LinkedIn Study
‘5 reasons CEOs should look at talent management like an
economist’
5 reasons CEOs should look at talent management like an economist

Introduction
Ronan Mahon
Talent Solutions Consultant
Li...
5 reasons CEOs should look at talent management like an economist

1. The power lies with the job seeker
More Australians ...
5 reasons CEOs should look at talent management like an economist

2. Candidate churn is inevitable but controllable
What ...
5 reasons CEOs should look at talent management like an economist

3. The working population is getting older
How is an ag...
5 reasons CEOs should look at talent management like an economist

4. Communicating with candidates is becoming increasing...
5 reasons CEOs should look at talent management like an economist

5. Social Media and Mobile Traffic is growing
62% of jo...
5 reasons CEOs should look at talent management like an economist

APPENDIX


ANZ Research – Job Advertisement Series
–

...
Upcoming SlideShare
Loading in …5
×

5 reasons ceo's should look at talent management like an economist v1

370 views

Published on

I wrote this report to help CEO's in the Australian market understand local recruitment trends. There is a growing gap in the Australian market when it comes to skilled workers. Baby Boomers are moving towards retirement and the pool of skilled graduates is shrinking. Basic supply and demand suggests that Australian business will struggle to recruit skilled candidates over the next 5-10 years. I can help CEO's use this knowledge to create proactive recruitment strategies to mitigate these challenges.

Published in: Social Media, Technology, Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
370
On SlideShare
0
From Embeds
0
Number of Embeds
16
Actions
Shares
0
Downloads
4
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

