Deloitte Ort Jet seminar - talent management priorities in a recovering economy
Talent Retention: A Strategic Imperative in a Recovering EconomyDavid Conradie, Director: Deloitte Consulting (Pty) LtdORT JET Seminar17th August, 2012
AgendaWhy the concern about talent retention? Why Now? 3What can organisations do to keep their employees from leaving? 28The Generational Divide – ―One Size Does Not Fit All‖ 38Contact Information 50 -2-
Why The Concern About Talent Retention? Why Now?
Deloitte‘s two longitudinal survey series have focused on emergingglobal talent issues and trends Talent Edge 2020 Managing Talent in a Turbulent Economy (2010-2012) 2009-2010 Redrafting talent strategies for the uneven recovery— Has the Great Recession Changed the Talent The latest Talent Edge 2020 edition is based on a Game? Six guideposts to managing talent out of a survey of 376 global senior executives and talent turbulent economy—Throughout 2009, Deloitte’s managers. Findings from this study highlight how longitudinal survey series took the pulse of business companies are tackling the evolving talent challenges and talent leaders in the marketplace as and reshaping their talent strategies in uncertain organisations navigated through shifting economic economic times (January 2012). conditions. This report summarises those findings Click here to access and identifies six key guideposts executives should consider as they move past the recession and face the challenges of the new economy (April 2010). Building the recovery together—What talent expects Click here to access and how leaders are responding—This study probes divergences between the attitudes and desires of three generations of employees and the talent strategies and Managing Talent in a Turbulent Economy: Where are practices being utilized by employers. This report you on the recovery curve?—This report surveyed 335 features results from the March 2012 survey that polled global executives and finds that companies which 356 employees at large businesses across the globe ―walk the walk‖ on leadership not only have the right (April 2011). programs in place to develop their leaders effectively, Click here to access they have a different view of the world—and a jump on their competitors (January 2010). Click here to access Blueprints for the new normal—This inaugural Talent Edge 2020 report features results from an October Managing Talent in a Turbulent Economy: Keeping 2010 survey that polled 334 senior business leaders your team intact—The study examines employees’ and human resource executives at large global businesses. This report explores talent strategies and perspectives on retention, their turnover intentions, unfolding employee trends related to retention and the and how their responses vary across the different new challenges posed by the recession workforce generations and in comparison to (December 2010). employers’ perspectives (September 2009). Click here to access Click here to access -4-
The talent paradox: Executives are realizing that despite unemploymentlevels peaking, the prevailing talent shortage continues unabated Surveyed organisations conducting/ anticipating layoffs 53% 51% 41 % 36% 13% Yes 6% No Dont know Past 6 months Next 6 monthsSource: Talent Edge 2020: July 2012, Deloitte.As used in this document, ―Deloitte‖ means Deloitte Consulting LLP, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legalstructure of Deloitte LLP and its subsidiaries. -5-
As part of their focus on competing for talent, almost half of the surveyedglobal executives are concerned about voluntary turnover 49% 47% 71%of surveyed executives of surveyed executives of surveyed executives recalled that voluntary predicted an increase in expressed high (43%) turnover at their voluntary turnover at or very high concerncompanies increased in their companies over (28%) about losing the last 12 months the next 12 months critical and high- potential talentSource: Talent Edge 2020: Redrafting talent strategies for the uneven recovery, January 2012, Deloitte. -6-
Our research shows that executives are right to be worried as there is typically a cyclical rise in voluntary turnover after a downturn Quit level of employees vs. Quit level of employees vs. Conference unemployment rate Board Consumer Confidence Index 4000 11.0 4000 140 10.0 Conference Board Consumer Confidence Index 3500 120 Quit Level (in Thousands of Employees) 3500 9.0Quit Level (in Thousands of Employees) 8.0 3000 100 Unemployment Rate 3000 7.0 2500 6.0 80 2000 2500 5.0 60 4.0 1500 2000 3.0 40 1000 2.0 1500 1.0 500 20 1/1/2001 7/1/2001 1/1/2002 7/1/2002 1/1/2003 7/1/2003 1/1/2004 7/1/2004 1/1/2005 7/1/2005 1/1/2006 7/1/2006 1/1/2007 7/1/2007 1/1/2008 7/1/2008 1/1/2009 7/1/2009 1/1/2010 7/1/2010 1/1/2011 1/1/2001 7/1/2001 1/1/2002 7/1/2002 1/1/2003 7/1/2003 1/1/2004 7/1/2004 1/1/2005 7/1/2005 1/1/2006 7/1/2006 1/1/2007 7/1/2007 1/1/2008 7/1/2008 1/1/2009 7/1/2009 1/1/2010 7/1/2010 1/1/2011 Date Date Quit Level in Thousands of Employees, Total Nonfarm, Seasonally Adjusted Quit Level in Thousands of Employees, Total Nonfarm, Seasonally Adjusted Unemployment Rate, Seasonally Adjusted Conference Board Consumer Confidence Index Source: Bureau of Labor Statistics, St. Louis Federal Reserve Economic Data. -7-
