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Workplace strategies for the economic recovery and solving the retention riddle featuring Roy G Krause (President & CEO SFN Group) and Brendan A. J. Courtney (President of the Mergis Group & Todays Office Professionals).
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Sponsored By:
Workplace Strategies for the Economic Recovery:Solving the Retention Riddle
Presented By:
Roy G. KrausePresident & CEOSFN Group
Brendan A. J. CourtneyPresident The Mergis Group & Todays Office Professionals
March 24, 2010
The Webinar Will Begin Shortly
If you cannot hear music, or the presenter to today's webinar, please use our toll-free call in number.
Number:
888-469-1348 Pass code: 2940000
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1997 1999 2003 2005 2007 2009
TheEmerging Workforce®
Study
12 Years of Research
12 years of groundbreaking research & reporting on workforce
More than 190,000 workers surveyed since 1997
Nationally representative sample of employees & employers, conducted & certified by Harris Interactive (margin of error: 1.8%)
Provides unique perspective & insight into attracting, cultivating & retaining talent
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Economic Meltdown Had Broad Impact
Vast changes in economic climate, labor supply & worker confidence
New Study, New Realities
IndicatorsSpring 2007
Spring 2009
March 2010
Unemployment Rate 4.4% 8.5% 10%
Dow Jones Index (monthly average) ~12,300 ~7,300 ~10,785
Consumer Confidence Index 108.2 26.0 46.0
SFN Group Confidence Index 57.1 41.4 48.9
Harris Poll - % of country on wrong track 62% 68% 63%
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1997 Benchmark Study
Revolutionary Way of Tracking Worker Attitudes
VALUESTRADITIONAL
WorkerEMERGENT
Worker
Career ManagementCompany’s
ResponsibilityEmployee’s
Responsibility
Promotion Tenure Merit
Retention Security Growth
Management Style Paternalistic Peer
Organization Chart Respect Ignore
Changing Jobs Fear Advancement
Emerging Workforce Study
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Tracking Different Types of Workers Over Time
Emerging Workforce Study
Type of Worker 1997 1999 2003 2007 2009 A/F
Emergent 20% 22% 31% 27% 22% 31%
Traditional 34% 29% 21% 25% 28% 19%
Migrating 46% 49% 48% 48% 50% 50%
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Tracking Types of Workers Over TimeEmerging Workforce Study
What accounts for fluctuations?
> Economic health, consumer
confidence levels
> Changes in attitude about loyalty &
stability based on global trends
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Emergent Employers
TIME &FLEXIBILITY
CAREER &EARNINGS GROWTH
BONUSES &REWARDS
WORKFORCEPLANNING
FLEXIBLEWORKERS
Tracking Highly Adaptive Companies – Emergent Employers
Traditional EmployersVALUESRanked HIGH as away to retain
Expected as part ofcompany culture
Based on performance & contribution
Integrated with strategic planning
Vital part ofintegrated workforce
Ranked LOW as away to retain
Reserved forselect performers
Applied ad hoc,tenure-based
Tactical & sporadic
Minimal,non-strategic use
Emerging Workforce Survey
Percentages 2007
Percentages 2009
13% 48%
14% 41%
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Workplace Strategies for a New Time
New Study, New Realities
The unprecedented recession has not only affected housing & financial markets, it has altered the labor market as well
In an “employers’ market,” many companies focusing on cost savings, rather than retention, staff development or innovation in the workplace—Bad Idea!
