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JWBC/NFDO SBA Quarterly Business Forum

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JWBC/NFDO SBA Quarterly Business Forum

  1. 1. www.dynamiccorp.com Balancing the Art & Science of HR The “Big Shift” Suzanne K. Lemen, SPHR, SHRM-SCP Founder & CEO Dynamic Corporate Solutions, Inc.
  2. 2. www.dynamiccorp.com Welcome! Suzi Lemen is the founder and CEO of Dynamic Corporate Solutions, Inc., one of the region’s largest human resources consulting and recruitment firms, specializing in providing HR solutions for businesses small and large. She is an expert in the Human Resources function with more than 38 years of experience, a Bachelor’s Degree in HR and and a Master’s in Entrepreneurship and Innovation. Suzi was recognized as the Entrepreneur of the Year 2005 and Jax Chamber Small Business Leader of the Year in 2008. DCSI has been named one of the fastest growing businesses in the nation by Inc. 500 and amongst the top 20 growth companies by the Jacksonville Business Journal.
  3. 3. www.dynamiccorp.com Today’s Challenges • Worldwide Pandemic • Working from Home • Changing Priorities • Safety Concerns • Competition for Talent • Compensation • Sourcing Candidates
  4. 4. www.dynamiccorp.com Ready or Not!
  5. 5. www.dynamiccorp.com Today’s Agenda • Adapting to change • Lessons learned • Examine today’s talent pool • Invest in retention • Pandemic impact on pay • Address compression issues • Job design + reskilling • The future of work Think Today we will SHIFT the way we…. Hire Pay Work
  6. 6. www.dynamiccorp.com 1. Shift How We THINK
  7. 7. www.dynamiccorp.com Paradigm Shift Employers must change the way they look at  Talent  Staffing  Jobs  How the work is done  The way they do business
  8. 8. www.dynamiccorp.com What Valuable Lessons Did You Learn? • A Failure to Plan = A Plan to Fail • RESILIENCY is necessary • Communication is essential – customer, employee • Staff/Leaders who embraced change are our MVP’s! • Our employees WANT to talk about DEI – and we want it too! • Organizations really ARE responsible for the safety, wellness, and mental health of their employees
  9. 9. www.dynamiccorp.com Moving Forward How to move forward? “Let’s learn from the past!” Think of an economic event in American history. • What was the impact on jobs in the workforce? • What compensation & benefit strategies were created? • What came out of recent recessions? What have we learned?
  10. 10. www.dynamiccorp.com 2. Shift How We HIRE
  11. 11. www.dynamiccorp.com Hire the Right People • Skills • Personality Traits • Diverse Experiences • Ability to Train • Behaviors Don’t just define the JOB… Define the right fit! Then, set your recruiting and interviewing strategy to match!
  12. 12. www.dynamiccorp.com Sourcing Strategies New Recruiting Strategies • Art of the passive candidate • Contacting to see if they know anyone who may be interested • Social media contacts • LinkedIn is the new Indeed Employees Do Not Have to Be Actively Looking
  13. 13. www.dynamiccorp.com Introducing the Modern Candidate May be a “Job Hopper” Compensation- More Than Money Diverse Interest & Experiences Flexible Work Hours Remote Work Diverse Skill Set
  14. 14. www.dynamiccorp.com The Talent Pool New Talent Pools: • With an increase in remote jobs, there’s more opportunity for employees with disabilities • Focus on new graduates • Increased workforce diversity • Additional training and “second chance” programs
  15. 15. www.dynamiccorp.com Recruiting Strategies  Web Presence  Social Media Sites  All about Them  Career Pathing  Training Opportunities  Mentorships Play to Millennial’s Need For Movement
  16. 16. www.dynamiccorp.com Candidate Experience And don’t forget about the…. Candidate Experience • Is your application process user-friendly? • Do you deliver prompt and clear communication regarding interview steps? • How are they greeted when they arrive? • Is your environment welcoming? What will they observe? • Are the interviewers knowledgeable?
  17. 17. www.dynamiccorp.com The New Pandemic Skill Set Tell me how your role was impacted by the pandemic. Give an example of how you lead your remote team. Tell us how you addressed communication issues. Tell me how you creatively “pivoted”.
