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17th Learning EB: Current trends and challenges on talent management

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  • 1. 17th HR Philippines Learning EB Current Trends and Challenges of Talent Management in the Philippines www.hrdguru.wordpress.com
  • 2. Current Trends and Challenges of Talent Management in the Philippines I. Introduction II. Current State of Talent Management III. 8 Biggest Strategic Recruiting Challenges IV. 12 Hottest Recruiting Opportunities in 2014 V. Summary www.hrdguru.wordpress.com
  • 3. Introduction In today’s volatile global economy, organizations are struggling to establish and maintain an effective and affordable attraction, retention and engagement strategy. Know-how, innovation and experience constitute the main advantages that organizations can have over their competitors. The most talented and most skilled employees drive these advantages. Therefore talent management should focus on the organization's talent: the most skilled and experienced individuals. Attracting, developing and retaining talent is fundamental to a company remaining ahead of its competition. www.hrdguru.wordpress.com
  • 4. Current State of Talent Management 2012-2013 Important Data: • Almost three-quarters of survey respondents (72%) cite problems attracting critical-skill employees. • About six in 10 have difficulty attracting high potential and top-performing workers (60% and 59%, respectively). • In addition, 43% have problems attracting diverse Employee populations. *** Tower Watson 2012 – 2013 Global Talent Management and Rewards Study ** 1,605 employers globally www.hrdguru.wordpress.com
  • 5. www.hrdguru.wordpress.com TOWER WATSON REPORT 2012-2013 Figure 1. Diffi culties attracting and retaining key employee groups continue despite variable economic conditions To what extent is your organization experiencing problems attracting/retaining employees in the following groups? Problems Attracting * Problems Retaining* All employees 31% 25% Critical-skill employees 72% 56% High-potential employees 60% 55% Top-performing employees 59% 50% Diverse employee populations 43% 31% Recent university graduates 18% 20% Employees with tenures between 18 months and three years NA 43% * Percentages represent the percentage of respondents hav ing diffi culty to a moderate or great extent.
  • 6. Biggest Talent Concern: • Availability of talent (right numbers, right time, right quality/skills) • Low attrition rate • Quick replacement for movements and attrition Business Impact: Affects continuity of operations, quality of services, and growth *** 2013 B&M Global Services Manila Case Study: An Integrated Talent Management Program www.hrdguru.wordpress.com The Philippines has the highest unemployment rate among members of the Association of Southeast Asian Nations (Asean), according to a report of the International Labor Organization (ILO) published in 2014.
  • 7. The Biggest Strategic Recruiting Challenges 1. Retention problems will increasingly impact recruiting As more employees become comfortable shifting away from security needs and toward more exciting job opportunities, turnover rates will increase by over 25 percent. This dramatic increase in turnover will create many new “sudden openings” which will put an added strain on already stressed recruiting systems. In order to help reduce future turnover, the “potential for early turnover” will have to be included in the assessment criteria for all finalists. www.hrdguru.wordpress.com
  • 8. The Biggest Strategic Recruiting Challenges 2. Process Time /Speed is once again becomes essential to remain competitive Over the last few years — with high unemployment and little competition for talent — in many cases recruiters could take their time and still land top candidates. As the pace of change in business and the competition for talent increases, firms will have no choice but to revisit “speed of hire” approaches and tools in order to land candidates that are in high demand. www.hrdguru.wordpress.com
  • 9. The Biggest Strategic Recruiting Challenges 3. Limited resources will require position prioritization The increased hiring volume coupled with the inevitable lag in being provided with additional budget resources will require most firms to prioritize their jobs. Recruiting will then allocate their resources toward filling revenue generating and other high- business-impact positions. www.hrdguru.wordpress.com
  • 10. The Biggest Strategic Recruiting Challenges 4. Business volatility makes workforce planning more necessary but more difficult As continuous business volatility in a VUCA world becomes the “new normal,” executives will increase their demand for data-driven workforce planning. Unfortunately, most talent functions simply do not currently have staff with the capability to conduct sophisticated workforce forecasting and planning. *** Dr. John Sullivan is an internationally known HR thought-leader from the Silicon Valley www.hrdguru.wordpress.com VUCA best describes the volatile and chaotic business, economic, and physical environment that we all now face In a VUCA environment, there are more changes, a faster rate of change, and the size of the changes are so impactful that they must be labeled as “disruptive.” So the question for talent leadership becomes, “how do you effectively hire, develop, place, and retain individuals and leaders in the volatile environment where literally everything changes in months rather than years?”
