Empowering and engaging millennials with Nakisa's talent solutions
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Join Chuck Frosst and Jon Druker as they discuss upcoming workforce trends and demographic changes, and suggest how to prepare your business for the upcoming human capital evolution. In the 60-minute session, Chuck and Jon answer questions such as: - Who are Millennials and how will they impact your business? - How can your organization get ready for workforce changes? - What are the enablers to engage your new workforce and align it with your business goals? - How can Nakisa’s business solutions improve employee retention and performance? - What are the benefits of running Nakisa’s business solutions?
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Empowering and engaging millennials with Nakisa's talent solutions
- 1. The webinar will begin shortly 700+ enterprise customers 4M+ subscribers Caters to 24+ industries Utilized in 125 countries Available in 18 languages @NakisaInc #NakisaMfactor Providing solutions since 2001 Headquartered in Canada Leader in Human Capital and Financial Management Solutions
- 2. Webinar Empowering and engaging millennials with Nakisa’s talent solutions #NakisaMfactor Thursday, November 20, 2014 © 2014 Nakisa Inc. All rights reserved. #NakisaMfactor 2
- 3. Your presenters Chuck Frosst Chief Operating Officer & HR Professional Chuck.Frosst@nakisa.com Jon Druker Senior Product Manager, Talent Management Jon.Druker@nakisa.com @NakisaInc #NakisaMfactor © 2014 Nakisa Inc. All rights reserved. #NakisaMfactor 3
- 4. Webinar navigation Control panel Type your questions here © 2014 Nakisa Inc. All rights reserved. #NakisaMfactor 4
- 5. Agenda Key workforce trends Goals and performance management: transition to the new workforce Nakisa® Goals & Performance™ Key takeaways and recommendations Q & A © 2014 Nakisa Inc. All rights reserved. #NakisaMfactor 5
- 6. The C-Suite’s top 3 business priorities Growth at the top of the agenda 1. Increasing enterprise growth 2. Delivering operational results 3. Reducing enterprise costs © 2014 Nakisa Inc. All rights reserved. #NakisaMfactor 6
- 7. What are the underlying challenges and why? 01 02 03 60% concern over new market entrants 82% of change is ineffective 1 in 2 post-merger integrations fail $450bn price-tag for disengaged employees 93% of talent strategies need to change 04 05 © 2014 Nakisa Inc. All rights reserved. #NakisaMfactor 7
- 9. Demographic Trends 6.3 x 50% Career Independence Freelancers impatience Managing generational change and contingent workforce with different perspectives and attitudes towards HR processes is a key challenge © 2014 Nakisa Inc. All rights reserved. #NakisaMfactor 9 Source: PWC and Mashable 88% 72% Millennials Collaborative work culture 50%
- 10. Key Workforce Trends Half of employers are already accepting internship applications from “Gen Z” Are you prepared?
- 11. Key Workforce Trends As many as 63.3% of baby boomers in executive roles will be eligible for retirement in the next five years Do you have good succession planning?
- 12. Key Workforce Trends 71%of Millennials want their colleagues to be like “second family” How social is your company?
- 13. Key Workforce Trends 38% of the workforce is already managed by Millennials Are you prepared?
- 14. POLL © 2014 Nakisa Inc. All rights reserved. #NakisaMfactor 14
- 15. Goals and performance management Transition to the new workforce
- 16. How do the millennials affect HCM processes and systems? Processes Systems Alignment of talent’s skills, energy and effort Increase the level of engagement New disruptive processes for • Goal-setting • Performance management • Linking business strategies to employees for greatest impact • Customer-centricity Use and display aggregated data Analytics to track and anticipate talent needs Organizational data to model and verify effectiveness © 2014 Nakisa Inc. All rights reserved. #NakisaMfactor 16
- 17. Goals and Performance Affecting your talent Past model Problems 1 2 3 4 5 Annual reviews Time and effort intensive Infrequent conversation Forced ratings and bell curves Not aligned with the business imperatives Doesn’t drive employee engagement Misalignment jeopardizes retention Focuses on historical data Conversations not timely Doesn’t allow for real-time adjustments © 2014 Nakisa Inc. All rights reserved. #NakisaMfactor 17
- 18. Goals and Performance management trends Problems 1 2 3 4 5 Doesn’t drive employee engagement HR and business not aligned Focuses on historical data Conversations not timely Don’t allow for real-time adjustments Current model Continuous conversations Continuous and timely feedback Employees driving their career development Collaboration and teamwork Direct link between employees and business outcomes © 2014 Nakisa Inc. All rights reserved. #NakisaMfactor 18
