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What Does it Take to Compete for Talent?
 

What Does it Take to Compete for Talent?

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ERE Webinar from 5/14/2009, presented by Ed Newman.

ERE Webinar from 5/14/2009, presented by Ed Newman.

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    What Does it Take to Compete for Talent? What Does it Take to Compete for Talent? Presentation Transcript

    • ACHIEVE TALENT MANAGEMENT SUCCESS What does it Take to Compete for Talent?
    • ACHIEVE TALENT MANAGEMENT SUCCESS Turbulent Times   As many as 51 million jobs worldwide could be lost this year because of the global economic crisis, says the International Labour Organization (ILO) Copyright © 2009 The Newman Group. All rights reserved.
    • ACHIEVE TALENT MANAGEMENT SUCCESS 4 Key Trends in Talent Market   Aging workforce –  What percent of your workforce is retirement eligible?   Shifting demographics –  Are you prepared for the multi- generational needs?   Globalization –  How will you innovate and change the way work is done to leverage talent from around the world   Technology –  Text/instant messaging, Social networking is connecting people with no boundaries. Do you Twit? Copyright © 2009 The Newman Group. All rights reserved.
    • ACHIEVE TALENT MANAGEMENT SUCCESS Key enablers to compete for Talent   Is there a compelling message for people to want to work here?   Have we defined the strategies to effectively compete for and deliver the talent needed?   Do we have a structure that is aligned to carry out the strategies?   Does the technology and process enhance or inhibit our success?   Is your operation consistently delivering results? Copyright © 2009 The Newman Group. All rights reserved.
    • ACHIEVE TALENT MANAGEMENT SUCCESS Down economy opportunities   Take advantage of more manageable work loads   Talent upgrading/Pipelining   Strategic Planning   Re-tooling   Experimentation and Innovation   Focus on holistic Talent Management Copyright © 2009 The Newman Group. All rights reserved.
    • ACHIEVE TALENT MANAGEMENT SUCCESS Employment Branding Copyright © 2009 The Newman Group. All rights reserved.
    • ACHIEVE TALENT MANAGEMENT SUCCESS Two fundamental goals of the employer brand 1.  Provoke the right talent to leave whatever they are doing and accept employment with your organization –  Attraction 2.  Induce them to resist offers from other organizations and continue their employment with yours –  Retention   If you don’t get the 2nd goal, the first will be a waste of time and money Copyright © 2009 The Newman Group. All rights reserved.
    • ACHIEVE TALENT MANAGEMENT SUCCESS Employment Value Proposition Attributes Organization Rewards Opportunity • Respect • Ethics/Integrity • Compensation • Stability • Empowerment • Health Benefits • Future Career Opportunity • Product/Service Quality • Retirement Benefits • Developmental Opportunity • Technology Level • Meritocracy • Vacation • Diversity • Growth Rate • Market Position • Formal/Informal Work Environment People Work • Brand Awareness • Social Responsibility • Industry Desirability • Co-Worker Quality • Work Life Balance • “Great Employer” • People Management • Job Interests Alignment Recognition • Collegial Work Environment • Location • Customer Prestige • Manager Quality • Recognition • Environmental • Sr. Leader Reputation • Innovative Responsibility • Camaraderie • Level of Impact • Organization Size • Business Travel • Risk Taking Copyright © 2009 The Newman Group. All rights reserved.
    • ACHIEVE TALENT MANAGEMENT SUCCESS The Pathway to Competitive Advantage 1.  Preference: The employment related attributes most ‘preferred’ by your employees. 2.  Perception: How your employee population ‘perceives’ your company is performing against the most preferred attributes. 3.  Core Attributes: Those attributes which are both highly preferred and perceived as strengths in a company. 4.  Competitive Advantage: Core Attributes which differ from industry norms. Copyright © 2009 The Newman Group. All rights reserved.
    • ACHIEVE TALENT MANAGEMENT SUCCESS Survey Data Business Unit #1 Score Opportunity   –  Ethics/Integrity 3.89 no action necessary –  Work Life Balance 3.63 no action necessary –  Job Interests Alignment 3.62 no action necessary –  Compensation 3.04 29% Impact –  Future Career Opportunity 3.00 42% Impact –  Manager Quality 3.00 38% Impact –  Development Opportunity 2.90 45% Impact Business Unit #2 Score Opportunity   –  Ethics/Integrity 4.60 no action necessary –  Manager Quality 3.83 no action necessary –  Level of Impact 3.40 36% Impact –  Stability 3.40 29% Impact –  Future Career Opportunity 3.29 36% Impact –  Work Life Balance 3.20 29% Impact –  Compensation 2.80 29% Impact Copyright © 2009 The Newman Group. All rights reserved.
