The Talent Equation (2014 PeopleScout Client Forum)

© 2014 CareerBuilder© 2014 CareerBuilder
Big Data Lessons for Navigating the Skills Gap
and Building a Competitive Workforce
Presented by: Jamie Womack, VP Marketing
@JamieWo
THE TALENT EQUATION

© 2014 CareerBuilder
IMPACT OF DATA DRIVEN DECISIONS
1 |
Companies that make
data-driven decisions
are 5-6% more productive
than those who do not.
Source: Talent Equation

AGE OF TALENT
2 |

DECADE OF TALENT MANAGEMENT
3 |
Unparalleled Season
of Innovation
and Technology Shift
Aging
Population
Shift to Knowledge
Workers
GlobalismAging
Workforce

TALENT = KEY CONCERN FOR CEO’S
4 |
Talent constraints have impacted costs - but also factor in lost opportunities
Our talent-related expenses rose more than expected
We weren’t able to innovate effectively
We were unable to pursuit a market opportunity
We cancelled or delayed a key strategic initiative
We couldn’t achieve growth forecasts in overseas markets
We couldn’t achieve growth forecasts in the country where we are based
Our production and/or service delivery quality standards fell
43 %
31 %
29%
24%
24%
Q: Have talent constraints impacted your company’s growth and profitability over the
past 12 months in the following ways?
Base: All respondents(1,258) / Source: PwC 15th Annual Global CEO Survey 2012

BIG TALENT SHORTAGES
5 |
Source: McKinsey Global Institute U.S. Jobs survey, 2011. McKinsey Global Institute Analysis.
Companies Report That Positions in Management,
Engineering and Computer Programming are
the Most Difficult to Fill
Management
Business Support Functions
Science/Engineering
Computer Programmers/It
Sales/Marketing
Customer Service Staff
Creative
Administrative Support
Laborers, Movers, Drivers
Production Workers
Manual Tradesmen
25.4
26.4
17.8
17.4
17.2
12.8
9.3
8.6
8.0
7.5
7.1
Which Positions Are Most Difficult to Fill?
% Of respondents (n=1,285)

WHICH FIELD OF STUDY HAS GROWN
MORE RAPIDLY IN THE LAST 20 YEARS?
6 |
a) Engineering
b) Math & Computer Science
c) Physical Sciences
d) Psychology

STEM= GROWING DEMAND
7 |

STEM – FLAT OR SHRINKING SUPPLY
8 |

35
LAWS OF SUPPLY & DEMAND

TALENT SCARCITY IN A DIGITAL AGE
10 |
Significant Power Shift from Employer
to Candidate
Talent is Scarce
Digital Divide =
Consumer
Candidate

HUMAN RESOURCE INVESTMENTS
11 |
Source: CareerBuilder U.S. Jobs Forecast 2014
22%
Mobile readiness
Where do companies
plan to invest
additional resources
into their recruitment
strategy for 2014?
22%
Enhancements to
company career site
16%
Front office tools
29%
Workforce analytics/
Access to data
11%
Other

© 2014 CareerBuilder© 2014 CareerBuilder13 |
How HR Can Use
Big Data to
Manage the
Evolving
Workforce
Navigating
the
Skills Gap
Digital
Divide
Labor Market
Past,
Present
and Future

PAST VS. PRESENT
14 |
In 1979, 24% of
Americans worked in
manufacturing; that’s
fallen to 9% in 2012.
Employment in private
education and health
care has skyrocketed;
accounting for 7% of the
workforce in 1979 and
15% in 2012.
Professional and
Business Services is the
other big mover – from
7% to 13%.
24%
9%
15%
7% 7%
13%

600,000 UNFILLED JOBS
15 |

COMPUTER CONTROL PROGRAMMERS
16 |

“THE KILLER APP”
17 |
The “killer app”
of the labor market
therefore is the
employee who can
successfully
merge right and
left brain skills
the social/strategic
with the technical.

DATA SCIENTIST
18 |

DATA SCIENTIST SKILLS: HADOOP
DEMAND DOUBLING EVERY 6 MONTHS
19 |
Source: Supply & Demand

HADOOP: RESULTING IN TIGHTER LABOR
MARKET
20 |
Source: Supply & Demand

How HR Can Use
Big Data to
Manage the
Evolving
Workforce
Digital
Divide
Navigating
the Skills
Gap
Labor Market
Past, Present
and Future

SKILLS GAP TODAY
22 |
8 in 10 employers have difficulty
filling positions
More than half have an open position
today for which they cannot find
qualified talent
On average, a company loses more
than $14,000 for every job that stays
vacant for three months or longer.
1 in 6 say they lose $25,000 or more.
14K
14K
14K
Source: The Shocking Truth About the Skills Gap Study (CareerBuilder 2014)

LONG-TERM UNEMPLOYED
23 |
24
%
45%
2001 2014
Share of unemployed who’ve been out
of work for more than 27 weeks has
risen to abnormal levels this recession –
peaking at 45%. Following the 2001
recession, the share never got above
24%.

