Five research findings on the changing 2020 workforce
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SAP Senior Director of Diversity Nicole McCabe discussed the rapidly changing global workforce during her presentation at the 2014 Human Capital Leadership Forum in New York on Oct. 21. In her presentation, McCabe discussed the results of a recent study of 2,400 executives and 2,700 employees about the current workforce. According to McCabe, the study showed the global workforce is becoming more flexible and diverse. In addition, McCabe pointed out feedback is crucial for today’s executives and employees, and the ” millennial generation” is changing the way many organizations look at the global workforce. However, McCabe pointed out millennials are still concerned about retirement, training and other traditional benefits when they evaluate potential employers: “The millennials really aren’t as different as we think … Many of them still look at compensation as the most important factor for choosing a role and staying with the job. They’re also concerned about things like retirement and training and development, but we were a little surprised to find that having meaning and having purpose were not a priority in staying at the same position.” McCabe noted learning and growing within an organization is important to millennials. She also pointed out compensation is the most important consideration for millennials, and today’s employers may need to rethink their compensation strategies to ensure they can find the most qualified candidates to fill vacancies: “You see these gaps where the employees are focusing on compensation, yet not a lot of companies are offering great compensation plans. We also see things about retirement plans for employees; they want those things but employers are not often offering those to the employees. I think that we need to look at this and as employers ourselves today it’s time to look at our compensation strategy.” - See more at: http://www.argylejournal.com/chief-human-resources-officer/2014-human-capital-leadership-forum-nicole-mccabe-senior-director-of-diversity-sap/#sthash.vKSfOEDh.dpuf
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Five research findings on the changing 2020 workforce
- 1. http://youtu.be/65zSO0iLHAo © 2014 SAP AG or an SAP affiliate company. All rights reserved. 1
- 2. The Workforce 2020 Understanding Tomorrow’s Workforce Nicole McCabe Senior Director, Global Diversity & Inclusion
- 3. Global 27-country twin surveys 5,400 People; 2,700 executives and 2,700 employees conducted by Oxford Economics Oxford Economics, The 2020 Workforce, 2014 SuccessFactors An SAP Company
- 4. Five research finding themes The new face of work A Millennial misunderstanding What matters most The leadership cliff The learning mandate 1 2 3 4 5 SuccessFactors An SAP Company
- 5. The new face of work
- 6. The 2020 workforce will be increasingly flexible 83% Executives say they are increasingly using contingent, intermittent, or consultant employees, which will require them to: Change compensation plans Conduct more training Invest more in HR technology SuccessFactors An SAP Company
- 7. The 2020 workforce will be increasingly diverse Labor shifts executives are most concerned about SuccessFactors An SAP Company Globalization of labor supply 51% 32% 43% 42% 41% 41% 40% 39% 51% 48% Millennials entering the workforce Difficulty recruiting employees with base-level skills Increasing number of intermittent/seasonal employees Increasing number of contingent employees* Employee expectations are changing Aging workforce Changing work models (e.g., telecommuting, flex time) Increasing number of consultant employees Difficulty recruiting specialized employees
- 8. A lack of metrics and tools holds HR back 39% 38% Have ample data to understand strengths and potential vulnerabilities Use quantifiable metrics and benchmarking as part of workforce development strategy 42% Know how to extract meaningful insights from the data available to them SuccessFactors An SAP Company
- 9. A millennial misunderstanding SuccessFactors An SAP Company
- 10. Millennials are not as different as we think Almost everyone wants training and development Compensation is the most important factor Even retirement plans are only slightly more important to non-Millennials Their top priorities are the same as non- Millennials SuccessFactors An SAP Company
- 11. Myth or truth? Importance to job satisfaction Millennials care more about making a positive difference in the world 21% 20% Millennials 29% 31% Millennials 32% 10% Income Achieving work/life balance is more important to Millennials Learning & growing is more important to Millennials than meeting income goals Non Non Learning 01 02 03 SuccessFactors An SAP Company
- 12. What matters most at work SuccessFactors An SAP Company
- 13. When it comes to satisfied employees,– a lot compensation matters 0% 10% 20% 30% 40% 50% 60% 70% Competitive compensation Bonuses/merit pay Retirement plans Supplemental training Flexible work location Vacation time Benefit plans Flexible schedule Education Employees who want Employers who offer SuccessFactors An SAP Company