    • ACHIEVE TALENT MANAGEMENT SUCCESS Aligning the EVP/Brand with Candidate & Employee touch points The Retention factor: Marketing the message: An EVP study helps to A well defined EVP identifies the understand what is most competitive differentiators based important to critical talent. on the preferences of critical Therefore where HR talent and the core attributes investment dollars should based on their perceptions. The be prioritized and spent combination of that study spells out the competitive advantage to include in the employment branding messages The Evaluation process: Candidates are evaluating the company as much as the company is evaluating the candidate. Educating the recruitment teams and hiring managers on the EVP study results allows them to evaluate and sell candidates on realistic aspects of the culture that ensure a good organizational fit Copyright © 2009 The Newman Group. All rights reserved.
    • ACHIEVE TALENT MANAGEMENT SUCCESS Talent Strategies Copyright © 2009 The Newman Group. All rights reserved.
    • ACHIEVE TALENT MANAGEMENT SUCCESS Workforce Planning Maturity Model Copyright © 2009 The Newman Group. All rights reserved.
    • ACHIEVE TALENT MANAGEMENT SUCCESS Ordinary Metrics & Measures with WFP Lens   Turnover –  Typically we look at Voluntary vs. Involuntary –  Focus is on reducing voluntary   Performance Ranking –  Typically 5 point rating scale –  Often a forced distribution   By looking at turnover data by performance category, you can create a Retention Index –  Comparing the average turnover rate to the rate of turnover within a specific category Copyright © 2009 The Newman Group. All rights reserved.
    • ACHIEVE TALENT MANAGEMENT SUCCESS Retention Index Formula: Ave Turnover % – Ave Turnover % in Demographic = Retention Index Performance Category Does Far Needs to not Performance Rank All Exceeds Meets Exceeds Improve meet # Employees 6500 300 1300 3500 1000 400 Total Turnover 1625 75 450 600 200 300 Turnover % 25% 25% 35% 17% 20% 75% Retention Index 0% -10% 8% 5% -50% Talent Leak Copyright © 2009 The Newman Group. All rights reserved.
    • ACHIEVE TALENT MANAGEMENT SUCCESS Retention Index Formula: Ave Turnover % – Ave Turnover % in Demographic = Retention Index Employee Tenure More 11-15 5-10 1-4 Less than 1 Tenure All than 15 years years years year # Employees 6500 300 1300 3500 1000 400 Total Turnover 1625 25 200 700 550 150 Turnover % 25% 8% 15% 20% 55% 38% Retention Index 17% 10% 5% -30% -13% Talent Leak Copyright © 2009 The Newman Group. All rights reserved.
    • ACHIEVE TALENT MANAGEMENT SUCCESS Most Common Talent Acquisition Strategies   Internal mobility/Retention   Employee referral   Diversity recruiting   University relations   Advertising and Job Posting   Direct sourcing/Networking –  Research & Competitive Intelligence –  Associations and Communities of Practice –  Talent pipelining and Candidate Relationship Management Copyright © 2009 The Newman Group. All rights reserved.
    • ACHIEVE TALENT MANAGEMENT SUCCESS Recruiting Organization Structure Copyright © 2009 The Newman Group. All rights reserved.
    • ACHIEVE TALENT MANAGEMENT SUCCESS Organizational Structure Centralized Decentralized Drivers •  Fewer Locations The more centralized the •  Standard process function is, the •  Economies of scale greater demand •  Functionally aligned there is to decentralize Primary Challenge •  Customer touch •  Accommodate variance Copyright © 2009 The Newman Group. All rights reserved.
    • ACHIEVE TALENT MANAGEMENT SUCCESS Organizational Structure Centralized Decentralized Drivers •  Geographically disperse •  Specialty/Unique jobs The more decentralized •  Unique processes the function is, the greater demand there •  Customer aligned is to centralize Primary Challenge •  Economies of scale •  Standardization Copyright © 2009 The Newman Group. All rights reserved.
    • ACHIEVE TALENT MANAGEMENT SUCCESS Organizational Structure Centralized Decentralized Drivers •  High customer touch •  Economies of scale Hybrid model is best •  Standard and unique processes of both worlds •  Flexible resource alignment “Centralized Decentralization” Primary Challenge •  Budget model •  Shared accountability Copyright © 2009 The Newman Group. All rights reserved.
    • ACHIEVE TALENT MANAGEMENT SUCCESS Hybrid Model – Center of Excellence Branding Outsourcing partner Technology       Process & Policy Definition relations   Vendor Relations   University Relations Reports & Metrics   Diversity     Copyright © 2009 The Newman Group. All rights reserved.
    • ACHIEVE TALENT MANAGEMENT SUCCESS Hybrid Model - Advanced Customer Groups by BU or geography Customer Care Group Aligned w/Business Candidate Care Group Aligned Talent Pools Infrastructure, partner relations, Process & Policy Definition Technology Interview Scheduling       administrative support Outsourced Partner relations Vendor Relations Offer Management       Metrics & reporting Branding   Research/Competitive Intel     Copyright © 2009 The Newman Group. All rights reserved.
