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9 reasons why talentomics is changing HR
9 reasons why talentomics is changing HR
9 reasons why talentomics is changing HR
9 reasons why talentomics is changing HR
9 reasons why talentomics is changing HR
9 reasons why talentomics is changing HR
9 reasons why talentomics is changing HR
9 reasons why talentomics is changing HR
9 reasons why talentomics is changing HR
9 reasons why talentomics is changing HR
9 reasons why talentomics is changing HR
9 reasons why talentomics is changing HR
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9 reasons why talentomics is changing HR

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This ebook is extracted from the whitepaper by Lance J. Richards is about the new knowledge economy, and what it means of production truly rests in the hands of the worker.

This ebook is extracted from the whitepaper by Lance J. Richards is about the new knowledge economy, and what it means of production truly rests in the hands of the worker.

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  • 1. 9 reasons why ‘TalenTomics’ is changing hr
  • 2. 2 | four facTors ThaT shaPe careersinTroducTion Despite ongoing global economic instability, and large variations in employment rates, finding the right people is harder than ever. Now, we operate in a knowledge economy, and the means of production (as Marx would lance Jensen richards, describe it) truly rests in the hands of the worker. gPhr, sPhr This is what we call ‘talentomics’—the ‘economics of talent’—and the supply-demand equation that underpins it has changed. A couple of hundred years ago, talent (or labor) was a simple commodity. The rich and powerful had access to as much labor as they needed, and those with the discipline, skills and ability to work, did. The supply chain, and the transaction between employer and employee, was straightforward. But that was then. Now, HR professionals have to get to grips with a different kind of ‘talent’ supply chain. They have to know how to find, secure, develop and retain the right talent at the right time. And the nine key factors of ‘talentomics’ are going to have a significant bearing on their ability to do this going forward. Talentomics is global, it’s trans-generational, and it’s about managing the talent supply chain in sophisticated and technologically driven ways. In this ebook, we hope to show you what it really means, why it’s happening and how to evolve your HR practice to adapt.home inTroducTion iT’s a global hr 3.0 is your ceo’s PlenTy of work is The if we don’T free hr TalenT geT The full village here concerns labor, limiTed virTual knowledge change, agenTs are suPPly-chain rePorT are your TalenT worker is The millennials increasing managemenT concerns new rock won’T sTay sTar
  • 3. 3 | nine reasons why ‘TalenTomics’ is changing hr01iT’s a global The world today is very much like the global village that was first envisaged Even if your business or role doesn’t require it yet, globalized talent ThaT which you can’T avoid, welcomevillage in the 1970s. We have evolved into a sourcing is going on all around you, • Understand that the need to global, knowledge economy, and as and it’s changing the game for both source talent globally isn’t a result, the tight geographical bonds employee and employer. Even if you’re only about cost. It’s also about between producer and consumer are not sourcing talent this way currently, business performance. There gone—permanently. you can be sure at least some of your is clear academic research that competitors are (or will be soon). And, Human resourcing is already global. demonstrates how well-managed if your competitors are tapping into In industries where skills are highly heterogeneous teams outperform other talent pools, they may well be transferrable, there is little to stop homogenous teams. accessing skills and just-in-time labor workers from being recruited for that you’re not, which will absolutely • Consider your talent supply-chain: assignments in any location around deliver them a competitive advantage. if you can’t find the talent you need the world. For many people, this So, globalized talent is here. It’s in your existing market, what’s globalization of talent brings incredible everywhere, and it’s affecting you even stopping you from sourcing it opportunity. For others, it feels like a if you don’t know it yet. from elsewhere? threat. For those still resisting it, there is some bad news: you’re already part of it.home inTroducTion iT’s a global hr 3.0 is your ceo’s PlenTy of work is The if we don’T free hr TalenT geT The full village here concerns labor, limiTed virTual knowledge change, agenTs are suPPly-chain rePorT are your TalenT worker is The millennials increasing managemenT concerns new rock won’T sTay sTar