- 14. Executives value loyalty more than job performance What executives 1. High level of education 2. Loyalty & long-term commitment 3. Ability to learn 4. Diverse background 5. Interest in the wider business 6. Self-directed learner 7. Willingness to let others lead 8. Substantial field experience 9. Leadership ability 10. Job performance & results value as top employee attributes 1 2 3 4 5 6 7 8 9 10 What employees think employers want 4 2 1 6 7 8 9 10 8 3 SuccessFactors An SAP Company
- 15. Men and women have slightly different priorities for job satisfaction and benefits Men Women …would prefer to use more current 47% 53% technology on the job …am interested in quality of 51% 47% life over career path …expect more feedback on my 28% 34% performance than I currently receive SuccessFactors An SAP Company
- 16. The leadership cliff SuccessFactors An SAP Company
- 17. Gaps in leadership capabilities spell trouble for future growth Have the skills to manage talent Executives cite a lack of adequate leadership as the number two impediment to building a workforce to meet future business objectives. 52% Know how to inspire employees Are prepared to lead a global workforce Are able to drive change Can lead a diverse workforce 51% 47% 44% 34% SuccessFactors An SAP Company
- 18. Most companies are not cultivating leadership within their organizations 40% Employees who say it is easy for them to collaborate 37% Employees who agree their company is committed to diversity 19% 31% Executives who picked leadership as a top 3 attribute Employees who expect more feedback than they get now SuccessFactors An SAP Company
- 19. The development mandate SuccessFactors An SAP Company
- 20. Organizations struggle to develop a learning culture 47% Is capable of retaining and sharing 45% 51% institutional knowledge Has a culture of continuous learning 52% 47% 52% 41% 43% Has a formal mentoring program Offers incentives for pursuing further education Employees say their company… Executives say their company… SuccessFactors An SAP Company
- 21. For employees, obsolescence is a bigger concern than layoffs Position changing or becoming obsolete 40% 19% 19% 18% 31% 27% 35% Not enough advancement opportunities Inadequate staffing Wage stagnation Technology changes Economic uncertainty Layoffs SuccessFactors An SAP Company
- 22. 01 02 03 Key Takeaways Development of employees and leaders will become the new employer differentiator • Learning • Succession planning • Feedback It may be time to rethink our compensation strategies HR should continue to push toward boardroom strategy setting We must prepare for a more diverse, flexible, and contingent workforce 04 SuccessFactors An SAP Company
- 23. R U READY? www.successfactors/workforce2020.com
Hinweis der Redaktion
- Today’s workforce is more diverse than ever — For the first time in history you have five different generations of workers engaging and collaborating together to help your business execute its strategy. Today’s workers work different — Today’s workforce is more social and mobile. They no longer believe in the hierarchical command-and-control structures of the past where information is isolated in the hands of an elite few. They want greater transparency, and they want to collaborate. The fundamental structure of the workforce is changing — As companies increasingly move to more variable operating models, they are embracing new methods of work — outsourcing, crowdsourcing, micro tasking — that are fundamentally changing the definition of what constitutes a workforce. These non-payroll workers represent more than third of the total workforce today and will soon account for half of all workers at the typical company. Leaders will begin to view the workforce as pools of talent so they can rapidly assemble the right expertise and skills to execute their business strategy — regardless of whether that talent is an FTE or a contractor. I am Nicole McCabe, and on behalf both SAP and SuccessFactors, I am here to talk to you about Workforce 2020. I encourage you as we walk through this information to reflect on your organization and ask “Are you ready?”
- 3
- After analyzing the research, 5 key themes emerged. I will go over these themes today at a high-level. These are the themes I will go over with you today. The first theme – There is a new face of work. - the workforce is increasingly diverse in who they are and how they work, but they also work differently I’ll talk about the Millenial Misunderstanding – we here a lot about this generation and the need to shift how we manage them, I will take you through the truths and myths of this generation. What matters most - where we will look at what the employers place value in, and what the employees say matters most – are they alike? Different? We’ll find out. We will move on to the Leadership Cliff – is the organization cultivating leaders? Are those leaders ready to manage a diverse workforce? And finally we will talk about the Learning Mandate – really looking at whether organizations are providing enough learning opportuntities for their curent and future workforce. I know we only have limited time, so let’s dive in.
