Changing Workforce Demographics and the Implications for Business
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From Customer Success Summit 2017 - Dan Finnigan, CEO at Jobvite, discusses "The Implications of Changing Workforce Demographics". Learn more about Customer Success Summit: http://customersuccesssummit.com Totango is the leading enterprise- grade customer success platform that helps recurring revenue businesses proactively impact business outcomes with customer success. With solutions to empower Customer Success Teams or entire companies, Totango enables everyone to participate in customer success. Learn more at www.totango.com.
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Changing Workforce Demographics and the Implications for Business
- 1. The Implications of Changing Workforce Demographics Dan Finnigan, CEO February 27, 2017
- 2. Stakeholders in Your Business
- 3. The The Jobs Landscape Has Forever Changed 3 Geography of Jobs NET JOB GAINS / LOSSES BY METROPOLITAN STATISTICAL AREA 1 Source: Tip Strategies
- 4. Breakdown of GPD decline during last five recessions. Source: US Bureau of Economic Analysis; McKinsey Global Institute -0.65 -0.53 -0.45 -0.27 -0.70 2007-2009 2001 1990-1991 1981-1982 1973-1975 Employment Productivity 2008 Hit Hard and Forever Landscape 1 The Rise of the Disposable Worker
- 5. Source: World Bank, 2014 The Working Age Population Is Dramatically Shrinking Worldwide demographics (%) 200 100 0 -50 India China South Korea Australia Canada Mexico Netherlands Spain France UK Italy Japan Germany 1970 - 2010 2010 - 2050 Russia US 2
- 6. Percent Change in Employment 2014 - 2024 Doctorate Master’s Bachelor’s Associate’s Some college GED < GED 7% 4% 1% 9% 8% 14% 12% 15% 10% 0% 5% 6 20% Source: BLS, 2016 and 2015 Jobs Created Now Increasingly Require a Formal Education 3
- 7. Routine Jobs are Being Eliminated…Fast! 7 Source: Henry Siu and Nir Jaimovich for Third Way: WSJ All job growth since 2001 has been in nonroutine jobs. Nonroutine Manual Nonroutine Cognitive Routine Cognitive Routine Manual Recession Recession -10% -5% 0% 5% 10% 15% 20% 25% -15% 4 Percent change in jobs since 2001, 12-month moving average
- 8. Total median: 4.3% Total median: $860 2015 unemployment and earnings rates by educational attainment MEDIAN WEEKLY EARNINGS UNEMPLOYMENT RATE Doctorate Professional Master’s Bachelor’s Associate’s Some college GED < GED $1,623 1.7% $1,730 1.5% $1,341 2.4% $1,137 2.8% $798 3.8% $738 5.0% $678 5.4% $493 8.0% 8 Source: BLS, 2016 Thus, We Now Have a Two-Tiered Labor Market 5
- 9. Serial Monogamy vs. Serial Dating 9
- 10. Job (S)hopping is Forever the New Normal…and Transparent! 3 Years Average Tenure at Job for Millennials 15-20 Average Number of Jobs Millennials Will Hold in Lifetime 45% Millennials Plan to Stay with Employer Less Than 2 Years 60% Millennials are Open to a New Job 6
- 11. Millennials Majority of Labor Force – and Have High Expectations Percentage Responding “Extremely Important” in Their Job Search 0% 25% 50% 75% 100% Baby Boomers + Older 31% Gen Xers 34% Millennials 35% Source: Gallup, HBR, 2015 Opportunity to Learn & Grow Quality of Management Interest in Type of Work Overall Compensation Org is a Fun Place to Work Informal Work Environment Quality of Direct Manager Org Encourages Creativity Opportunity for Advancement
- 12. They Don’t Want to Work on the Left 12
- 13. Build Your Employment Brand to Attract The Best Talent UNIVERSITIES COMPANIES Tuition Compensation/Benefits Classes Learning Opportunities Faculty Leadership Size of School Size (Stability/Risk) Campus Office Extra Curriculars Fun Perks Student Culture Company Culture REPUTATION REPUTATION
- 14. Welcome to the world of Retention is driven by engagement. We Must Engage Employees Just Like Customers! 14 subscription talent.
- 15. Thank You 15© 2015-2016 Jobvite, Inc. Thank You