4 Truths About Work


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This e-book is made to present you with the 4 truths of work today.
It explains why talent is dwindling, it discusses the challenges we are all facing , and it offers some
suggestions for recruiting and retaining top talent.

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4 Truths About Work

  2. 2. 2 | FOUR TRUTHS ABOUT WORKINTRODUCTION OMG! Change…everywhere, every day. We are all struggling with the skills dilemma that is challenging the way we manage and LANCE JENSEN RICHARDS, JASON S. MORGA, PHR plan our workforce of the future. GPHR, SPHR People are remaining in the workforce longer than they used to, yet there is a growing shortage of skilled talent. The aging and declining workforce is a global phenomenon taking place in all industries and across traditional boundaries. Generational differences, which have emerged over the last decade, are beginning to solidify and have lasting implications for the management of human capital. In addition, the rise of a new breed of self-employed “free agents” is injecting a volatile element into the mix, which is forcing employers to reassess the way they select, deploy and interact with staff. How do we prepare ourselves for and manage these trends? What are the keys to success as the workforce continues to evolve? This e-book is made to present you with the 4 truths of work today. It explains why talent is dwindling, it discusses the challenges we are all facing , and it offers some suggestions for recruiting and retaining top talent. Read, learn and enjoy. LANCE JENSEN RICHARDS JASON S. MORGA Lance.Richards@kellyocg.com Jason.Morga@kellyservices.com à ÅHOME INTRODUCTION TRUTH 01 TRUTH 02 TRUTH 03 TRUTH 04 CONCLUSION GET THE FULL REPORT
  3. 3. 3 | four truths about work01we are Good news: Thanks to advances in medical technology, people are living What is behind this shift in the labor market? The reason that there are fewer young people graduating is because there areGettinG oLd and working longer. As a result, people The retirement of Baby Boomers is the fewer young people.– and Less! over age 50 constitute a larger part leading factor behind projected labor in essence: With the overall of the overall population, and a larger shortages, leaving fewer numbers workforce aging, birth rates in mature part of the global workforce. of skilled workers. With technology markets dropping, labor pools in advancing at a rapid pace, the need From a demographic standpoint, developed nations shrinking, the for skilled workers is increasing at an “prime-aged” workers are 25 to numbers of skilled workers dropping, exponential rate around the world. 54 years old. This group has grown and the demand for skilled workers significantly over the past two Unfortunately, the numbers of college accelerating along with technology decades, but in recent years, has graduates is not keeping pace with evolutions —the global workforce flattened and is now declining. what the global workforce requires. could soon be in a world of trouble. evolutionary shifts in the workforce are to be expected as the world changes. But today’s global workforce is undergoing an unprecedented transition—as companies everywhere are faced with recruiting and retaining top talent from a labor force that is shrinking overall, yet includes increasing numbers of older workers. Ã Åhome introduction truth 01 truth 02 truth 03 truth 04 concLusion Get the fuLL rePort
  4. 4. 4 | four truths about work02it’s GettinG Generational differences may pose challenges for you, if you want to Baby Boomers are being followed by a far smaller cohort of only 45 million from traditional career paths that involve loyalty to a single companycrowded – get optimal performance from your Gen X workers, so there will be a for long tenures. Instead, they are entire workforce. Today the diversity shrinking pool of prime-aged workers4 Generations of experience and knowledge offered to fill the gaps. assuming more responsibility earlier in their careers and focusing on@work by four distinct generational mindsets The demand for talented Gen X developing skills that will make them (Silent Generation, Baby Boomers, marketable to multiple employers. leaders will increase, but the supply Gen X and Gen Y) can provide tangible will decrease. In the same time, with benefits if managed well. as a base Line: Differences in the retirement of the baby boomers, work ethics and values will continue But the challenge for you is to there will still be a significant deficit to escalate as the age spectrum embrace the talent mix, tap into it, and in leadership and the competition for in our workforce becomes more use its strengths to deliver operational older, more experienced leaders will pronounced. As a result, you will be performance. intensify. forced to rethink, revamp, and adapt As we’ve discussed, today’s workforce To make matters worse, the younger your recruiting, retention, and training is growing older. More than 78 million workers are shifting their sights away strategies. For the first time, employers are challenged by the phenomenon of four distinct generations coming together in the workplace simultaneously. each generation has its own unique attitudes toward work, and those diverse approaches often result in intergenerational conflict. Ã Åhome introduction truth 01 truth 02 truth 03 truth 04 concLusion Get the fuLL rePort
