The document summarizes a presentation on HR strategies for the current labor market. It discusses the objectives of having the right workforce with the right skills at the right time to execute a firm's business strategy. It then outlines the strategic workforce planning process and reviews the current economic recovery and key indicators related to unemployment, job openings, and wages. The presentation also discusses the "B" solutions for workforce planning: buying, building, boosting, borrowing, binding, and bouncing talent. Specific strategies covered include developing internal talent, managing millennial and baby boomer demographics, leveraging contingent workers, and the costs of retaining poor performers. Economic forecasts and the roles of Yellen, Obama, and Boehner in the economy are also briefly mentioned

1. HRMAC West Suburban Interest Group
May 12, 2015
Eric Sanders, Principal, OD Economist
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2. Objectives
 HR strategy for the current labor market
 Key economic indicators related to HR
 HR activities over the employee life cycle
 Have the right workforce
 With the right skills
 At the right time
 To execute your firm’s business strategy
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3. Strategic Workforce Planning
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Identify
Business
Strategy
Diagnose
Talent
Gaps
Develop
Human
Capital
Plan
Deploy
“B”
Solutions
Achieve
Strategic
Capability
& Results
Source: Jim Reilly

4. Slow Recovery
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5. The “B” Solutions
 Buy – Acquire the talent you need
 Build – Develop the talent from inside your
organization
 Boost – Stretch assignments for your top talent
 Borrow – Staff augmentation with external resources
 Bind – Provide incentives to retain key talent
 Bounce – Release those who would help you most by
working for the competition
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Source: Jim Reilly

6. BUY: Unemployment Decreasing
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Source: Bureau of Labor Statistics

7. BUY: Job Openings Increasing
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8. BUY:
Real Wages/Employment Cost
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Source: Bureau of Labor Statistics

9. BUILD: Develop Internal Talent
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Source: ASTD 2014 State of the Industry Report

10. BUILD: Demographics 1 –
Millennials
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Source: My friend, Dr. Nandi Shareef

11. BOOST: Stretch Assignments
 The risk: Retention AFTER stretch assignments
 Trends and data around these things
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12. BORROW: Leverage Contingent Workers
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Source: BLS

13. BIND: Demographics 2 - Boomers
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Source: Sanders Family

14. BIND: Labor Force Participation
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Source: Bureau of Labor Statistics
Percentofthepopulation
workingorlookingforwork
Percentofthepopulation
lookingforwork

15. BIND: Labor Force Participation
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Source: Bureau of Labor Statistics
Percentofthepopulation
workingorlookingforwork
 Is this a return to the former long-term trend?

16. BOUNCE: The cost of keeping bad workers
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Source: Gallup
 Discharge Costs
 Replacement Costs
 Cost of disengagement

17. BOUNCE: The cost of keeping bad workers
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Source: Gallup

18. Key Players in the Economy
Janet Yellen
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Barack Obama John Boehner

19. Forecast for 2015
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20. Final Thought
"Labor is prior to, and independent of, capital.
Capital is only the fruit of labor, and could
never have existed if labor had not first
existed. Labor is the superior of capital, and
deserves much the higher consideration.“
December 3, 1861 - Lincoln's First Annual Message to Congress
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