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Talent Management in Year 2020: Deloitte Study

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Bersin by Deloitte Study about the world of work in the year 2020. …

Bersin by Deloitte Study about the world of work in the year 2020.

What will work look like when millennials take over the workforce? How will we manage our talent differently in the near future?

Here we look at the challenges for talent managers in addressing a multi-generational workforce. What changes might HR professionals face in attaining, developing, engaging, retaining and rewarding the employees in their workforce at the end of the decade?

In this presentation, Dr. Katherine Jones, Deloitte Consulting LLP, will cover some myths and realities about the populations entering the workforce today with considerations on what that may mean for the entire workforce by the year 2020.

Published in: Technology, Business
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  • 1. Talent Management 2020 How to Get There from Here Slides compiled by: Katherine Jones, Ph.D. Vice President, HCM Technology Research Bersin by Deloitte Deloitte Consulting LLP 1
  • 2. Next Generation Talent Management Solutions: Think about 2020  Who will we be managing in 2020?  How will we manage our talent differently than we do today?  How might it change the way we look at “work?” 2
  • 3. Bye-Bye Boomers!  By 2029, the U.S. workforce will have waved “bye-bye” to the Baby Boomers leaving Generation-X the Millennials and their successors at the helm of organizations.  Today’s Ages (Roughly): - Boomers are between 51-68 - Gen X are 30-50 - Millennials are 8-29 3
  • 4. Bye-Bye Boomers!  By 2029, the U.S.  Today’s Ages workforce will have (Roughly): waved “bye-bye” to the  Boomers are between Baby Boomers leaving Millennials51-68 be will Generation-X the 50% of the USA 30-50  Gen X are Millennials and their successors at workforce in the helm  Millennials are 8-29 of organizations. 2020 4
  • 5. Millennials: • Born between 1982 and 2004 • In 2020, they will be between 16 and 28 years old 5
  • 6. Question Respond in the Comments section below Are you a: Boomer – Born between 1945 and 1961 Generation-X-er – Born between 1961 and 1981 Millennial -- Born between 1982 and 2003 (also known as “Generation-Y 6
  • 7. Millennials are Different 7
  • 8. 80% of Millennials sleep with their phones next to their beds They send about 20 txts a day http://www.forbes.com/sites/jeannemeister/2012/10/05/millennialmindse/ 8
  • 9. They are “trophy kids” – Participation is enough to get an award 9
  • 10. Millennials are a Global Phenomenon • 75% of the global workforce by 2030. : 10
  • 11. 28 % of managerial positions in the U.S. are already held by Millennials 11
  • 12. Question: The Wild Guess Question What percent of your workforce today is represented by: 1/4 1/2 3/4 100% Boomer Gen X Millennial › Boomer – Born between 1945 and 1961 › Generation-X-er – Born between 1961 and 1981 › Millennial -- Born between 1982 and 2003 12
  • 13. What Will Matter at Work: The Millennials…  Have developed work characteristics and tendencies from doting parents, structured lives, and contact with diverse people.  Are used to working in teams and want to make friends with people at work.  Work well with diverse coworkers. 13
  • 14. Collaboration is Global Collaboration is Global And immediate 14
  • 15. But the Global Picture for Millennials isn’t Pretty…  More than 7.5 million young Europeans aged between 15 and 24 are not employed or enrolled in education or training  The rate of youth unemployment is more than double that for adults, and more than half of young people in Greece (59%) and Spain (55%) are unemployed. (Marc Coleman):http://blog.hrtecheurope.com/2013/05/future-work-millenial-update 15
  • 16. 16
  • 17. 17
  • 18. Myths Prevail  Myth: Millennials are socially focused and motivated by giving back to society.  Reality: Millennials have lower scores in altruism, coupled with higher narcissism, assertiveness, self-esteem, and individualistic traits in general. 18
  • 19. Unique Traits of Millennials—Based on Research
  • 20. 20
  • 21. Less Prepared Standardized test scores of high-school students in the U.S. continue to be at an all-time low Motivated Even in high school, Millennials In the U.S. worked to the same extent as Gen-Xers and Boomers. Pursuit of Balance Work is less central to their life and their identity; more younger workers today expect a meaningful life outside of work. Happy Campers American Millennials are more satisfied with their work than are GenXers and Boomers. 21
  • 22. What Millennials Need at Work Bersin & Associates. 2011. 22
  • 23. HR’s Effectiveness and Managerial Competence in Delivering What Millennials Need 23 Bersin & Associates. 2011.
  • 24. 24
  • 25. 25
  • 26. Employed with Benefits Interim Exec Long-term temp Short-term Contingent Contractor By 2020, more than 40% of the US workforce will be contingent workers; that’s more than 60 million people 26
  • 27. “Work” is Where the Worker is Or Will Be… 27
  • 28. What Will it Mean for your 2020 Workplace? 28
  • 29. Conclusions: HR Action Items  Recruit and hire to compensate for younger employees’ higher turnover rates  Plan for the mobile, contingent workforce  Beef up your manager’s onboarding skills  Address your learning programs: develop the Millennials’ skills to close the gap left by secondary education  Support innovation and collaboration – seek the balance between fresh (sometimes irreverent) ideas and working with a team to make ideas reality  Provide acknowledgment for achievements through pay-for performance practices and other types of recognition to motivate  Promote employee engagement to counteract Millennial flight 29
  • 30. This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte shall not be responsible for any loss sustained by any person who relies on this publication. 30
  • 31. About Deloitte Deloitte ref ers to one or more of Deloitte Touche Tohmatsu Limited, a UK priv ate company limited by guarantee, and its network of member f irms, each of which is a legally separate and independent entity . Please see www.deloitte.com/about f or a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member f irms. Please see www.deloitte.com/us/about f or a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain serv ices may not be av ailable to attest clients under the rules and regulations of public accounting. Copy right © 2013 Deloitte Dev elopment LLC. All rights reserv ed. Member of Deloitte Touche Tohmatsu Limited
  • 32. Click here to Learn More www.saba.com 32

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