Our Digital Future... ...and its implications for ...


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  • Each industry should have examples of specific industry-based competition they regularly face FYI – Nick Tommasino is transitioning into the AERS Leadership role, replacing Greg Weaver
  • Our Digital Future... ...and its implications for ...

    1. 1. Our Digital Future… …and its implications for the workforce September 11, 2007 Deloitte Consulting LLP
    2. 2. Discussion outline Open Discussion New Approach to Talent Management Critical Workforce Segments The Talent Challenge
    3. 3. Good news for the media industry <ul><li>Growth Rates of the Media & Entertainment Industry </li></ul><ul><li>US$ Million </li></ul>No business is more dependent on human talent than the Media & Entertainment industry. As growth continues and the industry transforms, there will be increasingly greater reliance on skilled and experienced people. CAGR 5.2% Source: Wilkofsky Gruen Associates
    4. 4. The demand for workers is steadily increasing <ul><li>Employment projection by sectors </li></ul>10.6% 15.9% Broadcasting & Cable, except Internet Motion Pictures and Sound Recording Industries 715,600 812,500 13.5% <ul><li>Increase trends in automation </li></ul><ul><li>More outsourcing/off-shoring </li></ul>Source: Bureau of Labor Statistics: Deloitte Human Capital analysis 2004 2014 <ul><li>Employment in all occupations within Media & Entertainment Industry is increasing at 13.5% </li></ul><ul><li>Job growth will result from the explosive growth of demand for programming needed to fill an increasing number of cable and satellite television channels </li></ul><ul><li>Also, more films will be needed to meet in-home demand for videos, DVDs, and films over the Internet. Responding to an increasingly fragmented audience will create many opportunities to develop films. </li></ul><ul><li>The international market for U.S.-made films is expected to continue growing as more countries and foreign individuals acquire the ability to view our films. </li></ul>
    5. 5. Media industry dynamics impacting the workforce
    6. 6. Competition for talent has become increasingly fierce Already experiencing severe talent shortage and battles for talent Caught short by talent supply/demand imbalance and experiencing early fights for talent Most protected within current climate, but with indications of future shortages High Competition for Talent Low Competition for Talent Transportation High-Tech Consulting Media Entertainment Financial Services Retail Consumer Products Airlines Telecommunications Health Care Chemicals Automobiles Utilities Source: CLC
    7. 7. The importance of having the right skills and talent <ul><li>But possibly the most interesting aspect…is how digital convergence could increase the need for traditional, non-digital skills and talent…the need for quality writing, casting, acting, editing and so on may rise considerably. </li></ul><ul><li>Joshua Auerback, VP Strategic Planning, Time Warner Inc. </li></ul><ul><li>As it is a new area, almost by definition convergence requires us to develop or acquire new skills and competencies. </li></ul><ul><li>Dr. Terumo Chikama, Corporate Senior VP, Fujitsu Limited </li></ul>
    8. 8. Major trends are dramatically changing the workforce 3 Increasing Number of Women Workforce in 2008 and beyond 1 Shrinking Pool of Skilled Labor 5 Emerging Expectations of Gen X and Gen Y 2 Changing Family Structures 6 Increasing Impact of Technologies 4 Changing Expectations of Men
    9. 9. Open discussion What is the impact of your evolving business model on your workforce? Where are you feeling the most pain? Are you seeing more non-traditional competitors for employees and candidates? Have you thought through “make versus buy” decisions? What seems the most feasible?
    10. 10. Discussion outline Open Discussion New Approach to Talent Management Critical Workforce Segments The Talent Challenge
    11. 11. What are critical workforce segments? Critical Workforce Segments are groups that drive a disproportionate amount of key business outcomes Identifying CWS maximizes the value of investments in the workforce and ensures the resources needed to achieve business strategy and goals Specialists Reflects alignments formed where companies do not have the existing skills and cannot develop them in-house cost effectively Critical Workforce Segments Highly-skilled, highly-trained individuals who drive 80% of the revenue growth Core Workforce 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 High Low Impact on value chain Difficult to replace skills Low High
    12. 12. How do you determine your critical workforce segments? Plan and Execute What tools can we use to secure our supply? Critical Workforce Segments (CWS) - Roles - Workforce Planning -Talent- Identify & Diagnose What talent do we have? What talent do we need? Business Alignment What is the business strategy? Does leadership agree? Business Priorities External Workforce Trends Organizational Structure & Culture Business Strategy Critical Workforce Segments - Supply - Sourcing Development Talent Review Succession
    13. 13. Open discussion What are your most critical workforce segments now? How have your critical workforce segments changed? What external forces are driving this change?
