Deloitte Ort Jet seminar - talent management priorities in a recovering economy

Talent Retention: A Strategic Imperative in a Recovering

Economy

David Conradie, Director: Deloitte Consulting (Pty) Ltd

ORT JET Seminar

17th August, 2012

- 2 -

Agenda

Why the concern about talent retention? Why Now? 3

What can organisations do to keep their employees from leaving? 28

The Generational Divide – ―One Size Does Not Fit All‖ 38

Contact Information 50

Why The Concern About Talent Retention?

Why Now?

- 4 -

Deloitte‘s two longitudinal survey series have focused on emerging

global talent issues and trends

Managing Talent in a Turbulent Economy: Where are

you on the recovery curve?—This report surveyed 335

global executives and finds that companies which

―walk the walk‖ on leadership not only have the right

programs in place to develop their leaders effectively,

they have a different view of the world—and a jump on

their competitors (January 2010).

Click here to access

Has the Great Recession Changed the Talent

Game? Six guideposts to managing talent out of a

turbulent economy—Throughout 2009, Deloitte’s

longitudinal survey series took the pulse of business

and talent leaders in the marketplace as

organisations navigated through shifting economic

conditions. This report summarises those findings

and identifies six key guideposts executives should

consider as they move past the recession and face

the challenges of the new economy (April 2010).


Managing Talent in a Turbulent Economy: Keeping

your team intact—The study examines employees’

perspectives on retention, their turnover intentions,

and how their responses vary across the different

workforce generations and in comparison to

employers’ perspectives (September 2009).


Managing Talent in a Turbulent Economy

2009-2010

Blueprints for the new normal—This inaugural Talent

Edge 2020 report features results from an October

2010 survey that polled 334 senior business leaders

and human resource executives at large global

businesses. This report explores talent strategies and

unfolding employee trends related to retention and the

new challenges posed by the recession

(December 2010).


Building the recovery together—What talent expects

and how leaders are responding—This study probes

divergences between the attitudes and desires of three

generations of employees and the talent strategies and

practices being utilized by employers. This report

features results from the March 2012 survey that polled

356 employees at large businesses across the globe

(April 2011).


Redrafting talent strategies for the uneven recovery—

The latest Talent Edge 2020 edition is based on a

survey of 376 global senior executives and talent

managers. Findings from this study highlight how

companies are tackling the evolving talent challenges

and reshaping their talent strategies in uncertain

economic times (January 2012).


Talent Edge 2020

(2010-2012)

http://www.deloitte.com/view/en_US/us/Services/additional-services/talent-human-capital-hr/article/cf6c9a4636566210VgnVCM100000ba42f00aRCRD.htm

http://www.deloitte.com/view/en_US/us/Services/additional-services/talent-human-capital-hr/ac8070028ceb7210VgnVCM200000bb42f00aRCRD.htm

http://www.deloitte.com/view/en_US/us/Services/additional-services/Talent-Human-Capital-HR/article/882be382ed8c3210VgnVCM100000ba42f00aRCRD.htm

http://www.deloitte.com/view/en_US/us/Services/additional-services/talent-human-capital-hr/Talent-Library/talent-edge-2020/index.htm

http://www.deloitte.com/view/en_US/us/Services/additional-services/talent-human-capital-hr/Talent-Library/talent-edge-building-recovery-together/index.htm

http://www.deloitte.com/view/en_US/us/Services/additional-services/talent-human-capital-hr/Talent-Library/redrafting-talent-strategies/index.htm

- 5 -

The talent paradox: Executives are realizing that despite unemployment

levels peaking, the prevailing talent shortage continues unabated

Surveyed organisations conducting/

anticipating layoffs

As used in this document, ―Deloitte‖ means Deloitte Consulting LLP, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal

structure of Deloitte LLP and its subsidiaries.

Source: Talent Edge 2020: July 2012, Deloitte.

