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Workplace 2020 Playbook on Future of Talent Acquisition

  1. HR Leaders Roundtable Series Workplace 2020 Playbook on Future of Talent Acquisition #FutureTA #WP2020i Feb 20, 2014, Gurgaon
  2. Table of contents Foreword Being Social - It’s impact on Talent Acquisition The Five C’s of Talent The Talent Paradox Ideal sourcing mix Talent Fast Forward Consumerization of Technology Glimpses from the roundtable 2 l
  3. Foreword Employers worldwide agree that it’s becoming increasingly difficult to find the right talent needed to fuel organisational growth and sustainability. Friction points in supply and demand and shifting skills sets will call for a radical rethinking of how companies source and deploy talent and work. The future of workplace is fast evolving and is getting impacted by multidimensional changes including changing work force demographics, quality of talent pool, competitive compensation structures, technology enablement and social media engagement. Organisation need to develop blended talent acquisition strategies to attract and hire top candidates — creating sourcing plans that include social media and employer branding. HR Leaders have to find recruitment technology not only to reach candidates but also to assess and provide analytics on those candidates. Finding the right talent is critical for transforming the company, and building comprehensive talent recruitment plans that unify business goals and talent aspirations. This session of the Workplace 2020: HR Roundtable series witnessed exchange of thoughts by HR Leaders to explore, identify and share some key learning’s from Indian businesses with respect to the latest practices and future trends in talent acquisition. - Ankur Sethi, Founder & Director Corporate Shiksha 3 l
  4. The Five C’s of Talent 4 l
  5. The Five C’s of Talent Capability Capacity Risks around the succession into critical roles and retention of critical people and teams. In other words, will an organisation be able to create and maintain the size and shape of workforce needed to deliver its business plan? Compliance Risks relating to employee behavior, regulations and laws. This category covers both the need to ensure talent processes comply with local laws and regulations, as well as whether talent management is seen as a business critical process or an administrative process simply to ‘be complied with.’ Cost What is the risk of a workforce becoming unaffordable? What will it cost an organisation to recruit and retain the people it needs? Will it be able to afford the overall cost of its workforce? Connection The 5 C’s of Talent Risks associated with building the skills an organisation needs to compete now and in the future – the breadth and depth of skills and capabilities present within a workforce, and how well aligned these are to an organisation’s needs. What is the risk of an organisation’s top talent becoming disengaged? In addition, will an organisation’s talent-related processes remain sufficiently integrated? Will it be able to share talent between units in the way it needs to? Is it able to connect groups of high potential people together? Are leaders able to create an emotional connection between high potentials and the business? Source: KPMG Talent Risk Survey Report 5 l
  6. Ideal sourcing mix 6 l
  7. It Depends: the ideal sourcing mix Getting the match Psychological needs Values Goals Abilities Personality Age Person Environment / Culture Source: Kristof (1996) Components Intrinsic and Extrinsic rewards Demands of a job or role Cultural values Industry Economy For all entry level positions, campus is the best and only source we rely on. For lateral hiring, close to 30% is sourced from employee referrals and 50% from job portals and social media platforms and around 20% from search firms. Anadi Sinha P ‎ resident - Group HRM, UNO Minda 7 l
  8. Consumerization of Technology 8 l
  9. Consumerization of Technology • App based products – Shift in technology expectations means the core application tracking system will emerge as a hub for multiple plug-in play products . • Recruiting candidate relationship management tools, talent networks, video interviewing, social collaboration etc. to add depth of functionality • The Mobile Platform to be a vital part of acquisition strategy • Expectation to see technology products emerging in this space with functionality that is equally as robust as in the standard software An organization must trust its entry gates and be rest assured that if that is appropriate, the right talent shall definitely fall in place. Background Check of the job-seeker is a must, their past is a predictor of their future. Talent acquisition analytics are a key driver here. Ajay Chowdhury President and CHRO, SRF Limited 9 l
  10. Being Social - It’s impact on Talent Acquisition 10 l
  11. Being Social - It’s impact on Talent Acquisition • “A good hockey player plays where the puck is. A great hockey player plays where the puck is going to be.” • - Wayne Gretzky Source: KPMG Human Resources and Social Media Report 11 l
  12. The Talent Paradox 12 l
  13. The Talent Paradox 1. Demographics in India’s favour  How much gets put in the “bucket”: By 2020, India is set to become the world’s youngest country with 64 per cent of its population in the working age group Source: OECD Young Population 2. Soft Skills  Survey of 303 employers by Federation of Indian Chambers of Commerce and Industry (FICCI) in 2010 found a majority of graduates lacked adequate "soft skills" to be employed in the industry  Only about one-third employers were satisfied with the communication ability of their employees and about 26 per cent with their employees' writing ability Data Source: Hindu and India Today 13 l Talent Pool Soft Skills
  14. Talent Fast Forward 14 l
  15. Talent Fast Forward Demographic Shifts Technological Advances In Europe, the median age could rise to 52.3 by 2050.2. In the United States, one in four workers will be over the age of 55 by 2030 Many middle-skill jobs will begin to come under threat over the coming decade. The use of big data for recruitment can give the whole picture Future of Talent Landscape Gobalisation Between 2000 and 2012, the number of Fortune 500 companies has increased in Brazil, India, China and South Korea, and fallen in UK, France, Germany, Japan and the United States. Societal Pressures Skills gap can be attributed to the failure of stakeholders to coordinate. Collaboration between education systems, employers, governments and individuals is essential Not everything that can be counted counts and not everything that counts can be counted. The next big thing in the future of workplace is big data. The challenge for the HR teams is to build meaningful workforce analytics that build predictability for the workforce. Pramod Sadarjoshi Management Consulting - People & Change, KPMG Advisory Services Source: Future of Work Research Continuum 15 l
  16. KPMG Talent Risk Report Talent management is now firmly on the C-suite’s agenda with organizations competing for top talent on an unprecedented scale. Despite the increasing concern for talent issues, new research findings from KPMG International reveal that many organizations take a narrow approach to talent management – one that is steadily weakening their organization’s competitiveness and agility. KPMG’s 2013 report on global talentrelated risk (PDF 1.1 MB)
  17. Glimpses from the roundtable 17 l
  18. Glimpses from the roundtable Participation by Leaders from following organization (in alphabetical order) Adrenalin Arvind Limited Career Builder FIIB KPMG India Maruti Suzuki Muthoot Fincorp OSC Services Pfizer SRF Limited SMC Online Strategic Decisions Group Thomson Reuters UNO Minda
  19. HR Leaders Roundtable Series Workplace 2020 Initiative by Corporate Shiksha Corporate Shiksha™ – the learning network for Young India is a next generation platform to nurture and grow the capability of young and aspiring professionals. It is focused on helping students and working professionals to get ahead in their corporate career by facilitating practical & experiential learning programs with a spirit of volunteerism and social development. Workplace 2020 in an initiative by Corporate Shiksha is an attempt to create an learning platform on Future of Workplace focused on corporate leaders in India and South Asia Region. Workplace 2020, HR Leaders Roundtable series has created a strong consortium of industry leaders to explore, identify and showcase effective and innovative people strategies which enable them in becoming future ready organizations and improve overall people management practices. 21 l Get latest insights on the future of workplace Access video presentation on YouTube Follow us on Facebook Follow us on LinkedIn Follow us on Twitter @CorporatShiksha Connect with us on email