Hiring for Critical Roles: You’re Doing It Wrong

1. Hiring for Critical Roles: You’re Doing It Wrong You can listen to today’s webinar using your computer’s speakers or you may dial into the teleconference. If you would like to join the teleconference, please dial 1.408.600.3600 and enter access code: 922 774 593 #. You will be on hold until the seminar begins. #TMwebinar

2. Hiring for Critical Roles: You’re Doing It Wrong Speaker: David Wilkins Global HCM Solution Architect Oracle Moderator: Kellye Whitney Managing Editor Talent Management magazine #TMwebinar

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6. Hiring for Critical Roles: You’re Doing It Wrong Kellye Whitney Managing Editor Talent Management magazine #TMwebinar

7. Hiring for Critical Roles: You’re Doing It Wrong David Wilkins Global HCM Solution Architect Oracle #TMwebinar

8. <Insert Picture Here> Hiring For Critical Roles: You’re Doing It Wrong David Wilkins Blog: talent-management-blog

9. Executive Summary • High unemployment is a myth (at least for critical roles) • Skill shortages are bad and getting worse • “Hiring” as a default approach is flawed – It costs more. – It results in lower productivity and performance. – It hurts engagement and turnover for hi-pos. • We need to reprioritize development and mobility • To do this, we need better talent intelligence, job definitions, and matching tools • But mostly we need a strategy 8

10. Poll • Are you having difficulty filling critical roles? • Yes • No 9

11. The “High Unemployment” Myth Education level (March, 2012) Unemployment Rate Less than high school diploma 12.9 High school diploma 8.3 Associate’s degree or some college 7.3 Bachelor’s or higher 4.2 Master’s (as of May 2011) 3.6 Doctorate’s or Professional (as of May 2.4 2011) For critical roles, which group are you hiring from? http://www.bls.gov/news.release/empsit.t04.htm http://www.bls.gov/emp/ep_chart_001.htm 10

12. The Challenge of Critical Roles The R&D shortage is particularly acute in industries where product innovation is critical. Among the Technology/ Media/ Telecom companies surveyed, 40% predict a severe shortage of R&D talent, while 39% of Consumer/ Industrial Products companies surveyed and 37% of Life Sciences/Health Care companies surveyed foresee shortages in this area. Talent Edge 2020: Blueprints for the new normal, December 2010, Deloitte. 11

13. The Challenge of Critical Roles The R&D shortage is particularly acute in industries where product innovation is critical. Among the Technology/Media/Telecom companies surveyed, 40% predict a severe shortage of R&D talent, while 39% of Consumer/ Industrial Products companies surveyed and 37% of Life Sciences/Health Care companies surveyed foresee shortages in this area. Talent Edge 2020: Blueprints for the new normal, December 2010, Deloitte. 12

14. And the Future Looks Worse Georgetown University Center on Education and the Workforce on shortfall of college grads in 2018 3,000,000 Accenture study from 2006 showed that STEM enrollments would need to increase by between 2006-2016 to meet demand 20-30% Instead, enrollments have GONE DOWN. 13

15. Poll Question • How do you typically fill critical roles? • Mostly external hires • Mostly internal hires • A pretty even mix of each 14

16. Challenges in Hiring Externally for Critical Roles • Cost • Time • Retention • Engagement 15

17. External Hire Challenges: Cost and Time • External hires cost more – Critical roles are usually industry-wide, not company specific – Thus, there is usually high demand for limited resources – Critical roles are critical for a reason – unique skills, high need – Scarcity + high demand = high cost – “Unknowns” in external hiring = more focus on “observable characteristics” such as education / experience =  pay • Scarcity also often means head hunters which adds more cost • Scarcity also means longer time to hire, adding opportunity cost 16

18. External Hire Challenges: Cost and Time • External hires cost more – Critical roles are usually industry-wide, not company specific – Thus, there is usually high demand for limited resources – Critical roles are critical for a reason – unique skills, high need – Scarcity + high demand = high cost – “Unknowns” in external hiring = more focus on “observable characteristics” such as education / experience =  pay • Scarcity also often means head hunters which adds more cost • Scarcity also means longer time to hire, adding opportunity cost 17

19. External Hire Challenges: Retention, Productivity, and Engagement • External hires aren’t as productive as internal hires; it takes 2 years for new hires to get “up to speed” • Externals average shorter tenures than internal hires • Externals average lower performance reviews • Hiring outside = risk to existing top performers and high potentials – “Lack of career development” is #1 reason for dysfunctional turnover – “Training and development opportunity” is #1 driver of employee engagement – “More opportunities to do what I do best” is #1 driver of employee engagement 18

20. External Hire Challenges: Retention, Productivity, and Engagement • External hires aren’t as productive as internal hires; it takes 2 years for new hires to get “up to speed” • Externals average shorter tenures than internal hires • Externals average lower performance reviews • Hiring outside = risk to existing top performers and high potentials – “Lack of career development” is #1 reason for dysfunctional turnover – “Training and development opportunity” is #1 driver of employee engagement – “More opportunities to do what I do best” is #1 driver of employee engagement 19

21. Why Does Talent Leave? 20

22. Yet We Know Very Little About Our Talent: Performance Management and Compensation 21

23. Yet We Know Very Little About Our Talent: Performance Management and Compensation 22

24. Yet We Know Very Little About Our Talent: Succession and Talent Mobility 23

25. Yet We Know Very Little About Our Talent: Succession and Talent Mobility 24

26. Yet We Know Very Little About Our Talent: Top Performer and Hi-PO Data is Ugly • 80% of companies don’t know who is a flight risk. • 78% of companies don’t know who is on a succession plan. • 80% of companies don’t know who has a career path. • 65% of companies don’t know much about who they’re retaining. • 84% of companies don’t if their development plans are working. • 65% of companies don’t know much about Hi-Po’s. 25