- Dunning and Ehrlinger wanted to focus specifically on women, and the impact of women’s preconceived notions about their own ability on their confidence. They gave male and female college students a quiz on scientific reasoning. Before the quiz, the students rated their own scientific skills. “We wanted to see whether your general perception of Am I good in science? shapes your impression of something that should be separate: Did I get this question right?,” Ehrlinger said. The women rated themselves more negatively than the men did on scientific ability: on a scale of 1 to 10, the women gave themselves a 6.5 on average, and the men gave themselves a 7.6. When it came to assessing how well they answered the questions, the women thought they got 5.8 out of 10 questions right; men, 7.1. And how did they actually perform? Their average was almost the same—women got 7.5 out of 10 right and men 7.9. To show the real-world impact of self-perception, the students were then invited—having no knowledge of how they’d performed—to participate in a science competition for prizes. The women were much more likely to turn down the opportunity: only 49 percent of them signed up for the competition, compared with 71 percent of the men. “That was a proxy for whether women might seek out certain opportunities,” Ehrlinger told us. “Because they are less confident in general in their abilities, that led them not to want to pursue future opportunities.”
- The new face of work is increasingly FLEXIBLE. Certainly by location, but also when employees work. One of the most surprising finding was that 83% of executives said they used non-payroll employees. However, in 2020, non-pay-roll employees are forecasted to comprise over 50% of the workforce. This provides a huge challenge to organizations in terms of how they will compensate, train and motivate employees. It also will force them to look at how to leverage technology to manage people that join and leave their organizations, as skills are needed.
- The New Face of work if also more DIVERSE. We hear a lot about Millenials and the need to manage them, but they are also concerned about things like globalization, Difficult recruiting the right workforce and ironically, only 39% were worried about increasing consultants, yet 83% of them use non-payroll employees, and this group again will make up 50% of the workforce by 2020. Are our Executives ready to lead them? Are our organization prepared to lead change to ensure they can seamlessly manage the future workforce?
- Well, most companies don’t believe they are. Only 34% of organization feel they are making progress towards workforce goals. When you look at what is stopping them – Employee longevity or loyalty (hint this is related to diversity and employee engagement, adequate technology and leadership and finally a lack of skilled talent. And on average, only 40% feel they have the full data to understand this progress, and of that 39% that think they have ample data, only 42% understand how to make it meaningful insights from it. At the end, HR needs to become more of a strategic partner in the Board room – workforce planning needs to be front and center alongside strategic planning, not an after thought. The way to do this, is to have a plan that is based on data, and provides benefits to the company. Now, let’s take a look a the second theme, The millennial misunderstanding.
- How many of you have managed Millenials? Being in Diversity we have been focusing on this topic quite a bit. And we always here the same thing. “millenials want feedback, Millenials need to have purpose in their work. But is that true?
- Compensation. Does this surprise you? Let’s test your knowledge on this influential generation.
- They’re not so different, but they are different in some ways. This is important in understanding that when we look at talent management, compensation , Learning, we need to REALLY understand what our employees want.
- Now, in your mind thing about this group, and your overall workforce. What matters most to them. I sort of gave it away earlier, but the answer is compensation. Look at the discrepancies between compensation, retirement plans, benefits and education. This could imply that you need to really look a the discussions with you employees, in every generation, around their total comp. And perhaps you look at the benefits, if you are offering more than they really expect, do you need to? There is a disconnect between what employees want to be satisfied, and hat the employers believe creates satisfied employees.
- This disconnect continues when we start to look at what each group values. Look at the categories around learning. Executives say they value high level of education, employees seem to want it, yet when we survey and interviewed the executives, they said they did not offer education assistance.
- We are not developing people formally, but this could be made up if there is a really strong learning culture. Only 50% of employees believe they will have the necessary skills in 3 years, and only 34% of them believe employers can provide the training they need. The only thing they can agree on – Companies are struggling to provide a culture of learning.
- It’s