41 %

36%

53% 51%

6%

13%

Past 6 months Next 6 months

Yes

No

Don't know

http://www.deloitte.com/us/about

- 6 -

As part of their focus on competing for talent, almost half of the surveyed

global executives are concerned about voluntary turnover

71% of surveyed executives

expressed high (43%)

or very high concern

(28%) about losing

critical and high-

potential talent

47%

of surveyed executives

predicted an increase in

voluntary turnover at

their companies over

the next 12 months


recalled that voluntary

turnover at their

companies increased in

the last 12 months

Source: Talent Edge 2020: Redrafting talent strategies for the uneven recovery, January 2012, Deloitte.

- 7 -

Our research shows that executives are right to be worried as there is

typically a cyclical rise in voluntary turnover after a downturn

Quit level of employees vs.

unemployment rate Quit level of employees vs. Conference

Board Consumer Confidence Index

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Quit Level in Thousands of Employees, Total Nonfarm, Seasonally Adjusted

Unemployment Rate, Seasonally Adjusted

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Quit Level in Thousands of Employees, Total Nonfarm, Seasonally Adjusted

Conference Board Consumer Confidence Index

Source: Bureau of Labor Statistics, St. Louis Federal Reserve Economic Data.

- 8 -

Down from 65% in 2011, our recent research shows that only 20% of all

surveyed employees are considering leaving their jobs in the next 12 months

Sources: * Talent Edge 2020: July 2012, Deloitte.

** Griffeth, R. W., Hom, P. W., & Gaertner, S. (2000). A meta-analysis of antecedents and correlates of employee turnover: Update, moderator tests, and research

implications for the next millennium. Journal of Management, 26, 463-488.

45%

35%

80%

55%

65%

20%

2009 2011 2012

Employees who expect tostay with their currentemployer

Employees who have been,plan to, or are currentlyseeking new employment

During the past year,

46% of employees have

moved to new jobs,

received a promotion

or changed roles with

their current

employers – all

factors that might

make them less

inclined to move

during the next 12

months

- 9 -

35%

30%

20%

12%

12%

12%

Millenials/Gen Y Gen X Baby Boomers

Very High

High

Surveyed executives feel concerned about retaining employees who might be

the most likely to leave . . .

Surveyed executive predictions regarding voluntary turnover over the

next 12 months by generation

Source: Talent Edge 2020: Redrafting talent strategies for the uneven recovery, January 2012, Deloitte.

- 10 -

32%

41%

23%

58%

21%

23%

38%

33%

44%

I am currently seeking new employment

I plan to begin looking for newemployment within the next 12 months

I am passively looking for newopportunities

Babay Boomers Generation X Millennials

. . . But they might not have a good handle on which employees they risk losing

Surveyed employees seeking new employment by generation*


Baby Boomers

are looking

passively

Millennials

are preparing

to look

*Survey participants could choose more than one response.

Gen Xers are

already

looking

- 11 -

Why are surveyed employees looking to leave their employers?

Top 10 factors that would cause surveyed employees to look for new

employment over the next 12 months


Non-financial

Financial

15 %

17 %

20 %

20 %

21 %

21 %

21 %

22 %

22 %

27 %

Inadequate or reduction in benefits(i.e., health and pensions)

Lack of trust in leadership

Excessive workload

Lack of job security

Lack of compensation increases

Lack of adequate bonus or otherfinancial incentives

Lack of challenge in the job

Dissatisfaction with supervisor ormanager

New opportunities in market

Lack of career progress

- 12 -

The 20% of surveyed employees looking to leave their companies

believe key talent programmes are seriously lacking

Uncertain career paths

• A significant percentage of surveyed employees planning to leave their current employers (30%) believe

their companies do a ―fair‖ job of creating career paths and challenging job opportunities, compared to only

7% who rate this key talent metric as ―excellent‖ or ―world-class‖

Little leadership development

• 47%, surveyed employees who do not expect to stay at their current employers rate their companies’

leadership development programmes as ―fair/poor‖ rather than ―excellent/very good‖


• Only 26% of surveyed employees planning to depart believe their companies inspire trust in leadership

effectively (―excellent/very good‖), compared to the 46% who rank these efforts as ―fair/poor‖

Difficulty retaining top performers

• Of those surveyed employees who expect to depart, 41% believe their companies are doing a ―fair/poor‖

job retaining top performers, compared to 29% who label retention efforts in this area as ―excellent/very

good‖

Inadequate training programmes

• Nearly half of the employees surveyed (47%) who plan to leave their current jobs believe their companies

are doing a ―fair/poor‖ job managing and delivering effective training programmes; just 23% rate training

programmes as ―excellent/very good‖


.