- 19. What’s needed to connect with millennials • Connect employees to top strategic goals – and to other employees • Allows for real-time, any-time input from stakeholders • Ensures right talent is working on the right strategy • Use collaboration and communication tools that lead to goal transparency and cooperation • Increase engagement by giving them direct access to career development © 2014 Nakisa Inc. All rights reserved. #NakisaMfactor 19
- 20. POLL © 2014 Nakisa Inc. All rights reserved. #NakisaMfactor 21
- 21. Nakisa® Goals & Performance™
- 22. Nakisa® Goals & Performance™ Solution highlights • Goal visibility and transparency top-down, bottom-up • Alignment of the right talent to the business goals • Adapt and modify goals as needed • Real-time collaboration • Employees see they have an impact on the organization © 2014 Nakisa Inc. All rights reserved. #NakisaMfactor 23
- 23. Solution demonstration @NakisaInc #NakisaMfactor
- 24. Key takeaways and recommendations
- 25. What Nakisa® Goals & Performance™ gives you… Key takeaways Leads to Enables you to have Aligned culture, process and people Focus on strategic outcome-based goals Greater employee engagement Greater employee retention Right talent is aligned to right challenges Conversations Alignment to business outcomes Coaching & development Collaboration Goal transparency © 2014 Nakisa Inc. All rights reserved. #NakisaMfactor 26
- 26. Thank you! Questions? Chuck Frosst | Chief Operating Officer | Nakisa Inc. Chuck.Frosst@nakisa.com @NakisaInc #NakisaMfactor Jon Druker | Senior Product Manager, Talent Management | Nakisa Inc. Jon.Druker@nakisa.com
- 27. Next Steps… BOOK a personalized product demonstration: nakisa@nakisa.com CONNECT with us on Twitter, LinkedIn, Facebook, YouTube, and Google+ for the latest news & events. RECEIVE Millenniopedia and the Workforce 2020 factsheet courtesy of Nakisa for attending this Webinar. WATCH The organizational and talent management demo sneak peeks videos http://www.youtube.com/user/Nakisainc?feature=watch VISIT the Nakisa Talent Management webpage. http://www.nakisa.com/solutions/solut ions-overviews/org-management.htm © 2014 Nakisa Inc. All rights reserved. #NakisaMfactor 29
- 28. @NakisaInc #NakisaMfactor 700+ enterprise customers 4M+ subscribers Caters to 24+ industries Providing solutions Utilized in 125 countries Available in 18 languages since 2001 Headquartered in Canada Leader in Human Capital and Financials Management Solutions
Editor's Notes
- Hello and welcome to Nakisa’s webinar: Empowering and engaging millennials with Nakisa’s talent soluitons. We’re very excited that you could join us today and to have the opportunity to share with you information on Nakisa’s Millennial-ready solutions that can help your business prepare for and keep up with the evolving workforce dynamics. My name is Amani and I work in the Marketing Department at Nakisa. I’ll be your moderator today and will be facilitating questions and answers at the end of the webinar. So please don’t be shy to send in your questions. Nakisa is a world-class Organizationa and Talent management company located Before we start, I’d like to introduce the team.
- Speaking on the panel today are Chuck Frosst and Jon Druker Chuck is the Chief Operating Officer here at Nakisa, as well as a seasoned HR strategist with over 20 years of experience in the profession. His specialties include executive leadership and coaching in human capital management, global business management, organization and talent management, and business strategy and planning. Jon is the senior product manager for the talent management suite here at nakisa and has been working in the IT industry for over 15 years. He works closely with customers and industry experts to build world-class, robust HCM software solutions that address today’s business challenges. Please note that you can find us on Twitter @NakisaInc., and we encourage you to tweet during today’s webinar using hashtag #NakisaMfactor
- Before we start today’s session, we’ll just go over a few navigation pointers about the GotoWebinar service. To ensure the best audio quality possible, everyone except for our panelists is muted. You may ask questions at anytime during the webinar by typing them in the questions tab located in the control panel to the right of your screen. This session is being recorded and both the slides and the content will be made available to you after the webinar session has closed. So, let’s get started. Over to you, Chuck.
- As you can see, we have a full agenda for you today. Starting off, we’ll speak about some of the key workforce trends that we see in the marketing, continueing on with how the transition to the new workforce affects goals and performance management. We’ll then take a look at nakisa’s Goals & Performance solution including a live demo. We’ll be ending off with Key recommendations and takeaways and then go into the Q&A session. So, let’s get started. Over to you, Chuck.
