IMDA Industry Day | 17 Oct 2019
Attracting & Retaining Talent: Lessons for Singapore & Southeast Asia
Ivan Chang SGTech Co-Opted Councillor
We are the advocate for the Tech-At-Core companies in Singapore.
A B O U T U STalent Committee
Focus on bridging the gap between Employers and Employees.
TA L E N T F I R S T
Insights from today’s presentation gathered from our annual Tech Landscape Survey.
D ATA D R I V E N
AGENDA FOR TODAY
Talent Landscape
Attracting Talent
Retaining Talent
TALENT LANDSCAPE TODAYFIERCE COMPETITION, RESTRICTED SUPPLY
ABSOLUTE LACK OF TALENT
There are just not enough tech-ready talent to join the technology workforce in Southeast Asia. 60,000 Supply Gap in Singapore by 2020 1,350,000 Supply Gap in Southeast Asia today
WAR FOR TALENT IS REAL & HERE TO STAY
SKILLS TO SUPPLY SHORTFALL
Gap exists between what employers need and what talent can provide today. i.e. You will never be able to fill all your job roles
Data Sources: IMDA, McKinsey & Company Global Talent Council
WAR FOR TALENT IS REAL & HERE TO STAY
Developed Economy (Incl. SG)
Data Sources: Harvard Business School Publishing
10% 19%
Developing Economy (Southeast Asia)
I N A B I L I TY TO F I L L J O B R O L E S P O ST E D
F U RT H E R EXAC E R B AT E D BY T H E Z E R O M O M E N T O F T R UT H
SUPERIOR TALENT IS UP TO 8X MORE PRODUCTIVE
Regular Work
High Cognitive
4X
8X
Can outcompete a bigger number of B & C players.
SMALL GROUP OF A PLAYERS
Requires very unique skillset found in rare few.
HIGH COGNITIVE TASK
Versus middling office tasks.
FOCUS ON TASK AT HAND
Data Sources: McKinsey & Company Global Talent Council
RETAINING TALENT IS HARDER THAN ANYTIME IN HISTORY
7.6 YearsBABY BOOMERS
GEN X
MILLENNIALS
4.4 Years
2.1 Years
AVERAGE LENGTH OF EMPLOYMENT
Lowest in history; accelerating trend.
Data Sources: Glassdoor Annual Report on Employment
RETAINING TALENT IS HARDER THAN ANYTIME IN HISTORY
PURPOSE
AUTONOMY
MASTERY
TALENT STAY FOR
Not engaged with the organisation.
A 50%
Actively Disengaged with the organisation.
B 17%
Thinking about switching jobs.
C 73%
Actively looking for something else.
D 8%
Data Sources: Gartner
ACTIVELY DISENGAGED IS THE NEW NORM
Disengaged talents are 2x less likely to put In discretionary effort (effort that goes above and beyond) for the organisation.
ATTRACTING TALENTKEY IDEAS TO PUT YOUR BEST FOOT FORWARD
FOCUS ON WHAT TODAY’S TALENT LOOK FOR
Data Sources: McKinsey & Company Global Talent Council
Believes the organisation does not
share the same value as the individual.
31% 22%
Believes the company is going in the wrong
direction (usually due to lack of
communication).
33%
Admits to not putting their best effort into their
work.
GREAT LEADERS
Supportive, Gives Due
Recognition
GREAT COMPANY
How others perceived the
company
GREAT JOB
Opportunities in job for growth and
impact
GREAT REWARDS
Financial and Non Financial like free
meals
89% 81% 81% 76%
Data Sources: Harvard Business School Publishing
BRAND IS EVERYTHING PURPOSE DRIVEN CAREER
ORG. NEED SOMETHING SPECIAL
Organisation needs to stand for something in the war for talent. Talent tag along to the organisation brand value if they feel aligned to it.
PURPOSE TRUMPS SURVIVABILITY
Careers and jobs are no longer a mean to an end. Organisations needs a purpose to exist for talent to feel they are fighting a good cause.
Not just Corporate Social Responsibility.
MAKE YOUR OFFER COUNT WHERE THE TALENT IS MOST IN NEED
Data Sources: Wall Street Journal
Simply insufficient talent supply to have high performing talent in every job role.