20%

- 13 -

The cost of voluntary turnover is significant…and perhaps not well

understood

Direct financial costs for recruiting,

attracting, and training a new

employee are fairly fixed and typically

less than 50% of the position’s

annual compensation

Indirect costs are wide-reaching and

can vary from 50% to 150% of the

position’s annual compensation,

including:

• Lost productivity

• Impact on customer relationships

• Knowledge drain

• Burden to employees who must take on

additional work*


believe voluntary

turnover will actually

increase their

companies‘

profitability**

Sources: * ―Talent-Based ROI – Ways to Improve Employee Impact to the Bottom-Line,‖ 2008, Deloitte; ―Where did our employees go?‖ Deloitte Review, Issue 5, 2009;

Society for Human Resource Management, ―Cost of Turnover,‖ SHRM Briefly Stated ROI Series, November 1, 2005;

** Talent Edge 2020: Blueprints for the new normal, December 2010, Deloitte.

- 14 -

In addition, talent shortages can have a significant impact on business

effectiveness

Limited productivity and efficiency

Limited ability to achieve innovation

requirements

Limited ability to achieve quality

improvement objectives

Limited speed to market of new

products/services

Detriment to customer relationships

Limited ability to grow fast enough to

meet customer demand

Executives who are counting on a ―jobless‖ recovery can risk being caught

without the skills and leadership they need. When the economy heats up, these

companies risk a ―resume tsunami” — where employees with a desire to switch

jobs take increased confidence from better times and seek out new opportunities

in the talent marketplace

- 15 -

The real surprise is that even when companies are aware of what the primary

causes of voluntary employee turnover are, they are simply not doing enough to

eliminate them.

Too many employer organisations are still relying on tangible, easy-to-implement

solutions that revolve around pay, benefits, trendy perks, despite widespread

recognition that the most powerful solutions revolve around the more challenging

intangibles, such as good management, a healthy corporate culture and authentic

leadership.

Awareness is Not Enough

What Can Organisations Do to Keep Their

Employees From Leaving?

- 17 -

Organisations should consider first identifying their critical workforce

segments and then develop/update retention plans

Only

40% of executives surveyed in

October 2011 reported that

their companies had an

updated plan in place to

manage retention

Critical workforce segments are roles within an organisation that:

• Drive a disproportionate share of key business outcomes

• Influence an organisation’s value chain significantly

• Are in short supply from the respective labor market

Critical workforce segments include roles central to execution of the business strategy

Within critical workforce segments, critical leaders/executives should also be identified

Designing retention plans specifically to meet the needs/expectations of

critical employees and executives can significantly improve the value of

talent management investments

Source: Talent Edge 2020: Redrafting talent strategies for the uneven recover, January 2012, Deloitte.

- 18 -

Identify CWS: Not all workforce segments drive equal value

No two businesses, even those from the same industry with similar customers and similar

business goals, will have identical formulas for talent. Each company will need to have its

own distinctive talent strategy. Development of a talent strategy starts with the identification

of critical workforce segments.

Considerations

Do you know what segments of your workforce are providing the most value to the organisation?

How much is your business spending to recruit and nurture talent that is not critical to the business?

Do you know where the gaps of critical skills exist and corresponding market availability?

What cost-effective alternatives exist for sourcing the capabilities that your business needs?

