Developing a Sustained Supply of Talent: The Total Rewards Approach, National Perspective

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Presented by Paul Rowson, managing director of WorldatWork at the 2011 Charlotte Chamber Workforce Summit

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  • Good morning everyone. I’m Ryan Johnson, WorldatWork members? I believe people come to conferences for 3 reasons.Learn somethingLet’s be honest – get out of the office for a couple of days. Am I right about that?Meet people, broaden their networks. So let’s take a minute and turn to the people next to you and/or around you and say hello, perhaps exchange business cards, etc.
  • Developing a Sustained Supply of Talent: The Total Rewards Approach, National Perspective

    1. 1. Developing a Sustained Supply of Talent: The Total Rewards Approach, National Perspective<br />Presented by<br />Paul Rowson, CCP, GRP, WLCP<br />WorldatWork<br />
    2. 2. Presenter’s Bio<br /><ul><li>Managing Director, WorldatWork Washington, D.C. Office/Conference Center
    3. 3. Senior HR and line management leadership positions at Fannie Mae, Alexus International and Marriott International
    4. 4. Member, Secretary of Labor Robert Reich’s Commission on Achieving Necessary Skills
    5. 5. Chaired the Employer Advisory Committee to the District of Columbia’s Department of Employment Services</li></ul>Paul Rowson, CCP, GRP, WLCP<br />
    6. 6. Our Agenda<br />Total Rewards overview and current employee engagement factors<br />What does skills do businesses expect coming out of the chute?<br />What do the Fortune 500 CHRO’s say?<br />Where should post-secondary education focus?<br />Why is it important?<br />What can business do to help?<br />Fast facts on pay – including new grad pay<br />
    7. 7. Financial Crisis<br />Regulation<br />Workforce Skill Shortage<br />Increasing Work-life Demands<br />Technology<br />Workforce Demographics<br />Total Rewards in the “New Normal”<br />
    8. 8. Four Generations in the Workplace<br />38%<br />37%<br />GenY(1976-1994)<br />Boomers(1946-1964)<br />Organization<br />3%<br />22%<br />Silent(1900-1945)<br />GenX(1965-1975)<br />
    9. 9. Multi-Generational Workforce<br />Forcing a Shift in Compensation and Reward Strategies<br />
    10. 10. Cash is Still King for All Employees<br />
    11. 11. Research Verifies It: Paying at 75th Percentile Correlates to Higher Employee Productivity & Revenue<br />
    12. 12. 8 to 5 at the Office: Still the Norm<br />
    13. 13. What matters now?<br />Interesting work and job design<br />Flexibility(environment, career)<br />Recognitionand appreciation<br />Developmentand opportunity<br />
    14. 14. Backpack to Briefcase - Expectations<br />Competent communicator and listener<br />Collaborative thinker and learner<br />Adaptor/Adopter<br />Emotional intelligence, resilience, and risk management<br />Process management skills<br />High “get it” factor<br />Results focused and bias for action<br />Business analytics and acumen<br />
    15. 15. What do Fortune 500 CHRO’s say?<br />
    16. 16. What do Fortune 500 CHRO’s say?<br />The American education system must do more to provide America’s workers with the education, training, and skill development essential for success in the new 21st century workplace.<br />America’s students and workers need a much deeper understanding of what is necessary to achieve successful careers in the new global economy.<br />
    17. 17. What do Fortune 500 CHRO’s say?<br />The advancement of science, technology, engineering and mathematics (STEM) skills must become one of America’s highest domestic policy priorities.<br />For America to thrive in the 21st century global economy, employers, educators, and government must join forces to create the conditions necessary for American workers to compete effectively on the global stage.<br />
    18. 18. What do Fortune 500 CHRO’s say?<br />“The key point is that there will be jobs, good jobs, in the 21st Century. However, most of our workplace rules, educational standards, and employment norms are rooted in the 20th Century. We need to come together—all of us—industry, education, government, labor to make the leap to the new century. A competitive and trained American workforce is of national interest.”Michael L. Davis,Senior Vice President,Global Human Resources,General Mills.<br />
    19. 19. Where Post Secondary Education Should Focus<br />Outcome and results-based learning<br />Problem solving<br />STEM mastery<br />Human capital supply chain<br />Leadership and people management skill development<br />Experiential learning – internships, practicums<br />Higher order communication skills<br />
    20. 20. Why is this important?<br />Price of entry for organizational management and key contributors<br />It’s where companies have the greatest unmet human capital needs<br />Talent is the key core competitive differentiator; no longer:<br />Location<br />Market position<br />Branding<br />It’s how organizations differentiate rewards!<br />
    21. 21. What can you/business do to help?<br />Join advisory boards/influence curriculum and serve as adjunct faculty<br />Create faculty externships<br />Create and sustain outcomes-based internships that lead to real jobs<br />Forgive loans for targeted skilled jobs<br />Provide open house events for career counselors and placement directors<br />Provide life-cycle talent feedback to educational institutions<br />Don’t forget high schools and middle schools<br />
    22. 22. Fast Facts on Pay<br />2.8% is the national average salary budget for 2011<br />Current CPI is 3.2%<br />Not seen a negative gap since 1980, but…<br />In 1980 the national salary budget was 10% - a lot more “wiggle room” to differentiate pay for performance<br />WorldatWork 2011-2012 Salary Budget Survey<br />
    23. 23. Fast Facts on New College Grad Pay<br />4.8% increase in starting salaries compared to 2010<br />Average starting salary $51,018, but…<br />Only 35% of new grads will command salaries over $30,000<br />What do the numbers tell us?<br />They tell us that the offset is for high demand skills<br />NACE 2010 Survey<br />
    24. 24. Questions & Comments<br />Thank You<br />TelephoneScottsdale: 480/922-2020 or 877/951-9191<br /> Washington, DC: 202/315-5500<br />E-mailpaul.rowson@worldatwork.org<br />Web Sitewww.worldatwork.org<br />Paul Rowsonpaul.rowson@worldatwork.org<br />Global Headquarters14040 N. Northsight Blvd.Scottsdale, AZ 85260 USA<br />DC Office and Conference Center1100 13th Street NW, Suite 800Washington, DC 20005<br />

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