Tag Archives: Human Capital

May 23, 2017 · 4:00 am

The Workforce: Not As Simple as Red or Blue, Male or Female, or Generation

Jobvite’s annual Job Seeker Nation Study was published a couple of weeks ago. They took a whole new approach, given the current political environment in the U.S., and it’s fascinating. Subtitled, Finding the Fault Lines in the American Workforce, it looks at how divided our nation really is when it comes to attitudes and actions related to changing jobs.

“If the past year taught us anything, it’s that we live in a divided nation. In fact, nearly 80% of Americans – an all-time high – believe the country is split in two. With this year’s Job Seeker Nation Survey of 2,000 Americans, we sought to define that split:  who are the two groups and what does the job seeking experience look like for each? The answer surprised us:  ‘Divided America’ is a myth. Sure, from 30,000 feet you see Blue vs. Red. Coast vs. Coast. But dig a couple layers deeper and you don’t find a neatly divided population… What we found is many different versions of the American job seeker.”

And then we’re off to the races with fascinating data points covering the workforce, job seekers, men, women, quitters, stayers, generations – different slices of workforce data that are sure to make you stop and think about what’s really happening with your employees.

The finding that I found most interesting had to do with job sampling. For example, more than half of the respondents are satisfied at work (64%) – but 81% of them are open to new job opportunities. Additionally, 50% had at least one interview this year to explore options – with no intention of leaving their current position! Additionally, job seekers are not as happy as they used to be. In the last year, the percentage of workers satisfied at work has plummeted 10 percentage points to 64% (from 74%). But more concerning is that 82% are open to new job opportunities. That’s a tough message for employers.

Another fascinating data point – despite greater transparency around pay, performance and the like – is that workers routinely “sample” their options by interviewing for new jobs.

The dynamics of the workforce in 2017 are clearly not cut and dried – and certainly not as simple as Generation vs. Generation or Male vs. Female. Of course, we knew that. But this report shines a light on some more nuanced slices of the data and provides some surprising results.

I look forward to this report each year. (Here’s my take on last year’s report.) The Jobvite folks always serve up a different set of data points that add depth to the planning and conversations employers are having about their workforces. This year is no different. Take a look here. You’ll find some useful insights.

 

 

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March 14, 2017 · 4:00 am

Are You Planning For Your Future Workforce?

Accenture’s strategy group has published an interesting look at the workforce of the future:  Harnessing Revolution, Creating the future workforce. At an easily consumable 28 pages, it focuses on three primary areas of emphasis for organizations wanting to get a competitive leg up in the hyper competitive talent markets:

  1. Accelerate reskilling people
  2. Redesign work to unlock human potential
  3. Strengthen the talent pipeline from its source

If you’re starting to discuss talent acquisition, development, and retention strategies with your C-Suite, you’re a little late – and this report will be helpful in scoping out the known and unknown challenges barreling down the pike.

The report is full of good news like data presented that show workers being optimistic about the impact that technology will bring to their work life:  “…instead of resenting technology, 84 percent report being excited about the changes it will bring. A full 87 percent are downright optimistic, projecting that it will actually improve their work experience in the next five years.” So that’s some good news we’ve haven’t seen before.

As an advocate for humans and humanity in the workplace, I was especially pleased to see an emphasis in the report on the value that human skills bring to the enterprise:  “our model shows fewer jobs will be lost to automation if people are able to reallocate their skills to tasks that require more ‘human skills’ such as complex analysis and social/emotional intelligence.” The following figure shows that perhaps the gross fears of automation and job eliminations may not be grounded in fact:

The challenge of job loss due to automation is clearly real. But as this report shares, reallocation of skills will significantly decrease job loss. Accenture’s research shows that investments in reskilling the workforce will “dramatically” reduce job loss: “Estimates for Europe show that a one percent increase in training days leads to a three percent increase in productivity, and that overall productivity growth attributable to training is around 16 percent.”

The section on focusing on reskilling people is short and sweet:

  1. Reskill at the top of the house
  2. Keep building on what you have
  3. Change the mindset to “learning as a way of life”
  4. Use digital to learn digital

While, paragraphs 2 – 4 are expected, paragraph 1 is not. Accenture’s research points to a lack of technology skill and experience in the boardroom. And from a leadership perspective, leading in horizontal rather than hierarchical ways will be foundational. Investing in additional skills at the top of the house could make or break your workforce planning outcomes.