YOU CANNOT WIN ALL TALENT BATTLES
Find out where the best talent is needed in the organisation. It could be solving a complex engineering challenge or a business one.
INTERNAL DEEP DIVE
Why you? Why are you the best to the relevant talent in the market.
CREATE AN EMPLOYEE VALUE PROPOSITION
RETAINING TALENTCOMMON PITFALLS & STRATEGIES TO OVERCOME THEM
ASSUMING THAT TALENTS ARE HIGHLY ENGAGED
EFFORT SPENT TO ATTRACT THE BEST
An excessive amount of effort to attract the best means you might attract the best talent but not the most engaged,
OUTSIZED EXPECTATIONS
Top talent tend to come in with an outsized expectation of what they can do within a compressed timeframe. This tend not to be fulfilled.
ABUNDANCE OF OPPORTUNITIES
They have an abundance of opportunities versus the rest of the working pool. Making this assumption might lead to an organisation death spiral.
Does not share the same value as the
organisation
31% 22%
Believes company is going in the wrong
direction
33%
Admits to not putting his best effort in the
work
37% 28% 29%
Average Performers
Top Performers
Data Sources: McKinsey & Company Global Talent Council
ASSUMING THAT TALENTS ARE HIGHLY ENGAGED
CONTINUOUS ENGAGEMENTROBUST ECOSYSTEM OF FEEDBACK MECHANISM
Organisations need to build a system of continuous feedback loop and have strategies in place to take action on the feedback.
TAKEAWAY #1
Conduct 360 review on a semi annual
basis
360 ON SEMI ANNUAL BASIS OPEN CHANNEL INVOLVEMENT REGULAR UPDATES
Always have an open channel to
allow feedback up
Allow talent to be involved in key
meetings
Provide company wide updates on changes made
TAKEWAY #1: CONTINUOUS ENGAGEMENT
TODAY’S PERFORMANCE CONTINUES TO INFLUENCE TOMORROW’S WORK
We like to see patterns even if they do not exist.
HUMAN TENDENCY TO HAVE TREND LINES
They lack the key attributes for future and continued success.
70% OF TALENT LACKS KEY ATTRIBUTES
Data Sources: McKinsey & Company Global Talent Council
THE 3As FOR FUTURE SUCCESS
1 AGILITY
2 ADAPTABILITY
3 ACCESSIBILITY
Ability to adapt to rapidly evolving situation with speed and precision.
Taking obstacles logically and with direction.
Approachable and openness to feedback.
Data Sources: SGTech Talent Council
INDIVIDUALISED DEVELOPMENTTAILORED GROWTH & DEVELOPMENT PLAN
Provide specific and customised growth and development plan in collaboration with each talent.
TAKEAWAY #2
TAKEWAY #2: INDIVIDUALISED DEVELOPMENT
CAREER ROADMAP
SKILLS ATTAINABILITY
MENTORING
EXIT MANAGEMENT
MAKING TALENT MANAGEMENT JUST A FUNCTION OF HUMAN RESOURCE
Horde the best talent for personal silo.
LINE MANAGERS HAVE SHORT TERM TENDENCY
Human Resource have a tendency to manage roles and not people.
HR OVERTLY FOCUSED IN POSITION MANAGEMENT
Risk is inherent part of grooming and retaining talent. Top management must give exposure to rising talent.
LACK OF OPPORTUNITIES FOR RISK
TALENT IS MANAGEMENT PRIORITYFOCUS ON BUILDING TOMORROW’S LEADERS
Top management needs to take an active hand in managing talent by giving them exposure.
TAKEAWAY #3
Have a structured leadership programme to
groom talent.
L E A D E R S H I P P R O G R A M M E
TAKEWAY #3: TALENT IS MANAGEMENT PRIORITY
E X P O S U R E T O R I S K
A C C E S S T O M A N A G E M E N T
Give talent the org’s toughest challenges with
opportunities to fail.
Provide face time as much as possible.
THANK YOU
Talent Landscape
Attracting Talent
Retaining Talent
Talent Committee
IMDA Industry Day | 17 Oct 2019
Attracting & Retaining Talent: Lessons for Singapore & Southeast Asia
Ivan Chang SGTech Co-Opted Councillor