9 reasons why talentomics is changing HR

9 reasons why ‘TalenTomics’ is changing hr

2 | four facTors ThaT shaPe careers

inTroducTion Despite ongoing global economic instability, and large
variations in employment rates, finding the right people
is harder than ever. Now, we operate in a knowledge
economy, and the means of production (as Marx would lance Jensen
richards,

describe it) truly rests in the hands of the worker. gPhr, sPhr

This is what we call ‘talentomics’—the ‘economics of talent’—and the supply-demand equation that
underpins it has changed.

A couple of hundred years ago, talent (or labor) was a simple commodity. The rich and powerful had
access to as much labor as they needed, and those with the discipline, skills and ability to work, did.
The supply chain, and the transaction between employer and employee, was straightforward.

But that was then.

Now, HR professionals have to get to grips with a different kind of ‘talent’ supply chain.

They have to know how to find, secure, develop and retain the right talent at the right time. And
the nine key factors of ‘talentomics’ are going to have a significant bearing on their ability to do this
going forward.

Talentomics is global, it’s trans-generational, and it’s about managing the talent supply chain in
sophisticated and technologically driven ways. In this ebook, we hope to show you what it really
means, why it’s happening and how to evolve your HR practice to adapt.

home inTroducTion iT’s a global hr 3.0 is your ceo’s PlenTy of work is The if we don’T free hr TalenT geT The full
village here concerns labor, limiTed virTual knowledge change, agenTs are suPPly-chain rePorT
are your TalenT worker is The millennials increasing managemenT
concerns new rock won’T sTay
sTar

3 | nine reasons why ‘TalenTomics’ is changing hr

01
iT’s a global The world today is very much like the
global village that was first envisaged
Even if your business or role doesn’t
require it yet, globalized talent
ThaT which you can’T
avoid, welcome

village in the 1970s. We have evolved into a sourcing is going on all around you,
• Understand that the need to
global, knowledge economy, and as and it’s changing the game for both
source talent globally isn’t
a result, the tight geographical bonds employee and employer. Even if you’re
only about cost. It’s also about
between producer and consumer are not sourcing talent this way currently,
business performance. There
gone—permanently. you can be sure at least some of your
is clear academic research that
competitors are (or will be soon). And,
Human resourcing is already global. demonstrates how well-managed
if your competitors are tapping into
In industries where skills are highly heterogeneous teams outperform
other talent pools, they may well be
transferrable, there is little to stop homogenous teams.
accessing skills and just-in-time labor
workers from being recruited for that you’re not, which will absolutely • Consider your talent supply-chain:
assignments in any location around deliver them a competitive advantage. if you can’t find the talent you need
the world. For many people, this So, globalized talent is here. It’s in your existing market, what’s
globalization of talent brings incredible everywhere, and it’s affecting you even stopping you from sourcing it
opportunity. For others, it feels like a if you don’t know it yet. from elsewhere?
threat. For those still resisting it,
there is some bad news: you’re
already part of it.

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02
hr 3.0 is Tougher economic conditions have
increased the need for creativity,
enmeshed in a central strategic role
of corporate life. This is all about to
every stage of the organization, as well
as the factors that both enhance and
here productivity and innovation, and HR is change. dilute that value.
no different.
In the HR 3.0 environment, HR people Instead of being transactional,
HR has evolved. Its genesis was in need to think more like corporate we must learn to talk about HR
transactional excellence: payroll executives. They need to move out of issues as business issues. We must
processing, record-keeping and the HR silo, and put themselves in the be transformational. The3.0 HR
compliance. When HR 2.0 emerged minds of those who are guiding the professional must know business,
in the ‘60s and ‘70s, the profession organization. and they must know how ‘the people
moved upwards along the value chain element’ informs, and transforms, the
into employee relations, performance This entails putting aside the narrow business agenda at every level of the
appraisals and training. But despite metrics of HR activities to focus instead organization.
this evolution, IT has not swallowed on broader business outcomes. It