Buy

Build Borrow

Rent

Redeploy Reduce

5 3 1 2 4

5

3

1

4

2

Impact on value chain

Difficult t

o r

epla

ce s

kill

s

Critical Workforce Segments:

Consist of highly skilled, highly

trained individuals who drive a

disproportionate percentage of

revenue growth

Core Workforce: Reflects the

backbone of the company who are

well - trained on firm processes but knowledge and skills are easily

replaced

Flexible Labor: Reflects alternatives companies can use to meet periods of high demand for employees or the

need to lower costs

Specialists: Reflect alignments

formed where companies do not have the existing skills and cannot develop them in -

house cost effectively

-

Specialists

Core Workforce Flexible Labour

Critical Workforce

Segments

Specialists Reflect

alignments

formed where

companies do

not have the

existing skills

and cannot

develop them

in house cost

effectively

Flexible

Labour Reflects

alternatives

companies can

use to meet

periods of high

demand for

employees or the

need to lower

costs

Critical

Workforce

Segments

Consists of

highly skilled,

highly trained

individuals who

drive a

disproportionate

percentage of

revenue growth

Core

Workforce Reflects the

backbone of

the company

who are well

trained on

processes but

knowledge and

skills are easily

replaced

- 19 -

Identify Critical Workforces: Sample in Financial Services

As an example, two insurance organisations will focus on different segments based on their business objectives Example 1:

An insurance company with a business model centered around

customer intimacy will focus its Talent Strategy on customer facing,

front-line staff, such as relationship managers, sales agents, and

financial advisors.

Example 2:

An insurance company striving to deliver innovative solutions to the

marketplace will concentrate its Talent Strategy on the workforce

segments focused on product design, such as actuaries and

underwriters.

Insurance Banking Securities Insurance Banking Securities

Relationship

Managers

Relationship

Managers

Relationship

Managers

Insurance Sales

Agents

Financial Services

Sales Agents

Financial Advisors

Underwriters Commercial Loan

Underwriters

Portfolio Managers

Actuaries Financial Advisors Asset Managers

Claims Adjusters Portfolio Managers Brokers

Examiners and

Investigators

Financial Analysts Compliance

Officers

Customer and

Field Support Staff

Retail Bank Tellers Financial

Engineers

Claims Reps Retail Branch

Managers

Technology and

Operations Staff

Market Research

Analysts

Customer Service

Reps

Investment

Bankers

Relationship

Managers

Relationship

Managers

Relationship

Managers

Insurance Sales

Agents

Financial Services

Sales Agents

Financial Advisors

Underwriters Commercial Loan

Underwriters

Portfolio Managers

Actuaries Financial Advisors Asset Managers

Claims Adjusters Portfolio Managers Brokers

Examiners and

Investigators

Financial Analysts Compliance

Officers

Customer and

Field Support Staff

Retail Bank Tellers Financial

Engineers

Claims Reps Retail Branch

Managers

Technology and

Operations Staff

Market Research

Analysts

Customer Service

Reps

Investment

Bankers

Critical Workforce Segment

- 20 -

The 80% of employees planning to stay with their employers agree

on one clear factor: Strong talent programmes

Overall HR/talent efforts

31% and 19% of the surveyed employees, believe their companies are doing a ―good‖ and ―very good‖ (respectively)

job in their overall HR/talent efforts

Create clear career paths

44% of the employees committed to their employers believe their companies are doing a ―good/very good‖ job of

creating clear and robust career paths for their employees

Maintaining trust/confidence in leadership

Almost half of the surveyed employees (47%) believe their employers are ―good/very good‖ at inspiring trust and

confidence in corporate leadership

Employee engagement/morale

Surveyed employees with ―world class‖ or ―very good‖ talent programmes are more likely to remain with their current

employer

Quality of employee communications

• 36% of employees surveyed believe that their employers do a good job communicating with them in order to remain

transparent in times of economic uncertainty


80%

- 21 -

6 %

9 %

14 %

19 %

22 %

25 %

26 %

41 %

42 %

44 %

New training programs

Opportunity to work abroad

Individualized career planning

Additional benefits (i.e., health and pensions)

