1. We summarize the key points from the document in 3 sentences:
The document discusses strategies for mining companies to manage through an economic downturn, including focusing on retention through leadership, communication, training and rewards rather than voluntary turnover; bringing remuneration under control after high pay during the boom; and engaging workers to create a culture of commitment through performance management and incentives. Knee-jerk cost-cutting will not strengthen companies long-term, and the industry has an opportunity to address past issues to help future viability.
Our article that is published in Metering International issue 3, september 2011. The article is about smart meters and new business model in the utilities sector.
South India as best tourist destination in India, with its geographical diversity and natural abundance offers some of the most mesmerizing vacations and tours in India.
Welcome to South India:- www.kata-india.com/Beautiful-South-India.html
The Future of Employee Benefits: Trends to Retain and Attract Top TalentAggregage
https://www.compandbenefitstoday.com/frs/23182614/the-future-of-employee-benefits--trends-to-retain-and-attract-top-talent/email
The employee benefits landscape has changed significantly since the pandemic. As a result, benefits products and services have evolved and will continue to do so. Employee preferences are also evolving. How do you find the balance between equity, diversity, alignment, and affordable benefits? The key to employee retention and attraction in this new era is a holistic approach to your total rewards strategy.
Join Sharell Thomas-Hodge, total rewards director and consultant, for this engaging and informative conversation.
Learning objectives:
• Examine the latest benefits trends and innovations
• Review what best practice actually looks like and how your organization can achieve it
• Explore cost-effective options that provide competitive benefits that will retain and attract talent
In days gone by, people were happy to stick to an organization for a decade or more, often starting and ending their careers with a single company. That concept of permanency does not exist anymore. Job hopping is on the rise and becoming extremely common. A survey by staffing firm Robert Half found that 64% of workers favour job-hopping, a 22% increase from just four years ago.
12 Chapter 5 • Forecasting and Planning 127
Chapter 5 • Forecasting and Planning 127
The competition for good employees is particularly fierce for smaller companies, who, despite providing the majority of new jobs in the United States,8 have a more difficult time hiring in general. Forecasting and planning let firms better manage talent shortages and surpluses. By understanding business cycles, the business needs of their firms, the current talent in their firms, and the pipelines for finding future talent, HR professionals can proactively reduce the impact the greater competition for talent will have.
Workforce planning is a strategic process that allows an organization to predict and manage its talent supply and demand. The goal of this process is to enable the organization to attain its business goals and execute its strategy. Because business leader input is as important as HR input, workforce planning is an organizational initiative, not something solely done by HR.
Despite the clear advantages of forecasting and planning, many organizations respond to their staffing needs reactively rather than proactively. In other words, they do little planning and simply work to fill positions as they open up. Jim Robbins, the former president and CEO of Cox Communications, put it this way: "We spend four months per year on the budget process, but we hardly spend any time talking about our talent, our strengths and how to leverage them, our talent needs and how to build them. Everyone is held accountable for their budget. But no one is held accountable for the strength of their talent pool. Isn't it the talent we have in each unit that drives our results? Aren't we missing something?"
At Corning, a leader in specialty glass and ceramics, talent planning is the "bridge that translates business strategy into talent strategy."10 Corning knows that its talent portfolio influences its success. Over- or understaffed units affect the company's cost structure, cash flow, and ability to deliver its products. The wrong skill mix can mean missed market opportunities if the workforce is underskilled or, if the workforce is overskilled, cost structures that undermine profitability. To keep its skill mix optimized, every spring Corning models its future talent needs across multiple scenarios and then analyzes strategies to close any gaps.11
In this chapter, we discuss the importance of understanding the organization's business strategy, goals, and competitive environment to identify what talents the firm will need. Ensuring that the right people are in place at the right time requires forecasting the firm's labor demand and maintaining an awareness of the relevant pipelines for its labor supply. Action plans can then be developed to address any gaps between the two. After reading this chapter, you will have a good understanding of the workforce forecasting and planning process.
THE WORKFORCE PLANNING PROCESS
The workforce planning process, which is illustrated.
Better managers, better business - a thought paperPete Fullard
We’re all in business and we’re all constantly searching for the same thing. Something magical with the power to create profit without changing our products, services or customers.
The good news is that I’ve found it! And it may not be quite what you were expecting. It’s been around longer than any technology. It requires no market intelligence. And there’s not a hashtag or emoji in sight! Even better, is that there’s a simple three-step plan to harness it. Or should I say ‘them’.