  • 4. 4 | nine reasons why ‘TalenTomics’ is changing hr02hr 3.0 is Tougher economic conditions have increased the need for creativity, enmeshed in a central strategic role of corporate life. This is all about to every stage of the organization, as well as the factors that both enhance andhere productivity and innovation, and HR is change. dilute that value. no different. In the HR 3.0 environment, HR people Instead of being transactional, HR has evolved. Its genesis was in need to think more like corporate we must learn to talk about HR transactional excellence: payroll executives. They need to move out of issues as business issues. We must processing, record-keeping and the HR silo, and put themselves in the be transformational. The3.0 HR compliance. When HR 2.0 emerged minds of those who are guiding the professional must know business, in the ‘60s and ‘70s, the profession organization. and they must know how ‘the people moved upwards along the value chain element’ informs, and transforms, the into employee relations, performance This entails putting aside the narrow business agenda at every level of the appraisals and training. But despite metrics of HR activities to focus instead organization. this evolution, IT has not swallowed on broader business outcomes. It the critical mass of HR tasks, and means consistently thinking about how the function has still not been fully the ‘people element’ adds value athome inTroducTion iT’s a global hr 3.0 is your ceo’s PlenTy of work is The if we don’T free hr TalenT geT The full village here concerns labor, limiTed virTual knowledge change, agenTs are suPPly-chain rePorT are your TalenT worker is The millennials increasing managemenT concerns new rock won’T sTay sTar
  • 5. 5 | nine reasons why ‘TalenTomics’ is changing hr03your ceo’s The challenge is not to make people issues count on the executive The 3.0 HR professional must communicate with CxOs about these 2011: ceo’s ToP 10 global challengesconcerns agenda, (they already do) it’s to help ‘top concerns’ and let them know that challenge 1. business growth score 1.65 solve them. these also constitute the HR agenda.are your And, they must work to understand 2. 3. Talent cost optimization .74 .72concerns Of the Top Ten concerns of CEOs, more about other areas of the business 4. innovation .70 seven are people-related. This means (not just HR) to know how the people 5. government .59 that 70% of HR’s priority work is of elements in other functions are regulation direct import to the CEO. affecting productivity and the strategic 6. corporate brand .42 and reputation agenda. This is the gap that only 7. customer .40 HR can fill. relationships 8. sustainability .37 9. international .29 expansion 10. investor relations .09 Source: Conference Board CEO Challenge, 2011home inTroducTion iT’s a global hr 3.0 is your ceo’s PlenTy of work is The if we don’T free hr TalenT geT The full village here concerns labor, limiTed virTual knowledge change, agenTs are suPPly-chain rePorT are your TalenT worker is The millennials increasing managemenT concerns new rock won’T sTay sTar
  • 6. 6 | nine reasons why ‘TalenTomics’ is changing hr04PlenTy of A major demographic shift is almost upon us. Companies are facing a the total population. Unfortunately, many of the countries with fast- irrespective of short-term cycles. The best-educated and skilled technicallabor, limiTed demand-supply impasse that is virtually growing populations do not have and professional employees will be in locked-in for the next 40-50 years, and the educational infrastructure to greater demand, harder to find, andTalenT HR professionals must hold the key. develop enough skilled labor to command a premium. meet the shortfall in industrialized While it’s true that unemployment avoid The imPasse: countries. This results in a paradox: levels in many countries remain at high unemployment despite the global • HR professionals must consider ways historical highs, the issue facing shortage of talent. to address the lack of supply of HR is an increasingly critical talent particular skills and talent, in much shortage: those individuals who To be clear: we don’t have a people the same way that countries modify bring specific knowledge and skills shortage, we have a talent shortage. their immigration policies to counter to an organization, and who make an The trend is marked and becoming population decline. immediate, lasting impact. more acute. There is a limited global • Recruitment must consider long- Population growth in many major, pool of skilled labor at a time when term skills shortages, and these developed economies is well