5 reasons ceo's should look at talent management like an economist v1

  1. 1. LinkedIn Study ‘5 reasons CEOs should look at talent management like an economist’
  2. 2. 5 reasons CEOs should look at talent management like an economist Introduction Ronan Mahon Talent Solutions Consultant LinkedIn I am delighted to be sending you this in-depth study designed specifically for CEOs, the objective of which is to assist Australian businesses in identifying the supply and demand gaps in the local skilled labour market, and give CEOs the knowledge to fill these gaps and overcome recruitment challenges. We have identified you as a recipient for this study due to your strong corporate presence on the LinkedIn platform. This may be the number of employees you have on the platform, the number of followers you have on your corporate page or the sheer volume of traffic your employees and company page receive each month. Economic conditions in Australia over the past 20 years have been extremely favourable. A prosperous economy has led to a number of key trends in the employment market, one of which is the balance of power now sitting with the employee. Employees have more opportunities and are more likely to move roles a number of times throughout their careers, at a cost to employers. 1 Another key trend in the Australian workforce is the increasingly aging population. As Baby Boomers move towards retirement there is an evident skills gap developing in the market which isn’t being closed by the lower number of graduates moving into the workforce. There is also an increasing gap when it comes to communication between employers and future employees. Traditional communication methods such as newspapers and job boards are now failing to reach potential candidates. The modern candidate also has access to much more information about employers. The candidate of today is researching potential employers on social media and mobile platforms. Getting your employment brand and value proposition in front of the right people through the appropriate medium is becoming increasingly more challenging and more important. Using the findings of this study we have established some key recommendation around the 5 major trends we are seeing emerging in the the Australian marketplace. Without action around these key trends we believe Australian businesses may struggle when it comes to attracting and retaining talent, thus impacting future business growth.
  3. 3. 5 reasons CEOs should look at talent management like an economist 1. The power lies with the job seeker More Australians employed than ever before. At 11.5 million, Australia currently has the highest number of people in employment in its history. More Jobs advertised than ever before. Statistically there have been 400% more jobs advertised in 2013 than there were in 2000. What could this mean for your business? This indicates that the balance of power lies with the employee due simply to supply and demand. As an employer your goal should be to attract and retain a higher quality of employee who is likely to stay with the organization for a longer period of time and achieve better results. How will your business do this over the coming decade given the increased demand for labour? 2
  4. 4. 5 reasons CEOs should look at talent management like an economist 2. Candidate churn is inevitable but controllable What are you doing to retain your best employees? 2 million Australians are likely to leave their jobs in the next 12 months. How can influence an employee’s decision? 80% of staff turnover is in the employer’s control with only 20% of staff citing external factors as a reason for leaving a role. What could this mean for your business? Retaining the best staff should be a clearly defined goal for any organization. Statistically, better quality hires are retained longer. You can control churn by looking at methods of hiring better quality staff and monitoring internal factors affecting their decision to stay. 3
  5. 5. 5 reasons CEOs should look at talent management like an economist 3. The working population is getting older How is an aging workforce going to affect your company in the next 5 years? Australia currently has the highest participation in the workforce for the 55+ age group in 30 years. What could this mean for your business? This could mean that you will have more staff retiring in the next 5-10 years. Strategically your business must plan to replace these people or provide adequate succession plans for your best staff and key roles. There are less people joining the workforce How are you preparing for a major skills gap? What could this mean for your business? Australia had become accustomed to a predictable working population pool that was expanding at 100-150k new workers every year. This is no longer the case. Businesses also report that younger employees simply do not have the skills to replace senior candidates. In Australia, 45% of business leaders believe that new graduates do not have the necessary skills for the workplace of today. Local government continues to restrict the supply of overseas, skilled labour and 457 visa workers resulting in a further widening of this skills gap. How will you find new talent when there are 50% less job seekers entering the workforce? 4
  6. 6. 5 reasons CEOs should look at talent management like an economist 4. Communicating with candidates is becoming increasing difficult How do you communicate with your current and future employees online? 96% of job seekers consider employer branding when deciding to apply for a job. 60% believe most companies’ employment branding is not good enough. 58% of candidates said they would take a 15% pay cut to work for an organization with the same values as their own. Statistically companies who are perceived to be better places to work make more money. What could this mean for your business? If you do not communicate your employee value proposition up front and in the appropriate channels, you are at risk of losing potential applicants. These skilled candidates will potentially bring their skills to other players in your market instead. Due to their superior skills sets, they are likely to earn more money for your competitors. 5 Do you feel this site offers a quality sennse of WHY people work here?
  7. 7. 5 reasons CEOs should look at talent management like an economist 5. Social Media and Mobile Traffic is growing 62% of job seekers are using social media to research your employment brand. Job seekers are also following up on social media to check if your claims on job boards are true! 30% of LinkedIn’s traffic is now coming from mobile devices and smart phones. What could this mean for your business? If your brand is not reflected on social media, and optimized for mobile devices, you are at high risk of missing out on the best candidates in the market. You are limiting your ability to both reach candidates and convince them that you are the employer of choice. What can you do next? How can you request a Health Check? In order to mitigate the impact that these trends may have on your organization’s ability to attract and retain the best staff, we recommend a LinkedIn Recruitment Health Check. Simply contact me on: rmahon@linkedin.com or 02 8072 2653 LinkedIn has vast amounts of company data and solutions to provide you with the best options to start overcoming future challenges today. 6
  8. 8. 5 reasons CEOs should look at talent management like an economist APPENDIX  ANZ Research – Job Advertisement Series –  OECD. Australians in jobs –  http://www.odgersberndtson.com/fileadmin/uploads/global/Documents/Baby_Boomers.pdf Salt, Bernard. KPMG: The Global Skills Convergence 2008 –  http://www.abs.gov.au/AUSSTATS/abs@.nsf/Lookup/4102.0Main+Features30Sep+2010 Odgers, Berndtson -After the Baby Boomers – A new generation of leadership –  http://www.insyncsurveys.com.au/resources/research/2012/10/retention-review-2012/ ABS 2010 Labour Force Survey –  http://marketing.bersin.com/2013-predictions.html 2012 Insync Surveys Retention Review –  http://www.careerxroads.com/news/files/2013%20Mystery%20Job%20Seeker.pdf Bersin & Deloitte Predictions for 2013 –  http://www.kinshipenterprise.com/_blog/Blog/post/ceo-leadership-in-the-age-of-social-media/#.UlTo6FDdcog CareerXroads Mystery Job Seeker Report 2013 –  https://netimpact.org/docs/publications-docs/NetImpact_WhatWorkersWant2012.pdf Kinship enterprise: CEO leadership in the age of social media –  http://www.deloitte.com/view/en_US/us/Services/consulting/human-capital/human-capital-trends/index.htm Net Impact – Talent Report. What workers want in 2012 –  http://careerbuildercommunications.com/candidatebehavior/ Deloitte Human Capital Trends 2013 –  http://www.conference-board.org/subsites/index.cfm?id=14514 Careerbuilder communications –  http://www.oecd.org/els/emp/Country%20Notes-AUSTRALIA.pdf The Conference Board CEO Challenge 2013 Report –  http://www.anz.com.au/corporate/research/australian-industry-economics/job-advertisement-series/ http://www.bernardsalt.com.au/advisory/reports Employment Arrangements, retirement and superannuation Australia – 7 http://www.ausstats.abs.gov.au/ausstats/subscriber.nsf/0/B3FCB22F23E8931ECA257566000CCED6/$File/63610_apr%20 to%20jul%202007(Reissue).pdf

×