the critical mass of HR tasks, and means consistently thinking about how

the function has still not been fully the ‘people element’ adds value at

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03
your ceo’s The challenge is not to make
people issues count on the executive
The 3.0 HR professional must
communicate with CxOs about these
2011: ceo’s ToP 10
global challenges

concerns agenda, (they already do) it’s to help ‘top concerns’ and let them know that
challenge
1. business growth
score
1.65
solve them. these also constitute the HR agenda.
are your And, they must work to understand
2.
3.
Talent
cost optimization
.74
.72
concerns
Of the Top Ten concerns of CEOs, more about other areas of the business
4. innovation .70
seven are people-related. This means (not just HR) to know how the people 5. government .59
that 70% of HR’s priority work is of elements in other functions are regulation
direct import to the CEO. affecting productivity and the strategic 6. corporate brand .42
and reputation
agenda. This is the gap that only
7. customer .40
HR can fill. relationships
8. sustainability .37
9. international .29
expansion
10. investor relations .09

Source: Conference Board CEO
Challenge, 2011

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04
PlenTy of A major demographic shift is almost
upon us. Companies are facing a
the total population. Unfortunately,
many of the countries with fast-
irrespective of short-term cycles. The
best-educated and skilled technical
labor, limiTed demand-supply impasse that is virtually growing populations do not have and professional employees will be in
locked-in for the next 40-50 years, and the educational infrastructure to greater demand, harder to find, and
TalenT HR professionals must hold the key. develop enough skilled labor to command a premium.
meet the shortfall in industrialized
While it’s true that unemployment avoid The imPasse:
countries. This results in a paradox:
levels in many countries remain at high unemployment despite the global
• HR professionals must consider ways
historical highs, the issue facing shortage of talent.
to address the lack of supply of
HR is an increasingly critical talent
particular skills and talent, in much
shortage: those individuals who To be clear: we don’t have a people
the same way that countries modify
bring specific knowledge and skills shortage, we have a talent shortage.
their immigration policies to counter
to an organization, and who make an
The trend is marked and becoming population decline.
immediate, lasting impact.
more acute. There is a limited global
• Recruitment must consider long-
Population growth in many major, pool of skilled labor at a time when
term skills shortages, and these
developed economies is well below workplaces are demanding higher
must be weighed up against the
replacement rates and has decreased and more specific levels of skill and
need for short-term cost-cuts.
significantly since the 1970s1. This knowledge. The new operating reality
means there will be fewer people of for human resources professionals is
traditional working age, relative to that they will need to keep recruiting

1
Source: http://www.oecd.org/dataoecd/37/59/40192107.pdf

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05
work is The way we locate and deploy talent is revolutionizing the way that we locate
changing. Companies see the potential talent and distribute work.
undersTand how Technology
suPPorTs workforce

virTual of tapping into a vast, global talent
Workforce virtualization is something
virTualizaTion, and The skills
managers need To use iT:
pool, but they need their HR partners
to show them the way. quite new, wholly enabled by
• HR will be expected to become
accelerating technology, but only
proficient with a range of
The world of work is becoming simpler. delivering results to those select firms
technologies and platforms that
An increasing number of jobs can be that understand this sea change. It
support an ever-broadening set
tasked to individuals anywhere in the also opens up a new set of challenges
of functions.
world. Now, instead of moving the around the recruitment and retention
talent to where the work is, we can wars that are unfolding in this era.
• Increasingly, HR will need
move the work to where the talent is.
knowledge of labor markets,
Essentially, managers will need to
cultural differences, key recruiting
This is workforce virtualization. know how to work with a virtualized
methods, technological enablers
workforce, and they’ll need the tools
In the growing knowledge economy, and labor laws in a variety of
to do so. This means that the way we
there is virtually no limit to the different jurisdictions.
coach and measure the performance
breadth and scale of functions that of managers is going to change.
• The way HR helps businesses train,
are open to globalization. E-health Increasingly, we’ll need to look at
coach and evaluate managers needs
means that diagnostic tools can be their ability to take knowledge, or a
to change—it must now evaluate
accessed remotely. In construction skill, competency or behavior, and
and improve managers’ ability
and manufacturing, standardized CAD make it work across multiple locations
to manage talent, skills and tasks
techniques mean that design elements and cultures.
across borders.
can be outsourced. This is truly

