Leveraging Diversity to Drive Results
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Diversity and inclusion is not a nice-to-have cultural topic – it’s a business imperative! Is your procurement organization ready to handle the changes in the workforce and harness its power? During this session, Nicole McCabe, Sr. Director, Global Diversity at SAP, will review current and future workforce trends and the strategic importance of creating an inclusive culture. Then Dawn Evans, President & CEO at SIG, will address what these trends mean to procurement organizations. She will also focus on supplier diversity and share some best practices on how to best set up a program. Join us to discuss and share experiences on how your procurement organization leverages diversity to drive business results.
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Leveraging Diversity to Drive Results
- 1. 1© 2014 SAP AG or an SAP affiliate company. All rights reserved. 1 http://youtu.be/65zSO0iLHAo
- 2. The Role of Diversity & Inclusion in Tomorrow’s Workforce Nicole McCabe Senior Director, Global Diversity & Inclusion
- 3. Global 27-country twin surveys 5,400 People; 2,700 executives and 2,700 employees conducted by Oxford Economics Oxford Economics, The 2020 Workforce, 2014 SuccessFactors An SAP Company
- 4. Five research finding themes The new face of work A Millennial misunderstanding What matters most The leadership cliff The learning mandate 1 2 3 4 5 SuccessFactors An SAP Company
- 5. The new face of work
- 6. 83% Executives say they are increasingly using contingent, intermittent, or consultant employees, which will require them to: Change compensation plans Conduct more training Invest more in HR technology The 2020 workforce will be increasingly flexible SuccessFactors An SAP Company
- 7. The 2020 workforce will be increasingly diverse SuccessFactors An SAP Company 32% 39% 40% 41% 41% 42% 43% 48% 51% 51%Globalization of labor supply Millennials entering the workforce Difficulty recruiting employees with base-level skills Increasing number of intermittent/seasonal employees Increasing number of contingent employees* Employee expectations are changing Aging workforce Changing work models (e.g., telecommuting, flex time) Increasing number of consultant employees Difficulty recruiting specialized employees Labor shifts executives are most concerned about
- 8. A millennial misunderstanding SuccessFactors An SAP Company
- 9. Millennials care more about making a positive difference in the world Importance to job satisfaction Myth or truth? 21% 20% Millennials 29% 31% Millennials 32% 10% Millennials Learning & growing is more important to Millennials than meeting income goals Achieving work/life balance is more important to Millennials Non Non Non 01 03 02 SuccessFactors An SAP Company
- 10. What matters most at work SuccessFactors An SAP Company
- 11. Executives value loyalty more than job performance 1. High level of education 2. Loyalty & long-term commitment 3. Ability to learn 4. Diverse background 5. Interest in the wider business 6. Self-directed learner 7. Willingness to let others lead 8. Substantial field experience 9. Leadership ability 10. Job performance & results What executives value as top employee attributes 1 2 3 4 5 6 7 8 9 10 What employees think employers want 4 2 1 6 7 8 9 10 8 3 SuccessFactors An SAP Company
- 12. Men and women have slightly different priorities for job satisfaction and benefits Men Women …would prefer to use more current technology on the job …am interested in quality of life over career path …expect more feedback on my performance than I currently receive 53%47% 47%51% 34%28% SuccessFactors An SAP Company
- 13. The leadership cliff SuccessFactors An SAP Company
- 14. Gaps in leadership capabilities spell trouble for future growth Have the skills to manage talent Executives cite a lack of adequate leadership as the number two impediment to building a workforce to meet future business objectives. 52% Are prepared to lead a global workforce Know how to inspire employees Can lead a diverse workforce Are able to drive change 51% 47% 44% 34% SuccessFactors An SAP Company
- 15. Most companies are not cultivating leadership within their organizations 40% Employees who say it is easy for them to collaborate 37% Employees who agree their company is committed to diversity 19% 31% Executives who picked leadership as a top 3 attribute Employees who expect more feedback than they get now SuccessFactors An SAP Company
- 16. 01 03 02 Development of employees and leaders will become the new employer differentiator Inclusive leadership needs to be acknowledged as a driver in employee engagement HR should continue to push toward boardroom strategy setting We must prepare for a more diverse, flexible, and contingent workforce Key Takeaways 04 SuccessFactors An SAP Company
Editor's Notes
- What did you think of that video? When I first saw it I was absolutely blown away at where the workforce is heading. On behalf of SAP and Succesfactors, I am privileged to spend time with you today to discuss workforce 2020. As we walk through these findings, I encourage you to reflect on your organization and ask “Are you ready?” As we look to 2020, the workforce will be increasingly critical to the overall business strategy and the business’s ability to perform. Yet, most organizations report that HR as not integrated into the business strategy – that it simply becomes an after thought. For companies to succeed, HR must understand our current and future of workforce, and position themselves as a driver of the strategy. In collaboration with Oxford Economics we looked at what that future workforce desires in the hopes that we would enable companies can be PROACTIVE instead of REACTIVE,
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- After analyzing the research, 5 key themes emerged. I will go over these themes today at a high-level. These are the themes I will go over with you today. The first theme – There is a new face of work. - the workforce is increasingly diverse in who they are and how they work, but they also work differently. We have 5 different generations engaging and collaborating. I’ll talk about the Millenial Misunderstanding – we here a lot about this generation and the need to shift how we manage them, I will take you through the truths and myths of this generation. What matters most - where we will look at what the employers place value in, and what the employees say matters most – are they alike? Different? We’ll find out. We will move on to the Leadership Cliff – is the organization cultivating leaders? Are those leaders ready to manage a diverse workforce? And finally we will talk about the Learning Mandate – really looking at whether organizations are providing enough learning opportuntities for their curent and future workforce. I know we only have limited time, so let’s dive in.
