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Myths: Winning with talent or not?
 

Myths: Winning with talent or not?

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Because people touch many aspects of an organization, a focus on human capital risk is a very important part of an effective management and compliance program. “Yet it is also because of this ...

Because people touch many aspects of an organization, a focus on human capital risk is a very important part of an effective management and compliance program. “Yet it is also because of this ‘human factor’—the complex involvement of people in the many aspects of the business—that ownership of human capital risk management can end up ill defined,” says Michael Fuchs, principal, Deloitte Consulting LLP.

Many organizations today face major challenges in keeping pace due to a lack of clarity around roles and responsibilities and out of date leadership metrics needed to train / lead the global blended workforces of the 21st Century. Winning global blended work teams are priceless and difficult to design and develop – the reason you will need outside resources.

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    Myths: Winning with talent or not? Myths: Winning with talent or not? Presentation Transcript

    • Myths ● Denials ● Rethinking What CxO’s need hear! It’s Time for Straight Talk . . . . about a Blended Workforce and Talent Acquisition SP3M Competing for the Future © SP3M Group LLC All rights reserved Talent Solutions with Purpose
    • Myth #1 COMMON BELIEF: There will be plenty of talent in the ranks of the unemployed to choose from if/when I need more employees. REALITY: The longer unemployed semi-skilled or skilled workers are out of work, the less likely they are to have kept pace with the job skills development they will need to be productive in the new economy. We are now seeing nearly 10,000 retirements per day from the workforce according to the Social Security Administration. Incoming Gen y and Gen x combined are a smaller pool of skilled workers with fewer business skills and vastly different work and learning behaviors than the “work your way up the ranks” baby- boomers possessed. Supply and demand plus expected new compensation (tax) laws will dictate. When “A” players are bid up and out, analytics, career path opportunities and training offerings will dictate. © SP3M Group LLC All rights reserved SP3M Competing for the Future Talent Solutions with Purpose Call us today 678.532.7090To find us Google SP3M
    • Myth #2 COMMON BELIEF: I will be hiring soon to meet growth demands. There will be plenty of skilled talent available. REALITY: In case you haven’t heard, employers can’t find enough skilled workers to fill current openings. Statistics indicate only one skilled worker for every six openings is available in the labor markets and that “skills gap” is increasing. More than 60% of currently employed knowledge workers say they will seek opportunities elsewhere when the economy improves. That means they are unhappy with their current job and/or employer. It could be your company. Again, the longer unemployed workers remain out of work, the less likely they are to have kept pace with the job skills development they will need to be productive in the new economy. Incoming Gen y and Gen x combined are a much smaller pool with fewer business skills and vastly different work and learning behaviors. © SP3M Group LLC All rights reserved SP3M Competing for the Future Talent Solutions with Purpose Call us today 678.532.7090To find us Google SP3M
    • Myth #3 COMMON BELIEF: My employees are loyal, compensated well and happy to work here. “They are lucky to be working here.” REALITY: Are you absolutely sure of that? What empirical data from an objective source do you have to support that belief? Are you willing to risk your business if 10% of your workforce left for another job during the same week? Most companies slashed HR, training and learning budgets in 2008, 2009 and 2010. Many have had lay offs, payroll freezes, bonus cuts and expected everyone to do more with less. If any of this fits your organization, how would you rate your chances of loyal retention when you want to hire to grow your business? © SP3M Group LLC All rights reserved SP3M Competing for the Future Talent Solutions with Purpose Call us today 678.532.7090To find us Google SP3M
    • Myth #4 COMMON BELIEF: We don’t need any more learning or performance systems. We just need to improve productivity. REALITY: To compete in the new economy, you will need engaged talent, virtual teaming with fair performance measurement tools, open feedback in an open environment, and solid leadership to gain a competitive advantage to achieve more productivity gains. More importantly, you will need to incubate that talent to germinate new ideas, create innovation to retain their interest and service. You may not need more performance support tools. You may not have the right tools, but their automation and seamless integration is necessary for just-in-time learning for knowledge enabled teams to meet your business objectives in a sustainable manner. © SP3M Group LLC All rights reserved SP3M Competing for the Future Talent Solutions with Purpose Call us today 678.532.7090To find us Google SP3M
    • Myth #5 COMMON BELIEF: We already have great learning and training systems selected and run by our IT Department, but these have not produced the results promised. REALITY: The “War for Talent” isn’t about which supporting technology is better or has the advantage. IT, software and SaaS development cycles removes much of the advantage early adopters once had in using technology. Sure IT performance has to continue to improve, but learning and better management has to improve across the enterprise as well. This war is about talent. People not IT. How you treat and develop them. The talent that keeps your business growing. Very soon talent acquisition, development, and retaining high performers (HiPos) methods will be the ONLY real competitive advantage. © SP3M Group LLC All rights reserved SP3M Competing for the Future Talent Solutions with Purpose Call us today 678.532.7090To find us Google SP3M
    • Myth #6 COMMON BELIEF: Talent selection, development and training is an HR function and responsibility. REALITY: Talent strategy in this environment begins at the top with hands on direction. If only half of the recent research studies on these subjects are correct and census data accurate the “War for Talent” will become very intense. It already is for engineers, healthcare professionals and even fine dinning restaurant servers. Turnover will increase due to talent mobility and shortened product life cycles requiring continual shifts in skills requirements. With the incoming generations, it’s not about who pays best. With outgoing generations, you may have no idea how much intellectual capital walks out the door with turnover or retirements. Contracting with former employees is, at best, only a short term fix and only adds to the cost of turnover. © SP3M Group LLC All rights reserved SP3M Competing for the Future Talent Solutions with Purpose Call us today 678.532.7090To find us Google SP3M