Because the opportunity is to be found in our people. Particularly our managers who have the ability to take our culture, our people and our performance to new levels. Like all the greatest opportunities, it has been caused by change. People like us who are running businesses are (on average) getting older. Yet, in Asia, seventy percent of employees are Millennials. Elsewhere in the world that number is over thirty percent. Between them and the directors who pay their wages lies a huge gulf in culture, expectations and values.
The ‘C’ suite within so many businesses remains linear and traditional. They have grown-up in a world where the numbers come first, and the culture comes a distant second at best. Employees, on the other hand, are more agile and value-led. They choose to work in ethical, progressive and consultative environments. They are uninspired by the ‘same old’ approach to HR, training and culture. They are desperate to find something newer, better and more empathetic and they are willing to move jobs to find it.
This presents an incredible opportunity. The vast majority of businesses are not bridging the culture gap. They have focused on what their customers want, without making a similar adjustment to the ever-changing needs of their employees. This is so easy to change. Many great businesses have already done it. The majority are run by Millennials. They recognise that, even in the age of technology, people remain our greatest asset, and can produce the greatest returns of all. Each has delivered on these three simple steps:
• They have a clear corporate vision embracing everything they do
• With an agility that allows their people to flourish
• And an empathy that allows them to embrace, not repel, their people
In that setting, managers can be empowered to motivate and engage. We can help those who are more experienced develop more current skills through coaching and mentoring rather than box-ticking and lecturing. They, in turn, can harness the talent within our Millennial and Generation Z workforce. Investing in a new app may be sexier, but developing our people will have a much deeper and more meaningful impact on the bottom line.
I really hope this thought piece is different. It addresses fundamental issues that are holding back so many businesses and presents a better way forward.
Succession planning, regardless of the age of owners or management, is not an event, but an ongoing process that needs to begin now. Find out what are the are critical decisions that need to be addressed (but not necessarily resolved today)
Our article that is published in Metering International issue 3, september 2011. The article is about smart meters and new business model in the utilities sector.
South India as best tourist destination in India, with its geographical diversity and natural abundance offers some of the most mesmerizing vacations and tours in India.
Welcome to South India:- www.kata-india.com/Beautiful-South-India.html
The Future of Employee Benefits: Trends to Retain and Attract Top TalentAggregage
https://www.compandbenefitstoday.com/frs/23182614/the-future-of-employee-benefits--trends-to-retain-and-attract-top-talent/email
The employee benefits landscape has changed significantly since the pandemic. As a result, benefits products and services have evolved and will continue to do so. Employee preferences are also evolving. How do you find the balance between equity, diversity, alignment, and affordable benefits? The key to employee retention and attraction in this new era is a holistic approach to your total rewards strategy.
Join Sharell Thomas-Hodge, total rewards director and consultant, for this engaging and informative conversation.
Learning objectives:
• Examine the latest benefits trends and innovations
• Review what best practice actually looks like and how your organization can achieve it
• Explore cost-effective options that provide competitive benefits that will retain and attract talent
In days gone by, people were happy to stick to an organization for a decade or more, often starting and ending their careers with a single company. That concept of permanency does not exist anymore. Job hopping is on the rise and becoming extremely common. A survey by staffing firm Robert Half found that 64% of workers favour job-hopping, a 22% increase from just four years ago.
12 Chapter 5 • Forecasting and Planning 127
Chapter 5 • Forecasting and Planning 127
The competition for good employees is particularly fierce for smaller companies, who, despite providing the majority of new jobs in the United States,8 have a more difficult time hiring in general. Forecasting and planning let firms better manage talent shortages and surpluses. By understanding business cycles, the business needs of their firms, the current talent in their firms, and the pipelines for finding future talent, HR professionals can proactively reduce the impact the greater competition for talent will have.
Workforce planning is a strategic process that allows an organization to predict and manage its talent supply and demand. The goal of this process is to enable the organization to attain its business goals and execute its strategy. Because business leader input is as important as HR input, workforce planning is an organizational initiative, not something solely done by HR.
Despite the clear advantages of forecasting and planning, many organizations respond to their staffing needs reactively rather than proactively. In other words, they do little planning and simply work to fill positions as they open up. Jim Robbins, the former president and CEO of Cox Communications, put it this way: "We spend four months per year on the budget process, but we hardly spend any time talking about our talent, our strengths and how to leverage them, our talent needs and how to build them. Everyone is held accountable for their budget. But no one is held accountable for the strength of their talent pool. Isn't it the talent we have in each unit that drives our results? Aren't we missing something?"
