retaining your top performers
TRANSCRIPT
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Speaker: Steve Parker, SPHR VP HR Solutions SumTotal Systems
Moderator: Max Mihelich
Associate Editor Workforce magazine
Retaining Your Top Performers
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Max Mihelich Associate Editor Workforce magazine
Retaining Your Top Performers
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Steve Parker, SPHR VP HR Solutions SumTotal Systems
Retaining Your Top Performers
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LEARNING TALENT WORKFORCE PAYROLL & EXPENSE
3,500 Customers | $250M+ Revenue | Nearly 30 Years in HR 45M Users | 17M Cloud Users | 95% Customer Retention
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" The Real Importance of Retention
" What Your Top Performers Want
" 3 Steps to Providing It
" Your Questions
Agenda
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The Real Importance of Retention
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The War for Talent is Back
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66% of CEOs say the lack of the right skills is their biggest challenge (Manpower, 2012)
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3.9M jobs are open in US right now (BLS, 2013)
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52% of jobs are going unfilled due to lack of “the right talent” to fill them (Manpower, 2012)
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1 in 5 executives report a high negative impact on their ability to meet client needs (Manpower, 2013)
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0 5 10 15 20 25 30 35 40 45 50
We cancelled or delayed a strategic initiative
We were unable to pursue a market opportunity
We weren't able to innovate effectively
We couldn't achieve growth forecasts overseas
We couldn't achieve growth forecasts where we are based
Our quality standards fell
Our talent-related expenses rose more than expected
All
US
Question: How have talent constraints impacted your company’s growth and profitability over the past 12 months?
Source: PWC 2012 Global CEO Survey
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71% of the workforce is not engaged (Gallup, 2012)
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Employees with lower engagement are 4x more likely to leave their jobs (Corporate Leadership Council)
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What Your Top Performers Want
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influencer of job satisfaction is the opportunity to use skills and abilities #1
Source: SHRM, 2012
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Autonomy • People want to
have control over their work
Mastery • People want to get
better at what they do
Purpose
• People want to be part of something that is bigger than they are
Components of Engagement
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" The new generation of workers want: § Growth opportunities § Job flexibility § Ability to drive their own learning and receive role
specific information § Up-to-date technology that allow them to work fast
Source: Forrester Research, “Transform Strategic Processes for Talent Management and Employee Engagement,” 2012
Employee Expectations
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Really know your people #1
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• Experience • Competencies
• Knowledge • Personal Attributes
Who They Are
What They Know
What They Have Done
What They Can
Do
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What’s the state of your people data today? ① What data? ② We have multiple systems and lack a single source of truth ③ We have multiple systems and sources of data, but they’re
integrated ④ We have a single source of truth and a comprehensive view of our
people
Poll Question
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Of organizations use more than three HR systems 75%
Source: Forrester Research, 2011
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LACK OF INTEGRATED VISIBILITY AND ANALYTICS
HIGH COMPLIANCE AND OWNERSHIP COSTS
LACK OF INTEGRATED HR PROCESSES
LACK OF A “SINGLE SOURCE OF TRUTH” OF TALENT
LMS
RECRUITING
COMPENSATION CAREER DEV
SUCCESSION
PAYROLL
HRIS
PERFORMANCE
FINANCIALS
ERP
SUPPLY CHAIN
CRM
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Data mapping is 70% of project cost
Average HR technology
consolidation Cost: $6 million Time: 3 years
Technology Vendors: “The only way to get information & value is to buy everything from us.”
Organizations: “We’ll continue to need multiple systems into the foreseeable future.”