There are lots of nuggets in this report. It’s a pretty quick read and the data sources include Accenture, of course, and the likes of the World Economic Forum, Manpower Group, ILO, OECD, Harvard Business Review, Pew Research Center, INSEAD and many others. Citing these sources is one of the reasons I really like the report. This isn’t the usual white paper.

If you’re really getting into the weeds of planning for your future workforce, this is a strong addition to your data sources. Not only is the report useful, but the list of source material could keep you going for weeks.

 

 

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March 7, 2017 · 4:00 am

The Future Is Now

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Deloitte’s annual human capital report was just published. I look forward to this one every year because it’s backed by a massive amount of data collection and analysis, it’s easy to read, it always throws at least one curve ball, and there’s a TON of useful information. This may be the most on point, useful research report published for leaders each year. At 144 pages, Rewriting the Rules for the Digital Age is not a quick read, but it’s a must read for every HR professional – regardless of the size of your organization. Whether you’re a department of one, a depart of 10, or a department of hundreds of thousands, the trends captured by Deloitte’s survey and discussions need to be on your radar. Period.

Each year the survey identifies the top 10 human capital trends that should be shaping organizational decision- and policy-making, investments, budgets and leadership behavior. This year they are:

Trend 1           The Organization of the Future:  Arriving Now

Trend 2           Careers and Learning:  Real Tim, All the Time

Trend 3           Talent Acquisition:  Enter the Cognitive Recruiter

Trend 4           The Employee Experience:  Culture, Engagement, and Beyond

Trend 5           Performance Management:  Play a Winning Hand

Trend 6           Leadership Disrupted:  Pushing the Boundaries

Trend 7           Digital HR:  Platforms, People, and Work

Trend 8           People Analytics:  Recalculating the Route

Trend 9           Diversity and Inclusion:  The Reality Gap

Trend 10         The Future of Work:  The Augmented Workforce

As you look at these trends, don’t you think to yourself, “you could write a whole book on each topic!”? Well, I did. But the good news is, after the introduction, there is a whole chapter on each trend with data, analysis, heat maps, graphs – all the goodies you’d expect.

But here are two graphs from the Introduction, Rewriting the Rules for the Digital Age, that sets the context for everything that follows. If you’re like me, you’ll do a bit of a head smack when you see these and say to yourself, “Yep. That’s exactly how it’s working. Or not.”

deloitte-hcm-trends-2017-fig-1And,

deloitte-hcm-trends-2017-fig-2

These make so much sense and really underscore HR’s role in leading all organizational leaders to consider the broader context of what technology can – and must – mean in the coming years.

I don’t want to give away the store here, so I won’t share more of the research and conclusions. Read the trends analysis yourself. See how you would prioritize the 10 trends and make a plan. Time to roll up your sleeves! Remember that old saying, that the future is now? Well, in this context, it’s true.

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February 21, 2017 · 4:00 am

Got Culture?

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Gallup’s State of the American Workplace report is out. It’s a lot of information (214 pages!). But it’s important information and you’ll enjoy the most current data from this global collector and analyzer of work related data.

We talk about employee engagement – or some other euphemism for connecting with employees in a human, caring way – all the time. We get at our data through the famous surveys from organizations like Gallup, Great Place to Work™, Quantum Workplace, or Workplace Dynamics – or any of a hundred other providers of culture measurement and strengthening solutions. And we compete in geographical and industry competitions all over the world to claim one of the top spots in great organizational culture lists. All of this to attract and retain world class employees.

I’m a big believer that culture trumps most every other organizational dynamic in the war for talent, innovation, profitability, top line growth, competitiveness and any other thing you might measure. I’ve been quoted frequently as saying that “strong, positive  cultures improve everything we measure that we want to go up, as well as reducing everything we measure that we want to go down.” And it’s true. But intentionally creating and managing the right kind of culture is getting more difficult as the world gets more and more complex: 4 or 5 generations in the workplace; Big Data and Artificial Intelligence; globalization; nationalism; terrorism; population growth; global warming – the list of external dynamics – some might say threats – impact  our organizations’ success as well as how we relate with our employees seems to grow every day.

So, I appreciate organizations that collect data, make sense of it, and then make it available to all of us. I appreciate them a lot. And Gallup does a better job than most. This report, State of the American Workplace, has a ton of interesting data in it. You probably don’t want to read it in one sitting, but you do want to read it all.

