Tag Archives: Workforce Demographics

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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Filed under Accenture, China Gorman, Data Point Tuesday, Demographics, Future of Work, Generations at work, Gig Economy, HR Data, HR Trends, Human Capital, Strategic Workforce Planning, Talent Management, Workforce Demographics, Workforce Planning

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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Filed under China Gorman, Data Point Tuesday, Employee Productivity, HR Data, HR Trends, Human Capital, Pew Research Center, Post-secondary education, Talent Analytics, Workforce Demographics, Workforce Planning

The Win-Win of Leveraging Baby Boomers

data point tuesdayI’m a Baby Boomer, born smack-dab in the middle of my generation. And I’m beginning to concretely think about the answers to questions like:

  • What is the legacy that my career will leave behind?
  • What kinds of work do I really want to do going forward?
  • What will retirement look like for me?
  • When will I want to retire (because it certainly is the last thing on my mind now…)?

Just as I wrestle with these questions, organizations are facing stiff headwinds on the talent pipeline front making workers like me critical components in workforce planning activities. We all know that workforce demographics are changing rapidly and many organizations are flummoxed when they try to get a picture of how to respond to this critical talent dynamic. Say what we will about the criticality of Millennial employees, many organizations are starting to pay equal attention to retaining the backbones of their organizations: Baby Boomers.

A terrific source of practical and actionable research based information is the SHRM Foundation’s recently published Effective Practice Guideline: The Aging Workforce: Leveraging the Talents of Mature Employees. As with all the reports in this series, it takes a rigorous approach to discovering what the research says and what organizations are actually doing in the topic area. If you haven’t discovered the SHRM Foundation’s EPGs, you’ll thank me after you download and read this free report. Not just because the data are useful and the examples practical, but because it is written for practitioners not academics and is super easy to consume.

“Mature workers will be a firm’s largest source of talent in the next two decades. There will not be enough younger workers for all the positions an organization needs to fill, particularly those requiring advanced manufacturing skills or advanced education in science, technology engineering and math.”

We all know this. The real question is what do we do about it? And this report lays out a roadmap for data gathering within your organization, a planning outline, successful examples from other organizations, and strategies for moving your plan forward.

EPG April 28 2015This chart lays out the challenge well. What follows is a trove of information about mature workers. What they want, what they can do, and the inordinate benefits of keeping them engaged in the workforce. Here are several benefits outlined in the report:

EPG 2 April 28 2015The real meat of the report are the 15 strategies for engaging and retaining mature workers that are based on both research and real organization practice. There are mini-case studies from 30 employers sprinkled throughout the strategies that share effective practices. Perhaps the most impactful sentence in the entire report is in the introduction to the 15 strategies: “The best way to engage and retain workers of any age is to provide a strong vision at the executive level, fair compensation and competent, respectful supervisors.” While the focus is clearly on the acquisition and retention of mature workers, every age demographic benefits from these strategies.

15 Strategies for engaging and retaining mature workers:

  1. Acknowledge Work Contributions
  2. Offer Flexible Work Arrangements
  3. Offer Bridge Employment
  4. Support Health and Wellness
  5. Provide Caregiver Support
  6. Offer Skills Training
  7. Provide Career and Personal Growth Opportunities
  8. Use Mixed-Age Workgroups
  9. (Re)Design Work to Match Worker Capabilities
  10. Train Managers and Supervisors
  11. Provide Support for Retirement Planning
  12. Address Age Discrimination (Real and Perceived)
  13. Foster an Age-Positive Organizational Culture
  14. Foster Job and Career Embeddedness
  15. Facilitate Critical Knowledge Transfer

It’s obvious that none of these strategies are rocket science. In fact, as you look at the list you might think, “well, these are just common sense practices that will support the engagement and retention of ALL of our workers.” And that’s the point. We can’t focus our workforce planning activities on one generation alone. And ensuring that we Baby Boomers remain engaged and valued will make the demographic transition that is looming just over the horizon more effectively managed for organizations, for workers and their families, and for society. I call that a win-win!

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Filed under Baby Boomers, China Gorman, Data Point Tuesday, Effective Practice Guidelines, SHRM Foundation, Workforce Demographics, Workforce Planning