- The new face of work is increasingly FLEXIBLE. Certainly by location, but also when employees work. One of the most surprising finding was that 83% of executives said they used non-payroll employees. However, in 2020, non-pay-roll employees are forecasted to comprise over 50% of the workforce. This provides a huge challenge to organizations in terms of how they will compensate, train and motivate employees. It also will force them to look at how to leverage technology to manage people that join and leave their organizations, as skills are needed. STORY: PDI as a contract sales organization. Pharmaceutical companies brought our teams in to launch products, then cut them loose.
- The New Face of work if also more DIVERSE. We hear a lot about Millenials and the need to manage them, but they are also concerned about things like globalization, Difficult recruiting the right workforce and ironically, only 39% were worried about increasing consultants, yet 83% of them use non-payroll employees, and this group again will make up 50% of the workforce by 2020. Are our Executives ready to lead them? Are our organization prepared to lead change to ensure they can seamlessly manage the future workforce?
- Well, most companies don’t believe they are. Only 34% of organization feel they are making progress towards workforce goals. When you look at what is stopping them – Employee longevity or loyalty (hint this is related to diversity and employee engagement, adequate technology and leadership and finally a lack of skilled talent. And on average, only 40% feel they have the full data to understand this progress, and of that 39% that think they have ample data, only 42% understand how to make it meaningful insights from it. At the end, HR needs to become more of a strategic partner in the Board room – workforce planning needs to be front and center alongside strategic planning, not an after thought. The way to do this, is to have a plan that is based on data, and provides benefits to the company. Now, let’s take a look a the second theme, The millennial misunderstanding.
- How many of you have managed Millenials? Being in Diversity we have been focusing on this topic quite a bit. And we always here the same thing. “millenials want feedback, Millenials need to have purpose in their work. But is that true?
- Compensation. Does this surprise you? Let’s test your knowledge on this influential generation.
- They’re not so different, but they are different in some ways. This is important in understanding that when we look at talent management, compensation , Learning, we need to REALLY understand what our employees want.
- Now, in your mind thing about this group, and your overall workforce. What matters most to them. I sort of gave it away earlier, but the answer is compensation. Look at the discrepancies between compensation, retirement plans, benefits and education. This could imply that you need to really look a the discussions with you employees, in every generation, around their total comp. And perhaps you look at the benefits, if you are offering more than they really expect, do you need to? There is a disconnect between what employees want to be satisfied, and hat the employers believe creates satisfied employees.
- This disconnect continues when we start to look at what each group values. Look at the categories around learning. Executives say they value high level of education, employees seem to want it, yet when we survey and interviewed the executives, they said they did not offer education assistance.
- Story – “Those birds need to get their act together”
- We are not developing people formally, but this could be made up if there is a really strong learning culture. Only 50% of employees believe they will have the necessary skills in 3 years, and only 34% of them believe employers can provide the training they need. The only thing they can agree on – Companies are struggling to provide a culture of learning.
- I know we went over a lot of information today, but I would leave you with these 4 take-aways. Truly look at how your organization is developing your employees, assess whether its time to rethink compensation strategies, really push to get HR into the Boardroom and finally commit to Diversity to prepare to manage the future of work. Really ask yourself, “Are you ready?” For more in depth information on the study, you can visit the link below. Thank you!
- For more in depth information on the study, you can visit the link below. Thank you!