Down from 65% in 2011, our recent research shows that only 20% of allsurveyed employees are considering leaving their jobs in the next 12 months Employees who expect to 80% stay with their current During the past year, employer 55% 65% Employees who have been, plan to, or are currently seeking new employment 46% of employees have 45% moved to new jobs, received a promotion 35% or changed roles with their current 20% employers – all factors that might make them less inclined to move 2009 2011 2012 during the next 12 monthsSources: * Talent Edge 2020: July 2012, Deloitte. ** Griffeth, R. W., Hom, P. W., & Gaertner, S. (2000). A meta-analysis of antecedents and correlates of employee turnover: Update, moderator tests, and research implications for the next millennium. Journal of Management, 26, 463-488. -8-
Surveyed executives feel concerned about retaining employees who might bethe most likely to leave . . . Surveyed executive predictions regarding voluntary turnover over the next 12 months by generation 12% 12% 12% Very High High 35% 30% 20% Millenials/Gen Y Gen X Baby BoomersSource: Talent Edge 2020: Redrafting talent strategies for the uneven recovery, January 2012, Deloitte. -9-
. . . But they might not have a good handle on which employees they risk losing Surveyed employees seeking new employment by generation* Baby Boomers 44% I am passively looking for new are looking 23% opportunities passively 23% 33% I plan to begin looking for new Millennials 21% employment within the next 12 months 41% are preparing to look 38% I am currently seeking new employment 58% Gen Xers are 32% already looking Babay Boomers Generation X Millennials*Survey participants could choose more than one response.Source: Talent Edge 2020: July 2012, Deloitte. - 10 -
Why are surveyed employees looking to leave their employers? Top 10 factors that would cause surveyed employees to look for new employment over the next 12 months Lack of career progress 27 % New opportunities in market 22 % Dissatisfaction with supervisor or 22 % manager Lack of challenge in the job 21 % Lack of adequate bonus or other 21 % financial incentives Lack of compensation increases 21 % Non-financial Lack of job security 20 % Financial Excessive workload 20 % Lack of trust in leadership 17 % Inadequate or reduction in benefits 15 % (i.e., health and pensions)Source: Talent Edge 2020: July 2012, Deloitte. - 11 -
20%The 20% of surveyed employees looking to leave their companiesbelieve key talent programmes are seriously lacking Uncertain career paths • A significant percentage of surveyed employees planning to leave their current employers (30%) believe their companies do a ―fair‖ job of creating career paths and challenging job opportunities, compared to only 7% who rate this key talent metric as ―excellent‖ or ―world-class‖ Little leadership development • 47%, surveyed employees who do not expect to stay at their current employers rate their companies’ leadership development programmes as ―fair/poor‖ rather than ―excellent/very good‖ Lack of trust in leadership • Only 26% of surveyed employees planning to depart believe their companies inspire trust in leadership effectively (―excellent/very good‖), compared to the 46% who rank these efforts as ―fair/poor‖ Difficulty retaining top performers • Of those surveyed employees who expect to depart, 41% believe their companies are doing a ―fair/poor‖ job retaining top performers, compared to 29% who label retention efforts in this area as ―excellent/very good‖ Inadequate training programmes • Nearly half of the employees surveyed (47%) who plan to leave their current jobs believe their companies are doing a ―fair/poor‖ job managing and delivering effective training programmes; just 23% rate training programmes as ―excellent/very good‖Source: Talent Edge 2020: July 2012, Deloitte.. - 12 -