Systems Consolidation Isn’t The Answer
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A VIRTUAL ‘SINGLE SOURCE OF TRUTH’ OF TALENT
INTEGRATED HR ANALYTICS
IMPROVE COMPLIANCE AND OWNERSHIP COSTS INTEGRATED HR PROCESS
LMS
RECRUITING
COMPENSATION CAREER DEV
SUCCESSION
PAYROLL
HRIS
PERFORMANCE
FINANCIALS SUPPLY CHAIN
CRM
ERP
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Provide right-time personalized experiences
#2
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One size fits all doesn’t work. We thought off-the-shelf was easier, but now companies are realizing that off-the-shelf talent management practices are more difficult to see real results from... “
” Source: Towers Watson
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In-context learning and development
Instant collaboration with experts
Targeted, practical career development
Productivity
200%
40% Engagement
75% Promotions
Personalization Drives Retention
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Source: Penn Schoen Berland, 2012
Don’t think HCM software helps them do their jobs better 67%
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What’s the highest level of value you are getting from your HR systems infrastructure today? ① Little or Unclear ② Automates Important Functions and Processes ③ Provides Cross-Functional Insight Into Talent Capabilities ④ Helps People Be Better At Their Jobs and Drives Productivity
Poll Question
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Talent Expansion is People-Centric
" Increased productivity " Improved adoption and
engagement " Nearly triple the ROI
1980 2000 2012
Talent Expansion
Talent Management
Traditional HCM
Core Tracking + Reporting + Improved UI + Context &
Pervasiveness
ROI
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USABILITY Be easy to use =
Typical
UX
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Talent Expansion
UX USABILITY
Be easy to use + = + CONTEXT Deliver immediate value to the end
user
PERVASIVENESS Be available where &
how users already work
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Context Similar to Amazon and other consumer technology, the system understands the users profile and what they are trying do and can offer relevant advice and actions to help the user be more effective
1.
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Context-Aware User Experience Performance Improvement
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Context-Aware User Experience Manager Coaching
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Context Similar to Amazon and other consumer technology, the system understands the users profile and what they are trying do and can offer relevant advice and actions to help the user be more effective
1.
2. Pervasiveness Instead of making users come to the system, the system can use “widgets” and mobile capabilities to deliver functionality to the user wherever they are working, even in other systems
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0
1
2
3
4
5
6
7
8
9
1973 1993 2013
# (in
bill
ions
) Population
Mobile
PC
TV
Mobile is Here
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Of workers use their own smart phone for work, and this number is expected to rise 62%
Source: Brandon Hall Group, 2013
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Dr. Conrad Gottfredson’s 5 Moments of Learning Need
Knowledge Acquisition
1. When learning for the first time
2. When wanting to learn more
Knowledge Application
1. Trying to remember 2. When things change 3. When something goes
wrong
m-Learning Perfect Fit
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Scenario " Field sales employees have direct
access to recommended learning and social connections relevant to their performance and the opportunity and customer type on which they are working directly from their CRM systems (like salesforce.com)
Pervasive Access Field Sales
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Pervasive Access Manufacturing
Scenario " Machine Operators whose
performance is below standard are given regular, hyper-personalized direction and training directly from time tracking devices as they clock in to create focus and increase performance.
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Of companies use social technologies in some way, but very few achieve the full potential benefit.
72%
Source: McKinsey Global Institute 2013
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Untapped value from social technologies $1.3T
Source: McKinsey Global Institute 2013
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Incent Managers to Prioritize Internal Talent Mobility
#3
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Successful managers are often good at: " Selecting great talent " Developing great talent But not always: " Giving up great talent
Your Managers May Be Your Biggest Obstacle
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91% of Millennials expect to stay in a job for less than 3 years <3
Source: Forbes, 2012
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How does your organization treat internal talent?
① We’re talent hoarders. We make it hard for people to move to new roles.
② We allow people to move, but have rules to make sure it doesn’t become disruptive.
③ We encourage people to move and take on new roles.
④ We proactively manage internal talent mobility.
Poll Question
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Facebook has not once bought a company for the company itself. We buy
companies to get excellent people. “ ” Source: Mark Zuckerberg
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It’s Not Just About Retention
Internal Hires Produce:
" Significantly higher performance in the first 2 years on the job
" 20% lower turnover rates
" Up to 30% less expensive
Source: Matthew Bidwell, Wharton, 2012
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Q&A Steve Parker, SPHR VP HR Solutions SumTotal Systems [email protected] @stevenjparker @sumtotalsystems www.sumtotalsystems.com
• Please take this time to submit your Questions • Also please fill out the event survey.
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