  18. 18. www.dynamiccorp.com Employee Motivation  Freedom to choose assignments  Challenging work  Social opportunities  Benefits  Work/Life Balance  Promotion Opportunities  Flexible Work Arrangements  Mentorship  Feedback  Financial Rewards What makes each employee feel satisfied with their employer?
  19. 19. www.dynamiccorp.com Satisfied Employees = Retention Get to know each employee’s motivators! Find out what engages them…
  20. 20. www.dynamiccorp.com Retention
  21. 21. www.dynamiccorp.com Flexibility/Balance  Flex Scheduling  Define/Policy  Days/Hours  PTO Plans  Don’t sweat the small stuff  Work from home arrangements  Definition/Policy  Specific Positions
  22. 22. www.dynamiccorp.com Work Atmosphere/Culture  Foster Respect  Train on policies  Sexual Harassment  EEO/Diversity and Inclusion  All ideas are welcome  Focus Groups  Employee Surveys
  23. 23. www.dynamiccorp.com Praise/Recognition  Hit the magic number  No money required  Make it personal  Bad gifts say something too  What gets recognized, gets repeated  Make it timely and often  Don’t dilute your thanks  Peer to Peer or from above
  24. 24. www.dynamiccorp.com Diversity as a Competitive Advantage The “Business Case” for supporting a diverse culture: The perspectives of your diverse team reflect your market  Cultural insight allows the ability to anticipate needs of customers  Openness to diverse backgrounds means greater ability to fluidly target new opportunities Hire only the best  Unlimited possibilities when your culture is welcoming to anyone  Become known as an employer of choice  Retain employees who are engaged in your culture Diversity of thought  Increases creativity through curiosity and experiences
  25. 25. www.dynamiccorp.com Management  Access to Senior Leaders  Physical and Mental  Soliciting Input  Acknowledges and Appreciates  High Level of Direction  ‘Bite-Sized’ Wins  Regular Check Ins (In Person/Tech)  Honest About Themselves  Ask for Feedback
  26. 26. www.dynamiccorp.com Be Fair  Enforce the policies with everyone  “Why should I work so hard when the person next to me barely shows up and never gets in trouble”  “This person has been here forever, they’ll never get rid of them”  Set clear expectations  Train good leaders  Ensure a respectful workplace
  27. 27. www.dynamiccorp.com Invest In Them  Training  Mutual Mentorships  Career Pathing  Ongoing Conversations About Development
  28. 28. www.dynamiccorp.com Be Transparent  Managers and Culturally  Ongoing Communication  Education  Pay  Share what you can when you can  Employees should know where the organization is heading
  29. 29. www.dynamiccorp.com DEI Initiatives • Consider the populations that have been impacted most by the pandemic in your geographical region • During a time of transition, the need for inclusion is even greater • The “new way of working” will require input from employees with • A wide array of unique backgrounds & experiences • Diverse cultural, racial, religious, and social experiences that mirror today’s workforce and customer base • A mix of generational practices (history+work habits+virtual/tech)
  30. 30. www.dynamiccorp.com 3. Shift How We PAY
  31. 31. www.dynamiccorp.com Pandemic Impact on Compensation Impact Dependent on WHEN & WHO March 2020 • US Pandemic, Stay-home orders April 2020 • FFCRA & Financial Support May 2020 • Flatten The Curve Dec 2020 • Emergency Use Vaccines • FFCRA Ended Spring 2021 • Vaccines widely available; Discussed mandatory Summer 2021 • Delta Variant • Global Supply Chain Disruption Fall 2021 • Planned RTW dates abandoned
  32. 32. www.dynamiccorp.com Pandemic Impact on Compensation WHO Type of Industry Size of Business Employee Makeup Essential Service Frontline Remote Capacity Ability to Distance Customer- Driven Supply Chain Impact dependent on WHEN & WHO
  33. 33. www.dynamiccorp.com Let’s Chat! What are your top 3 compensation concerns right now? No “one size fits all” solution
  34. 34. www.dynamiccorp.com Current Compensation Concerns Reduced financial strength of company  No money for raises or bonuses this year  Benefits impacted Current pay is behind the curve due to inflation  Cost of living increases force pay increases Pay Compression  Impact of minimum wage increase Competition for Talent  Whether due to turnover, growth or the Talent Cliff
  35. 35. www.dynamiccorp.com What Can We Do?