At Corning, a leader in specialty glass and ceramics, talent planning is the "bridge that translates business strategy into talent strategy."10 Corning knows that its talent portfolio influences its success. Over- or understaffed units affect the company's cost structure, cash flow, and ability to deliver its products. The wrong skill mix can mean missed market opportunities if the workforce is underskilled or, if the workforce is overskilled, cost structures that undermine profitability. To keep its skill mix optimized, every spring Corning models its future talent needs across multiple scenarios and then analyzes strategies to close any gaps.11
In this chapter, we discuss the importance of understanding the organization's business strategy, goals, and competitive environment to identify what talents the firm will need. Ensuring that the right people are in place at the right time requires forecasting the firm's labor demand and maintaining an awareness of the relevant pipelines for its labor supply. Action plans can then be developed to address any gaps between the two. After reading this chapter, you will have a good understanding of the workforce forecasting and planning process.
THE WORKFORCE PLANNING PROCESS
The workforce planning process, which is illustrated.
Better managers, better business - a thought paperPete Fullard
We’re all in business and we’re all constantly searching for the same thing. Something magical with the power to create profit without changing our products, services or customers.
The good news is that I’ve found it! And it may not be quite what you were expecting. It’s been around longer than any technology. It requires no market intelligence. And there’s not a hashtag or emoji in sight! Even better, is that there’s a simple three-step plan to harness it. Or should I say ‘them’.
Because the opportunity is to be found in our people. Particularly our managers who have the ability to take our culture, our people and our performance to new levels. Like all the greatest opportunities, it has been caused by change. People like us who are running businesses are (on average) getting older. Yet, in Asia, seventy percent of employees are Millennials. Elsewhere in the world that number is over thirty percent. Between them and the directors who pay their wages lies a huge gulf in culture, expectations and values.
The ‘C’ suite within so many businesses remains linear and traditional. They have grown-up in a world where the numbers come first, and the culture comes a distant second at best. Employees, on the other hand, are more agile and value-led. They choose to work in ethical, progressive and consultative environments. They are uninspired by the ‘same old’ approach to HR, training and culture. They are desperate to find something newer, better and more empathetic and they are willing to move jobs to find it.
This presents an incredible opportunity. The vast majority of businesses are not bridging the culture gap. They have focused on what their customers want, without making a similar adjustment to the ever-changing needs of their employees. This is so easy to change. Many great businesses have already done it. The majority are run by Millennials. They recognise that, even in the age of technology, people remain our greatest asset, and can produce the greatest returns of all. Each has delivered on these three simple steps:
• They have a clear corporate vision embracing everything they do
• With an agility that allows their people to flourish
• And an empathy that allows them to embrace, not repel, their people
In that setting, managers can be empowered to motivate and engage. We can help those who are more experienced develop more current skills through coaching and mentoring rather than box-ticking and lecturing. They, in turn, can harness the talent within our Millennial and Generation Z workforce. Investing in a new app may be sexier, but developing our people will have a much deeper and more meaningful impact on the bottom line.
I really hope this thought piece is different. It addresses fundamental issues that are holding back so many businesses and presents a better way forward.
Succession planning, regardless of the age of owners or management, is not an event, but an ongoing process that needs to begin now. Find out what are the are critical decisions that need to be addressed (but not necessarily resolved today)
Due to the fear and ambiguity generated by the pandemic, resignation rates fell in 2020. Individuals quit their employment at historic rates one year later, as the workforce suffered collective burnout, prompting some to label this phenomenon as the “Great Resignation.”
The long term unemployed face many stigmas in today's society. They are often discredited as viable candidates at first glance of their resume. This paper written by Sabrina Baker, PHR gives five reasons why they make great candidates.
In this report, we look at five key changes that have already begun to occur in the workforce landscape, and provide strategic actions to aid the process of organizational transition to adapt to them.
Employee Retention Strategies to Survive the Great ResignationKashish Trivedi
Onboarding reflects what your company is and ultimately leaves the first impression on new employees. A report indicates a 2.6 times increase in job satisfaction among new employees when they have a positive onboarding experience.
You can rely on learning management tools that streamline difficult or time-consuming procedures for companies to hire new employees. Leveraging a comprehensive learning platform allows you to create personalized onboarding experiences for new employees.
Extra steps need to be taken to make sure employees joining remotely feel integrated into their team. To achieve this, you could implement a virtual onboarding program that may utilize internal bots to help facilitate a more seamless connection within your team. Check for chatbot pricing and integrate an employee engagement bot within your onboarding activities to encourage icebreaker conversations.
