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In this Webinar Generator Group’s VP, Talent Management, Elaine Lees, will discuss how companies are approaching 2010 to manage the workforce and its related financial costs in ways that enhance prospects for future growth.
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Talent Management
What’s to Come? Talent Management Post Recovery
WELCOME TO
Talent Management
Presenter
Elaine LeesVP of Talent Management
Talent Management
• Real-time Economic Forecasts
• Phased responses to the Recession
• New “Normal” Post Recession
• Talent Focus areas for 2010
This Webinar will Cover
Talent Management
Survey: Where Have You Been?
Talent Management
Survey: When Do You Expect A Rebound In The Economy?
Talent Management
What’s to Come: The Economy
Recession
Desirable, but unlikely
More probable
Less probable
Talent Management
Phase 1: Reactionary Talent Focus Areas
• Limit Salary Increases• Adjust variable pay• Decrease recruiting• Limit expenses related to cars, travel, etc• RIF• Voluntary Exit Plans• Voluntary Salary or labor time reductions (furloughs)• Non voluntary Salary or labor time reductions• Cease external contractors/increase contractors and renegotiate fees• Change benefit plan design or components• Freeze training, educational assistance
Typically done quickly… without complete information about employee performance and capabilities
Talent Management
What worked yesterday won’t work for tomorrow
How radically have you acted already? Did that action have the desired effects? What worked, and what didn’t?
Challenged to balance cost effectiveness with longer term needs of the business.
Talent Management
“New” Normal Post RecessionEnvironmental
• Continued flux in world markets
• More government interaction
• Healthcare reforms
• Higher “normal” unemployment
• Demographic trends
• Significantly changed employment
deal
• Shortage of specialized skill sets
Implications for Talent
• Operating in uncertainty is “normal”
• Cost and economic factors continue to
dominate
• Must balance short term with longer
term talent investments or growth
stunted when markets improve
Talent Management
What’s to Come for Your Business
Talent Management
What’s to Come for Your Business
Talent Management
Survey Response: Where are you?
Defense------------------------------------Offense------------------------------Dominance
Talent Management
“New” Normal: Key Talent Management Focus Areas for 2010
• Agility
• Segment Talent
• Scenario Based Workforce Plans
• Employee Engagement
• Trust = Transparency
• Leadership capabilities
Talent Management
Agility
• Be ready to make real time decisions
– Use facts rather than perceptions
– Be prepared for contingencies
– Design the organization or the organizational
processes with flexibility in mind.
Talent Management
Segment the Workforce
Value to the
Organization
Performance
Exceptional High Average Low
Mission Critical
Core
Necessary
Non-necessary
Provide development, rewards, opportunities for individual and organization
At risk: coach for performance, train for core role or manage out
Training for mission critical roles
Divest. Seek alternative sourcing
Talent Management
Scenario Based Workforce Plans
• Build agility and flexibility in managing workforce costs and capabilities
• Build workforce plan with multiple contingencies– Hiring cycles will need to be shorter – Organizations will increasingly rely on narrowly-focused teams
to bring products and projects to completion, rather than organizing those tasks into defined full-time roles.
– The use of a contingent workforce figures to be a common solution, but only for organizations that are able to understand this source of talent in ways that are different from their management of regular workers.
Talent Management
Employee Engagement :The “New” Deal
• Elements of employment deals will change (competitive base stays)
• Explore other engagement drivers to keep employee passions high and working productively– Significance– Influence– Belonging– Learning/Growth
Talent Management
Trust =Transparency
• Rebuilding trust after the crisis is most critical.
• Frequent, open, honest communications build trust
• The good, the bad and the ugly news creates credibility
• Decisions based on facts, evidence
Talent Management
Refresh Leadership Capabilities
• Alignment and buy in.• All leaders need to be equipped to lead:
– Critical thinking around complex issues
– Decision making in spite of risk/uncertainty
– Change-able
– Collaborative, communicative
– Displays personal engagement – drives others
• 10-20-70 Rule of Training
Talent Management
Workforce Solutions You’ll See in 2010
Talent Management
Phase 2: Rocky Road Talent Activities
• Retention
• Talent Attraction – rebranding
• Major moves in business unit alignments
• Recalibrate jobs and supporting compensation strategy
• Focus on employee satisfaction
• Review performance management approach
• Focus on employee efficiencies (through structural, environmental changes, processes, work flow)
• Improve knowledge transfer (anticipation of turnover, retirements)
• Investment in leadership- segmented toward strategy and critical skills
• Continue effective communications
Key= Justification that ties to growth strategy since cost are still important
Talent Management
Phase 3: New Reality Talent Activities
Integrated Talent Management Strategies that are geared for growth and agility:
• Strategic Workforce Planning: who to retain, hire, train
• Flexible responsive staffing
• Refined performance management, metrics and skill definitions
• Retention strategies than integrate pay and total rewards unique to the
company (not easily duplicated)
• Pay, development and career programs tightly linked
Talent Management
Review
• Response in 2010 depends on what phase your business is in
• Careful spending will remain but must be balanced with future people investments
• Welcome to the new “normal”
Talent Management
Thank You…And Best Wishes For “V
Shaped” 2010