- 2014 will be the year that CEOs and senior executives prioritize growth, according to a recent survey by Gartner, Inc. The 2014 Gartner CEO and Senior Executive Survey found that that there is currently a "risk-on" period when CEOs perceive that risk is lower, and they are prepared to invest in longer-term growth. The top three business priorities were: Increasing enterprise growth Delivering operational results Reducing enterprise costs The survey results show that growth is the top priority by far, with CEOs and executives displaying a bullish attitude toward technology-related business growth in 2014 and 2015. http://www.gartner.com/newsroom/id/2707517
- With so much on the executive plate, are these initiatives being addressed effectively? What are the underlying challenges and why? 1. In the PWC 2014 CEO Survey 60% reported concern about the headway new entrants are making into their markets eroding their market share and threatening investments. Continued uncertainty surrounding emerging economies underscores how difficult it is to predict costs and manage investments. http://www.pwc.com/us/en/ceo-survey-us/2014/assets/2014-us-ceo-survey.pdf ---------------------------------------- 2. The Gallup Business Journal estimates that actively disengaged employees cost the US between $350-$450 billion. High levels of disengagement are grounded in lack of alignment around common goals and priorities and poor leadership. http://businessjournal.gallup.com/content/162953/tackle-employees-stagnating-engagement.aspx Furthermore, operating models and associated cost structures must also evolve in order for organizations to stay competitive. 60% of US CEOs expect to restructure operations in 2014 to contain costs. http://www.pwc.com/us/en/ceo-survey-us/2014/assets/2014-us-ceo-survey.pdf ---------------------------------------- 3. In a 2014 PMI report - 82% of organizations are minimally or moderately effective at managing change. The root causes are listed as insufficient communications, lack of leadership and poor project performance. http://www.pmi.org/~/media/PDF/Publications/Enabling-Change-Through-Strategic-Initiatives.ashx ------------------------------------------------------------ 4. According to PWC (2014) CEO survey - 93% of CEOs say that they recognize the need to change their strategy for attracting and retaining talent. CEOs are unsure of the solution. They site two trends: 1. the redrawing of the skills map - through urbanization and demographic shifts (75% of the workforce will be millennials by 2025) and 2. technological advances - changing the foundations of our understanding of where and how we work and how employers find, train and manage people. http://www.pwc.com/gx/en/hr-management-services/publications/assets/ceosurvey-talent-challenge.pdf -------------------------------------------------------------------- 5. Deloitte found that 1 in 2 post-merger integrations fail due to: quality of financial figures, execution plan viability, org & management structural differences, changes at the managerial level, integrations managers experience and limited HR capacity. http://www.deloitte.com/view/en_US/us/Insights/Browse-by-Content-Type/deloitte-review/0cbc9e513cf26210VgnVCM100000ba42f00aRCRD.htm
- Millenials want to provide input on their work assignments and want and need the support of their supervisors How do you connect with them? Place a high priority on: workplace culture and environment, emphasizing teamwork sense of community transparency (as it relates to decisions about their careers) The Intelligence Group studies of Millenials found that: 64% of them say it’s a priority for them to make the world a better place 72% would like to be their own boss; if they do have to work for a boss, 79% of them want boss to serve more as a coach or mentor 88% prefer collaborative work culture rather than competitive one 74% want flexible work schedules 88% want “work-life integration,” not the same as work-life balance, since work and life now blend together inextricably
- Key Trends: 1. Companies hiring Generation Z for internships. While many companies are still trying to understand and connect with Gen Y (or millennials), some companies are going to be heavily invested in the upcoming generation, Gen Z. Gen Z’s, born between 1994 and 2010, will become a major target for companies looking to recruit interns next year. The oldest Gen Z will be a senior in college in 2015. In addition, more companies are going to be recruiting high school students for their internship programs, including Deloitte, Microsoft, Rackspace and Lockheed Martin. In a study earlier this year, we found that half of employers are either currently accepting applications from high school students for internships or plan to this year. Companies like Facebook, LinkedIn and VMware are already paying high school students thousands of dollars to be interns and next year more companies will jump on board. This is happening for two major reasons: 1) companies are trying to close the skills gap (STEM) 2) companies are desperately trying to compete for the very best talent so they have to build brand awareness early and that means high school. Source: http://www.forbes.com/sites/danschawbel/2014/10/29/the-top-10-workplace-trends-for-2015/
- Key Trends: Succession planning becomes a top priority. There is no doubt that succession planning is going to be a major concern for companies starting next year as more boomers start to retire. One of the ways that companies are handling succession planning is to keep some workers on the payroll. About 65% of workers plan to work for pay in retirement. You will start to see companies hold onto their older workers in order to transfer their knowledge to younger ones. Many CEOs are going to be retiring this fall too, including Deloitte’s, Molson Coors and Ford’s Mulally retired earlier this year. Source: http://www.forbes.com/sites/danschawbel/2014/10/29/the-top-10-workplace-trends-for-2015/2/
- Key Trends: Social media posts used to attract and retain talent. We will start seeing more social media updates, and blog posts, from companies in 2015. In order to stand out as an employer, companies will need to start posting more work culture related posts and leveraging their employees to share them. 58% of people are more likely to want to work at a company if they are using social media and over 20% are more likely to stay at their companies if they are using social media. People want to work for interesting companies and when they see social media posts, it gives them a better sense of what they are about. They are sick of seeing press releases and corporate websites and want something that is more “real”. Source: http://www.forbes.com/sites/danschawbel/2014/10/29/the-top-10-workplace-trends-for-2015/2/
- Key Trends: More millennials are taking leadership roles. A few years ago, PayScale.com and my company found that nearly 13% of all millennials in America were managers already. That number is expected to grow in 2015 as millennials become the largest percentage of the workforce for the very first time. In a new study between my company and Elance oDesk, we found that 27% of millennials are already managers, 5% are senior management and 2% are executives. In 10 years, 47% want to be managers or senior managers, 7% want to be executives and 15% want to be business owners. Ernst & Young has also helped identify this trend by reviewing their own workforce composition and finding that 59% of their managers are already millennials and 18% are senior managers. 90% of all millennials who are managers took their role in the past five years. In another study by CareerBuilder, they found that 38% of the workforce is already managed by millennials and that’s already caused a few problems including favoritism towards other millennials and them thinking they know more than older workers. The problem these new managers are having is that they are unprepared for the positions. They were never trained on how to be good managers and are being pushed into these roles out of necessity – companies are losing older workers and positions are opening up fast.