  • 11. The Biggest Strategic Recruiting Challenges 5. College recruiting must be reengineered if it is to succeed The demand for college talent in key majors will continue to increase dramatically. A reengineered college recruiting model must move beyond a focus on career centers and increase its capabilities in the areas of global college recruiting, remote college recruiting, recruiting students from online universities, recruiting “passive” students, and the use of market research to completely understand the job search process and the expectations of this new generation of grads www.hrdguru.wordpress.com
  • 12. The Biggest Strategic Recruiting Challenges 6. The shortage of top recruiters will become evident As recruiting ramps up, firms will begin to realize that there is a significant shortage of talented and currently up-to-date recruiters. After poaching from the rapidly shrinking executive search world, leaders will begin bidding over top corporate recruiters. A lack of quality internal and external recruiter training capability will make the recruiter shortage even worse. www.hrdguru.wordpress.com
  • 13. The Biggest Strategic Recruiting Challenges 7. Large firms must learn to compete with startups for talent The recent lavish funding and the economic success of numerous startups will continue to make them attractive to innovators and top talent. Unfortunately, few major corporations have a market-research-driven strategy or a set of tools that allows them to successfully recruit against startups for these valuable prospects with a “startup mindset.” www.hrdguru.wordpress.com
  • 14. The Biggest Strategic Recruiting Challenges 8. Finding a high-impact technology will still be problematic Although there is a wealth of new technology in recruiting, almost all of it is designed to reduce costs and administrative burdens. We have yet to encounter the breakthrough recruiting technology that produces a competitive advantage by demonstrating in a split sample that its usage directly improves the on-the-job performance of all new hires by at least 20 percent over existing processes. www.hrdguru.wordpress.com A recent survey (Forbes) suggests that 57 percent of companies plan to make a major HR technology purchase in the next 18 months, and recruiting is the most commonly cited focus for the big-ticket purchase *** Josh Bersin (Forbes.com)
  • 15. 12 Hottest Recruiting Opportunities in 2014 1. Competition for talent continues to Intensify Dr. John Sullivan a internationally known HR thought-leader said that in 2014 can be called “the year that intense recruiting competition returned.” That is because after years of slack hiring, the competition for top performers and technical talent will increase over the next year in many industries to the point where current recruiting resources and tools will be stretched to the limit. www.hrdguru.wordpress.com
  • 16. 12 Hottest Recruiting Opportunities in 2014 2. A metric-driven employee referral program as a dominant hiring source As more firms adopt quality of hire metrics, it becomes even clearer that well-designed employer referral programs produce high performers, high retention rates, and if managed correctly, they are faster, just as diverse, and often cheaper than all other sources. At the same time, many of the recently introduced vendor supplied external referral programs will begin their inevitable decline. www.hrdguru.wordpress.com
  • 17. 12 Hottest Recruiting Opportunities in 2014 3. Predictive metrics and the use of big data move from interesting to essential This new focus will be on real-time metrics that let managers know what’s happening today, and predictive metrics, which alert everyone about upcoming recruiting problems and opportunities, so that they can act appropriately with time to spare. Although still in its infancy, a handful of vendors are beginning to show that you can actually identify hundreds of top performers who are not currently looking for a job (the so-called passives) using external “Big Data.” www.hrdguru.wordpress.com
  • 18. 12 Hottest Recruiting Opportunities in 2014 4. Employer branding returns as the only long-term recruiting strategy After years of minimal funding and attention, strategic employer branding begins its return as the only long-term recruiting strategy. This shift is partially due to increased recruiting competition but it also comes about because social media now makes it so easy for others to virally spread either positive or negative comments covering working at your firm. www.hrdguru.wordpress.com