In the executive summary, the report lays out the roadmap for leaders to follow in creating organization sustainability:

  • design and deliver a compelling and authentic employer brand
  • take employee engagement from a survey to a cultural pillar that improves performance
  • approach performance management in ways that motivate employees
  • offer benefits and perks that influence attraction and retention
  • enable people to work successfully from locations besides the office
  • construct office environments that honor privacy while encouraging collaboration
  • improve clarity and communication for employees who work on multiple teams

Sounds simple, I know; but any leader who has tried to create a stronger culture knows that this is hard stuff. It’s 3 steps forward, 2 steps back stuff. And Gallup has the data to back it up.

The executive summary ends with this:

“The one thing leaders cannot do is nothing. They cannot wait for trends to pass them by, and they cannot wait for millennials to get older and start behaving like baby boomers.”

The chapters are mini culture theses in themselves:

  1. U.S. workers: increasingly confident and ready to leave
  2. Do employees want what your workplace is selling?
  3. The real truth about benefits and perks
  4. The competitive advantage of engaging your employees
  5. A shift in managing performance
  6. A closer look at the 12 elements of engagement
  7. Making sense of matrixed teams
  8. The changing place and space of work

I encourage you to delve into these chapters and consider the data, the analysis and the conclusions in each. In chapter 2, data are shared that might motivate you to reconsider how you think your employment candidates are evaluating your organization as a potential employer:

gallup-american-workplace-2017-1

Increase in income potential and a well-known brand are not as important as they once were. Did you know that?

There are a number of similar “ah-ha” data points in this report. They are easily accessible, simply constructed and are potential game changers as you think about your organization’s culture and its impact on your ability to retain and acquire the talent you need.

Download it here. I think you’ll gain surprising new insights.

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January 17, 2017 · 4:00 am

That State of American Jobs and Workers

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While I was browsing the internet looking for some economic data, I came across this 2016 report from the Pew Research Center:  The State of American Jobs. And it is compelling! The Pew Research Center is “a nonpartisan fact tank that informs the public about the issues, attitudes and trends shaping America and the world. They conduct public opinion polling, demographic research, content analysis and other data-driven social science research.”

This report is hefty at 95 pages, but it is totally readable. And full of great information about the state of the U.S. workforce. I couldn’t put it down. (Well, I couldn’t stop scrolling forward.)

There are five sections – and they’re all fascinating. If you have anything to do with people in your organization – hiring, managing, training, deploying – there will be nuggets here that will absolutely help you be more effective. The five sections are:

  1. Changes in the American workplace
  2. How Americas assess the jobs situation today and prospects for the future
  3. How Americans view their jobs
  4. Skills and training needed to compete in today’s economy
  5. The value of a college education

Each of these alone are fascinating topics and the data/analysis provided generate great food for thought and action. An opening overview section sets the stage for a fascinating discussion of how American workers are assessing their skills, their ability to be competitive in the economy and the role of the U.S. education infrastructure to ensure employability.

Here are two graphs from the overview section that ought to catch your eye. First:

pew-2And second:

pew-1

Each of these graphs tells a profound story about workers, responsibility for employability, and the role of our education system in preparing workers for careers. And these are just in the overview. Wait until you see the nuggets in each of the following 5 chapters.

95 pages seem long – but it really isn’t. There are insights galore here that can help you in your talent attraction, development, retention and deployment policies and programs. And you don’t have to dig to get to the nuggets. They’re right there on the surface. Download it here, and browse through it first. Then go back and delve in to the chapters that really appeal to you. If you’re in any kind of people business – and who isn’t? – those nuggets will be valuable. Totally worth your time.

 

 

 

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January 3, 2017 · 4:00 am

Generations At Work

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I was doing some research for a client and came across this report from Monster:  Monster Multi-Generational Survey, published in 2016. The underlying survey was concluded in January 2016 and surveyed more than 2,000 across the Boomer, X, Y and Z generations.

I’m actually not a big fan of reports that show how differently each generation at work needs to be treated. I’m more in the camp of how to bring people together rather than solidify their differences. However, this is a very useful report. It’s not long, but it’s full of interesting tidbits. In its descriptions of each of the four generations active in the workplace today, these are the top motivators by generation:

Boomers:

  • Health insurance (66%)
  • Boss they respect (59%)
  • Salary (57%)

GenX:

  • Salary (59%)
  • Job security (39%)
  • Job challenges/excitement (35%)

GenY:

  • Salary (63%)
  • Job challenges/excitement (37%)
  • Ability to pursue their passion (36%)

GenZ:

  • Salary (70%)
  • Ability to pursue their passion (46%)
  • Job security (32%)

The generational differences are fascinating. And it’s our job to figure out how to retain these differently motivated employees while we bring them together into effective work groups. A daunting challenge to be sure.

