & HERE TO STAY

SKILLS TO SUPPLY SHORTFALL

Gap exists between what employers need and what talent can provide today. i.e. You will never be able to fill all your job roles

Data Sources: IMDA, McKinsey & Company Global Talent Council

Page 6: Attracting & Retaining Talent...Attracting & Retaining Talent: Lessons for Singapore & Southeast Asia Ivan Chang SGTech Co-Opted Councillor Title 2019-10-17 IMDA Industry Day - Attracting

WAR FOR TALENT IS REAL & HERE TO STAY

Developed Economy (Incl. SG)

Data Sources: Harvard Business School Publishing

10% 19%

Developing Economy (Southeast Asia)

I N A B I L I TY TO F I L L J O B R O L E S P O ST E D

F U RT H E R EXAC E R B AT E D BY T H E Z E R O M O M E N T O F T R UT H

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SUPERIOR TALENT IS UP TO 8X MORE PRODUCTIVE

Regular Work

High Cognitive

4X

8X

Can outcompete a bigger number of B & C players.

SMALL GROUP OF A PLAYERS

Requires very unique skillset found in rare few.

HIGH COGNITIVE TASK

Versus middling office tasks.

FOCUS ON TASK AT HAND

Data Sources: McKinsey & Company Global Talent Council

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RETAINING TALENT IS HARDER THAN ANYTIME IN HISTORY

7.6 YearsBABY BOOMERS

GEN X

MILLENNIALS

4.4 Years

2.1 Years

AVERAGE LENGTH OF EMPLOYMENT

Lowest in history; accelerating trend.

Data Sources: Glassdoor Annual Report on Employment

Page 9: Attracting & Retaining Talent...Attracting & Retaining Talent: Lessons for Singapore & Southeast Asia Ivan Chang SGTech Co-Opted Councillor Title 2019-10-17 IMDA Industry Day - Attracting

RETAINING TALENT IS HARDER THAN ANYTIME IN HISTORY

PURPOSE

AUTONOMY

MASTERY

TALENT STAY FOR

Not engaged with the organisation.

A 50%

Actively Disengaged with the organisation.

B 17%

Thinking about switching jobs.

C 73%

Actively looking for something else.

D 8%

Data Sources: Gartner

ACTIVELY DISENGAGED IS THE NEW NORM

Disengaged talents are 2x less likely to put In discretionary effort (effort that goes above and beyond) for the organisation.

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ATTRACTING TALENTKEY IDEAS TO PUT YOUR BEST FOOT FORWARD

Page 11: Attracting & Retaining Talent...Attracting & Retaining Talent: Lessons for Singapore & Southeast Asia Ivan Chang SGTech Co-Opted Councillor Title 2019-10-17 IMDA Industry Day - Attracting

FOCUS ON WHAT TODAY’S TALENT LOOK FOR

Data Sources: McKinsey & Company Global Talent Council

Believes the organisation does not

share the same value as the individual.

31% 22%

Believes the company is going in the wrong

direction (usually due to lack of

communication).

33%

Admits to not putting their best effort into their

work.

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GREAT LEADERS

Supportive, Gives Due

Recognition

GREAT COMPANY

How others perceived the

company

GREAT JOB

Opportunities in job for growth and

impact

GREAT REWARDS

Financial and Non Financial like free

meals

89% 81% 81% 76%

Data Sources: Harvard Business School Publishing

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BRAND IS EVERYTHING PURPOSE DRIVEN CAREER

ORG. NEED SOMETHING SPECIAL

Organisation needs to stand for something in the war for talent. Talent tag along to the organisation brand value if they feel aligned to it.

PURPOSE TRUMPS SURVIVABILITY

Careers and jobs are no longer a mean to an end. Organisations needs a purpose to exist for talent to feel they are fighting a good cause.

Not just Corporate Social Responsibility.

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MAKE YOUR OFFER COUNT WHERE THE TALENT IS MOST IN NEED

Data Sources: Wall Street Journal

Simply insufficient talent supply to have high performing talent in every job role.

YOU CANNOT WIN ALL TALENT BATTLES

Find out where the best talent is needed in the organisation. It could be solving a complex engineering challenge or a business one.

INTERNAL DEEP DIVE

Why you? Why are you the best to the relevant talent in the market.