Leadership development opportunities

Support and recognition from supervisors ormanagers

Flexible work arrangements

Additional compensation

Promotion/Job advancement

Additional bonuses or financial incentives


Top 10 factors that would be most effective in keeping surveyed

employees with their current employer over the next 12 months

The top three reasons for employees to remain with their companies over the

next 12 months are related to financial gains

Non-financial

Financial

- 22 -

Survey results indicate turnover trends and motivations also vary across

global regions

Only 26% of employees in Americas and almost half (47%) of the

surveyed EMEA employees are anticipating layoffs in their organization in the next 6

months

26% of the surveyed

employees in Europe/the

Middle East/Africa (EMEA)

thought that ―lack of challenge in

the job‖ would be the #1 reason

for them to leave an employer

53% of the

surveyed employees

in Asia Pacific

(APAC) are

currently seeking

new employment,

with 45% in

America and

39% in EMEA

Top factors for surveyed

employees in Americas to

leave their current employers

are financial – Lack of

Compensation at 24%

and Lack of adequate bonus

at 22%


The Generational Divide - ―One Size Does Not Fit All‖

- 24 -

Different generations have different goals, expectations, and desires—and

employers should tailor their retention plans to satisfy them all

Generation X

(ages 32-47)

Skeptical

Pragmatic

Adaptable

Self-reliant

Informal

Techno literate

Diversity-minded

Focused on today

Baby Boomers

(ages 48-65)

Veterans

(over age 65)

Competitive

Optimistic

Driven to achieve

goals

Focused on their

children

Judgmental of differing

opinions

Political

Disillusioned

Reactive

Cynical about

institutions

Realistic

Pragmatic

Risk-taker

Critic

Millennials

(ages 16-31)

Techno savvy &

connected 24/7

Optimistic

Confident

Comfortably

self-reliant

Entrepreneurial

Success-driven

Inclusive

Environmentally

minded

- 25 -

13 %

13 %

14 %

19 %

20 %

20 %

22 %

28 %

28 %

38 %


Inadequate or reduction in benefits (i.e., healthand pensions)

Excessive workload

Lack of adequate bonus or other financialincentives





Dissatisfaction with supervisor or manager


The top four reasons to cause Millennials to look for new employment are

non-financial factors

Top 10 factors that would cause surveyed Millennials to look for new



Non-financial

Financial

- 26 -

Promotion/Job Advancement with additional financial incentives are the top

three reasons to make Millennials stay with their current employer

Top 10 responses for most effective retention initiatives for

surveyed Millennials


Non-financial

Financial

10 %

14 %

16 %

17 %

17 %

24 %

31 %

41 %

41 %

47 %

Mentoring programs



Additional benefits (i.e., health andpensions)

Individualized career planning

Support and recognition from supervisorsor managers




Promotion/Job advancement 47%

- 27 -

Our research showed that along with financial incentives, surveyed

Millennials seek a corporate culture with progressive values

Surveyed Millennials have a sharply different idea

of what makes for a strong corporate culture than

other generations:

When asked how important a company’s

commitment to ―sustainability‖ is, 36% of the

Millennials rated it ―very important‖ compared

to just 25% of Baby Boomers

Almost 2:1 (41% to 25%), Millennials were more

likely to consider their employers’ commitment to

―corporate responsibility/volunteerism‖ to be

very important than were Baby Boomers

29% of the surveyed Millennials called a ―fun

work environment‖ very important, as compared

to 0% of the Baby Boomers

Millennials typically share a desire to pull themselves up the corporate ladder

and want the financial rewards that come with that career progress. But when

considering employers, they also seek a corporate culture that aligns with a

different set of values than their more experienced colleagues


- 28 -

Surveyed Generation X employees place high importance on new career

choices and opportunities when choosing employers

Top 10 factors that would cause surveyed Gen Xers to look for new



Non-financial

Financial

15 %

16 %

18 %

18 %

19 %

20 %

21 %

22 %

24 %

34 %

Inadequate or reduction in benefits(i.e., health and pensions)


Excessive workload








- 29 -

Promotion/Job Advancement is still the top reason for Gen Xers to stay at their

current jobs; although the margin has reduced considerably since last year

Top 10 responses for most effective retention initiatives for

surveyed Gen Xers


Non-financial

Financial

7 %

12 %

15 %

19 %

21 %

26 %

27 %

38 %

44 %

47 %

Additional discretionary perks (i.e., per-diem allowances, transportation, etc.)