- Poll – What do Millennials mean when they say: I want to be my own boss? I want to start my own business I want to become CEO of this company I want to have real impact on the business Excerpt from Millenniopedia, that will be shared with all webinar attendees: What they mean Although Millennials are an entrepreneurial generation, it’s a misconception that they thrive to be their own boss. In fact, they don’t appreciate the concept of “bosses” at all. The reality is that these young adults don’t want to work for others who are too demanding or constraining. Gen-Y wants to be more than just workers in the assembly line – they want to have real impact on the business and are looking for more insight into the company strategy and direction. The desire for starting their own business is actually a call for transparency, independence and flat hierarchies. What this means for HR To address their aspiration for independence and insight, HR and Managers need to offer ways for their Generation Y to participate in strategic initiatives and carry responsibilities. Supervisors need to provide guidance and clarity into how their youngest employees can contribute towards their business objectives, while giving freedom for their own execution and avoiding micro-management.
- *Source: Forrester Disrupt The Employee Performance Process To Align With Business And Customer Outcomes, July 2014, Paul D. Hamerman and Claire Schooley, July 2014 Small, yet significant steps like these can end up saving organizations an average of $24,000 (per Millennial) in replacements costs. (Source: Experience Inc./Microsoft: The Cost of Gen Y Turnover & the Importance of Finding “the Right” Candidate (2008))
- *Source: Forrester Disrupt The Employee Performance Process To Align With Business And Customer Outcomes, July 2014, Paul D. Hamerman and Claire Schooley, July 2014 Millennials will be required to leapfrog into leadership roles within the next 5 years As many as 63.3% of baby boomers in executive roles will be eligible for retirement in the next five years. (Source: PwC Saratoga: 2013/2014 US Human Capital Effectiveness Report (2013))
- Performance management technology that uses collaboration and communication technology in the process and isn’t calendar-bound Transparency on the goals, what they mean for each and every employee; key component to achieving organizational buy-in that drives performance and engagement Employee empowerment to drive their career based on outcomes, enhance competencies Alternative methods to reward and recognize talent that drives the desired business outcomes beyond pay, e.g. Collaboration, teamwork, customer focus Coaching, mentoring for career satisfaction ---- Solution that enables you to: Connect employees to top strategic goals Allows for real-time, any-time input from stakeholders Ensures right talent is working on the right strategy Analytics and outcomes on based on real-time data Use collaboration and communication tools that lead to goal transparency for each employee Increase employee engagement by giving them direct access to career development Build a holistic picture of your employees by aggregating data with other corporate data
- Poll – How many of you use Excel files Manual process A dedicated tool We do not currently have a goals & performance management process in place To set goals and measure performance?
- Jon Demo Story Align goals and measure with customer and business outcomes (Employee perspective) Continuous Feedback and growth Engagement, empowerment and employee motivation Future oriented, continuous improvements & outcomes Works towards collaboration, common goals
- The result: Save on unnecessary recruitment costs by leveraging your existing talent to its full potential Changes culture, process and people in your organization by adapting your performance management processes to coming generational and business changes Strategy of linking goals to outcomes gives greater clarity and empowers talent; leads to greater employee engagement, thus using the talent you already to its full potential
- Jon
- Q1: Chuck You mentioned this new Generation Z. I’m not familiar with them..can you explain who they are and what this means for business today? Q2: Jon Can speak to the solution concept behind Goals & Performance and why you took a very business focused approach? Q3: Jon What are you seeing in terms of trends for performance management processes? What are most businesses doing?
- Ladies and gentlemen, we thank you for your time and attention. This webinar is now concluded.