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New Era for Talent Management

New Era for Talent Management. Today’s challenges and tomorrow’s opportunities. Keith Caver, North America Practice Leader, Talent Management and Organizational Alignment, Towers Watson. Difficulty finding the right people and keeping the people you need.

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New Era for Talent Management

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  1. New Era for Talent Management Today’s challenges and tomorrow’s opportunities Keith Caver, North America Practice Leader, Talent Management and Organizational Alignment, Towers Watson

  2. Difficulty finding the right peopleand keeping the people you need Source: Towers Watson 2012-2013 Global Talent Management and Rewards Study — Global.

  3. “ Engagement is at risk.It’s not about ‘feeling good’…it’s about having the tools, colleagues, time, capacity to fully commit to work. “ - Towers Watson 2012 Global Workforce Study

  4. The current state of sustainable engagement of the global workforce Source: Towers Watson 2012 Global Workforce Study — Global.

  5. Further complicating thesechallenges are other talent realities Security Structural mismatches Friction points Skill gaps Unsustainability

  6. The next critical skills global skills agile thinking relationship building digital business skills

  7. A deeper look at the emerging skill sets Global skills Agile thinking Foreign language skills Dealing with complexityand ambiguity Ability to managediverse employees Ability to consider and prepare for multiple scenarios Ability to work in multiple overseas locations Innovation Managing paradoxes,balancing opposing views Cultural sensitivity Understanding international markets Ability to see the “big picture” 0 10 20 30 40 50 60 0 10 20 30 40 50 60 % of respondents % of respondents Relationship building Digital business skills Relationship building (with customers, Digital business skills partners, government, etc.) Ability to work virtually Teaming (including virtual teaming) Understanding of corporate IT software and systems Collaboration Co-creativity and brainstorming Digital design skills Ability to use social media and “Web 2.0” Oral and written communication 0 10 20 30 40 50 60 70 0 10 20 30 40 50 60 % of respondents % of respondents Source: Global Talent 2021 Study conducted by Oxford Economics and Towers Watson, 2012.

  8. Future talent friction points Deficit countries At equilibrium Surplus countries Source: Global Talent 2021 Study conducted by Oxford Economics and Towers Watson, 2012.

  9. Global forces and trends are changing demands on employers and employees Dramatic shifts in skill requirements for future growth, coupled with increasing misalignment between supply of/demand for talent worldwide GWS TM&R Dispersed and diverse workforce, enabled by technology to work anywhere, anytime, across national/organizational boundaries in increasingly innovative work arrangements Transformative HR Talent 2021 Ongoing cost pressures and continual belt-tightening in most markets, increasing employers’ focus on maximizing workforce productivity Pressured, stressed workforce, struggling to do more with less, looking for long-term security and stability in a world that isn’t offering much of either

  10. What are the strategic implications? technology Re-skill Sustainability Up-skill WORKDISAGGREGATION Creativesourcing develop

  11. How to respond Grow and develop Hire more from outside Retain key people Raise engagement Improve performance

  12. Savvy employers will need to thinkdifferently about their practices in the future Apply the samerigor, effort andsophistication tohuman capitalplanning as tobusiness planning Think more broadly– and creatively –about wheretalent is sourced Embrace the virtualworkplace andsupport a widerange of differentwork scenarios Invest more heavilyin retraining andreskilling Rethink andrestructure howcertain workis accomplished Business rigor Talent sourcing Virtual workplace Re-skilling Rethinkingwork

  13. Engagement is at risk Pay continues to be major headline, but career advancement is the new retention risk Talent Paradigm – know the critical roles for future business success; know your critical talent ; focus your interventions on those holding critical roles,or your talent that shows critical potential – SEGMENTATION MIND THE GAP – about EE/ER differences andabout growing engagement gap Our latest research Sustainable engagement

  14. Behind these numbers are gaps in areas particularly relevant in today’s environment Traditionally Engaged Enablement Energy • Belief in company goals and objectives • Emotional connection (pride, recommendation) • Willingness to give extra effort to support success • Freed from obstacles to succeed at work • Have resources to perform well • Can meet work challenges effectively • Can sustain energy needed at work • Have social supports in work environment • Have sense of enthusiasm and accomplishment at work Ensuring people are capable of doing their jobs well Ensuring people have capacity to perform at their best

  15. Only 17% of employees with high engagement are high retention risks compared to 58% of disengaged employees The payoff for closing gaps in the drivers of sustainable engagement is substantial 3x 6.5 operating margin fewer days lost High sustainable engagement companies’ operating margins are 3x higher than those with the lowest levels of engagement • An average of 7.6 days of lost productivity per year for employees with high engagement vs. 14.1 days for the disengaged 41% • lower retention risk Source: Towers Watson normative database.

  16. The top drivers are influencedby an employer’s value proposition,EVP, and Total Rewards programs Top Drivers of Sustainable Engagement Leadership Stress, Balance and Workload 1 2 • Effective at growing the business • Sincere interest in employees’ well-being • Behave consistently with organization’s core values • Trust and confidence in job being done • Stress levels at work are manageable • Healthy balance between work and personal life • Work arrangements are flexible • Enough employees in work group to get job done right Goals and Objectives Supervision 3 4 • Treats me with respect • Encourages new ideas and ways of doing things • Acts in ways consistent with his or her words • Effective career development conversations • Good understanding of organization’s business goals and steps needed to reach those goals • Understanding of how job contributes to the organization achieving its business goals Image 5 • Organization highly regarded by general public • Organization conducts its business with honesty and integrity Source: Towers Watson 2012 Global Workforce Study — Global.

  17. Differentiate to attract and retain Use the employee value proposition to drive the right behaviors and performance. Differentiate for key employee groups.

  18. A formalized EVP helps organizations address critical challenges with attraction, retention and engagement of talent 5X Companies that have adopted an increasingly integrated approach to Total Rewards strategy, design and delivery decisions — supported by an overarching Employee Value Proposition — are: more likely to report their employees are highly engaged 2X more likely to report achieving financial performance significantly above their peers

  19. Questions

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