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Strategic Talent Management Forum New Era for Talent Management Todays challenges and tomorrows opportunities Keith Caver, North America Practice Leader,

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Presentation on theme: "Strategic Talent Management Forum New Era for Talent Management Todays challenges and tomorrows opportunities Keith Caver, North America Practice Leader,"— Presentation transcript:

1 Strategic Talent Management Forum New Era for Talent Management Todays challenges and tomorrows opportunities Keith Caver, North America Practice Leader, Talent Management and Organizational Alignment, Towers Watson

2 2013 S TRATEGIC T ALENT M ANAGEMENT F ORUM Workforce Segment Problems Attracting Problems Retaining Critical skill employees72%56% High potential employees60%55% Top-performing employees59%50% All employees31%25% Source: Towers Watson Global Talent Management and Rewards Study Global. Difficulty finding the right people and keeping the people you need

3 2013 S TRATEGIC T ALENT M ANAGEMENT F ORUM Engagement is at risk. Its not about feeling good…its about having the tools, colleagues, time, capacity to fully commit to work. - Towers Watson 2012 Global Workforce Study

4 2013 S TRATEGIC T ALENT M ANAGEMENT F ORUM The current state of sustainable engagement of the global workforce Source: Towers Watson 2012 Global Workforce Study Global.

5 2013 S TRATEGIC T ALENT M ANAGEMENT F ORUM Further complicating these challenges are other talent realities

6 2013 S TRATEGIC T ALENT M ANAGEMENT F ORUM global skills agile thinking digital business skills relationship building The next critical skills

7 2013 S TRATEGIC T ALENT M ANAGEMENT F ORUM A deeper look at the emerging skill sets Oral and written communication Co-creativity and brainstorming Collaboration Teaming (including virtual teaming) Relationship building (with customers, partners, government, etc.) % of respondents Relationship building Ability to see the big picture Managing paradoxes, balancing opposing views Innovation Ability to consider and prepare for multiple scenarios Dealing with complexity and ambiguity % of respondents Agile thinking Ability to use social media and Web 2.0 Digital design skills Understanding of corporate IT software and systems Ability to work virtually Digital business skills % of respondents Digital business skills Global skills Foreign language skills Ability to manage diverse employees Ability to work in multiple overseas locations Cultural sensitivity Understanding international markets % of respondents Source: Global Talent 2021 Study conducted by Oxford Economics and Towers Watson, 2012.

8 2013 S TRATEGIC T ALENT M ANAGEMENT F ORUM Future talent friction points Deficit countries Surplus countries At equilibrium Source: Global Talent 2021 Study conducted by Oxford Economics and Towers Watson, 2012.

9 2013 S TRATEGIC T ALENT M ANAGEMENT F ORUM Global forces and trends are changing demands on employers and employees Talent 2021 GWS Transformative HR TM&R Ongoing cost pressures and continual belt-tightening in most markets, increasing employers focus on maximizing workforce productivity Dispersed and diverse workforce, enabled by technology to work anywhere, anytime, across national/organizational boundaries in increasingly innovative work arrangements Dramatic shifts in skill requirements for future growth, coupled with increasing misalignment between supply of/demand for talent worldwide Pressured, stressed workforce, struggling to do more with less, looking for long-term security and stability in a world that isnt offering much of either

10 2013 S TRATEGIC T ALENT M ANAGEMENT F ORUM What are the strategic implications? Creative sourcing Sustainability technology

11 2013 S TRATEGIC T ALENT M ANAGEMENT F ORUM How to respond

12 2013 S TRATEGIC T ALENT M ANAGEMENT F ORUM Savvy employers will need to think differently about their practices in the future Apply the same rigor, effort and sophistication to human capital planning as to business planning Think more broadly – and creatively – about where talent is sourced Embrace the virtual workplace and support a wide range of different work scenarios Invest more heavily in retraining and reskilling Rethink and restructure how certain work is accomplished Business rigor Talent sourcing Virtual workplace Re-skilling Rethinking work

13 2013 S TRATEGIC T ALENT M ANAGEMENT F ORUM Our latest research 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 and about growing engagement gap Sustainable engagement

14 2013 S TRATEGIC T ALENT M ANAGEMENT F ORUM Behind these numbers are gaps in areas particularly relevant in todays environment Traditionally Engaged Belief in company goals and objectives Emotional connection (pride, recommendation) Willingness to give extra effort to support success Energy Can sustain energy needed at work Have social supports in work environment Have sense of enthusiasm and accomplishment at work Enablement Freed from obstacles to succeed at work Have resources to perform well Can meet work challenges effectively Ensuring people are capable of doing their jobs well Ensuring people have capacity to perform at their best

15 2013 S TRATEGIC T ALENT M ANAGEMENT F ORUM The payoff for closing gaps in the drivers of sustainable engagement is substantial Only 17% of employees with high engagement are high retention risks compared to 58% of disengaged employees 3x High sustainable engagement companies operating margins are 3x higher than those with the lowest levels of engagement 6.5 An average of 7.6 days of lost productivity per year for employees with high engagement vs days for the disengaged 41% operating marginfewer days lost lower retention risk Source: Towers Watson normative database.

16 2013 S TRATEGIC T ALENT M ANAGEMENT F ORUM The top drivers are influenced by an employers value proposition, EVP, and Total Rewards programs Leadership 1 Effective at growing the business Sincere interest in employees well-being Behave consistently with organizations core values Trust and confidence in job being done Stress, Balance and Workload 2 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 3 Good understanding of organizations business goals and steps needed to reach those goals Understanding of how job contributes to the organization achieving its business goals Supervision 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 Image 5 Organization highly regarded by general public Organization conducts its business with honesty and integrity Source: Towers Watson 2012 Global Workforce Study Global. Top Drivers of Sustainable Engagement

17 2013 S TRATEGIC T ALENT M ANAGEMENT F ORUM Differentiate to attract and retain Use the employee value proposition to drive the right behaviors and performance. Differentiate for key employee groups.

18 2013 S TRATEGIC T ALENT M ANAGEMENT F ORUM A formalized EVP helps organizations address critical challenges with attraction, retention and engagement of talent 5X more likely to report their employees are highly engaged 2X more likely to report achieving financial performance significantly above their peers Companies that have adopted an increasingly integrated approach to Total Rewards strategy, design and delivery decisions supported by an overarching Employee Value Proposition are:

19 2013 S TRATEGIC T ALENT M ANAGEMENT F ORUM Questions


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