    14. 14. Discussion outline Open Discussion New Approach to Talent Management Critical Workforce Segments The Talent Challenge
    15. 15. Why the old ways won’t work anymore <ul><li>Conventional Talent Management </li></ul><ul><li>Does not get to the heart of who creates the most value in the emerging business </li></ul><ul><li>Often not connected to business strategy or the pace of change </li></ul><ul><li>Tends to overlook value of employees already on board – with an expensive focus on acquisition and retention (e.g., companies tend to spend 50 times more on recruiting than training 1 ) </li></ul><ul><li>Human capital programs are often fragmented and divorced from key business imperatives </li></ul> In the U.S., companies spent $1,415 on average in recruiting costs for every $10,000 of new-employee compensation. But the median training expense per full-time worker in 2000 was $288. In companies of more than 5,000 people, it was only $109.
    16. 16. A new approach to managing talent <ul><li>Focus on Critical Workforce Segments (CWS) - that generate a disproportionate share of current or future value, typically in high demand and low supply </li></ul><ul><li>Integrate human capital programs to create a cohesive talent strategy based on business priorities. </li></ul>Organizations that focus on these 3 things “acquire and retain” talent
    17. 17. <ul><li>Invest in new and more robust training approaches, knowledge sharing tools and rotational programs in order to deepen skills within underwriting and claims workforces - developing the next generation of underwriters and claims professionals. </li></ul>Develop, deploy and connect your workforce Connect focuses on how individuals interact and perform together: Develop means helping employees build the capabilities they need to achieve personal and business goals: Deploy means providing employees with the experiences they need to perform to the full extent of their abilities: Create rotational programs for up and coming stars in the organization. Sourcing strategies should consider alternative workforces such as semi-retired insurance professionals. Create flexibility in the work environment (e.g., flexible work arrangements). Establish communities of practice and mentoring programs to connect seasoned workers to the junior workforce. Establish knowledge management programs to retain key knowledge from aging employees and pass down to new joiners. Enabled by Integrated Human Capital Programs Develop Deploy Connect Alignment Commitment Capability Manage Performance
    18. 18. Some important talent levers <ul><li>Begin by assessing the effectiveness of existing talent programs to determine the need for enhancements or the development of new programs to improve the overall Talent Management effort. </li></ul><ul><ul><li>Provide employees with the skills, tools and insight they need to facilitate/accelerate their integration. </li></ul></ul>Orientation, Onboarding & Assimilation <ul><ul><li>A strategic and integrated process of setting, tracking and measuring individual performance objectives against organizational goals and competencies to develop the capabilities of individuals and teams to deliver sustained success to organizations; including compensation strategies for hiring and retaining talent. </li></ul></ul>Performance Management & Total Rewards <ul><ul><li>Identifying and engaging the most appropriate candidates to staff an organization. Staffing includes placing the right people with the right skills in the right jobs to maximize personal performance and organizational success. </li></ul></ul>Recruiting & Staffing <ul><ul><li>Proactively managing the transition of people to minimize the risk of operational disruption. </li></ul></ul>Workforce Transition <ul><ul><li>Develop the capabilities of individuals and teams to deliver sustained success to organizations through a focus on learning strategy, systems and courses, knowledge management and leadership. </li></ul></ul>Learning & Development <ul><ul><li>Competency models are a set of observable behaviors that encompass the knowledge, skills, and abilities that drive high performance for a particular role, job family, or function. Once defined, they serve as the integrating platform across interview assessments, learning paths and performance evaluations. </li></ul></ul>Competency Modeling
    19. 19. Some important talent enablers <ul><li>Enablers are significant elements in the organization environment that enable successful talent strategies and solutions and unlock talent potential. </li></ul><ul><ul><li>Workplaces of the future often focus on virtual and remote spaces but we must not lose sight of physical spaces. The design of workspaces to reflect the nature of work – not hierarchy – is now recognized as an enabler of productivity. </li></ul></ul>Virtual Workplace <ul><ul><li>In addition to having the right talent it’s critical to have that talent operating in an organization and jobs structured for optimal performance and learning. </li></ul></ul>Organization & Job Design <ul><ul><li>In order to enable talent solutions, technology must be included as part of the overall solution and incorporated into the long-term talent roadmap. </li></ul></ul>Collaboration & Knowledge Management Technologies <ul><ul><li>Culture can support or work against the business and talent strategies. Understanding what it is and desired changes can help shape the talent solutions chosen; for example, performance and rewards are key influencers of culture and behavior. </li></ul></ul>Culture
    20. 20. Putting the pieces together
    21. 21. Open discussion What is the role of leadership and line management versus HR in effecting change? What has worked particularly well in your organization? What is the correlation between your workforce and your workplace?
    22. 22. Discussion outline Open Discussion New Approach to Talent Management Critical Workforce Segments The Talent Challenge