The New Old War for Top Talent
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Zach Chertok, Columbia University Associate at HCM program, presented this keynote at the 2nd annual RPOA conference in 2021. Find the video and other conference sessions at https://resources.rpoassociation.org/2021-rpoa-conference
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The New Old War for Top Talent
- 1. THE NEW OLD WAR FOR TOP TALENT ZACHARY CHERTOK COLUMBIA UNIVERSITY SPS HCM October 12, 2021 #RPOACON2021 © Zach Chertok. All rights reserved.
- 2. DO YOU CONSIDER TODAY’S CHALLENGES TO BE REMINISCENT OF THE CHALLENGES WE SAW IN THE LABOR MARKET BEFORE THE PANDEMIC?
- 3. A) YES, IT IS MORE OR LESS THE SAME 2.78% B) SOMEWHAT, IT ECHOES THE CHALLENGES WITH SOME NUANCES 61.11% C) NO, IT IS COMPLETELY DIFFERENT 36.11%
- 4. -Korn Ferry 2018 -HR Drive 2020 - LHH 2018 - HBS 2020 Between 2017 and 2020, talent organizations were constantly coming up short on expectations for top talent. October 12, 2021 #RPOACON2021 © Zach Chertok. All rights reserved.
- 5. - Forbes 2021 - NPR 2021 - HBR 2021 Post-pandemic, memory loss seems to have set in October 12, 2021 #RPOACON2021 © Zach Chertok. All rights reserved.
- 6. DO YOU THINK THAT TALENT CHALLENGES TODAY ARE JUST PART OF THE MARKET?
- 7. A) YES, WHEN THE CHARACTERISTICS OF THE WORKFORCE CHANGE, EMPLOYEES JUST NEED TO ROLL WITH IT 2.94% B) SOMEWHAT, EMPLOYERS HAVE SOME INFLUENCE WHEN THE TALENT MARKET SIGNALS BIG CHANGE SUCH AS A GENERATIONAL SHIFT 44.12% C) NO, EMPLOYERS ALWAYS HAVE A RESPONSIBILITY TO BE INNOVATING HOW TO BE READY FOR CHANGE 50%
- 8. PRE-PANDEMIC JOB CREATION AND JOBLESS CLAIMS Initial Jobless Claims Rates Job Creation Rates October 12, 2021 #RPOACON2021
- 9. JOB CREATION AND JOBLESS CLAIMS 1 YEAR IN Initial Jobless Claims Job Creation October 12, 2021 #RPOACON2021
- 10. IS THIS CHALLENGE JUST REBRANDED? October 12, 2021 #RPOACON2021
- 11. DO YOU THINK THAT THE FUNDAMENTALS OF CHANGE WE ARE FACING WITH TALENT TODAY ARE THE SAME, ECHO, OR ARE DIFFERENT FROM THE CHALLENGES WE WERE FACING PRE-PANDEMIC.
- 12. A) THE MECHANICS AND CHALLENGES ARE THE SAME, INDUSTRY IS JUST CALLING IT SOMETHING DIFFERENT 6.25% B) THE MECHANICS ARE THE SAME BUT THE EXPECTED TIMELINE FOR CHANGE IS DIFFERENT 9.38% C) SOME ARE THE SAME AND SOME ARE NEW 81.25% D) ALL OF THE CHANGES ARE NEW 3.13%
- 13. YES…AND NO Skills misalignment 100% candidate holdout Automation as a replacement Aging talent retention Growing job demand Scalable retirement Part-time consulting Reevaluation of workforce value Stagnant automation Growing job demand PANDEMIC October 12, 2021 #RPOACON2021 © Zach Chertok. All rights reserved.
- 14. 2021 TALENT DECONSTRUCTED October 12, 2021 #RPOACON2021
- 15. K INNOVATION ECONOMY SERVICES ECONOMY Rising training cost of entry Increasing specialization High growth Low training cost of entry ‘Fall-back’ economy Low growth October 12, 2021 #RPOACON2021 © Zach Chertok. All rights reserved.
- 16. Baby Boomers • Low personal cost of training • Low organizational cost of training • Tenure spans four generations • Versatile and out-of-the-box ready • Risk averse as generation ages Generation Y • Understand manual and tech-enabled practices • High personal cost of training • Moderate organizational cost of training • Versatile across roles and functions • Risk cautious Generation X • Requires company training • Small generation size • Largely kept out of workforce early in career • Specialized Millennials • Digitally fluent • High personal cost of training • High organizational cost of training • Versatility corresponds to culture • Risk enabled Generation Z • Digitally fluent • Embraces activism and traditionalism • High personal cost of training • Moderate organizational cost of training • Risk enabled October 12, 2021 #RPOACON2021 © Zach Chertok. All rights reserved.
- 17. WHICH GENERATION DO YOU IDENTIFY WITH BASED ON THE CHARACTERISTICS SHOWN HERE?
- 18. BABYBOOMER 23.53% MILLENNIAL 29.41% GENERATION Y 8.82% GENERATION X 29.41% GENERATION Z 8.82%
- 19. Services economy • Generally distributed • HQs favored semi-urban areas • Executive leadership not required on site • Graduated pay by region • Often regional management Innovation economy • Favored coastal areas with high concentrations of academic institutions October 12, 2021 #RPOACON2021 © Zach Chertok. All rights reserved.
- 21. DO YOU WORK WITH ORGANIZATIONS THAT HAVE REMOTE OR ONSITE EMPLOYEE REQUIREMENTS OR SOME COMBINATION OF BOTH. HOW MANY WORK WITH COMPANIES WITH DESKED OR DESKLESS WORKERS? (SELECT ALL THAT APPLY)
- 22. 54% ONLY REMOTE OR DESKLESS 46% MIX OF REMOTE AND ONSITE NONE WORK WITH ONLY ONSITE OR DESKED WORKERS
- 23. The policy environment has pursued an inequitable structure favoring an idealistic sense of competition that weakens civic institutions, disincentivizes a democratized market, and reduces long- term prospects for growth and development. October 12, 2021 #RPOACON2021 © Zach Chertok. All rights reserved.
- 24. BOTTLENECKS • Hiring to specific roles increases the number of recruiters while reducing the vacancy : recruiter ratio • Over-dependence on technology weeds out qualified candidates with unconventional backgrounds • Searching for the 100% fit amidst increasing specialization extends time-to-hire • Stop-and-start job openings create applicant bottlenecks October 12, 2021 #RPOACON2021 © Zach Chertok. All rights reserved.
- 26. TALENT-HIRE POOLS October 12, 2021 #RPOACON2021