The cost of voluntary turnover is significant…and perhaps not wellunderstood Direct financial costs for recruiting, attracting, and training a new employee are fairly fixed and typically less than 50% of the position’s annual compensation Indirect costs are wide-reaching and 66% can vary from 50% to 150% of the of surveyed executives position’s annual compensation, believe voluntary including: turnover will actually • Lost productivity increase their • Impact on customer relationships companies‘ profitability** • Knowledge drain • Burden to employees who must take on additional work*Sources: * ―Talent-Based ROI – Ways to Improve Employee Impact to the Bottom-Line,‖ 2008, Deloitte; ―Where did our employees go?‖ Deloitte Review, Issue 5, 2009;Society for Human Resource Management, ―Cost of Turnover,‖ SHRM Briefly Stated ROI Series, November 1, 2005;** Talent Edge 2020: Blueprints for the new normal, December 2010, Deloitte. - 13 -
In addition, talent shortages can have a significant impact on businesseffectiveness Limited productivity and efficiency Limited ability to achieve innovation requirements Limited ability to achieve quality improvement objectives Limited speed to market of new products/services Detriment to customer relationships Limited ability to grow fast enough to meet customer demand Executives who are counting on a ―jobless‖ recovery can risk being caught without the skills and leadership they need. When the economy heats up, these companies risk a ―resume tsunami” — where employees with a desire to switch jobs take increased confidence from better times and seek out new opportunities in the talent marketplace - 14 -
Awareness is Not Enough The real surprise is that even when companies are aware of what the primary causes of voluntary employee turnover are, they are simply not doing enough to eliminate them. Too many employer organisations are still relying on tangible, easy-to-implement solutions that revolve around pay, benefits, trendy perks, despite widespread recognition that the most powerful solutions revolve around the more challenging intangibles, such as good management, a healthy corporate culture and authentic leadership. - 15 -
What Can Organisations Do to Keep Their Employees From Leaving?
Organisations should consider first identifying their critical workforcesegments and then develop/update retention plans Critical workforce segments are roles within an organisation that: • Drive a disproportionate share of key business outcomes Only • Influence an organisation’s value chain significantly • Are in short supply from the respective labor market 40% Critical workforce segments include roles of executives surveyed in central to execution of the business October 2011 reported that strategy their companies had an Within critical workforce segments, critical updated plan in place to leaders/executives should also be manage retention identified Designing retention plans specifically to meet the needs/expectations of critical employees and executives can significantly improve the value of talent management investmentsSource: Talent Edge 2020: Redrafting talent strategies for the uneven recover, January 2012, Deloitte. - 17 -
Identify CWS: Not all workforce segments drive equal valueNo two businesses, even those from the same industry with similar customers and similarbusiness goals, will have identical formulas for talent. Each company will need to have itsown distinctive talent strategy. Development of a talent strategy starts with the identificationof critical workforce segments. Specialists Critical Reflect Workforce Critical Segments Specialists: alignments Reflect alignments 5 Workforce Consists of formed where Segments: formed where companies do highly skilled, Consist of highly companies do not skilled, highly highly trained not have the have the existing Critical Workforce Specialists trained individuals Difficult to replace skills existing skills individuals who skills and cannot develop them -in and cannot - 4 Segments who drive Build drive a a Borrow disproportionate house cost effectively develop them disproportionate percentage of in house cost percentage of revenue growth effectively revenue growth 3 Buy Rent Flexible Core Labour Workforce Reflects Core Flexible Labor: Reflects the Workforce: alternatives Reflects alternatives 2 Flexible Labour Core Workforce backbone ofRedeploy Reflects the Reduce companies can use companies can the company the backbone of use meet periods of to to meet companywell are who are who periodsdemand for high of high well-trained on firm trained on demand for or the employees processes but processes but need to lower costs employees or the 1 knowledge and knowledge and need to lower skills are easily skills are easily costs 1 2 3 4 5 replaced replaced Impact on value chain Considerations Do you know what segments of your workforce are providing the most value to the organisation? How much is your business spending to recruit and nurture talent that is not critical to the business? Do you know where the gaps of critical skills exist and corresponding market availability? What cost-effective alternatives exist for sourcing the capabilities that your business needs? - 18 -
