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Panama: A Unique Workforce Reality
The document discusses the unique workforce realities in Panama. It notes that Panama has one of the lowest unemployment rates in the Americas due to strong economic growth fueled by the Panama Canal and business-friendly regulations. However, this also leads to a talent shortage as companies strive to find qualified professionals. The document also examines how four generations currently coexist in the Panamanian workforce and how technologies and social media are changing the nature of work.
Panama: A Unique Workforce Reality
- 1. Panama A Unique WorkforceReality By Annette Chan Organizational Development Consultant
- 2. The New Worldof Work
- 3. 3 . P or t f o l i o S e r v i c e s 1 . N e w Ta l e n t W o r k f o r c e 2 . N e w Ta l e n t M a n a g e m e n t The New World of Work
- 4. 3 . P or t f o l i o S e r v i c e s 1 . N e w Ta l e n t W o r k f o r c e 2 . N e w Ta l e n t M a n a g e m e n t The New World of Work
- 5. WorldwideThe N ewTa le n t Wor k for ce
- 6. The Workforce W o rl d w i d e The Workplace W o r l d w i d e Generation Revolution Technology & Social Media Unemployment World crisis Workforce Globalization Talent Shortage High Employee Attrition High Employee Expenses CEO Summit of the Americas 2015 HR Practices non Strategic
- 7. Generation Revolution Technology &Social Media Unemployment World crisis Workforce Globalization Talent Shortage High Employee Attrition High Employee Expenses CEO Summit of the Americas 2015 HR Practices non Strategic The Workforce W o r l d w i d e The Workplace W o r l d w i d e
- 8. The Workforce W o rl d w i d e Baby Boomers Last ones retiring from the workplace regardless of leaving a legacy or not. Generation X Relieving Baby Boomers and training Millennials. Generation Y (Millennials) A Totally different set of values, career aspirations & work habits. Generation Z (Post Millennials or iGeneration) About to start College and in a few years will join the Workforce. First born with internet. The most technology dependant generation. Soon -4- very different Generations will coexist in the Workplace. 1946-1964 1965 – 1979 1980-2000 2001-2013 Generation Revolution Technology & Social Media Unemployment World crisis Workforce Globalization
- 9. Generation Revolution Technology &Social Media Unemployment World crisis Workforce Globalization The Workforce W o r l d w i d e Instant Communication Everyone has a voice, an opinion – followers retweets & “likes” Twitter – Instagram – Snapchat New ways of doing business. Paypal - Airbnb – Uber Work Mobility Free to work from anywhere in the world with wifi. New tools & apps. Skype – Dropbox - Spreecast Massive Global changes never seen before in human history
- 10. Generation Revolution Technology &Social Media Unemployment World crisis Workforce Globalization Talent Shortage High Employee Attrition High Employee Expenses CEO Summit of the Americas 2015 HR Practices non Strategic The Workforce W o r l d w i d e The Workplace W o r l d w i d e Global economic crisis has significantly increased unemployment rates worldwide. European Unemployment 2015 Spain 23.4% Greece 26% Portugal 17% Unemployment due to social - political – economic situations. Global Unemployment Crisis. The number of people that are unemployed will continue to rise over the next five years, warns the International Labour Organisation (ILO), with the number of jobless forecast to reach more than 212m by 2019. But the report from the organization highlights regional differences.