  • 19. 12 Hottest Recruiting Opportunities in 2014 5. Boomerangs (Re Hires) become a primary target once again Boomerang rehires have proven to be one of the highest quality of hire sources, and this new talent shortage will return them to prominence after years of inattention. As the competition for talent heats up, the best firms will re-energize alumni groups and they will use them as the mechanism for bringing back the very best former employees with a proven track record (among the many who were recently released). www.hrdguru.wordpress.com
  • 20. 12 Hottest Recruiting Opportunities in 2014 6. Accepting social media profiles in lieu of resumes opens the door to many passives The unabated corporate goal of targeting and recruiting those top prospects who are not in job search mode” cannot be met if an up-to-date resume is required. That is because these individuals often resist applying for a job simply because they don’t have the time to update their resume www.hrdguru.wordpress.com
  • 21. 12 Hottest Recruiting Opportunities in 2014 7. Social-media and mobile platforms continues to be a critical tool The emergence of the technical capability that allows the direct “instant” application for jobs from mobile phones and social-media sites will soon become mainstream. A multitude of startups will continue their development of a variety of recruiting-focused mobile phone apps. and will also partner with social media sites www.hrdguru.wordpress.com
  • 22. 12 Hottest Recruiting Opportunities in 2014 8. Pre-recorded Video Resume and Live video interviewing steadily grows in acceptance Reviewing pre recorded video resumes and conducting Live video interviews has now proven its effectiveness, so its use will continue to expand until it becomes the standard practice, at least for initial interviews. www.hrdguru.wordpress.com
  • 23. 12 Hottest Recruiting Opportunities in 2014 9. Market research practices will eventually allow you to fully “know” your prospects and candidates Recruiting leaders should learn that you can’t effectively find or sell top prospects until you fully understand how they search for a job, where they would see recruiting information, and what factors excite them about a company or a job. www.hrdguru.wordpress.com
  • 24. 12 Hottest Recruiting Opportunities in 2014 10. Firms must eventually begin to “map” their future talent pipeline This practice involves identifying and then “mapping” the top talent throughout your industry with the goal of eventually bringing the best onboard when they are ready to move on. More firms will also eventually learn to use professional learning communities as talent pools, while others will use pre-need employee referrals to develop this talent pipeline based on employee recommendations. www.hrdguru.wordpress.com
  • 25. 12 Hottest Recruiting Opportunities in 2014 11. Finding “their work” online will eventually become a key sourcing tool As more and more individuals post examples, pictures, videos, or portfolios of their work on the Internet, finding talented individuals who might not be looking for a job will move into the mainstream. In addition, evaluating their actual work will prove to be an accurate assessment approach. www.hrdguru.wordpress.com
  • 26. 12 Hottest Recruiting Opportunities in 2014 12. Near Hire Training Although the concept of Near Hire Training is not new, but the due to the emergence of a competitive market and the continuing “war for talent”, Stakeholders are again realizing the real value of having an effective Near Hire Program. Reliable near-hire training is extremely valuable in ensuring you always meet your recruitment ramps. Statistically, near-hire training averages an 70%- 85% success rate in converting failed applicants into successful hires. www.hrdguru.wordpress.com
  • 27. SUMMARY  War for Talent is Real. Unlike the talent war of the 1990s and up to the early 2100s, which was driven by a lack of supply of all talent, today’s war is all about a lack of supply of the right talent to generate growth and compete in a crowded and fast-changing economic and technological landscape. Being able to have numerous strategic, scientific and “out-of-the-box” game plan is crucial for success in winning the war for talent.  Talent Acquisition (Sourcing & Recruitment) should finally adopt the practice of monetizing its business impacts – By moving away from its long-held attempt to “align with business goals” and instead focus on having a direct impact on business goals. www.hrdguru.wordpress.com
  • 28. Speakers Contact Details www.hrdguru.wordpress.com FB: www.faceboom.com/HRDGuru Twitter: darwinrivers LinkedIn: www.linkedin.com/in/darwinrivers Blog: www.hrdguru.wordpress.com
  • 29. www.hrdguru.wordpress.com