Of particular interest, I think, are the data that describe the differences in technology demands and expectations between the generations. This is a fascinating glimpse into how each generation relates with technology at work and which technology tools they view as most important:

monster-multi-generational-survey-2016

This is a terrific overview of the workplace preferences of each generation. And while we don’t want to build walls between the generations, we certainly do want to leverage technology in a way that will enable higher levels of productivity as well as more complete and effective communication.

I’m always looking for ways to break down walls between employees and create stronger more compelling workplace cultures. Using information like this to more effectively communicate and to build strong relationships make this report interesting.

You can download the report here. It’s a pretty quick read – well worth the investment of your time.

 

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September 6, 2016 · 4:00 am

Davos and HR Data

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You’ve heard of “Davos,” the annual meeting of the global movers and shakers of business, held in Davos, Switzerland. But you might not be aware that the convener of that event, The World Economic Forum, is committed to “improving the state of the world and is the International Organization for Public-Private Cooperation.” “Davos” gets lots of press, but the ongoing work of the organization provides a trove of data, analysis and information for any leader, in any organization, anywhere in the world.

I recently downloaded a January, 2016 report, The Future of Jobs:  Employment, Skills and Workforce Strategy for the Fourth Industrial Revolution, and had a great time wandering through the massive (167 pages) report. Don’t let the length deter you from downloading and skimming the content. There’s something there for everyone who is thinking about and strategizing the future of their workforce.

The analysis in the report is from a survey of CHROs, other CXOs as well as functional HR leaders representing 13 million employees in 15 developed and emerging economies. A total of 371 companies from 9 broad industry groupings are represented in the data.

The report is organized into two parts:

Part One:  Preparing for the Workforce of the Fourth Industrial Revolution

  • The Future of Jobs and Skills
    • Drivers of change
    • Employment trends
    • Skills stability
    • Future workforce strategy
  • The Industry Gender Gap
    • The business case for change
    • Gaps in the female talent pipeline
    • Barriers to change
    • Women and work in the fourth industrial revolution
    • Approaches to leveraging female talent

Part Two:  Industry, Regional and Gender Gap Profiles

  • Industry profiles
  • Country and regional profiles
  • Industry gender gap profiles

The Drivers of Change section is a primer on what employers are facing from a demographic and socio-economic perspective, as well as from a technological perspective. I talk to HR leaders all the time who have a hard time balancing strategic responses to these two drivers of change. This chart shows the global top drivers in each of these two buckets and how they rank with the survey respondents.

WEF Fig 2

This is just one of a number of useful analyses in the the report.

And an analysis such as this wouldn’t be complete without recommendations for action. The short term focus areas for action are not surprising:

  • Reinvent the HR function
  • Make use of data analytics
  • Talent diversity – no more excuses
  • Leverage flexible working arrangements and online talent platforms

Everyone performing research and analysis, as well as writing about macro trends in the talent space agrees with these four areas of immediate focus.

The longer term recommended actions are not quite as well socialized, and in many ways, are the most critical strategies we can and should begin to deploy NOW:

  • Rethink education systems
  • Incent lifelong learning
  • Accelerate cross-industry and public-private collaboration

This report came to me via Facebook, of all places. WEF posts a continual stream of global reports, videos and links to data and analysis of value to HR and leaders in all functions. Check them out.

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July 26, 2016 · 4:08 am

Tangible Vs. Intangible Assets

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You might not be aware of a trend in the corporate valuation world. You might not think that developments in how companies are being valued by the financial world would be of interest to HR. But, hold on to your horses! Validation of “our people are our greatest asset” is here!

Ocean Tomo LLC, the Intellectual Capital Merchant Banc™ firm, publishes an annual study of intangible asset market value. The most recent, published in early 2015, includes a rather eye-popping chart. But first a couple of definitions.

Tangible Asset (from Investopedia):  A tangible asset is an asset that has a physical form. Tangible assets include both fixed assets, such as machinery, buildings and land, and current assets, such as inventory. The opposite of a tangible asset is an intangible asset.

