Thought Leaders Webinar - SuccessFactors (Buy) Explains. 15%. ... “Super Candidate Syndrome ......
Transcript of Thought Leaders Webinar - SuccessFactors (Buy) Explains. 15%. ... “Super Candidate Syndrome ......
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Thought Leaders Webinar
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Revolutionizing the Future of Work
1750+ Customers3,000,000+ Users156 Countries60 Industries22 Languages700+ employees
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Change the World
successfactors.com/research/thought-leaders
We work with recognized thought leaders that share our vision of productivity improvement, all while creating a better place for people to work.
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EXECUTION = PERFORMANCE
Performance and Talent Management Are Pivotal to Drive Financial Performance
Motivation
Learning(Build)
Financial PerformanceGrowth Profit ShareholderReturn
Talent / Competenciesx Organizational
Abilityx
Company Strategy and Market Position
RequirementEnablerAlignment
Recruiting(Buy)
Explains15%
Explains85%
SuccessFactors Performance & Talent ManagementIntegrated Application Suite
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Dr. Jesse Harriot
• VP of Research for Monster Worldwide• Founder of Monster Intelligence and Monster
Insights
• Dr. Harriott holds an M.A. and a Ph.D. in Experimental Psychology from DePaul University.
• He has appeared in various media outlets including CNBC, The Wall Street Journal, New York Times, CBS radio, Bloomberg and Reuters
Presented By:
Jesse Harriott, Ph.D.VP of Monster Insights
Jeffrey QuinnDirector of Monster Intelligence
The Talent TsunamiAttracting, Acquiring and Retaining Talent in an Age of Great Workforce Change
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Three forces set the stage for change
1. Changing Demographics
2. Candidate Empowerment
3. Value of human capital
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Demographic Shift
“We are about to face a demographically driven shortfall in labor that will make the late 1990’s
seem like a minor irritation.”
- Anthony Carnevale, Former Chairman of the National Commission for Employment Policy
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• Despite continued job growth, the national unemployment rate rose in the second half of 2007, ending the year at a level of 5 percent
• As the labor market continues to loosen up, recruiters should expect more favorable hiring conditions ahead
• The number of job openings per unemployed has declined but remains at an historically high level
• As demand and supply continue to adjust, we should see a shift in the labor market balance from the seeker towards the employer
Source: Bureau of Labor Statistics, January 2008
Workers have the upper hand
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Source: Society of Human Resource Management
Global shifts for talent
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Global demographic changes are happening
• By 2025 the number of people aged 15-64 is projected to fall by 7% in Germany, 9% in Italy and 14% in Japan*
• U.S. faces the departure of the Baby Boomers; approximately half the top people at America's 500 leading companies will retire in the next five years
Source: The Economist
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Signs are pointing to an emerging skill shortages
• The greatest number of surveyed employers who have indicated difficulty in finding the right people to fill jobs:
– Mexico (78%)
– Canada (66%)
– Japan (58%)
Source: Manpower
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There are industry specific shortages as well
Source: Manpower
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Skills gap compounds the problem
0%
10%
20%
30%
40%
50%
60%
1980 2000 2020
Level Education – Past 20 years the workforce attending college went from 40% to 60%; it will not move in the next 2 decades
Prime age workers (25-54) with more than a HS degree
Last Two Decades = 42% Growth
Next Two Decades = 7% Growth
Sources: Hudson Institute, Educational Testing Service, Kaplan, BLS, American Demographics
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Skills gap compounds the problem
140
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2000 2010 2020
Shortage – Education plus baby boomer retirement enforces predictions of a skills shortage
SKILLEDJOBS
UNSKILLED JOBS
WORKFORCE
Numbers of jobs and workers, in millions (adjusted for multiple job holding)
Projected gap in skilled workers by 2020 =
14 Million
Source: Hudson Institute, Educational Testing Service, Kaplan, BLS, American Demographics
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Managing future generations
Estimated U.S.A. Civilian Non-institutional Workforce by Generation
Generation Y(Born 1978-1990)
Ages: 17-29
Generation X(1965-1977)
Ages: 30-42
Baby Boomers(1946-1964)
Ages: 43-61
Schwartzkopf Generation(Born <1946)
Ages: 62+
Source: 2006 RainmakerThinking, Inc. Analysis
22% 29% 42% 7%
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1. They have high expectations of themselves
2. They have high expectations for you
3. They look at every employer as a hub of resources
4. They ask the question: “What’s the deal around here?”
5. Best way to hire Gen Yers – Answer the above?
6. Embrace their sense of urgency in the workplace
7. Managing rule – Break it down into smaller pieces
Impact of younger generations
The seven most important things to know about Generation X & Y Employees
Source: 2006 RainmakerThinking, Inc. Analysis
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Three forces set the stage for change
1. Changing Demographics
2. Candidate Empowerment
3. Value of human capital
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4 Years?27 Years
Times have changed . . .
1955 Today
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The mentality of today’s employed job seeker
• Over 50% are not completely satisfied with their jobs
• 71% are “poised” for another opportunity if it comes along
• 56% regularly look at new job opportunities
Source: Monster Intelligence Research
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A paradigm shift
Poised
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Three forces set the stage for change
1. Changing Demographics
2. Candidate Empowerment
3. Value of human capital
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Increasing value of talent to the bottom line
• Technology/IP flows much more freely than in the past
• Innovation is quickly copied
• Workplaces become decentralized/location not as important
• Former monopolies fail to compete
These structural changes do not mean
the end of unemployment . . .
They mean that TALENT
is the remaining advantage
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So what does this all mean?
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In a buyer’s market sourcing becomes a branding challenge
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How do you define a brand?
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How should HR organizations prepare?
1. Proactive Recruitment Planning:Attract the best candidates aggressively via employer branding methods
2. Proactive Retention:Retain top percentile players via targeted retention strategies that exemplify the employer brand
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Follow the engagement cycle to attract, acquire and advance keepers
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Who are the “Keepers” in the organization?
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ATTRACTING KEEPERSwhile promoting your employer brand
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GE ChinaInvitation to Learn
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Finding the right one from millions
Acquiring Keepers
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Acquiring Keepers
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We acquire our keepers by removing candidate frustrations
Vague Job Descriptions
Inflated Requirements“Super Candidate Syndrome”
Omission of Key Information in the
Posted Job
Lack of ResponseFrom Employers
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We advance our keepers because we value our “A” players
7 Rules to Follow:
1. Make Supervisors Accountable
2. Enable Work/Life Balance
3. Create Succession Planning
4. Monitor Employee Sentiment
5. Focus efforts on your keepers
6. Produce an employer brand experience
7. Reward internal Mobility
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Where are you today?
Create the business case for good hiring• Who is most critical to your company’s success?
• What do they want?
• How do they succeed?
• Why do they stay (or leave)?
• What is different about your company?
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Questions