- 11. Generation Revolution Technology &Social Media Unemployment World crisis Workforce Globalization Talent Shortage High Employee Attrition High Employee Expenses CEO Summit of the Americas 2015 HR Practices non Strategic The Workforce W o r l d w i d e The Workplace W o r l d w i d e Workers are looking to relocate to countries with job opportunities The rise of the Entreprenour. Location Free Borderless Workforce. Diverse Workforce Co-working – Increasing new work spaces all over the world Increased Cross Cultural Exchange
- 12. Generation Revolution Technology &Social Media Unemployment World crisis Workforce Globalization Talent Shortage High Employee Attrition High Employee Expenses CEO Summit of the Americas 2015 HR Practices non Strategic The Workforce W o r l d w i d e The Workplace W o r l d w i d e ManPower Group Talent Shortage Survey 2012: 34% 2013: 35% 2014: 36% of surveyed companies reporting difficulties filling jobs. Talent shortage persist in specific roles despite high unemployment rates worldwide. Top 10 Hardest Job to fill *Manpower Group Talent Shortage Survey 2014 1. Skilled Trade Workers 2. Restaurant & Hotel Staff 3. Sales Representatives 4. Teachers 5. Drivers 6. Accounting & Finance Staff 7. Laborers 8. IT Staff 9. Engineers 10. Nurses
- 13. Generation Revolution Technology &Social Media Unemployment World crisis Workforce Globalization Talent Shortage High Employee Attrition High Employee Expenses CEO Summit of the Americas 2015 HR Practices non Strategic The Workforce W o r l d w i d e The Workplace W o r l d w i d e High Employee Turnover is now a workplace reality. Its here to stay. 50% Annual Attrition its becoming more and more usual these days. An increase on involuntary attrition means we have to look deep into our talent culture.
- 14. Generation Revolution Technology &Social Media Unemployment World crisis Workforce Globalization Talent Shortage High Employee Attrition High Employee Expenses CEO Summit of the Americas 2015 HR Practices non Strategic The Workforce W o r l d w i d e The Workplace W o r l d w i d e The War of Talent. Increases total compensation for key roles. High attrition has a cost for every employee. (starting at three months of monthly wage) The loss of knowledge and expertise has a negative impact for intellectual capital.
- 15. Generation Revolution Technology &Social Media Unemployment World crisis Workforce Globalization Talent Shortage High Employee Attrition High Employee Expenses CEO Summit of the Americas 2015 HR Practices non Strategic The Workforce W o r l d w i d e The Workplace W o r l d w i d e Millennials will have a minimum of 10 jobs in a lifetime. Talent Attraction & Retention its key concern at CEO level. Workplace Equity. Women´s Economic Empowerment: Good for woman, good for business and good for development Workplace Diversity. Corporate social innovations: Driving Entrepreurship for social development.
- 16. Generation Revolution Technology &Social Media Unemployment World crisis Workforce Globalization Talent Shortage High Employee Attrition High Employee Expenses CEO Summit of the Americas 2015 HR Practices The Workforce W o r l d w i d e The Workplace W o r l d w i d e Companies are starting to understand the talent workforce reality & challenges and are implementing strong People Retention Strategies. Top 10 HR Global Trends 2015 by Deloitte 1. Leaderhip: Why a perennial issue? 2. Learning & Development: Into the spotlight Engaging 3. Culture & Engagement: The naked organization 4. Workforce on demand: Are you ready? 5. Performance Management: The Secret Ingredient Reinventing 6. Reinventing HR: An extreme makeover 7. HR and people analytics: Stuck in neutral 8. People data everywhere: Bringing the outside in Reimagining 9. Simplification of work: The coming revolution 10. Machines as talent: Collaboraiton not competition
- 17. PanamaThe N ewTa le n t Wor k for ce
- 18. Generation Revolution Ideosyncrasy Technology &Social Media Solid Economic Growth Lowest Unemployment Rate Panama Talent Shortage High Employee Attrition High Employee Expenses CEO Summit of the Americas 2015 HR Practices non Strategic The Workforce P a n a m a The Workplace P a n a m a
- 19. Generation Revolution Ideosyncrasy Technology &Social Media Solid Economic Growth Lowest Unemployment Rate Panama Talent Shortage High Employee Attrition High Employee Expenses CEO Summit of the Americas 2015 HR Practices non Strategic The Workforce P a n a m a The Workplace P a n a m a Baby Boomers Grew up in the Panama Dictatorship years. Witnessed the Torrijos-Carter treaty and the 1999 Celebration of the completion of it. Generation X Grew up in the 70s-80s in Panama and later on experienced the technology boom and learned new skills at work. Generation Y (Millennials) 1989 had an irregular school year. Grew up with internet and experience early in adult life, Panama´s accelerated development. Generation Z (Post Millennials or iGeneration) Most of them don´t know about Panama´s history of The Invasion, or who Noriega is. The are currently facing the ongoing challenges of the crisis of society. Soon to start joining the workforce 1946-1964 1965 – 1979 1980-2000 2001-2013
- 20. Generation Revolution Ideosyncrasy Technology &Social Media Solid Economic Growth Lowest Unemployment Rate Panama Talent Shortage High Employee Attrition High Employee Expenses CEO Summit of the Americas 2015 HR Practices non Strategic The Workforce P a n a m a The Workplace P a n a m a New found desire to right the wrong and to find & punish the corrupt. “End of corruption” Lack of a proactive maintenance or prevention culture The local way of driving or “Traffic culture” permeates to other arenas. Melting pot of cultures, races, backgrounds. Panama is Diversity
- 21. Generation Revolution Ideosyncrasy Technology &Social Media Solid Economic Growth Lowest Unemployment Rate Panama Talent Shortage High Employee Attrition High Employee Expenses CEO Summit of the Americas 2015 HR Practices non Strategic The Workforce P a n a m a The Workplace P a n a m a Panama has embraced Social Media as the rest of the world. Employees expect their employers to have a strong social media presence. The implementation of new tools & applications to ease the flow of work and corporate communication. Collaboration tools: Video Conference, Corporate Portal, Instant Messaging systems, internal social media connections.