27. Addressing the Problem External Hires Internal Hires • Fresh eyes and • Anytime the perspectives other criteria • High growth, don’t apply… new territories, • In other words, new strategic this should be directions the “default” model 26

28. Your Default Hiring Flowchart Catalog External Talent Talent Catalog Profiles Internal Talent 27

29. Your Default Hiring Flowchart Catalog External Talent Talent Catalog Profiles Internal Talent Catalog Job Requirements Job Roles 28

30. Your Default Hiring Flowchart Catalog External Talent Talent Catalog Profiles Internal Talent Match Potential Candidates Catalog Job Requirements Job Roles 29

31. Your Default Hiring Flowchart Catalog External Talent Talent Catalog Profiles Internal Talent Potential Green light Match Assess Gaps Candidates Candidates Catalog Job Requirements Job Roles 30

32. Your Default Hiring Flowchart Catalog External Talent Talent Catalog Profiles Internal Talent Critical Potential Green light Talent Match Assess Gaps Add Candidates Candidates Pipelines Catalog Job Requirements Job Roles 31

33. Your Default Hiring Flowchart Catalog External Talent Talent Development Catalog Profiles Plans Internal Talent Critical Potential Green light Talent Match Assess Gaps Add Candidates Candidates Pipelines Catalog Job Requirements Job Roles 32

34. Your Default Hiring Flowchart Catalog External Talent Talent Development Catalog Profiles Plans Internal Talent Critical Potential Green light Talent Match Assess Gaps Add Candidates Candidates Pipelines Update Catalog Job Requirements Requirements Job Roles 33

35. Catalog Address Your Talent Intelligence Gaps Internal Talent • Where are your skill and competency gaps? • Do you have robust talent data for your team? – Pre-hire experience, job roles – Skills, capabilities, competencies – Self-identified skills developed in personal life – Career aspirations and related gaps – Learning and development plans – Crowd-sourced assessment of potential, capabilities, fit, etc… – Current and automatically updated talent data 34

36. Address Your Job Role Gaps Catalog Job Requirements • Have you defined requirements for each job? • Do you have job families? • Can you identify potential career paths based on competencies, capabilities, experience? • For critical roles, have you identified longer-term competency development strategies? – Required experience and levels of mastery – Education and formal knowledge requirements – Bridge roles or “stepping stone” roles that provide experience – Assessment models 35

37. Developing Your Talent Development Assess Gaps Plans • Career Aspirations • Skill Gap Assessment • Action Learning • Stretch Goals and Assignments • Talent Mobility • Multi-stage Development and Competency Model • Mentor / Mentee Models 36

38. Update Requirements Update Assess Gaps Requirements • Is the job definition static or dynamic? • How much “wiggle room” is there to rethink work assignments and responsibilities to overcome gaps? • Do requirements change over time in response to changing competitive landscape, strategy, new opportunities or threats? • Job roles and requirements are a means to an end – Reflection of “best” way to organize work, not the “only” way – Often better to rethink work assignments than lose a top performer or hi-po for lack of internal opportunities 37

39. Matching – Not Deep Enough Match • Goal is not to “hire,” but to match talent to requirements • Yet we don’t know the basics 48% say that their skills go feel that their work history & experiences are not leveraged by their employer 75% unnoticed 38

40. Matching – Not Social Enough Match Those who know talent best aren’t involved in matching Professional & work Professional & work capabilities aspirations / ambitions None of the Other None of the Other above 1% above 1% 6% Don’t know 3% My family / Don’t know My family / 5% partner 5% partner 21% My line 43% manager My line manager 13% 22% My friends HR software / outside of work systems 4% 1% HR software / systems 1% My colleagues My colleagues and peers 22% My friends and peers outside of work 43% 9% 39

41. Matching – Not Smart Enough Match 40

42. Recruiters – Not Smart Enough • What’s the #1 predictor of job performance? – Interview – References – Job Tryout – Cognitive Ability or Psychomotor Skills – Educational Background – Experience – Training and Experience Rankings – Academic Achievement – Interest – Age – Biographical Inventory 41

43. Research Data – Predicting Job Performance 42

44. Blend Your Critical Talent Pipelines Critical Talent Pipelines • Internal candidates • External candidates • Stop-gap contingent workers 43

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48. Wrap up • High unemployment is a myth (at least for critical roles) • Skill shortages are bad and getting worse • “Hiring” as a default approach is flawed – It costs more. – It results in lower productivity and performance. – It hurts engagement and turnover for hi-pos. • We need to reprioritize development and mobility • To do this, we need better talent intelligence, job definitions, and matching tools • But mostly we need a strategy 47

49. Suggested Resources to Follow http://www.slideshare.net/TaleoResearch http://www.taleo.com/talent-management-blog/ 48

50. Join Our Next TM Webinar The Evolution of Reference-Checking Into a Strategic Hiring Solution Thursday, June 14, 2012 • TM Webinars start at 2 p.m. Eastern / 11 a.m. Pacific Register for upcoming TM Webinars at www.talentmgt.com/events Join the Talent Management magazine Network http://network.talentmgt.com/ #TMwebinar

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