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06
The The process of engaging with people
who may not actively be looking for
and gathering points where these
workers congregate.
• Internal applicant tracking systems
(aTs): previously considered
knowledge work, or who may not be where you
build neTworks, sTarT
candidates who were not chosen for
want them to be, poses a new set of one position may be qualified for
worker is The challenges for HR.
a conversaTion:
another opening.

new rock sTar They extend across sectors including
Some of the techniques that must be
• smiling and dialing: cold calling,
mastered to tap into the increasingly
IT, healthcare, education and and maintaining personal rapport
sophisticated labor pool include:
agriculture. They are the source of with experts in the industry is still a
much innovation and competitive • Niche websites & social media: good way to build your database
advantage. They are the repositories niche sites can enable better and access referrals.
of specific expertise and frequently targeting of candidates with
the agents of change. They are the • And, expect candidates to do
industry expertise. Facebook, XING
knowledge workers, and they are the their homework: there are now
and LinkedIn and even Twitter
new ’rock stars‘ in the escalating search many tools available to candidates
can become part of an evolving
for talent. Yet, they are in short supply. to help them understand and vet
conversational landscape, to
potential employers. Sites such as
pique the interest of even passive
The task of locating, nurturing, and vault.com or glassdoor.com are just
candidates.
harnessing the expertise of those who two examples.
operate in the knowledge environment • Knowledge sharing & leadership:
has become the Holy Grail for many authoring or sponsoring papers,
HR professionals. Employers must writing blogs, and presenting
adopt recruitment approaches that are webcasts can start conversations
aligned to the type of social networks with potential ‘knowledge workers’.

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07
if we don’T Gen Y is the first truly globalized
generation of workers. They have
As such, younger generations have
never experienced the requirement
Millennials demand meaning in the
workforce, but few employers really
change, grown up with technologies that have to be ‘in the office’ to communicate know how to offer it.
shrunk the workplace and the world, and work effectively. Instead, their
millennials expanded their horizons, and made emphasis is shifting to what some call
in The mulTi-generaTional
workPlace, hr musT Provide
won’T sTay them feel comfortable operating in a
borderless environment.
‘the third place’ —a place between
home and the workplace where the
Trans-generaTional soluTions:

demands of both can be balanced. • Millennials are less interested in a
Gen Y’s attitudes to job selection,
career ladder, but they are intently
tenure, work-life balance, As workforce virtualization increases,
focused on a career lattice. Lateral
remuneration, promotion, and not this desire for a more flexible
movement, new opportunities,
least of all, their use of technology, is approach to ‘work’ is being forced
continual development, and
providing food for thought for most into the mainstream. And workplaces
intellectual challenge are of greater
organizations. are evolving, but they will need to
interest and value to them.
evolve further to meet some of the
For Gen Y, the workplace is not expectations of younger generations. • The idea that organizations can
solely about work—it is a place
simply make Gen Y’s conform to
for social interaction and shared The influence of Gen Y can also felt on
the way things are is flawed. If
learning, and the old “9 to 5” means issues of ethics, the environment, and
organizations don’t evolve their
nothing. Millennials have grown up social responsibility in the workplace,
workplace for this generation, Gen
with the kind of technology that which challenges the hierarchical status
Y will leave and Gen Z will never
makes it possible to work and remain quo for older generations.
darken their door.
connected, almost anywhere.