Intangible Asset (also from Invetopedia):  An intangible asset is an asset that is not physical in nature. Corporate intellectual property (items such as patents, trademarks, copyrights, business methodologies), goodwill and brand recognition are all common intangible assets in today’s marketplace.

Tangible assets are things. Physical things. Intangible assets are the results of human intellect and work. And the financial value of those – tangible and intangible assets – have completely reversed in the last 40 years. Completely!

Ocean Tomo provides the following chart showing this complete reversal.

Ocean Tomo Intangible AssetsIf ever the argument was made that our people are, in fact, our biggest asset, this nails it. In 1975 tangible assets comprised 83% of the S&P 500 market value; in 2015 intangible assets made up 84% of the S&P 500 market value. That means people, human beings are the greatest driver of corporate value — and not by a little bit.

So here’s the question:  if the finance/valuation world is truly valuing our organizations based on the value of our human capital, why is it so hard to talk about – much less act upon – the value of building cultures fit for human beings?

Something to think about during this week’s heat wave.

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June 14, 2016 · 4:30 am

Human Capital Trends To Think About

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Deloitte’s Human Capital Trends 2016 Report, The new organization: different by design, is definitely worth a read. It’s long – 124 pages – but it will make you smart. Download it and start browsing.

I won’t say much about the content – you need to read it all – except to show you the 10 trends identified as worth our consideration this year. The trends are:

  1. Organization design/The rise of teams

  2. Leadership awakened/Generations, teams, science

  3. Shape culture/Drive strategy

  4. Engagement/Always on

  5. Learning/Employees take charge

  6. Design thinking/Crafting the employee experience

  7. HR/Growing momentum toward a new mandate

  8. People analytics/Gaining speed

  9. Digital HR/Revolution not evolution

  10. The gig economy/Distraction or disruption?

This is a meaty, insightful discussion of the trends facing organizations, leaders, culture and people. Even if you don’t agree with the conclusions, you need to be educated and thoughtful about these ten trends. Take a look:

Deloitte HCM Trends 2016

Down the report here. Now. It’s that important.

 

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March 29, 2016 · 4:00 am

Of Job Seekers, Smartphones, and the Election

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Jobvite’s Job Seeker Nation Study for 2016 is out. It’s always an interesting read. (Here’s my post on their 2015 survey.) And this year is no different. There is information on who’s looking, who’s not looking, who’s having a hard time finding a job and who isn’t. There are some fascinating data points. Like most vendor “research,” this report is easy to read and very attractively packaged.

The leading themes are these:

  • the state of work is in flux and today’s job seekers are adjusting to a new reality
  • job seekers are concerned in the short term but optimistic in the long run
  • while nearly 75% of all workers are satisfied with their jobs, two-thirds are still open to new employment
  • jobs in the gig-economy are part of the new normal
  • concern about jobs becoming obsolete due to technology is growing

Jobvite CEO, Dan Finnigan, introduces the report:

“These findings emphasize the fact that the way we look for work, and the way we work, is changing significantly. The gig economy’s rapid growth is remarkable and the data demonstrate that the modern job seeker is now more flexible than ever.”

Two survey areas really caught my attention. The first, reports survey answers that indicate the use of mobile devices in job search means job seeking behavior happens everywhere, all the time:

Jobvite 2016 1

You should no longer assume that colleagues active on their smartphones in meetings are playing games or reading their Facebook feed. They could very well be researching their next employer! Even more troubling is what is happening behind closed doors at the office or in the cubicle farm!

The second survey area that caught my eye, was the section on job seekers and the presidential election. (Not kidding.) As of early February when the survey was fielded, only three presidential candidates had double digit support from job seeker nation:  Hillary Clinton (23%), Donald Trump (21%), and Bernie Sanders (12%). Looking at the demographics of candidate support and then correlating that support to concern that automation will diminish their job/career opportunities is either brilliant or something else. But I found it fascinating:

Jobvite 2016 2

Just when you thought the election couldn’t intrude into any more corners of your life…! But the data are interesting. Look at the demographics and industry sectors. And Hillary supporters are way more concerned that robots will take their jobs than those who feel the Bern. Fascinating.

That’s why I always look forward to the annual Jobvite Job Seeker Nation report. They vary the questions enough to make the results and insights different from year to year, and certainly more relevant. Give the survey a read. I think you’ll enjoy it.

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