WHAT’S CAUSING THE GAP TODAY?
24 |
Education
On the Job
Training
Job
Requirements
Shifting
Technologies
Wage

NAVIGATING THE SKILLS GAP
25 |
What macroeconomic event should happen in the face of
skill shortages?
Wage Hikes for In-Demand Jobs
Rising wages encourages more
workers to enter fields
Most wages have remained flat
IT Wages have increased & will
continue
Manufacturing skills gap is less
because flat wages
.

WHO IS RESPONSIBLE IN RE-SKILLING?
26 |
What are companies current views on training?
“Being able to provide training” ranks
low on HR professionals’ list of concerns
47%
of private U.S.
employers have no
training budgets.
21% of employees said they’ve
acquired new skills through
company-provided training over
the previous five years
(Accenture).
66%
of companies agree it’s the
primary responsibility of the
worker
67%
67% also agree companies
should do more to train
workers for hard-to-find skills.

SKILLS GAP
27 |

EMPLOYER INVOLVEMENT
28 |

What are you doing to close
your gaps?
29 |

Digital
Divide
How HR Can
Use Big Data
to Manage
the Evolving
Workforce
Labor Market
Past, Present
and Future
Navigating the
Skills Gap

DATA VS. BIG DATA
31 |
vs

Volume
Variety
Velocity
► 32 ◄

TALENT ASSESSMENTS
► 33 ◄
Criminal
Background
Checks
Job Hopper
or
Unemployed
Browsers

HUMAN CAPTITAL METRICS
34 |
Employee
productivity
and
performance
metrics
Compensation
trends
Length of
service
Education
attainment
Employment
history
Skills
composition
Supply and
demand of
talent - locally,
regionally
and nationally
Personality
types/pyscho-
metrics

EXTERNAL DATA
35 |

36
CREATE SUPPLY – EMT TO RN

RISE OF EDUCATION
37 |
Is college still a good value for the consumer,
economically speaking?
Vs.
$652/week
7.6%
$1300/week
3.5%

VALUE OF EDUCATION
38 |
Companies are relying on college-educated workers in
jobs that previously required high school degrees.
Customer Service
*For study methodology and notes, see page 45 of Talent Equation
Sales Management
64% - Higher Quality Work
45% - More productivity
22% - Increase Revenue

EDUCATION NOT NEEDED?
39 |
Correlation disappeared for
manufacturing degrees. Typical
college education may not affect
productivity for many middle-skill
production workers. Going forward,
many manufacturing workers will need
advanced STEM skills.
Value added benefit not significant for an
increase in IT workers with college
degrees.

AVERAGE TENURE
40 |

APPROACHES TO RETENTION
41 |
How can big data help companies avoid costly attrition?
Xerox cut their attrition by 20%
for call center employees after
learning creative types are more
likely to stay than
inquisitive/empathetic workers.

MOTIVATION TO STAY: SALARY VS. HOURLY
42 |
TOP RETENTION FACTORS: HOURLY VS. SALARY
Hourly Salaried
1 Job Satisfaction – 53% Job Satisfaction – 63%
2 Extrinsic Rewards – 47% Constituent Attachments – 36%
3 Constituent Attachments – 35% Advancement Opportunities – 30%
4 Organizational Commitment – 18% Extrinsic Rewards – 29%
5 Lack of Alternatives/Org. Prestige – 11% Organizational Prestige – 27%
Are salaried workers motivated to stay with a company for
different reasons than lower paid, hourly workers?

RISKS/ROADBLOCKS USING DATA
43 |
U.S. will be short up to 1.5 million data
analysts and business managers capable
of putting the complex data at their fingertips to
use. (McKinsey)
6 percent of HR departments think
they are “excellent” at data analytics.
1.5
MILLION
6
PERCENT
There’s an inherent risk in assuming all data is relevant data
or that all data is truth. In reality, the bigger the data gets, the more
difficult reigning it in becomes.

What questions would you
ask if you had the data?
44 |

Digital
Divide
Labor Market
Past, Present
and Future
How HR Can Use
Big Data to
Manage the
Evolving
Workforce
Navigating
the
Skills Gap

PUBLISH
LIFE-
STREAM
MICROBLOG
SHARE
DISCUSS
SOCIAL
NETWORKS
LIVECAST
MMO
SOCIAL
GAMES
VIRTUAL
WORLDS

HOW ARE YOU ENJOYING THE 3-DAY
WORKWEEK?

CANDIDATE BEHAVIOR
search for jobs while at work
different resources are used
on average before applying to a job
Of full-time employed workers are actively looking
or open to new job opportunities
Source: CareerBuilder and Inavero Candidate Behavior Study 2013

BE MOBILE
► 50 ◄
vs.

CANDIDATE EXPERIENCE =
CONSUMER EXPECTATION

PIPELINING + CRM
52 |
What is continuous recruitment?
The process of sourcing and
connecting with candidates even if
there are no current open positions that
suit their interests or abilities.
 72% of employers said the strategy reduces
time to hire
 41% say it reduces cost per hire.

KEY TAKEAWAYS
53 |
Understand your own labor market’s
history and future
Determine what big data sets you
have today – and what ones can help
you in the future
Use that data to help you build smarter,
more strategic recruitment strategies

wwww.TalentEquationBook.com
FOR MORE INFORMATION, VISIT
54 |

The Talent Equation (2014 PeopleScout Client Forum)

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