Flex Options for Talent Management

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Flex options AKA flexible work arrangements (FWA) should be at the center of your organization’s talent management strategy. Flex options will sustain your talent pool during a recession and they will help you gain a competitive business advantage during the recovery.

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What’s Ahead: Setting the Context Presented by Kit Jeffrey, CEO BoomerCompass LLC

What’s Ahead Page  Workforce metrics Sources: U.S. Bureau of Labor Statistics (BLS), AARP, Merrill Lynch

Page  2006 2008 2010 2015 2030 Leading Edge Baby Boomers First wave of this cohort turns 60 Worker Shortfall Projected worker shortfall of 10 million (Source: BLS) Generation Jones Boomers/Shortfall 73 million have achieved retirement eligibility; shortfall of 35 million workers (Source: BLS) Recession Value of retirement plans drops by $4 trillion WorkforceTrend Percentage of workers age 55 and older = 20% (Source: Dychtwald, Erickson, Morrison – Workforce Crisis ) What’s Ahead Mature worker milestones

What’s Ahead Page  The aging U.S. workforce Snapshot 2010 Source: BLS

What’s Ahead Page  Projected workforce demand Sources: BLS, Employment Policy Foundation (EPS)

What’s Ahead Page  Silent Generation, Traditionalists (born between 1922 and 1945) Baby Boomers (born between 1946-1964) Generation X, Xers (born between 1965 and 1980) Generation Y, Millennials, Echo Boomers, Gamers (born between 1981 and 2000) Mature workers a key piece of multigenerational workforce

What ’ s Ahead 1 4 2 3 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Flexible options best practices 4 Parts Page 

What’s Ahead Tool: Assess Your SWOT Opportunity Threats Weakness Strength 3. 4. 5. 1. 2. Page  Best Practices Talent Loss HR Team Skills & Resources Lack Retention Plan Flex Options Implement best practices, including flex options, that attract and retain talent Capacity to move from tactical mode to strategic talent management No plan in place for retaining high performing employees No teleworking or job sharing options in place 1. 2. 3. 4. 5. Competing firms recruit your best employees

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Journal of Business Studies Quarterly 2014, Volume 5, Number 3 ISSN 2152-1034 THE IMPACT OF TALENT MANAGEMENT ON RETENTION Victor Oladapo, Strayer University ABSTRACT American businesses face the challenge of replacing 70 million experienced and talented workers over the coming decades as the Baby Boomer generation retires. The challenge comes at the same time as seismic shifts in the ethnic composition of the American workforce, global economic stagnation, historically high U.S. unemployment, and global security threats. To remain competitive, executive management must develop stable, long-term talent management strategies to attract, hire, develop, and retain talent. This study sought to understand the challenges and successes of talent management programs and the reasons why some companies choose not to have a program. This study also tested the predictive power of job security, compensation and opportunity on retention rates. The data in this study found that for the organizations sampled with a talent management program (69% of those studied), participants overwhelmingly recognized thestrategic value of an effective talent management program despite significant challenges to implementation. Participants cited opportunity for job advancement as the most significant factor affecting retention rate. For the organizations sampled without a talent management program (the remaining 31% of those studied), while nearly all HR managers’ support talent management, the primary reason given for the lack of a program is the absence of executive management support. The study further revealed that job security, compensation, and opportunity for advancement were not found to have predictive value for employee retention rates. Keywords: Talent Management, Employee Retention, Job Security, Compensation The Impact of Talent Management on Retention During the last decade, a shortage has emerged of talent in the workplace (Frank & Taylor, 2004). As organizational leaders struggle to find talented workers, leaders will be faced with the dilemma of how to retain knowledgeable workers and replace the 70 million Baby Boomers who will be retiring from the workforce (Frank, Finnegan, & Taylor, 2004). Companies are now faced with the dilemma of how to address talent management and reformulate strategies 20 especially in today’s global economy where every organizational leader must continually invest in human capital to combat the talent shortage (Temkin, 2008). Human resources (“HR”) leaders will have to work closely with senior management to attract, hire, develop, and retain talent. Yet, HR leaders must realize that the talent shortage presents both socio-economic and cultural challenges as talent crosses borders (McCauley & Wakefield, 2006).Socio-economic challenges include the changing demography, aging .

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Flex Options for Talent Management

1. What’s Ahead: Setting the Context Presented by Kit Jeffrey, CEO BoomerCompass LLC

2. What’s Ahead Page  Workforce metrics Sources: U.S. Bureau of Labor Statistics (BLS), AARP, Merrill Lynch

3. What’s Ahead Page  Workforce metrics

4. Page  2006 2008 2010 2015 2030 Leading Edge Baby Boomers First wave of this cohort turns 60 Worker Shortfall Projected worker shortfall of 10 million (Source: BLS) Generation Jones Boomers/Shortfall 73 million have achieved retirement eligibility; shortfall of 35 million workers (Source: BLS) Recession Value of retirement plans drops by $4 trillion WorkforceTrend Percentage of workers age 55 and older = 20% (Source: Dychtwald, Erickson, Morrison – Workforce Crisis ) What’s Ahead Mature worker milestones

5. What’s Ahead Page  The aging U.S. workforce Snapshot 2010 Source: BLS

6. What’s Ahead Page  Projected workforce demand Sources: BLS, Employment Policy Foundation (EPS)

7. What’s Ahead Page  Silent Generation, Traditionalists (born between 1922 and 1945) Baby Boomers (born between 1946-1964) Generation X, Xers (born between 1965 and 1980) Generation Y, Millennials, Echo Boomers, Gamers (born between 1981 and 2000) Mature workers a key piece of multigenerational workforce

10. What’s Ahead Tool: Assess Your SWOT Opportunity Threats Weakness Strength 3. 4. 5. 1. 2. Page  Best Practices Talent Loss HR Team Skills & Resources Lack Retention Plan Flex Options Implement best practices, including flex options, that attract and retain talent Capacity to move from tactical mode to strategic talent management No plan in place for retaining high performing employees No teleworking or job sharing options in place 1. 2. 3. 4. 5. Competing firms recruit your best employees

Flex Options for Talent Management

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