Additional benefits (i.e., health andpensions)

Individualized career planning (within yourcompany)

Support and recognition from supervisorsor managers





Promotion/Job advancement 47%

- 30 -

Our research showed that Generation X wants to move up or move out

Nearly six in ten Gen Xers surveyed (58%) report they

are currently seeking a new job or have been actively

looking over the past year

One of the biggest talent challenges many companies

face is opening up career paths for the next generation

of corporate leaders

―Lack of career progress‖ was the clear, number one

exit trigger for Generation X at 34%.―Lack of adequate

bonus or other financial incentives‖ and ―Lack of challenge

in the job‖ lagged well behind at 24% and 22%,

respectively

Only 16% of the surveyed Gen Xers were ―very satisfied‖

with the bonuses they received this year

―Promotion/Career Advancement‖ was the number one

retention initiative for Generation X at 47%.―Mentoring

programs‖ and ―New training programs‖ were the least

effective retention initiatives at 4% and 6% respectively

Many Gen Xers surveyed appear frustrated that they are bumping up against

the ―gray ceiling‖—with career paths blocked by Baby Boomers who are not

moving out of the workforce


- 31 -

Assessing the narrow range (26% – 16%) of the top ten ‗exit factors‘ for Baby

Boomers, it appears that these might be based on individual opinions…

Top 10 factors that would cause surveyed Baby Boomers to look for

new employment over the next 12 months


Non-financial

Financial

16 %

16 %

19 %

19 %

19 %

20 %

21 %

23 %

24 %

26 %

Inadequate or reduction inbenefits (i.e., health and pensions)








Excessive workload


- 32 -

…In contrast, additional financial incentives, by far, are the top two retention

incentives for surveyed Baby Boomers

Top 10 responses for most effective retention incentives for

surveyed Baby Boomers


Non-financial

Financial

6 %

6 %

8 %

16 %

23 %

29 %

30 %

34 %

44 %

45 %

Additional discretionary perks (i.e., per-diemallowances, transportation, etc.)


Individualized career planning (within yourcompany)


Additional benefits (i.e., health and pensions)

Support and recognition from supervisors ormanagers


Promotion/Job advancement



- 33 -

Our research showed that many surveyed Baby Boomers feel frustrated and

betrayed

Surveyed Baby Boomers expressed the strongest

discontent with their employers and the most frustration that

their loyalty and hard work has been neither recognised nor

rewarded:

Almost a third of Baby Boomers surveyed (31%) report that

morale at their companies has dropped over the past

year. This might be because 84% of the Baby Boomers have

not been promoted in the last 12 months

Nearly four in ten Baby Boomers (38%) are currently seeking

new employment, although 61% of the surveyed employees

have been with their current employer for 10 years or more as

compared to only 2% of the Millennials

Nearly five in ten surveyed Baby Boomers (49%) labeled their

companies‘ ability to inspire trust and confidence in

leadership as ―fair/poor‖

Employers, by and large, have not been effective at creating career options

for employees working past 65, even though many employers want their

experience and will need their skills. Addressing the issue of how to engage

older employees should be considered a talent priority


- 34 -

Who is Accountable for Talent Retention?

It must be borne in mind that neither mangers nor organisations can always

prevent a highly valued employee from leaving, or even delay the decision to

leave.

Nevertheless, research confirms that an employee’s direct supervisor/manager

has the major share of control or influence over the factors identified as the root

causes of voluntary turnover.

However, employees sometimes do leave companies too, and the senior leaders

who run those companies. In fact, it is the senior leaders who set the strategic

direction, shape the culture, approve the remuneration policy and pay ranges,

and the training budget, and whose demands often bring stress and overload.

Ultimately, there is a collective accountability on the part of line managers,

senior leaders, human resources practitioners and the employees themselves to

collaboratively drive employee engagement and thereby reduce the incidence of

avoidable voluntary turnover.

Contact Information

- 36 -

Contact Information

David Conradie

Director

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