- 22. Generation Revolution Ideosyncrasy Technology &Social Media Solid Economic Growth Lowest Unemployment Rate Panama Talent Shortage High Employee Attrition High Employee Expenses CEO Summit of the Americas 2015 HR Practices non Strategic The Workforce P a n a m a The Workplace P a n a m a Panama is one of the fastest growing countries in the Americas. Its economy is greatly influenced by the famous canal connecting Atlantic and Pacific Ocean and business- friendly regulations. As a result service sector with insurance, finance, legal industries and flagship registry accounts for 80 percent of GDP. However, in order to keep the current pace of growth the government needs to address the shortage of skilled workers, corruption and lack of judicial independence www.tradingeconomics.com
- 23. Generation Revolution Ideosyncrasy Technology &Social Media Solid Economic Growth Lowest Unemployment Rate* Panama Talent Shortage High Employee Attrition High Employee Expenses CEO Summit of the Americas 2015 HR Practices non Strategic The Workforce P a n a m a The Workplace P a n a m a In the last 3 years Panama has experienced the lowest rates of unemployment down to 3.1% in August 2013. 2014 Unemployment Rate: 4.8% Equals to full employment. Young adults have the highest rate within the unemployed population. Increasing from 10.8% to 12.6% in 2014. The rise of the Panamanian Entrepreneur and Informal jobs (No Social Security or regulations)
- 24. 9.8 8.7 6.4 5.6 6.6 6.5 4.5 44.1 4.8 0 2 4 6 8 10 12 Enero 2006 Enero 2007 Enero 2008 Enero 2009 Enero 2010 Enero 2011 Enero 2012 Enero 2013 Enero 2014 Agosto 2014 *Panama - Unemployment Rate
- 25. Generation Revolution Ideosyncrasy Technology &Social Media Solid Economic Growth Lowest Unemployment Rate* Panama Talent Shortage* High Employee Attrition High Employee Expenses CEO Summit of the Americas 2015 HR Practices non Strategic The Workforce P a n a m a The Workplace P a n a m a
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- 29. Generation Revolution Ideosyncrasy Technology &Social Media Solid Economic Growth Lowest Unemployment Rate* Panama Talent Shortage High Employee Attrition High Employee Expenses CEO Summit of the Americas 2015 HR Practices non Strategic The Workforce P a n a m a The Workplace P a n a m a In the last 3 years there has been a war for talent in banking, hotels & tourism and call center industries increasing significantly attrition rates among management and entry level. Low unemployment rates increases attrition as the employee has the advantage of choosing its employer.
- 30. Generation Revolution Ideosyncrasy Technology &Social Media Solid Economic Growth Lowest Unemployment Rate* Panama Talent Shortage High Employee Attrition High Employee Expenses CEO Summit of the Americas 2015 HR Practices non Strategic The Workforce P a n a m a The Workplace P a n a m a The War of Talent increases total compensation for key roles. High attrition has a cost for every employee. (starting at three months of monthly wage) The loss of knowledge and expertise has a negative impact for intellectual capital.
