FinPro Director Training Conference - 2015€¦ · Leadership 3. Learning and Development 4....

© 2015 – FinPro, Inc. 0 158 Route 206 Gladstone, NJ 07934 P: (908) 604-9336 F: (908) 604-5951 [email protected] www.finpro.us

FinPro Director Training Conference - 2015

Strategic Talent Management

© 2015 – FinPro, Inc.

The financial services industry continues to experience rapid change . . .

If you always do what you have always

done . . . You will always get what you

always got.

If you only do what you have always

done . . . Your bank will not survive

over the next 10 years.

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It is not “work-life balance” but rather “work life integration” . . .

In this new world of work, the barriers

between work and life have been all but

eliminated.

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A recent study of 3,300 businesses identified the top 10 Human Capital trends . . .

1. Culture and engagement

2. Leadership

3. Learning and Development

4. Reinventing HR

5. Workforce on demand

6. Performance Management

7. People analytics

8. Work simplification

9. Machines as talent

10. People data everywhere

Deloitte’s 2015 Global Human Capital Trends report involved surveys and interviews with more than 3,300 business and HR leaders from 106

countries.

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1. Culture, engagement, and retention have emerged as top corporate challenges . . .

#1 Challenge

Culture . . . The way things work around here

Research shows engagement is low . . . Only 13% of the global workforce is “highly engaged”

Organizations that create a culture defined by meaningful work, deep employee engagement, job and

organizational fit, and strong leadership are outperforming their peers and will likely beat competition

in attracting new talent.

The balance of power in the employer-employee relationship has shifted, making today’s employees

more like customers or partners than subordinates.

Culture is driven from the top down

Today, more than twice as many employees are motivated by work passion than career ambition,

indicating a need for leadership to focus on making the work environment compelling and enjoyable

for everyone

Leadership drives culture, which in turn drives performance.

Processes, policies and systems should align with your company’s values.

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High Employee Engagement maximizes impact on business results . . .

Employee Engagement has 2 distinct parts:

Intellectual Engagement:

How likely are you to look for employment with another firm?

Emotional Engagement:

What is the level of discretionary effort you will put forth?

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Intellectual Employee Engagement is driven by 3 key metrics . . .

Employee Engagement (intellectual)

Pay

Vacation Benefits

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Stay or

search for

other

employment


Emotional Employee Engagement is driven by 3 key metrics . . .

Employee Engagement (emotional)

Work

Immediate Manager

Work Environment

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Determines

Discretional

Effort


Interesting work is what keeps staff focused . . .

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2. Leadership: 86% of surveyed HR and business leaders cite leadership as one of their

most important challenges . . .

Fewer than 50% of C-suite executives feel that they are receiving any development at all.

Too many companies have on-again / off-again leadership training programs.

Only 32% of companies have a steady supply of leaders at the top, while only 18% regularly hold

their leaders accountable to identify and develop successors

Develop leaders with RAAs

Responsibility

Accountability

Authority

Avoid Paralysis by Analysis

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Under what conditions does your organization search outside to fill gaps in leadership . . .

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What qualities in a succession candidate are given the most weight for consideration . . .

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Leadership training must consider relevant competencies . . .

New Leaders

Leading from the middle

Executive Leaders

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Core competencies for all leadership levels (Building effective teams, Business acumen, customer focus, Ethics, Integrity, Listening, Managing Diversity,

Motivating others, Timely Decision making)

New Leaders - Action oriented

- Approachability

- Conflict management

- Delegation

- Develop direct reports

- Managing work

Mid Level - Decision Quality

- Develop direct reports

- Financial Acumen

- Managing Vision

- Organization

- Strategic Agility

Executives - Dealing with ambiguity

- Financial Acumen

- Innovative Management

- Leading Vision

- Organizational agility

- Political Savvy


There has been a significant shift in promotions to management over the past few years . . .