    • Myth #7 COMMON BELIEF: We need to work more closely with local higher education institutions to fill our future needs for talent. REALITY: Yes, that’s true, but the results will not be available any time soon -- if ever. How long do you think it takes to get approvals for curriculum changes businesses need and keep them current in the political environment of higher education that tends not to be business friendly? By comparison, how long did it take for Smartphones to become ubiquitous? Every minute of every day 70 hours worth of video content is uploaded to YouTube. The number of Facebook users now equals the third largest population on the planet. What a student learns during the first two years of a four year college undergraduate program will be obsolete by the time they graduate. We already have a shortfall of thousands of skilled workers right now! © SP3M Group LLC All rights reserved SP3M Competing for the Future Talent Solutions with Purpose Call us today 678.532.7090To find us Google SP3M
    • Myth #8 COMMON BELIEF: Our HR professionals are directed to provide a compensation program to compete for talent that will drive our growth strategy. REALITY: That’s great, but once you meet your salary cap, you will need to play “Money Ball” with good analytics, because pay is not the driver of incoming generationals. © SP3M Group LLC All rights reserved SP3M Competing for the Future Talent Solutions with Purpose Call us today 678.532.7090To find us Google SP3M
    • Myth #9 COMMON BELIEF: We use outside contractor resources and contingent workers as needed or for fixed term projects to achieve our business goals. REALITY: Great. That’s a good strategy to optimize cost per employee, but is it measured against customer experience and internal cooperation with part or full time employees.? Do you have a Vendor Manager and a vendor management system that delivers accountability metrics? Is the cost for outside resources factored into your cost per employee and cost per sale? As the use of outside or contingent workforce continues to grow, the pool of skills in the market will just shrink faster. What are your options or alternatives when that occurs? © SP3M Group LLC All rights reserved SP3M Competing for the Future Talent Solutions with Purpose Call us today 678.532.7090To find us Google SP3M
    • Myth #10 COMMON BELIEF: We can’t backfill years of neglect and abuse of our formal education system. Why is private enterprise expected to provide skills development and take the chance of training folks that move on? REALITY: You’re right. It’s stinks. We are stuck with our lack of insight and reactionary attitude toward the failures in our formal education system. Higher education programs from athletes to underprivileged have been abused at the expense of the average students’ knowledge growth. However, the facts are what they are. Educated workers will come to you without some skills previously learned at entry level jobs that no longer exist. They will change jobs several times in their working career faster whether you invest in them or not. Those companies which have the best attraction of continued learning and retention programs will have a competitive advantage. © SP3M Group LLC All rights reserved SP3M Competing for the Future Talent Solutions with Purpose Call us today 678.532.7090To find us Google SP3M
    • Teamwork creates success! Collaborative teamwork wins championships! © SP3M Group LLC All rights reserved The answer is, there is NO one answer and, yes, there will always be risks to assess and measure. The answers you will need for this month, quarter, or year may not be the same answers you will need for next quarter or year. The same business philosophy must be applied to your to ongoing management and blending of talent utilization. You will need to use a combination of acquired talent, up-skilling your current skills gaps by categories of need. You may also need rapid learning content that can be repurposed while contract specialists fill gaps until you can build or repurpose performance support tools and metrics into a manageable and scalable system. SP3M Competing for the Future Talent Solutions with Purpose Now you may be thinking how can you hit your target business goals without rolling the dice and find a means to mitigate risk? Call us today 678.532.7090To find us Google SP3M
    • © SP3M Group LLC All rights reserved SP3M Competing for the Future Talent Solutions with Purpose The primary issue is to provide your HR staff with outside expertise to help assess, design and install a sustainable business and talent model in a timeframe and with an ROI you can live with. Here’s what doing more with less can sometimes achieve. This is NOT Teamwork! NOR is it providing ease of use with learning and technology! Call us today 678.532.7090To find us Google SP3M
    • © SP3M Group LLC All rights reserved The graphic above is similar to the outdated post WWII organizational structure which far too many firms still retain. All recent data suggests those with flatter management structures and grooming workers for the new economy with multi-generationals in virtual teaming mode with just-in-time accessed information and push/pull learning wins championships. Learn more at: www.competing4thefuture.com www.blendedworkforce.com www.sp3mike.com SP3M Competing for the Future Talent Solutions with Purpose So if you find yourself confused about the path ahead, you are not alone. Call us today 678.532.7090 To find us Google SP3M
    • Teamwork creates success! Intelligent teamwork wins championships! © SP3M Group LLC All rights reserved Sometimes an outside objective view can help align all the right skills and tools you need. The graphic above is similar to the outdated post WWII organizational structure which far too many firms still retain. All recent data suggests those with flatter management structures and grooming workers for the new economy with multi-generationals in virtual teaming mode with just-in-time accessed information and push/pull learning wins championships. Learn more at: www.competing4thefuture.com www.blendedworkforce.com www.sp3mike.com SP3M Competing for the Future Talent Solutions with Purpose Call us today 678.532.7090 To find us Google SP3M