below workplaces are demanding higher must be weighed up against the replacement rates and has decreased and more specific levels of skill and need for short-term cost-cuts. significantly since the 1970s1. This knowledge. The new operating reality means there will be fewer people of for human resources professionals is traditional working age, relative to that they will need to keep recruiting 1 Source: http://www.oecd.org/dataoecd/37/59/40192107.pdfhome inTroducTion iT’s a global hr 3.0 is your ceo’s PlenTy of work is The if we don’T free hr TalenT geT The full village here concerns labor, limiTed virTual knowledge change, agenTs are suPPly-chain rePorT are your TalenT worker is The millennials increasing managemenT concerns new rock won’T sTay sTar
  • 7. 7 | nine reasons why ‘TalenTomics’ is changing hr05work is The way we locate and deploy talent is revolutionizing the way that we locate changing. Companies see the potential talent and distribute work. undersTand how Technology suPPorTs workforcevirTual of tapping into a vast, global talent Workforce virtualization is something virTualizaTion, and The skills managers need To use iT: pool, but they need their HR partners to show them the way. quite new, wholly enabled by • HR will be expected to become accelerating technology, but only proficient with a range of The world of work is becoming simpler. delivering results to those select firms technologies and platforms that An increasing number of jobs can be that understand this sea change. It support an ever-broadening set tasked to individuals anywhere in the also opens up a new set of challenges of functions. world. Now, instead of moving the around the recruitment and retention talent to where the work is, we can wars that are unfolding in this era. • Increasingly, HR will need move the work to where the talent is. knowledge of labor markets, Essentially, managers will need to cultural differences, key recruiting This is workforce virtualization. know how to work with a virtualized methods, technological enablers workforce, and they’ll need the tools In the growing knowledge economy, and labor laws in a variety of to do so. This means that the way we there is virtually no limit to the different jurisdictions. coach and measure the performance breadth and scale of functions that of managers is going to change. • The way HR helps businesses train, are open to globalization. E-health Increasingly, we’ll need to look at coach and evaluate managers needs means that diagnostic tools can be their ability to take knowledge, or a to change—it must now evaluate accessed remotely. In construction skill, competency or behavior, and and improve managers’ ability and manufacturing, standardized CAD make it work across multiple locations to manage talent, skills and tasks techniques mean that design elements and cultures. across borders. can be outsourced. This is trulyhome inTroducTion iT’s a global hr 3.0 is your ceo’s PlenTy of work is The if we don’T free hr TalenT geT The full village here concerns labor, limiTed virTual knowledge change, agenTs are suPPly-chain rePorT are your TalenT worker is The millennials increasing managemenT concerns new rock won’T sTay sTar
  • 8. 8 | nine reasons why ‘TalenTomics’ is changing hr06The The process of engaging with people who may not actively be looking for and gathering points where these workers congregate. • Internal applicant tracking systems (aTs): previously consideredknowledge work, or who may not be where you build neTworks, sTarT candidates who were not chosen for want them to be, poses a new set of one position may be qualified forworker is The challenges for HR. a conversaTion: another opening.new rock sTar They extend across sectors including Some of the techniques that must be • smiling and dialing: cold calling, mastered to tap into the increasingly IT, healthcare, education and and maintaining personal rapport sophisticated labor pool include: agriculture. They are the source of with experts in the industry is still a much innovation and competitive • Niche websites & social media: good way to build your database advantage. They are the repositories niche sites can enable better and access referrals. of specific expertise and frequently targeting of candidates with the agents of change. They are the • And, expect candidates to do industry expertise. Facebook, XING knowledge workers, and they are the their homework: there are now and LinkedIn and even Twitter new ’rock stars‘ in the escalating search many tools available to candidates can become part of an evolving for talent. Yet, they are in short supply. to help them understand and vet conversational landscape, to potential employers. Sites such as pique the interest