Talent Management in Year 2020: Deloitte Study

1

Talent Management

2020 How to Get There from Here

Slides compiled by:

Katherine Jones, Ph.D.

Vice President, HCM Technology Research

Bersin by Deloitte

Deloitte Consulting LLP

2

Next Generation Talent Management

Solutions: Think about 2020

Who will we be managing in 2020?

How will we manage our talent differently than we do

today?

How might it change the way we look at “work?”

3

Bye-Bye Boomers!

By 2029, the U.S.

workforce will have

waved “bye-bye” to the

Baby Boomers leaving

Generation-X the

Millennials and their

successors at the helm

of organizations.

Today’s Ages

(Roughly):

- Boomers are between

51-68

- Gen X are 30-50

- Millennials are 8-29

4

Bye-Bye Boomers!

By 2029, the U.S.

workforce will have

waved “bye-bye” to the

Baby Boomers leaving

Generation-X the

Millennials and their

successors at the helm

of organizations.

Today’s Ages

(Roughly):

Boomers are between

51-68

Gen X are 30-50

Millennials are 8-29

Millennials will be

50% of the USA

workforce in

2020

5

Millennials: • Born between 1982 and 2004

• In 2020, they will be between 16 and 28

years old

6

Question Respond in the Comments section below

Are you a:

Boomer – Born between 1945 and 1961

Generation-X-er – Born between 1961 and 1981

Millennial -- Born between 1982 and 2003 (also known

as “Generation-Y

7 7

Millennials are Different

8

80% of Millennials

sleep with their

phones next to

their beds

They send

about 20

txts a day

http://www.forbes.com/sites/jeannemeister/2012/10/05/millennialmindse/

9

They are “trophy kids”

– Participation is

enough to get an award

10

Millennials

are a Global

Phenomenon

• 75% of the

global

workforce by

2030. :

11

28 % of

managerial

positions in

the U.S. are

already held

by

Millennials

12

Question: The Wild Guess Question

What percent of your workforce today is

represented by:

› Boomer – Born between 1945 and 1961 › Generation-X-er – Born between 1961 and 1981

› Millennial -- Born between 1982 and 2003

1/4 1/2 3/4 100%

Boomer

Gen X

Millennial

13 13

What Will Matter at Work: The

Millennials…

Have developed work

characteristics and

tendencies from doting

parents, structured lives,

and contact with diverse

people.

Work well with diverse

coworkers.

Are used to working in

teams and want to make

friends with people at

work.

14 14

Collaboration is Global

And immediate

Collaboration is Global

15

But the Global Picture for Millennials

isn’t Pretty…

More than 7.5 million young Europeans aged between 15

and 24 are not employed or enrolled in education or

training

The rate of youth unemployment is more than double that

for adults, and more than half of young people in Greece

(59%) and Spain (55%) are unemployed.

(Marc Coleman):http://blog.hrtecheurope.com/2013/05/future-work-millenial-update

16 16

17 17

18

Myths Prevail

Myth: Millennials are socially focused and motivated by

giving back to society.

Reality: Millennials have lower scores in altruism, coupled

with higher narcissism, assertiveness, self-esteem, and

individualistic traits in general.

Unique Traits of Millennials—Based on

Research

20 20

21 21

Less Prepared Standardized test scores of

high-school students in the

U.S. continue

to be at an all-time low

Motivated Even in high school, Millennials

In the U.S. worked to the same

extent as Gen-Xers and Boomers.

Pursuit of Balance Work is less central to their life and

their identity; more younger workers

today expect a meaningful

life outside of work.

Happy Campers American Millennials are more

satisfied with their work than are Gen-

Xers and Boomers.

22 22

What Millennials Need at

Work

Bersin & Associates. 2011.

23

HR’s Effectiveness and Managerial Competence in Delivering What Millennials Need

Bersin & Associates. 2011.

24 24

25 25

26

Contractor

Long-term

temp Interim

Exec

Employed

with Benefits

Short-term

Contingent

By 2020, more than 40% of the

US workforce will be contingent

workers; that’s more than 60

million people

27

“Work” is Where the Worker is

Or Will

Be…

28

What Will it Mean

for your 2020

Workplace?

29

Conclusions: HR Action Items

Recruit and hire to compensate for younger employees’ higher turnover rates

Plan for the mobile, contingent workforce

Beef up your manager’s onboarding skills

Address your learning programs: develop the Millennials’ skills to close the gap

left by secondary education

Support innovation and collaboration – seek the balance between fresh (sometimes irreverent) ideas and working with a

team to make ideas reality

Provide acknowledgment for achievements through pay-for performance

practices and other types of recognition to motivate

Promote employee engagement to counteract Millennial flight

30 30

This publication contains general information only and Deloitte is not,

by means of this publication, rendering accounting, business,

financial, investment, legal, tax, or other professional advice or

services. This publication is not a substitute for such professional

advice or services, nor should it be used as a basis for any decision

or action that may affect your business. Before making any decision

or taking any action that may affect your business, you should

consult a qualified professional advisor.

Deloitte shall not be responsible for any loss sustained by any person

who relies on this publication.

About Deloitte

Deloitte ref ers to one or more of Deloitte Touche Tohmatsu Limited, a UK priv ate company limited by guarantee, and its network of

member f irms, each of which is a legally separate and independent entity . Please see www.deloitte.com/about f or a detailed

description of the legal structure of Deloitte Touche Tohmatsu Limited and its member f irms. Please see www.deloitte.com/us/about

f or a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain serv ices may not be av ailable to attest

clients under the rules and regulations of public accounting.

Copy right © 2013 Deloitte Dev elopment LLC. All rights reserv ed.

Member of Deloitte Touche Tohmatsu Limited

32 www.saba.com

Learn More Click here to