  36. 36. www.dynamiccorp.com Pay What They’re Worth  Ensure you are competitive within the market  What’s Your Strategy  Not THE most important but it’s up there  3rd party resources  NOT salary.com  “Educated” Employees  Educate Employees
  37. 37. www.dynamiccorp.com Merit Increases Lump Sum • Not locked in; doesn’t add to base • Able to implement larger amounts at a time • Flexibility to retain specific employees (at times beyond “average”) Incremental • Creates long-term commitment (employee engagement) • More controlled; less opportunity for perception of discrimination or favoritism • Rewards employees for performance over time
  38. 38. www.dynamiccorp.com Hiring Bonuses • Everywhere You Look • Use to your advantage • Lock in commitment • Build in milestones • What are your competitors doing?
  39. 39. www.dynamiccorp.com Provide Pay-Incentive  More companies moving toward incentive bonuses  Gives instant recognition  Not waiting until one time of year  Even a small amount has impact  Keeps compensation top of mind
  40. 40. www.dynamiccorp.com Variable Pay Creates an employee “line of sight” to the business strategy • Determine your strategic needs • Identify those KPI’s that match the strategy • Incentivize employees for meeting/exceeding those targets • Puts control in the employee’s hand
  41. 41. www.dynamiccorp.com Variable Pay 41 • Base pay for lawns mowed per week + additional $40 for every social media shout out • Productivity bonus for every 5 orders closed beyond assigned productivity goal • Additional dollar amount provided for referrals to another side of the business that result in an order, sale or new client • Extra $ for working on another unit or role other than your own (cross-training gives control!) Example of Variable Pay Plans:
  42. 42. www.dynamiccorp.com Increased Market Analysis • Identify those “key” employees, talents, specialties that are core to the business • Plan to evaluate those on an accelerated basis • Add high turnover positions as needed to this “accelerated list” • Monitor the pulse of the market more closely in these identified areas • Create “carve-outs” H O T J O B S
  43. 43. www.dynamiccorp.com Pay Increases Types & Reasons • Merit • Compression • Market Adjustments • Cost of Living • Upskill • Increased Responsibilities
  44. 44. www.dynamiccorp.com Besides Just $$$$$ Benefits Time off Training Discount Programs/ Co-op’s Flexible Schedule Identify the individual motivators & values that the pandemic exposed
  45. 45. www.dynamiccorp.com What is “Pay Compression”? Occurs when there is little difference in pay between employees regardless of their: • Respective knowledge • Skills • Experience • Abilities
  46. 46. www.dynamiccorp.com Pay Compression It can be found between: • New and tenured employees • Managers and their direct reports • Between levels of position It can be caused by: • Employee turnover • Longer Tenured Employees It can cause: • Less motivation • Decrease in productivity • Legal Risk
  47. 47. www.dynamiccorp.com Florida Required Minimum Wage Minimum Wage in FL Increases • $10 September 30th • $11 January 2022 • $12 January 2023 • $13 January 2024 • $14 January 2025 • $15 January 2026
  48. 48. www.dynamiccorp.com Ways to Combat Pay Compression  Sweeping increases to all  Reorganization of job duties to justify increases  Variable pay  Shift structures over time
  49. 49. www.dynamiccorp.com Ways to Combat Pay Compression Stop it before it starts • Review your team: o Who will be impacted o Competitive pay o Pay increase practices o Last market study Objective 3rd party review • Defensibility • No internal bias
  50. 50. www.dynamiccorp.com Increased Employee Awareness Walmart Super Center $18 per hour Target $15 per hour Starbucks $15 per hour ($17 Summer ‘22) Do you KNOW who you are competing with?
  51. 51. www.dynamiccorp.com 4. Shift How We WORK
  52. 52. www.dynamiccorp.com Jobs will be Changing • 25% of workers will need to change occupations • Drivers of Change: • Remote work • E-commerce • Automation • Needed skills are changing
  53. 53. www.dynamiccorp.com Job Design will Be Critical The right mix of automation & people Must change our thinking about the nature of work Focus on tasks that can be done remotely not whole job
  54. 54. www.dynamiccorp.com Transferable Skills Also known as “portable” skills, are the abilities a candidate can transfer from one job to another.