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08
free agenTs The rise of the contingent workforce
is shaping new patterns of business
Union membership—something we
never thought possible.
analytics, and workforce planning,
across the enterprise.
are increasing behavior around HR practice.
Those who describe themselves as • If key people can jump from
Recruitment needs to take account
of the shifting needs of business and self-employed are a rising share of one assignment to the next, HR

the availability of a pool of workers the workforce in many industrialized must consider how it will protect

with specific expertise, suited to economies. And, as people go solo, knowledge and intellectual property,

particular projects. they necessarily need to become project by project.
more flexible, entrepreneurial, and
One of the most important workforce responsive to the needs of the market. • Juggling myriad legal, financial, and

trends of the past two decades They do not operate under the security regulatory issues across jurisdictions

has been the rise of a new breed of permanent employment, and thus will be unavoidable

of independent free agents— need to think afresh about the skills
• HR professionals need to
consultants, freelancers, contractors, and competencies that will sustain
understand what makes Free Agents
and ‘micropreneurs.’ Many of these them for the long haul.
‘tick’. They are always looking to
are professionals who have been
How then, can an HR organization find, upgrade their skills and differentiate
dislodged from salaried careers as a
let alone recruit, such talent? themselves, so the business must be
consequence of business restructuring
flexible enough to consider work in
and economic upheaval.
managing The term of ‘assignments’, and to make
‘JusT-in-Time’ emPloyee those assignments attractive to
According to a Kelly research, close to
half of all workers in the U.S. (44%) now agents looking for ways to expand
• Recruitment practices need to adapt
classify themselves as free agents. In and enhance their skill base.
to the shifting needs of business,
the U.S., Free Agents outnumber total and take account of workforce

sTar


09
hr is TalenT Human Capital, the people who
actually deliver results for our
Thinking about talent in terms of
supply chain requires us to ask
To manage TalenT suPPly chain,
The hr Professional musT:

suPPly-chain companies and enterprises, has and answer these questions: First,
• know and understand the business
become the last, and possibly the assuming I can find the talent I need,
managemenT only, differentiator in a world of does my enterprise have the resource
itself, just as well as she knows and
understands HR
commoditization. acquisition mechanisms to deal
with multiple markets, and multiple • have a view of the workforce, which
Our ability, as an enterprise, to sourcing techniques? Second, do we includes logistics and metrics and
compete in a global economy may have appropriate terms and conditions accountabilities
well be determined over the next few in place to secure the resources and,
years by how well we manage a supply third, must I move the resources to • have a robust understanding of
chain of talent (not a supply chain of make use of them? Finally, once I have labor markets
minerals, parts, foods or fabrics). If my resources in place, can I manage
we look at a classic model of supply effectively against inventory shrinkage, • help the business to shift the way
chain management, it boils down to spoilage, obsolescence or theft? it manages people and defines the
having the right materials, in the right ‘workplace’
place, at the right time and cost. And, Enterprise HR groups, which aspire
these must be utilized the right way to to being part of HR 3.0, must start • create a new definition of

create and deliver specific goods and thinking about HR—and about ‘work’, one that reflects the new

services. In a knowledge economy, the talent—as mission-critical supply chain requirements of our resources

same is true of talent. management. We have to understand
• rethink whether we move workers or
how disruptions in the talent supply
we move work
chain can directly hammer (impact is
too nice a word here) our business.

sTar

This ebook is extracted from Talentomics:
9 Ways HR Must Adapt to Find Talent.
DownloaD your
free copy toDay.

about tHe autHor
lance JenSen rIcHarDS, gpHr, SpHr is Vice president, global workforce
Solutions of Kellyocg. He has overall accountability for the practice on a
global basis, in addition to providing thought leadership, business planning,
and strategic direction.

about Kelly
Kelly Services, Inc. (naSDaQ: Kelya, Kelyb) is a leader in providing workforce solutions. Kelly
offers a comprehensive array of outsourcing and consulting services as well as world-class staffing
on a temporary, temporary-to-hire, and direct-hire basis. Serving clients around the globe, Kelly
provides employment to 480,000 employees annually. revenue in 2009 was $4.3 billion. For more
information please visit kellyservices.com.

about Kelly outSourcIng anD conSultIng group
Kellyocg is a global leader in innovative talent management solutions in the areas of recruitment
process outsourcing (rpo), business process outsourcing (bpo), Human resources consulting,
career transition and organizational effectiveness consulting, executive Search, and contingent
workforce outsourcing (cwo), which includes Independent contractor Solutions. Further
information about Kellyocg may be found at kellyocg.com.

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9 reasons why talentomics is changing HR

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