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Flex Options for Talent Management

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Flex options AKA flexible work arrangements (FWA) should be at the center of your organization’s talent management strategy. Flex options will sustain your talent pool during a recession and they will help you gain a competitive business advantage during the recovery.

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Flex Options for Talent Management

  1. 1. What’s Ahead: Setting the Context Presented by Kit Jeffrey, CEO BoomerCompass LLC
  2. 2. What’s Ahead Page  Workforce metrics Sources: U.S. Bureau of Labor Statistics (BLS), AARP, Merrill Lynch
  3. 3. What’s Ahead Page  Workforce metrics
  4. 4. Page  2006 2008 2010 2015 2030 Leading Edge Baby Boomers First wave of this cohort turns 60 Worker Shortfall Projected worker shortfall of 10 million (Source: BLS) Generation Jones Boomers/Shortfall 73 million have achieved retirement eligibility; shortfall of 35 million workers (Source: BLS) Recession Value of retirement plans drops by $4 trillion WorkforceTrend Percentage of workers age 55 and older = 20% (Source: Dychtwald, Erickson, Morrison – Workforce Crisis ) What’s Ahead Mature worker milestones
  5. 5. What’s Ahead Page  The aging U.S. workforce Snapshot 2010 Source: BLS
  6. 6. What’s Ahead Page  Projected workforce demand Sources: BLS, Employment Policy Foundation (EPS)
  7. 7. What’s Ahead Page  Silent Generation, Traditionalists (born between 1922 and 1945) Baby Boomers (born between 1946-1964) Generation X, Xers (born between 1965 and 1980) Generation Y, Millennials, Echo Boomers, Gamers (born between 1981 and 2000) Mature workers a key piece of multigenerational workforce
  8. 8. What’s Ahead Page  Workforce Profile <ul><li>Unprecedented 4 generation workforce </li></ul><ul><li>Mature workers (Boomers + Traditionalists) = 45% of workforce </li></ul><ul><li>Workers age 55 to 64 fastest growing group in labor force </li></ul><ul><li>Best practices for managing multigenerational workforce feature flexible work options </li></ul>Workforce by generation (2011) Sources: BLS, AARP
  9. 9. What ’ s Ahead 1 4 2 3 <ul><li>Cultural Preparation </li></ul><ul><li>Assess needs of organization </li></ul><ul><li>Identify benefits of flex options </li></ul><ul><li>Get senior management support </li></ul><ul><li>Planning/Implementation </li></ul><ul><li>Develop strategic/tactical plans, policies/procedures, employee communications </li></ul><ul><li>Prepare KPIs/scorecard </li></ul><ul><li>Launch/market program </li></ul><ul><li>Program Enhancement </li></ul><ul><li>Improve flex options based on feedback and evaluation </li></ul><ul><li>Continue communication and marketing </li></ul><ul><li>Feedback/Evaluation </li></ul><ul><li>Survey employees and mangement </li></ul><ul><li>Evaluate performance metrics and financial impact </li></ul><ul><li>Assess internal/external impact on talent brand </li></ul>Flexible options best practices 4 Parts Page 
  10. 10. What’s Ahead Tool: Assess Your SWOT Opportunity Threats Weakness Strength 3. 4. 5. 1. 2. Page  Best Practices Talent Loss HR Team Skills & Resources Lack Retention Plan Flex Options Implement best practices, including flex options, that attract and retain talent Capacity to move from tactical mode to strategic talent management No plan in place for retaining high performing employees No teleworking or job sharing options in place 1. 2. 3. 4. 5. Competing firms recruit your best employees