of even passive The task of locating, nurturing, and vault.com or glassdoor.com are just candidates. harnessing the expertise of those who two examples. operate in the knowledge environment • Knowledge sharing & leadership: has become the Holy Grail for many authoring or sponsoring papers, HR professionals. Employers must writing blogs, and presenting adopt recruitment approaches that are webcasts can start conversations aligned to the type of social networks with potential ‘knowledge workers’.home inTroducTion iT’s a global hr 3.0 is your ceo’s PlenTy of work is The if we don’T free hr TalenT geT The full village here concerns labor, limiTed virTual knowledge change, agenTs are suPPly-chain rePorT are your TalenT worker is The millennials increasing managemenT concerns new rock won’T sTay sTar
  • 9. 9 | nine reasons why ‘TalenTomics’ is changing hr07if we don’T Gen Y is the first truly globalized generation of workers. They have As such, younger generations have never experienced the requirement Millennials demand meaning in the workforce, but few employers reallychange, grown up with technologies that have to be ‘in the office’ to communicate know how to offer it. shrunk the workplace and the world, and work effectively. Instead, theirmillennials expanded their horizons, and made emphasis is shifting to what some call in The mulTi-generaTional workPlace, hr musT Providewon’T sTay them feel comfortable operating in a borderless environment. ‘the third place’ —a place between home and the workplace where the Trans-generaTional soluTions: demands of both can be balanced. • Millennials are less interested in a Gen Y’s attitudes to job selection, career ladder, but they are intently tenure, work-life balance, As workforce virtualization increases, focused on a career lattice. Lateral remuneration, promotion, and not this desire for a more flexible movement, new opportunities, least of all, their use of technology, is approach to ‘work’ is being forced continual development, and providing food for thought for most into the mainstream. And workplaces intellectual challenge are of greater organizations. are evolving, but they will need to interest and value to them. evolve further to meet some of the For Gen Y, the workplace is not expectations of younger generations. • The idea that organizations can solely about work—it is a place simply make Gen Y’s conform to for social interaction and shared The influence of Gen Y can also felt on the way things are is flawed. If learning, and the old “9 to 5” means issues of ethics, the environment, and organizations don’t evolve their nothing. Millennials have grown up social responsibility in the workplace, workplace for this generation, Gen with the kind of technology that which challenges the hierarchical status Y will leave and Gen Z will never makes it possible to work and remain quo for older generations. darken their door. connected, almost anywhere.home inTroducTion iT’s a global hr 3.0 is your ceo’s PlenTy of work is The if we don’T free hr TalenT geT The full village here concerns labor, limiTed virTual knowledge change, agenTs are suPPly-chain rePorT are your TalenT worker is The millennials increasing managemenT concerns new rock won’T sTay sTar
  • 10. 10 | nine reasons why ‘TalenTomics’ is changing hr08free agenTs The rise of the contingent workforce is shaping new patterns of business Union membership—something we never thought possible. analytics, and workforce planning, across the enterprise.are increasing behavior around HR practice. Those who describe themselves as • If key people can jump from Recruitment needs to take account of the shifting needs of business and self-employed are a rising share of one assignment to the next, HR the availability of a pool of workers the workforce in many industrialized must consider how it will protect with specific expertise, suited to economies. And, as people go solo, knowledge and intellectual property, particular projects. they necessarily need to become project by project. more flexible, entrepreneurial, and One of the most important workforce responsive to the needs of the market. • Juggling myriad legal, financial, and trends of the past two decades They do not operate under the security regulatory issues across jurisdictions has been the rise of a new breed of permanent employment, and thus will be unavoidable of independent free agents— need to think afresh about the skills • HR professionals need to consultants, freelancers, contractors, and competencies that will sustain understand what makes Free Agents and ‘micropreneurs.’ Many of these them for the long haul. ‘tick’. They are always looking to are professionals who have been How then, can an HR organization find, upgrade their skills and differentiate dislodged from salaried careers as a let alone recruit, such talent? themselves, so the business must be consequence of business restructuring flexible enough to consider work in and economic upheaval. managing The term of ‘assignments’, and to make ‘JusT-in-Time’ emPloyee those assignments attractive to According to a Kelly research, close to half of all workers in the U.S. (44%) now agents looking for ways to expand • Recruitment practices need to adapt classify themselves as free agents. In and enhance their skill base. to the shifting needs of business, the U.S., Free Agents outnumber total and take account of workforcehome inTroducTion iT’s a global hr 3.0 is your ceo’s PlenTy of work is The if we don’T free hr TalenT geT The full village here concerns labor, limiTed virTual knowledge change, agenTs are suPPly-chain rePorT are your TalenT worker is The millennials increasing managemenT concerns new rock won’T sTay sTar
  • 11. 11 | nine reasons why ‘TalenTomics’ is changing hr09hr is TalenT Human Capital, the people who actually deliver results for our Thinking about talent in terms of supply chain requires us to ask To manage TalenT suPPly chain, The hr Professional musT:suPPly-chain companies and enterprises, has and answer these questions: First, • know and understand the business become the last, and possibly the assuming I can find the talent I need,managemenT only, differentiator in a world of does my enterprise have the resource itself, just as well as she knows and understands HR commoditization. acquisition mechanisms to deal with multiple markets, and multiple • have a view of the workforce, which Our ability, as an enterprise, to sourcing techniques? Second, do we includes logistics and metrics and compete in a global economy may have appropriate terms and conditions accountabilities well be determined over the next few in place to secure the resources and, years by how well we manage a supply third, must I move the resources to • have a robust understanding of chain of talent (not a supply chain of make use of them? Finally, once I have labor markets minerals, parts, foods or fabrics). If my resources in place, can I manage we look at a classic model of supply effectively against inventory shrinkage, • help the business to shift the way chain management, it boils down to spoilage, obsolescence or theft? it manages people and defines the having the right materials, in the right ‘workplace’ place, at the right time and cost. And, Enterprise HR groups, which aspire these must be utilized the right way to to being part of HR 3.0, must start • create a new definition of create and deliver specific goods and thinking about HR—and about ‘work’, one that reflects the new services. In a knowledge economy, the talent—as mission-critical supply chain requirements of our resources same is true of talent. management. We have to understand • rethink whether we move workers or how disruptions in the talent supply we move work chain can directly hammer (impact is too nice a word here) our business.home inTroducTion iT’s a global hr 3.0 is your ceo’s PlenTy of work is The if we don’T free hr TalenT geT The full village here concerns labor, limiTed virTual knowledge change, agenTs are suPPly-chain rePorT are your TalenT worker is The millennials increasing managemenT concerns new rock won’T sTay sTar
  • 12. This ebook is extracted from Talentomics: 9 Ways HR Must Adapt to Find Talent. DownloaD your free copy toDay.about tHe autHorlance JenSen rIcHarDS, gpHr, SpHr is Vice president, global workforceSolutions of Kellyocg. He has overall accountability for the practice on aglobal basis, in addition to providing thought leadership, business planning,and strategic direction.about KellyKelly Services, Inc. (naSDaQ: Kelya, Kelyb) is a leader in providing workforce solutions. Kellyoffers a comprehensive array of outsourcing and consulting services as well as world-class staffingon a temporary, temporary-to-hire, and direct-hire basis. Serving clients around the globe, Kellyprovides employment to 480,000 employees annually. revenue in 2009 was $4.3 billion. For moreinformation please visit kellyservices.com.about Kelly outSourcIng anD conSultIng groupKellyocg is a global leader in innovative talent management solutions in the areas of recruitmentprocess outsourcing (rpo), business process outsourcing (bpo), Human resources consulting,career transition and organizational effectiveness consulting, executive Search, and contingentworkforce outsourcing (cwo), which includes Independent contractor Solutions. Furtherinformation about Kellyocg may be found at kellyocg.com. eXiT

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