- 31. Generation Revolution Ideosyncrasy Technology &Social Media Solid Economic Growth Lowest Unemployment Rate* Panama Talent Shortage High Employee Attrition High Employee Expenses CEO Summit of the Americas 2015 HR Practices non Strategic The Workforce P a n a m a The Workplace P a n a m a Millennials will have a minimum of 10 jobs in a lifetime. Talent Attraction & Retention its key concern at CEO level. Workplace Equity. Women´s Economic Empowerment: Good for woman, good for business and good for development Workplace Diversity. Corporate social innovations: Driving Entrepreurship for social development.
- 32. Generation Revolution Ideosyncrasy Technology &Social Media Solid Economic Growth Lowest Unemployment Rate* Panama Talent Shortage High Employee Attrition High Employee Expenses CEO Summit of the Americas 2015 HR Practices non Strategic The Workforce P a n a m a The Workplace P a n a m a Unhealthy payroll practices Not enough effective onboarding & training Not enough Leadership development opportunities Lack of empathy for the worker as well as corporate and self governance practices.
- 33. Senior Manager Manager Specialist Entry Level Availability Desirability Most Wanted InRise Wanted In Rise Not Wanted The Workforce
- 34. Availability Desirability The Workplace Senior Manager Manager Specialist EntryLevel Most Wanted In Rise Wanted In Rise Not Wanted *Best Employers Ranking see: Great Place to Work Mercados & Tendencias and Dichter & Neira Among other surveys
- 35. Senior Manager Manager Specialist Entry Level Senior Manager Manager Specialist Entry Level Candidate-vs- Workplace( J ob) Avalability
- 36. Top Wanted In Rise Wanted NotWanted Most Wanted In Rise Wanted In Rise Not Wanted Candidate -vs- Workplace( J ob) Desirability
- 37. Top Wanted In Rise Wanted NotWanted Most Wanted In Rise Wanted In Rise Not Wanted Candidate -vs- Workplace( J ob) Desirability
- 38. Yo u Mu s t S t e a l A t t r a c t Ta l e n t You Must Create & Develop your own Talent Pipeline But above all, you must adapt your Organization in order to become an Employer of Choice. This is achieved o n l y by creating a Loyal Workforce Talent Workforce Reality
- 39. Yo u Mu s t S t e a l A t t r a c t Ta l e n t You Must Create & Develop your own Talent Pipeline But above all, you must adapt your Organization in order to become an Employer of Choice. This is achieved o n l y by creating a Loyal Workforce Talent Workforce Reality
- 40. Yo u Mu s t S t e a l A t t r a c t Ta l e n t You Must Create & Develop your own Talent Pipeline But above all, you must adapt your Organization in order to become an Employer of Choice. This is achieved o n l y by creating a Loyal Workforce Talent Workforce Reality
- 41. Yo u Mu s t S t e a l A t t r a c t Ta l e n t You Must Create & Develop your own Talent Pipeline But above all, you must adapt your Organization in order to become an Employer of Choice. This is achieved o n l y by creating a Loyal Workforce Talent Workforce Reality
- 42. Yo u Mu s t S t e a l A t t r a c t Ta l e n t You Must Create & Develop your own Talent Pipeline But above all, you must adapt your Organization in order to become an Employer of Choice. This is achieved o n l y by creating a Loyal Workforce Talent Workforce Reality
- 43. 3 . P or t f o l i o S e r v i c e s 1 . N e w Ta l e n t W o r k f o r c e 2 . N e w Ta l e n t M a n a g e m e n t The New World of Work
- 44. Employee Loyalty Everyone talksabout building a relationship with your customers. I think you build one with your employees first. -Angela Ahrendts SVP Retail & Online Sales at Apple Inc.
- 45. Loyalty. True loyaltyis not an enforced requirement but an earned response to the trust, respect and commitment shown to the individuals in your company. When you demonstrate loyalty to your employees, they'll reciprocate with commitment and loyalty to your business. Remember that people don't begin their employment with you as loyal employees, but will develop loyalty over time as they're t r u s t e d , r e s p e c t e d a n d a p p r e c i a t e d b y y o u . So how are you going to demonstrate your commitment to them? How loyal are you to your employees?