  55. 55. www.dynamiccorp.com Transferable Skills
  56. 56. www.dynamiccorp.com Jobs will be Changing: Growth • Transportation • STEM • Health Professionals • Green Jobs • Photographers • Training Instructors • Business/Legal • Warehousing • Trucking • Transportation • Cyber Security • IT • Elder Care • Nursing
  57. 57. www.dynamiccorp.com Jobs will be Changing: Declining • Low Level Office Support • Customer Service • Sales • Production • Food Services • Business Travel
  58. 58. www.dynamiccorp.com 10 Future Jobs 10 Hot, Fast-Growing Jobs For The Future Post-Pandemic World • WFH Facilitator • Fitness Commitment Counselor • Smart Home Designer • XR Immersion • Workplace Environment Architect https://www.forbes.com/sites/jackkelly/2021/05/19/10-hot-fast-growing-jobs-for-the-future-post-pandemic-world/?sh=17cbdabc5d06 • Bias Auditor • Data Detective • Cyber Calamity Forecaster • Tidewater Architect • Human-Machine Teaming Manager
  59. 59. www.dynamiccorp.com Reskilling Internal Planning • Allow employee to earn similar or higher pay • High-paying, non-degree positions have been impacted during the pandemic • Determine jobs that can be combined • Provide training to fill the gaps • Focus on fluidity of skills • Internal Promotions
  60. 60. www.dynamiccorp.com Reskilling Externally • Is additional schooling an option? • Likely not quick enough • New focus will be on selling “soft skills” • Workforce must be confident in flexibility, fluidity, customer service, and more • Technology skills
  61. 61. www.dynamiccorp.com Remote Work/Virtual Meetings Continue Hybrid Job Models • 25%-30% of the workforce will work from home • 3-5 days a week Work Geography will Change • Large cities to suburbs/small cities • Workforces shifting back to the suburbs • Opening up recruiting to anywhere • Multi-state employment will be expanding • Relocation won’t be an impediment or expense
  62. 62. www.dynamiccorp.com Work Life Balance is Dead Everything has changed! • Worker’s well being is a high priority • Mental health is an employer responsibility • “Whole Life Balance” Role of the Employer • Leaders must clarify expectations (and limits!) • Set the example yourself • Focus on the employee and their family • Remove the stigma of mental health
  63. 63. www.dynamiccorp.com Teaming will be a Differentiator Future of Teams • People and technology combination in superteams with ease to scale at a rapid speed • Will require enormous amounts of soft skills and technology training • Superteams will be the competitive advantage
  64. 64. www.dynamiccorp.com Additional Employer Risks Remote Work • Ensuring we pay correctly without a physical time clock • Worker’s compensation concerns • Substance abuse & reasonable suspicion practices
  65. 65. www.dynamiccorp.com Politics and Compliance • More laws and regulations being enforced • Equal pay will be legislated or demanded by employees • Worker rights and freedoms will either be legislated or demanded
  66. 66. www.dynamiccorp.com Business Continuity/Disaster Planning Must Haves:  Inclement Weather Policy  Disaster Recovery Plan  Safety Plans  Cyber Security
  67. 67. www.dynamiccorp.com Other Big Changes Coming • More contingent workers • More processes being outsourced • Housing market will be strong with home offices a must • Labor market will shift rapidly globally and domestically with availability of skilled talent • Tiny businesses will flourish • Ethics will be on the agenda
  68. 68. www.dynamiccorp.com Key Take-Aways! Let’s learn from past lessons • Embrace the change • Make smart, permanent changes Think Strategically • See the larger picture of the future of work • Employees, jobs and the way we work are forever changing
  69. 69. www.dynamiccorp.com Key Take-Aways! Pay Competitively and Strategically • Address compression concerns • Align pay with business strategy Rethink Your Talent Strategies • Reskill, Retrain, and Rethink • Plan with a DEI lens
  70. 70. www.dynamiccorp.com Key Take-Aways! • Partner with the right people • Grow the right way • Get the best outcome Envision a changing business model for your business
  71. 71. www.dynamiccorp.com Balancing the Art & Science of HR Thank you for joining us today! slemen@dynamiccorp.com www.dynamiccorp.com 904.278.5383