Let’s face it, it is becoming harder and harder to attract the best talent. And without great people, you’ll never achieve a high-performance culture. As a result, your growth ambitions will be left unfulfilled. In short, it is critical to have an “irresistible” pay offer.
In this presentation, you will learn:
What a well-crafted pay philosophy should address and why it matters to the people you are trying to attract.
How to design a pay approach that appeals to the millennial employees you need to recruit.
Why a compensation strategy rooted in a value-sharing model is essential to an irresistible pay offer.
How top talent evaluates your compensation plan—and what they want it to help them achieve.
Why “how” you pay top producers is more important than “how much” you pay them.
How to create a rewards plan that offers unlimited earnings potential and pays for itself.
To watch the recording, visit https://www.vladvisors.com/webinars/the-3-parts-of-an-irresistible-pay-offer
During our last growth cycle corporations had it easy. Above average unemployment in developed economies meant that keeping employees engaged had not been a focus. But as developed economies continue to grow in 2014 we can expect those disengaged people (estimated at 70% of the workforce by McKinsey) to lift their noses from the grindstone and start eyeing the exit.
Confiance has been involved in the development of several bankable feasibility studies for both existing and soon-to-be miners. Most of you will know that a Bankable Feasibility Study (BFS) is a comprehensive forward analysis of a project’s economics (+/- 15%) to be used by financial institutions to assess the credit worthiness for project financing.
June 2013 newsletter article addressing the sins of the past
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myriad of research which shows the negative impact that increased turnover has on a company’s ability
to perform and its profitability, many leaders in our industry fail to recognise the criticality of retention
strategies in tougher times.
Replacing employees is extremely costly. After considering the loss of experience, intellectual capital
and productivity plus the cost of rehiring, companies can expect the replacement cost to be 2-3 times
that employee’s annual salary. Despite these costs, actions taken by many mining companies would
suggest that they believe voluntary turnover will actually increase their company’s profitability!
We believe that companies who are using the downturn as their retention strategy do so at their own
peril. Instead we suggest building strongly motivated and loyal workforces through strong leadership,
excellent communication, training and development, and performance based extrinsic and intrinsic
reward schemes.
4. Bring remuneration under control
Until 2006, mining sector remuneration pretty much paralleled the broader Australian labour Market.
However in 2007 mining pay rates took off, and now run at over 10 percent higher than the national
average. Of course, the skills shortage was largely the reason for the big hike in pay rates. We saw
graduate mining engineers on six figure salaries, skilled tradesmen naming their own price, and a
dramatic rise in one-man-band contractors intent on riding the crest of the wave. How do companies
maintain these standards of pay in such a volatile and negative market? What can we do to rectify this?
According to the Melbourne Herald Sun (17/6/2013), WA workers have been willing to take a massive
27% pay cut for a job in mining. On average, the WA job seeker is now looking for $51.60 an hour down
from $59.80 an hour this time last year. This indicates that expectations of employees are slowly being
reined in from the crushingly high standards that have been allowed to develop in the battle for talent
between companies in more profitable market times.
Historically pay reductions have sometimes been introduced on a tiered basis rather than involving
across-the-board cuts, involving higher wage-earners in firms experiencing larger reductions than lower
wage earners. Elsewhere, where an agreement has been reached to cut pay, claw-back clauses have
sometimes been agreed which lay down that employees will be able to restore or even improve their pay
when firms return to profitability.
Companies have the opportunity to strategise remuneration arrangements that will correct the current
exorbitant imbalances and position themselves in a much more cost effective manner for the future.
5. Engage the workforce to create a culture of commitment and longevity
In our view communication is the most effective people management practice in helping companies
manage in a downturn. Moreover, employee involvement and engagement in developing options for
responding to the pressures placed on the business due to the current climate will provide benefits in
both the short and long term.
If well-crafted, this strategy can translate to dramatic growth where employees are empowered to
behave like owners of the business. Through a customized performance management system,
employees are given explicit operational targets and measured against them. With incentives (such as
bonuses and promotions) determined accordingly, people become accountable for results, which are
aligned with the company’s broader objectives in both the long and short terms.
Summary
Knee jerk cost-cutting methods, such as hiring freezes, staff cuts or across-the-board spending cuts
won’t permanently lower the cost base or strengthen a company over the long term. Mining companies
need to improve performance, and increase production for the same or lower costs in line with their long
term strategy. Our view is that the industry has a window of opportunity to address the sins of the past to
help with the viability of the industry going forward. Let’s hope we can all make informed choices. Good
luck!
Joanne Westh