    • ACHIEVE TALENT MANAGEMENT SUCCESS Process & Technology Copyright © 2009 The Newman Group. All rights reserved.
    • ACHIEVE TALENT MANAGEMENT SUCCESS TNG Optimization Model   Operational support is the core driver of continuous improvement   Each segment represents critical success factors: –  Technical infrastructure –  Process alignment –  Information management –  Change management   Continuous cycle driven by operations Copyright © 2009 The Newman Group. All rights reserved.
    • ACHIEVE TALENT MANAGEMENT SUCCESS Where do we go from here?  Our industry has been working very hard at becoming more and more efficient…… …………at being reactive Copyright © 2009 The Newman Group. All rights reserved.
    • ACHIEVE TALENT MANAGEMENT SUCCESS The Fish Net Method Copyright © 2009 The Newman Group. All rights reserved.
    • ACHIEVE TALENT MANAGEMENT SUCCESS Whale Watching   More aggressive recruiting tactics are being used in the corporate environment   Sometimes referred to as predatory recruiting   Poaching   There is no value exchange, only taking   This is not a sustainable form of networking Copyright © 2009 The Newman Group. All rights reserved.
    • ACHIEVE TALENT MANAGEMENT SUCCESS Manager Involvement in the Process   Movement toward manager self service   Goal is to establish accountability for hiring   In what part of the hiring process do we really want the manager to be engaged? Once you finish entering those requisitions, HR said we should have at least five top quality candidates to talk to in just 4 weeks! Copyright © 2009 The Newman Group. All rights reserved.
    • ACHIEVE TALENT MANAGEMENT SUCCESS Building a Manager’s Network   Manager’s should be engaged in maintaining a network of talent   True networking is not aggressive   It is about establishing and leveraging relationships   There is value exchange in a relationship   A value based network becomes a sustainable source Copyright © 2009 The Newman Group. All rights reserved.
    • ACHIEVE TALENT MANAGEMENT SUCCESS New Role for Talent Acquisition  Become a Talent Coach  Assist the Hiring Manager in developing and maintaining a network of enough people to hire from (20 – 35). – Identify prospects to be introduced to the Manager’s network (avoid the old boy network) – Provide the tools for managing the Network (e.g. LinkedIn, Salesforce.com, etc.) – Attend industry events with the Manager and organize social events – Assist the manager maintain periodic, systematic communication with network members  Create a Talent minded culture Copyright © 2009 The Newman Group. All rights reserved.
    • ACHIEVE TALENT MANAGEMENT SUCCESS Establishing New Role for Talent Acquisition   Step I –  Identify Managers who will be hiring critical talent –  Determine the number of networks to be established and relative size requirements based on hiring goals, and demographics –  Establish criteria for inviting participants to the network –  Educate managers on networking basics and protocol   Step II –  Interview leaders who already operate as talent scouts –  Determine the tools to be used for managing the information –  Identify opportunities to provide relevant and meaningful content to participants (news letters, press release, CE opportunities) –  Develop a calendar of events (trade shows, ball games, association meetings, etc.)   Step III –  Establish goals for network production, number of hires and number of referrals –  Identify method for data to be captured –different than source of hire –  Monitor results and make adjustments Copyright © 2009 The Newman Group. All rights reserved.
    • ACHIEVE TALENT MANAGEMENT SUCCESS Visualizing The Network Copyright © 2009 The Newman Group. All rights reserved.
    • ACHIEVE TALENT MANAGEMENT SUCCESS Visualizing The Network Copyright © 2009 The Newman Group. All rights reserved.
    • ACHIEVE TALENT MANAGEMENT SUCCESS Private Talent Community Portal CRM ATS Copyright © 2009 The Newman Group. All rights reserved.
    • ACHIEVE TALENT MANAGEMENT SUCCESS Operational Support Copyright © 2009 The Newman Group. All rights reserved.
    • ACHIEVE TALENT MANAGEMENT SUCCESS Reporting & Metrics Strategy   Develop a reporting strategy that aligns with your business strategy –  Identify and define organizational goals and objectives –  Identify specific metrics and measures for each goal –  Define reports to manage and maintain visibility –  Identify Gaps Copyright © 2009 The Newman Group. All rights reserved.
    • ACHIEVE TALENT MANAGEMENT SUCCESS Steps to Achieve ROI Return on Investment Financial Impact Value-Added Talent Acquisition Business Strategy Retention/Turnover Performance Customer Satisfaction Adoption System ROI Traditional User Acceptance/Data Integrity Effective Recruiting Operations Talent Acquisition System Implementation Copyright © 2009 The Newman Group. All rights reserved.
    • ACHIEVE TALENT MANAGEMENT SUCCESS Thank You! Questions? ed.newman@futurestep.com www.tng.futurestep.com Copyright © 2009 The Newman Group. All rights reserved.