While the basic need to attract, cultivate & retain talent remains, the “strategies” of how best to do it have once again changed dramatically
How companies leverage two cultural shifts—employees’ adoption of social media & renewed desire to feel connected—will determine their success in attracting, cultivating & retaining talent
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Key Workplace Strategies that Will Help Employers Prepare for the
Turnaround
Addressing Attraction, Cultivation & Retention of Workers Today & in the Future
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WORKPLACE STRATEGY 1
DEFINE
ATTRACT CULTIVATE RETAIN
WORKPLACE STRATEGY 5
UNDERSTAND
WORKPLACE STRATEGY 6
ALIGN
WORKPLACE STRATEGY 3
DEVELOP
WORKPLACE STRATEGY 4
BALANCE
WORKPLACE STRATEGY 2
TAILOR
Emerging Workforce Survey
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Understand What It Takes to Retain Your Top AthletesWorkplace Strategy Five:
Moving from work done with hands to work done with the mind
> By 2015, the BLS estimates that 76% of U.S. jobs will demand highly skilled employees
Rebound success will depend on ability to keep star talent in place to drive renewal & growth
Emergent workers represent some of the most educated, most driven & successful workers the labor market has to offer
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Understand What It Takes to Retain Your Top Athletes
Workplace Strategy Five:
Emergent workers are today’s “top athletes”EMERGENT MIGRATING TRADITIONAL
EducationHighly educated: 45% have college/grad degree
Educated: 28% have college degree
Less educated: 47% received their high school education or less
Gender M: 57% vs. F: 43% M: 57% vs. F: 43% M: 54% vs. F: 46%Average Age 44.0 40.5 42.4
Income33% make above $100K
45% make between $35K & $99.9K annually
36% make less than $49.9K annually
Managers 44% 39% 25%
Career Goals52% have a career goal they are working toward
40% have a career goal they are working toward
30% have a career goal they are working toward
Professional certifications/ additional education
44% have or are pursuing
35% have or are pursuing
25% have or are pursuing
Satisfaction with career progress
66% are highly satisfied
56% are highly satisfied
50% are highly satisfied
Defines loyalty as level of contribution 81% agree 66% agree 39% agree
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Understand What It Takes to Retain Your Top Athletes
Workplace Strategy Five:
Emergent workers most sought-after, but most difficult to retain
> Majority of emergent workers (74%) believe when they change positions it will be at their own initiative, more so than traditional or migrating workers
Emergent workers are change-ready & have been more likely to have made a job change in the past year
Because these workers have career plans/goals, they require a work environment that helps them achieve those goals or they’ll find it elsewhere
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Understand What it Takes to Retain Your Top AthletesWorkplace Strategy Five:
Emergent workers more satisfied overall with retention drivers, except those that are of most important to them
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Align Retention Priorities with Employees’Workplace Strategy Six:
HR executives reacting to current
situation & pressures
> Cost control: 52% say maintaining costs is
top priority (+19% from 2005)
> Recruiting: A priority to 55% vs. 68% in 2007
> Retention: Only 23% concerned with
retention (-34% in 2005)
Lack of retention efforts exacerbate disconnect
> Employers & employees continue to have widely different views about
retention drivers
> Employees continue to be highly dissatisfied with key retention drivers
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Align Retention Priorities with Employees’Workplace Strategy Six:
Differing ideas on retention
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Align Retention Priorities with Employees’
Workplace Strategy Six:
Employees dissatisfied with key retention drivers
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Align Retention Priorities with Employees’
Workplace Strategy Six:
Greater Disconnect Among Accounting/Finance Retention Drivers
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Workplace Strategy Six:
Accounting/finance workers generally more satisfied with retention drivers compared to overall workforce
Align Retention Priorities with Employees’
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Align Retention Priorities with Employees’
Workplace Strategy Six:
Employers retention efforts falling short…
> Only 13% of employees say their employer is putting more effort into
retaining them, showing no change from 2007
> 33% say their employer is doing less now, 28% of Accounting/Finance
workers
Cost containment ineffective if not addressing costly turnover
> Employers believe only 14% of their workforce will leave, yet 26% say
they will look for a new job in the next 12 months, 23% Accounting/Finance
workers
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Emergent Companies Have Adapted
Workplace Strategy Six:
70% of Emergent companies survey employees to identify retention drivers & measure satisfaction compared to only 42% of traditional companies
Emergent employers consider all attributes important to retention vs. traditional
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Two Significant Cultural Shifts Can Greatly Impact
Ability to Attract, Cultivate, Retain
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Key Workplace Strategies, Cultural Shifts
Emerging Workforce Survey
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Employees’ Adoption of Social Media
Cultural Shift One
Who is really using social networks?
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Employees’ Adoption of Social Media
Cultural Shift One
Employees’ methods & expectations of job searching have evolved alongside social media
> Greater importance placed on the job search experience
> Increased transparency into company’s culture
> Pressing need to control online reputation
> Social media can drive top talent to the organization
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Employees’ Adoption of Social Media
Cultural Shift One
Most companies not leveraging social media productively
Does your company have asocial networking strategy?
How successful have your company’s
social media strategies been?
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Employees’ Adoption of Social Media
Nearly half (44%) of companies today are using social networking outlets
Cultural Shift
“Get the organization’s name out there” is the top reason why companies use social networking
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Emergent Companies Leveraging Social Media
Emergent companies more than twice as likely to utilize LinkedIn, Facebook & viral video marketing
Cultural Shift One
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Employees’ Desire to Feel Connected to Employer
Cultural Shift Two
Corporate mission & values have taken on significant role
Employers who have a clear mission & follow through on that mission have:
> Higher levels of satisfied workers
> Better employee retention
> Greater number of employee referrals
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Employees’ Desire to Feel Connected to EmployerCultural Shift Two
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Employees’ Desire to Feel Connected to Employers
Cultural Shift Two
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Your Challenges, Your OpportunitiesForging Ahead
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30+ Years of Experience33 Offices NationallyServing Fortune 500, Small & Mid-Sized Companies
Specialized professional placement firm committed to helping companies hire
the best talent for their business
High-Touch Recruiting Services in Accounting & Finance, Engineering & Manufacturing,
Sales & Marketing, Legal and Human Resources
Thank you & Questions
www.mergisgroup.com