Moving into Management Gen Y Gen X Boomers

0 – 5 years ago 87% 38% 19%

5 – 10 years ago 12% 30% 23%

10+ years ago 1% 31% 59%

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EY’s survey was fielded by ORC International and the survey instrument was designed by FleishmanHillard Research in collaboration with EY.


Managing different generations is a challenge . . .

A survey of more than 1,200 managers and non-managers, across the 3 generations, revealed keen

insights across the generations . . .

75% of managers note that managing multi-generational teams is a challenge

77% identified different work expectations between the generations

72% identified a lack of comfort with younger employees managing older employees

69% of respondents stated that their organization has tried to address the challenges

Work style accommodations

Team building exercises

Training

Cross-generational networking

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The survey also identified strategies to keep valued employees . . .

Cash is still king

Baby Boomers value benefits more than the younger generations

29% v. 19% v. 17%

Workplace flexibility is the most important non-cash perk

Gen X rated flexibility higher than other top-notch benefits

Women across all generations valued flexibility slightly more than men

A majority of individuals anticipate changing work schedules in the future

62% currently work standard office hours but only 50% expect to do so in 5-10 years

Generation Y is keenly focused on promotions

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Positive and negative characteristics of each generation . . .

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3. Learning and development issues exploded from #8 to #3 most important talent

challenge in this year’s study . . .

85% of respondents cited learning as “important” or “very important” – up 21% from 2014.

Business leaders increasingly see shortages of skills as a major impediment to executing their

business strategies.

Micro-training

Technology is no substitute for the expertise of a company’s own people

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4. HR is not keeping up with the pace of change in business today . . .

The Human Resource organization must be agile, business integrated, data driven, and focused on

Talent Management

HR is no longer just a compliance function

Recent research shows that only 30% of business leaders believe that HR has a reputation for sound

business decisions

HR must migrate from being a “service provider” to an enabler and builder of talent

HR movement away from generalists to highly skilled business consultants

Leaders should invest in HR development and skills as if the business depended on it

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5. How to effectively use the hourly, contingent, and contract workforce . . .

This external talent market includes joint ventures and partners, contracted and outsourced

employees, freelance workers, and competitions for ideas and solutions.

Contingent employees working variable, often part time hours or scheduled, compensated hourly,

operating remotely, or actually working for an external firm.

It is estimated that 30-40% of all U.S. workers today are contingent.

Anticipate that the need for contingent workers will grow over the next 3-5 years

Contingent workers include technical positions

IT professionals

Engineers

Computer programmers

Accountants

Issues:

How to manage

How do we integrate into our business culture

How do we measure performance

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6. Performance management

High potential young employees want regular feedback and career progression advice, not just “once

and done” reviews

Performance evaluations should focus on feedback, coaching, and performance improvement . . Not

compensation

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Performance evaluations start with an assessment of technical skills . . .

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It is also critical to assess core competencies . . .

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Strong performance does not always ensure success at the next level . . .

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Finally, it is important to tract career development . . .

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Leadership involves an effective performance management process . . .

S.M.A.R.T. Goals

Specific

Measurable

Achievable (also should have stretch goals)

Relevant

Time-phased

Define “meet,” “exceed,” and “outstanding” performance

Frequent performance meetings (PIP if necessary)

Measure individual performance against others in the group

Peer comparison and market comparison should drive compensation decision

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The Matrix is also effective in determining which employees to retain . . .

4. Strong Technician 2. Strong Performer 1. Outstanding

7. Adequate Performer 5. Solid Performer 3. Future Star

9. Poor Performer 8. Under Performer 6. Raw Talent

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Pe

rfo

rma

nce

Potential


7. People analytics – what do we really mean . . .

75% of the surveyed companies believe that using people analytics is “important” but just 8% believe

that their organization is strong in this area

The use of analytics to gain a competitive advantage by understanding all elements of the workforce

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Some companies are even using algorithms to identify who might quit . . .