Identify Critical Workforces: Sample in Financial ServicesAs an example, two insurance organisations will focus on different segments based on their business objectives Example 1: Example 2: An insurance company with a business model centered around An insurance company striving to deliver innovative solutions to the customer intimacy will focus its Talent Strategy on customer facing, marketplace will concentrate its Talent Strategy on the workforce front-line staff, such as relationship managers, sales agents, and segments focused on product design, such as actuaries and financial advisors. underwriters. Insurance Banking Securities Insurance Banking Securities Relationship Relationship Relationship Relationship Relationship Relationship Managers Managers Managers Managers Managers Managers Insurance Sales Financial Services Financial Advisors Insurance Sales Financial Services Financial Advisors Agents Sales Agents Agents Sales Agents Underwriters Commercial Loan Portfolio Managers Underwriters Commercial Loan Portfolio Managers Underwriters Underwriters Actuaries Financial Advisors Asset Managers Actuaries Financial Advisors Asset Managers Claims Adjusters Portfolio Managers Brokers Claims Adjusters Portfolio Managers Brokers Examiners and Financial Analysts Compliance Examiners and Financial Analysts Compliance Investigators Officers Investigators Officers Customer and Retail Bank Tellers Financial Customer and Retail Bank Tellers Financial Field Support Staff Engineers Field Support Staff Engineers Claims Reps Retail Branch Technology and Claims Reps Retail Branch Technology and Managers Operations Staff Managers Operations Staff Market Research Investment Market Research Investment Analysts Bankers Analysts Bankers Customer Service Customer Service Reps Reps Critical Workforce Segment - 19 -
The 80% of employees planning to stay with their employers agree 80%on one clear factor: Strong talent programmes Overall HR/talent efforts 31% and 19% of the surveyed employees, believe their companies are doing a ―good‖ and ―very good‖ (respectively) job in their overall HR/talent efforts Create clear career paths 44% of the employees committed to their employers believe their companies are doing a ―good/very good‖ job of creating clear and robust career paths for their employees Maintaining trust/confidence in leadership Almost half of the surveyed employees (47%) believe their employers are ―good/very good‖ at inspiring trust and confidence in corporate leadership Employee engagement/morale Surveyed employees with ―world class‖ or ―very good‖ talent programmes are more likely to remain with their current employer Quality of employee communications • 36% of employees surveyed believe that their employers do a good job communicating with them in order to remain transparent in times of economic uncertaintySource: Talent Edge 2020: July 2012, Deloitte. - 20 -
The top three reasons for employees to remain with their companies over thenext 12 months are related to financial gains Top 10 factors that would be most effective in keeping surveyed employees with their current employer over the next 12 months Additional bonuses or financial incentives 44 % Promotion/Job advancement 42 % Additional compensation 41 % Flexible work arrangements 26 % Support and recognition from supervisors or 25 % managers Leadership development opportunities 22 % Non-financial Additional benefits (i.e., health and pensions) 19 % Financial Individualized career planning 14 % Opportunity to work abroad 9% New training programs 6%Source: Talent Edge 2020: July 2012, Deloitte. - 21 -
Survey results indicate turnover trends and motivations also vary across global regions 26% of the surveyed 53% of the employees in Europe/the surveyed employees Middle East/Africa (EMEA) in Asia Pacificthought that ―lack of challenge in (APAC) are the job‖ would be the #1 reason currently seeking for them to leave an employer new employment, Top factors for surveyed with45% in employees in Americas to America and leave their current employers are financial – Lack of 39% in EMEA Compensation at 24%and Lack of adequate bonus at 22% Only 26% of employees in Americas and almost half (47%) of the surveyed EMEA employees are anticipating layoffs in their organization in the next 6 months Source: Talent Edge 2020: July 2012, Deloitte. - 22 -
The Generational Divide - ―One Size Does Not Fit All‖