  5. 5. 5 | four truths about work03the oLd is One of the most important workforce trends of the past two decades has • They prioritize freedom and flexibility over the security of traditional allows us to react more quickly to the dynamics of business by being ablenot the new been the rise of the new breed of employment models. to expand and contract our workforce independent free agents – consultants, • They are always keeping an eye out according to changing needs. We– the free freelancers, contractors and for more interesting or rewarding can adopt a just-in-time workforceaGents are ‘micropreneurs’. assignments that afford the best work/life balance. strategy to save money and streamline processes by maintaining a staff of corecominG That’s the core about them: personnel responsible for day-to-day • They are not traditional “9 to 5” The reasons for becoming a free agent operations. employees working for one employer. reflects a desire to be in command of • They are independent professionals one’s “self”, to be able to participate in Your benefit: When project needs or consultants, temporary or contract meaningful work, and to be rewarded in increase or special skill sets are needed, employees. a way that reflects the effort and quality we can quickly bring in contractors with • They move from project to project, of the input. the specific skill sets needed. Instead location to location. of spending time creating new staff • They span all ages, professions, The rise of the free agency positions and sourcing job candidates, incomes, and educational levels. phenomenon has also had benefits you can ramp up or scale down • They are interested in working for for those of us that use contract according to workflow. themselves. or temporary labor. A free agency a strong trend has emerged toward building more flexible, project-based workforces, largely because modern technology has made it possible for people to connect from wherever they are. Ã Åhome introduction truth 01 truth 02 truth 03 truth 04 concLusion Get the fuLL rePort
  6. 6. 6 | four truths about work04it’s GoinG to The mix of different generations and their associated aspirations, together One of the critical advantages in a multigenerational workforce is the One of the key issues for your company is how to provide the emergingbe diverse! with the rise of a more entrepreneurial incredible diversity it can provide. generations with the opportunities and class of free agents is re-shaping the challenges they deserve, while retaining way that businesses operate, and the For you and your company, a multi- the substantial repository of acquired way employees are engaged and generational workforce may seem the knowledge held by the Baby Boomers. deployed. source of much frustration, though it need not be. Managing this migration from the This trend has a name: Diversity. mindset of Baby Boomers to the The challenge lays in recognizing both viewpoints of Gen X and Y becomes The source of that diversity may vary. the similarities between the generations critical. It may be generational, geographic, as well as the areas of divergence, and ethnic, occupational or socio-economic. putting into practice measures that the win factor: Businesses that In coming to complex decisions, it address each group’s priorities and can manage and capitalize on the almost always pays to have as many interests. generational divide actually have varied inputs as possible. an enormous source of competitive advantage at their fingertips. The task of managing the generational mix in the workplace for maximum efficiency is one of the most challenging facing managers and business owners today. Ã Åhome introduction truth 01 truth 02 truth 03 truth 04 concLusion Get the fuLL rePort
  7. 7. 7 | four truths about workconcLusion Surviving and Succeeding With the global workforce aging and declining, it is the right time for companies to develop strategies for recruiting and retaining top talent from all generations. For workforce planning to be effective, you need to sharpen their skills in interpreting and using workforce data to track trends and assess global insights. Knowing what attracts and keeps employees in their jobs is key to ensuring employee growth and satisfaction while supporting corporate goals and containing costs. The colliding trends in the workforce are not going to change, and the challenges they present aren’t going away. You need to act to create a talent management strategy that conquers those challenges. By measuring, developing, and nurturing its human capital, an organization can ensure that its most valuable asset is used effectively and efficiently. Ã Åhome introduction truth 01 truth 02 truth 03 truth 04 concLusion Get the fuLL rePort
  8. 8. This ebook is extracted from The Leadership Deficit – Recruiting and Retaining the Multi-Generational Workforce doWnLoAd your FrEE coPy todAy.About the AuthorsLAnce 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.Jason s. Morga, PHr is Senior Director of the Kelly Services AmericasMarketing Group, which delivers a wide range of interactive and media-richsolutions to support internal and external Kelly clients. Jason has been engagedin human resources and marketing functions for more than 12 years.About KeLLyKelly services, inc. (nAsdAQ: KeLyA, KeLyb) is a leader in providing workforce solutions.Kelly® offers a comprehensive array of outsourcing and consulting services as well as world-classstaffing on a temporary, temporary-to-hire, and direct-hire basis. serving clients around the globe,Kelly provides employment to 480,000 employees annually. revenue in 2010 was $5 billion. Ã EXIT