One company, which examines HR data as well as anonymized employee emails and calendars,

found that it could predict flight risk up to a year in advance

Employees were spending less time interacting with certain colleagues

Employees were spending less time attending events beyond required meetings

Another company identified a correlation between a client’s employees who waived their benefits

coverage and those who left the company

Changing jobs within a company tends to make people “sticky” but many companies only post new

jobs to outsiders

Small culture environments tend to reduce turnover

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What is the cost to replace a salaried employee . . .

Some studies predict that the cost to replace a salaried employee is approximately 6 to 9 months’

salary

Other studies suggest that, for high earner and executive level employees, the cost can be as much

as 2x their annual salary

Costs typically focus on key areas:

Advertising, interviewing, screening and hiring

On Boarding

Lost productivity

Employee morale

Customer service and errors

Training

Cultural impact

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8. Simplification of work and the overwhelmed employee . . .

Organizations are “simplifying” work in response to overwhelmed employees, organizational

complexity, information overload, and the “always connected” environment

The average employee spends over 25% of their workday reading and answering emails

People now check their mobile phones more than 150 times per day (addictive behavior)

A new study revealed that 40% of workers believe it is not possible to succeed at work, make a good

living, and have enough time to contribute to family and community

A recent survey found that 10% of companies have programs to simplify work practices, and 44% are

planning to build such programs

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9 rules for emailing from Google . . .

1. Respond quickly. These responses can be quite short—“got it” is a favorite of ours. And when you

are confident in your ability to respond quickly, you can tell people exactly what a non- response

means. In our case it’s usually “got it and proceed.” Which is better than what a non- response means

from most people: “I’m overwhelmed and don’t know when or if I’ll get to your note, so if you needed

my feedback you’ll just have to wait in limbo a while longer. Plus I don’t like you.”

2. When writing an email, every word matters, and useless prose doesn’t. Be crisp in your delivery.

3. Clean out your inbox constantly.

4. Handle email in LIFO order (Last In First Out). Sometimes the older stuff gets taken care of by

someone else.

5. Remember, you’re a router. When you get a note with useful information, consider who else would

find it useful.

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9 rules for emailing from Google . . .

6. When you use the bcc (blind copy) feature, ask yourself why. The answer is almost always that you

are trying to hide something

7. Don’t yell. If you need to yell, do it in person. It is FAR TOO EASY to do it electronically.

8. Make it easy to follow up on requests. When you send a note to someone with an action item that

you want to track, copy yourself, then label the note “follow up.” That makes it easy to find and follow

up on the things that haven’t been done; just resend the original note with a new intro asking “Is this

done?”

9. Help your future self search for stuff. If you get something you think you may want to recall later,

forward it to yourself along with a few keywords that describe its content.

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9. Can we really use machines to support human talent . . .

Cognitive technologies such as speech recognition, computer vision, and machine learning are

converging to produce machines that can talk, see, read, listen, and even learn by watching YouTube

videos.

An Oxford University study that examined the impact of technology on hundreds of occupations in the

United States found that nearly half of total US employment could potentially be automated over the

next 10-20 years.

Amazon uses robots in its warehouse

Insurance companies allow customer to take photos of accidents and submit electronically

Barclays validates the identity of callers through voice recognition versus questions

Volkswagen uses robots to help line workers

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10. Social media platforms contain incredible amounts of people data . . .

39% of surveyed companies are now leveraging social data to support efforts around recruiting,

engagement, and understanding employment brand.

Recruiters routinely use social tools like LinkedIn, Facebook, Twitter, and others to source and

identify candidates

HR leaders report that employee profiles on LinkedIn and other social media outlets are more

accurate and complete then internal employee records

The amount of external data about the workforce is growing:

Glassdoor.com

Careerbliss.com

Realref.com

Jobiness.in

Thejobcrowd.com

Indeed.com

Payscale.com

Etc.

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To contact us . . .

Scott Polakoff

Executive Vice President

FinPro Inc.

908-604-9336

[email protected]

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mailto:[email protected]

FinPro Director Training Conference - 2015€¦ · Leadership 3. Learning and Development 4....

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