- 46. Why employees stay? Inspiring & Good Leadership Career growth, learning & development Fair pay + Incentives Sense of Achievement Inertia Being recognized, valued & respected Great Work Environment & Culture Work Ethics Compatibility
- 47. Why employees stay? Inspiring & Good Leadership Career growth, learning & development Fair pay + Incentives Sense of Achievement Inertia Being recognized, valued & respected Great Work Environment & Culture Work Ethics Compatibility
- 48. Why employees stay? Inspiring & Good Leadership Career growth, learning & development Fair pay + Incentives Sense of Achievement Inertia Being recognized, valued & respected Great Work Environment & Culture Work Ethics Compatibility
- 49. Why employees stay? Inspiring & Good Leadership Career growth, learning & development Fair pay + Incentives Sense of Achievement Inertia Being recognized, valued & respected Great Work Environment & Culture Work Ethics Compatibility
- 50. Why employees stay? Inspiring & Good Leadership Career growth, learning & development Fair pay + Incentives Sense of Achievement Inertia Being recognized, valued & respected Great Work Environment & Culture Work Ethics Compatibility
- 51. Why employees stay? Inspiring & Good Leadership Career growth, learning & development Fair pay + Incentives Sense of Achievement Inertia Being recognized, valued & respected Great Work Environment & Culture Work Ethics Compatibility
- 52. Why employees stay? Inspiring & Good Leadership Career growth, learning & development Fair pay + Incentives Sense of Achievement Inertia Being recognized, valued & respected Great Work Environment & Culture Work Ethics Compatibility
- 53. Why employees stay? Inspiring & Good Leadership Career growth, learning & development Fair pay + Incentives Sense of Achievement Inertia Being recognized, valued & respected Great Work Environment & Culture Work Ethics Compatibility
- 54. Why employees stay? Inspiring & Good Leadership Career growth, learning & development Fair pay + Incentives Sense of Achievement Inertia Being recognized, valued & respected Great Work Environment & Culture Work Ethics Compatibility
- 55. Why do employeesleave? Even though exit interviews are important to measure loyalty. Lets focus on the employees that stay and find out meaningful reasons they for why they do. Smart Retention Companies that understant the current talent workforce place their retention goal for entry level of 1 year. The focus is on what keeps an employee working in the organization for 1 year. After that the work is done. Let´s challenge our current perceptions on what employee turnover goals should look like.
- 56. Measure Retention Hire theright talent Recognition program based on measurable achievements Increase flexible work hours. Worklife Balance Wellness Programs Be sure your operational process flow is smooth Awesome Endomarketing Strategy Strong Social Media Presence – Be Proud Have 1 Management Policy only: Lead by Example Custome Made – Employee Benefits Portfolio Create community spaces at work How does it looks like?
- 57. Yo u ca n ’ t a f f o r d t o a p p r o a c h e m p l o y e e r e t e n t i o n h a l f - h e a r t e d l y. E v e r y t h i n g y o u d o s h o u l d b e j u s t a p a r t o f a c o m p l e t e a n d o v e r a r c h i n g s t r a t e g y. W h i l e a t t a c k i n g e m p l o y e e r e t e n t i o n w i l l u n d o u b t e d l y n e t y o u r e s u l t s , c r e a t i n g t h e t y p e o f f r i e n d l y a n d i n v i t i n g w o r k e n v i r o n m e n t t h a t y o u n e e d t o s u c c e e d i s t h e m o s t e f f e c t i v e ( a n d i n t h e e n d m o s t e f f i c i e n t ) w a y t o k e e p y o u r b e s t e m p l o y e e s o n . Yo u m u s t s e e i t a s t h e s t r a t e g i c m o v e t h a t w i l l s o l v e m o s t o f t h e c u r r e n t o r g a n i z a t i o n a l p r o b l e m s .
- 58. PanamaThe N ewTa le n t Wor k for ce Companies: Join the Evolution!
- 59. 3 . P or t f o l i o S e r v i c e s 1 . N e w Ta l e n t W o r k f o r c e 2 . N e w Ta l e n t M a n a g e m e n t The New World of Work
- 60. By Annette Chan OrganizationalDevelopment Consultant Contact Info: email. ninn14@me.com Cel. 507.6678.7800
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