Different generations have different goals, expectations, and desires—andemployers should tailor their retention plans to satisfy them all Millennials Generation X Baby Boomers Veterans (ages 16-31) (ages 32-47) (ages 48-65) (over age 65) Techno savvy & Skeptical Competitive Disillusioned connected 24/7 Pragmatic Optimistic Reactive Optimistic Adaptable Driven to achieve Cynical about Confident Self-reliant goals institutions Comfortably Informal Focused on their Realistic self-reliant Techno literate children Pragmatic Entrepreneurial Diversity-minded Judgmental of differing Risk-taker Success-driven Focused on today opinions Critic Inclusive Political Environmentally minded - 24 -
The top four reasons to cause Millennials to look for new employment arenon-financial factors Top 10 factors that would cause surveyed Millennials to look for new employment over the next 12 months Lack of career progress 38 % Dissatisfaction with supervisor or manager 28 % Lack of challenge in the job 28 % New opportunities in market 22 % Lack of compensation increases 20 % Lack of job security 20 % Lack of adequate bonus or other financial incentives 19 % Excessive workload 14 % Non-financial Inadequate or reduction in benefits (i.e., health and pensions) 13 % Financial Lack of trust in leadership 13 %Source: Talent Edge 2020: July 2012, Deloitte. - 25 -
Promotion/Job Advancement with additional financial incentives are the topthree reasons to make Millennials stay with their current employer Top 10 responses for most effective retention initiatives for surveyed Millennials Promotion/Job advancement 47 % 47% Additional bonuses or financial incentives 41 % Additional compensation 41 % Leadership development opportunities 31 % Support and recognition from supervisors 24 % or managers Individualized career planning 17 % Additional benefits (i.e., health and Non-financial 17 % pensions) Flexible work arrangements 16 % Financial Opportunity to work abroad 14 % Mentoring programs 10 %Source: Talent Edge 2020: July 2012, Deloitte. - 26 -
Our research showed that along with financial incentives, surveyedMillennials seek a corporate culture with progressive values Surveyed Millennials have a sharply different idea of what makes for a strong corporate culture than other generations: When asked how important a company’s commitment to ―sustainability‖ is, 36% of the Millennials rated it ―very important‖ compared to just 25% of Baby Boomers Almost 2:1 (41% to 25%), Millennials were more likely to consider their employers’ commitment to ―corporate responsibility/volunteerism‖ to be very important than were Baby Boomers 29% of the surveyed Millennials called a ―fun work environment‖ very important, as compared to 0% of the Baby BoomersMillennials typically share a desire to pull themselves up the corporate ladderand want the financial rewards that come with that career progress. But when considering employers, they also seek a corporate culture that aligns with a different set of values than their more experienced colleaguesSource: Talent Edge 2020: July 2012, Deloitte. - 27 -
Surveyed Generation X employees place high importance on new careerchoices and opportunities when choosing employers Top 10 factors that would cause surveyed Gen Xers to look for new employment over the next 12 months Lack of career progress 34 % Lack of adequate bonus or other 24 % financial incentives Lack of challenge in the job 22 % Dissatisfaction with supervisor or 21 % manager Lack of compensation increases 20 % Lack of job security 19 % Non-financial New opportunities in market 18 % Financial Excessive workload 18 % Lack of trust in leadership 16 % Inadequate or reduction in benefits 15 % (i.e., health and pensions)Source: Talent Edge 2020: July 2012, Deloitte. - 28 -
Promotion/Job Advancement is still the top reason for Gen Xers to stay at theircurrent jobs; although the margin has reduced considerably since last year Top 10 responses for most effective retention initiatives for surveyed Gen Xers Promotion/Job advancement 47 % 47% Additional bonuses or financial incentives 44 % Additional compensation 38 % Flexible work arrangements 27 % Leadership development opportunities 26 % Support and recognition from supervisors 21 % or managers Individualized career planning (within your 19 % Non-financial company) Additional benefits (i.e., health and 15 % Financial pensions) Opportunity to work abroad 12 % Additional discretionary perks (i.e., per- 7% diem allowances, transportation, etc.)Source: Talent Edge 2020: July 2012, Deloitte. - 29 -