CREATE AN EMPLOYEE VALUE PROPOSITION

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RETAINING TALENTCOMMON PITFALLS & STRATEGIES TO OVERCOME THEM

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ASSUMING THAT TALENTS ARE HIGHLY ENGAGED

EFFORT SPENT TO ATTRACT THE BEST

An excessive amount of effort to attract the best means you might attract the best talent but not the most engaged,

OUTSIZED EXPECTATIONS

Top talent tend to come in with an outsized expectation of what they can do within a compressed timeframe. This tend not to be fulfilled.

ABUNDANCE OF OPPORTUNITIES

They have an abundance of opportunities versus the rest of the working pool. Making this assumption might lead to an organisation death spiral.

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Does not share the same value as the

organisation

31% 22%

Believes company is going in the wrong

direction

33%

Admits to not putting his best effort in the

work

37% 28% 29%

Average Performers

Top Performers

Data Sources: McKinsey & Company Global Talent Council

ASSUMING THAT TALENTS ARE HIGHLY ENGAGED

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CONTINUOUS ENGAGEMENTROBUST ECOSYSTEM OF FEEDBACK MECHANISM

Organisations need to build a system of continuous feedback loop and have strategies in place to take action on the feedback.

TAKEAWAY #1

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Conduct 360 review on a semi annual

basis

360 ON SEMI ANNUAL BASIS OPEN CHANNEL INVOLVEMENT REGULAR UPDATES

Always have an open channel to

allow feedback up

Allow talent to be involved in key

meetings

Provide company wide updates on changes made

TAKEWAY #1: CONTINUOUS ENGAGEMENT

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TODAY’S PERFORMANCE CONTINUES TO INFLUENCE TOMORROW’S WORK

We like to see patterns even if they do not exist.

HUMAN TENDENCY TO HAVE TREND LINES

They lack the key attributes for future and continued success.

70% OF TALENT LACKS KEY ATTRIBUTES

Data Sources: McKinsey & Company Global Talent Council

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THE 3As FOR FUTURE SUCCESS

1 AGILITY

2 ADAPTABILITY

3 ACCESSIBILITY

Ability to adapt to rapidly evolving situation with speed and precision.

Taking obstacles logically and with direction.

Approachable and openness to feedback.

Data Sources: SGTech Talent Council

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INDIVIDUALISED DEVELOPMENTTAILORED GROWTH & DEVELOPMENT PLAN

Provide specific and customised growth and development plan in collaboration with each talent.

TAKEAWAY #2

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TAKEWAY #2: INDIVIDUALISED DEVELOPMENT

CAREER ROADMAP

SKILLS ATTAINABILITY

MENTORING

EXIT MANAGEMENT

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MAKING TALENT MANAGEMENT JUST A FUNCTION OF HUMAN RESOURCE

Horde the best talent for personal silo.

LINE MANAGERS HAVE SHORT TERM TENDENCY

Human Resource have a tendency to manage roles and not people.

HR OVERTLY FOCUSED IN POSITION MANAGEMENT

Risk is inherent part of grooming and retaining talent. Top management must give exposure to rising talent.

LACK OF OPPORTUNITIES FOR RISK

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TALENT IS MANAGEMENT PRIORITYFOCUS ON BUILDING TOMORROW’S LEADERS

Top management needs to take an active hand in managing talent by giving them exposure.

TAKEAWAY #3

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Have a structured leadership programme to

groom talent.

L E A D E R S H I P P R O G R A M M E

TAKEWAY #3: TALENT IS MANAGEMENT PRIORITY

E X P O S U R E T O R I S K

A C C E S S T O M A N A G E M E N T

Give talent the org’s toughest challenges with

opportunities to fail.

Provide face time as much as possible.

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THANK YOU

Talent Landscape

Attracting Talent

Retaining Talent

Talent Committee

Page 28: Attracting & Retaining Talent...Attracting & Retaining Talent: Lessons for Singapore & Southeast Asia Ivan Chang SGTech Co-Opted Councillor Title 2019-10-17 IMDA Industry Day - Attracting

IMDA Industry Day | 17 Oct 2019

Attracting & Retaining Talent: Lessons for Singapore & Southeast Asia

Ivan Chang SGTech Co-Opted Councillor