Our research showed that Generation X wants to move up or move out Nearly six in ten Gen Xers surveyed (58%) report they are currently seeking a new job or have been actively looking over the past year One of the biggest talent challenges many companies face is opening up career paths for the next generation of corporate leaders ―Lack of career progress‖ was the clear, number one exit trigger for Generation X at 34%.―Lack of adequate bonus or other financial incentives‖ and ―Lack of challenge in the job‖ lagged well behind at 24% and 22%, respectively Only 16% of the surveyed Gen Xers were ―very satisfied‖ with the bonuses they received this year ―Promotion/Career Advancement‖ was the number one retention initiative for Generation X at 47%.―Mentoring programs‖ and ―New training programs‖ were the least effective retention initiatives at 4% and 6% respectivelyMany Gen Xers surveyed appear frustrated that they are bumping up againstthe ―gray ceiling‖—with career paths blocked by Baby Boomers who are not moving out of the workforceSource: Talent Edge 2020: July 2012, Deloitte. - 30 -
Assessing the narrow range (26% – 16%) of the top ten ‗exit factors‘ for BabyBoomers, it appears that these might be based on individual opinions… Top 10 factors that would cause surveyed Baby Boomers to look for new employment over the next 12 months New opportunities in market 26 % Excessive workload 24 % Lack of compensation increases 23 % Dissatisfaction with supervisor or 21 % manager Lack of job security 20 % Lack of adequate bonus or other 19 % financial incentives Lack of challenge in the job 19 % Non-financial Lack of trust in leadership 19 % Financial Lack of career progress 16 % Inadequate or reduction in 16 % benefits (i.e., health and pensions)Source: Talent Edge 2020: July 2012, Deloitte. - 31 -
…In contrast, additional financial incentives, by far, are the top two retentionincentives for surveyed Baby Boomers Top 10 responses for most effective retention incentives for surveyed Baby Boomers Additional bonuses or financial incentives 45 % Additional compensation 44 % Promotion/Job advancement 34 % Flexible work arrangements 30 % Support and recognition from supervisors or 29 % managers Additional benefits (i.e., health and pensions) 23 % Leadership development opportunities 16 % Individualized career planning (within your Non-financial 8% company) Opportunity to work abroad 6% Financial Additional discretionary perks (i.e., per-diem 6% allowances, transportation, etc.)Source: Talent Edge 2020: July 2012, Deloitte. - 32 -
Our research showed that many surveyed Baby Boomers feel frustrated andbetrayed Surveyed Baby Boomers expressed the strongest discontent with their employers and the most frustration that their loyalty and hard work has been neither recognised nor rewarded: Almost a third of Baby Boomers surveyed (31%) report that morale at their companies has dropped over the past year. This might be because 84% of the Baby Boomers have not been promoted in the last 12 months Nearly four in ten Baby Boomers (38%) are currently seeking new employment, although 61% of the surveyed employees have been with their current employer for 10 years or more as compared to only 2% of the Millennials Nearly five in ten surveyed Baby Boomers (49%) labeled their companies‘ ability to inspire trust and confidence in leadership as ―fair/poor‖Employers, by and large, have not been effective at creating career options for employees working past 65, even though many employers want theirexperience and will need their skills. Addressing the issue of how to engage older employees should be considered a talent prioritySource: Talent Edge 2020: July 2012, Deloitte. - 33 -
Who is Accountable for Talent Retention? It must be borne in mind that neither mangers nor organisations can always prevent a highly valued employee from leaving, or even delay the decision to leave. Nevertheless, research confirms that an employee’s direct supervisor/manager has the major share of control or influence over the factors identified as the root causes of voluntary turnover. However, employees sometimes do leave companies too, and the senior leaders who run those companies. In fact, it is the senior leaders who set the strategic direction, shape the culture, approve the remuneration policy and pay ranges, and the training budget, and whose demands often bring stress and overload. Ultimately, there is a collective accountability on the part of line managers, senior leaders, human resources practitioners and the employees themselves to collaboratively drive employee engagement and thereby reduce the incidence of avoidable voluntary turnover. - 34 -
Contact Information David Conradie Director Deloitte Consulting (Pty) Ltd Email: firstname.lastname@example.org Office: +27 11 517 4207 Mobile: +27 82 469 1010 - 36 -
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