thank you for your patience. - korn ferry focus · 2018-11-26 · disrupt talent management is at...
TRANSCRIPT
Thank you for your patience.
The webinar will begin shortly.
RE-IMAGINING
TALENT
MANAGEMENT
Facing the talent crunch
head-on
22 November 2018
Housekeeping
Lines will be muted during presentation.
We value your inputs so please submit
questions through the Q&A function.
The session will be recorded.
Your feedback is important to us. We would
appreciate you taking a minute of your time
to complete a short survey after the session.
Our speakers
© 2018 Korn Ferry. All rights reserved 4
Diana Khaitova
Client Director
Korn Ferry
Bhavna Sud
Client Partner
Korn Ferry
What we will cover▪ The Talent Crunch study and what it
means for Asia Pacific
▪ Suggestions on mitigating the impact
of the talent crunch
The Future of Work...
© 2018 Korn Ferry. All rights reserved 6
...Is Human
7
$1,215,000,000,000,000
People will always be the greatest value creator.
For every $1 invested in human capital, $11.39 is added to GDP.
The Global Talent Crunch
© 2018 Korn Ferry. All rights reserved 8
Three major knowledge-
intensive sectors:
• Financial and business services (including insurance
and real estate)
• TMT (technology, media and
telecommunications)
• Manufacturing
Three distinct skill-levels:
• Highly skilled workers (Level A)
• Mid-skilled workers
(Level B)
• Low-skilled workers
(Level C)
The Talent Crunch
Highlights
© 2018 Korn Ferry. All rights reserved 9
Asia Pacific
▪ Labor skills shortage of 47 million
▪ Unrealized output of $4.238 trillion by 2030
Unrealized revenue in
the APAC region shows
that these economies
are hit hardest relative
to their size.
Indonesia
Deficit of 18 million skilled workers
by 2030.
Lost revenue of USD442.6 billion
by 2030.
Size of economy could fail to grow
by 19% by 2030.
Malaysia
Deficit of 93,000 Level A skilled
workers by 2030.
Lost revenue of USD6.1 billion by
2030.
Size of economy could fail to grow
by 1% by 2030.
Thailand
Deficit of 0.96 million Level A
skilled workers by 2030.
Lost revenue of USD54.7 billion by
2030.
Size of economy could fail to grow
by 6.4% by 2030.
India
Surplus of 13.4 million highly
skilled workers by 2030.
India’s talent surplus makes it an
attractive investment market.
Government needs to manage
unemployment and ensure talent
pool has the right mix of technical
and soft skills to be employable.
ONLY COUNTRY TO HAVE SURPLUS TALENT
Business leaders are not looking far enough to
mitigate the talent crunch
13%
37%
55%
CEOs say people are their top priority.
CEOs say technology is their
key priority.
Business leaders say they have
been distracted from their people
strategy by the promise of
transformative technology.
Are you already experiencing talent
crunch in your market or industry?
© 2018 Korn Ferry. All rights reserved 17
o Yes
o I envisage being hit by talent crunch in the next five years
o I don’t think we will be hit by skilled talent shortages
POLL
Have you begun taking steps to
address the impending talent crunch
and mitigate future risk?
© 2018 Korn Ferry. All rights reserved 18
o Yes
o No
POLL
Changing your approach to talent management is the key to
mitigating the talent crunch
© 2018 Korn Ferry. All rights reserved 19
Disrupt
Talent management is at crossroads
Refresh
33%‘We are disrupting our whole philosophy
and approach, simplifying, and
removing process, becoming more agile
and purpose-led’
47%‘Our current philosophy and approach is
right, we are sticking with it before and
believe success will come from focusing
on building capability to make sure it is
fully embedded with some light touch
changes to process’
The commercial implications
© 2018 Korn Ferry. All rights reserved 21
31%
69%
Disrupt (33% Participants)
0<=TSR<25
50<=TSR>100
18%
82%
Refresh (47% Participants)
0<TSR<25
50<=TSR>100
50%
25%
25%
Evolve (13% Participants)
TSR<0
25<=TSR<50
TSR>=100
Three talent
imperatives
The traditional, deep dive hierarchical approach to succession
planning can lack commercial focus given the breadth of scope
and minimal differentiation between roles.
Traditional model
Top down approach to succession planning:
scope determined by hierarchy.
An alternative scope based on talent segments critical to
competitive advantage offers a more differentiated,
commercially focused solution.
Tetris model (talent segmentation)
Traditional succession planning at the enterprise
level
+
Deep dive into those segments of talent that
create competitive advantage and/or are key to
the strategic ambition of the business
1. Define your talent
Definitions
▪ Refresh
Talent is defined as critical segments who drive competitive
advantage.
▪ Disrupt
Talent is defined as disruptors, innovators and game
changers.
Segment
Traditional hierarchical approach to talent management
vs more differentiated, commercially focused Tetris model
Scale
▪ Enterprise-wide talent identification
▪ Bottom-up approach to talent development rather than
focus on senior levels only
Block Chain Method
People Centered Method
2. Be people-centric
Think person, not process
▪ Understanding talent at deeper level –
focus on person rather than skills match
▪ Individual's "purpose" sits at the heart of the
talent process
▪ People centric talent review
(Block Chain vs People Centered method)
Person 1 Person 2 Person 3 Person 4
Key statistics → → →
9 box-gird → → →
Succession plans → → →
Action plans → → →
Person 1 Person 2 Person 3 Person 4
Business challenge 1 x X
Business challenge 2 x x x x
Business challenge 3 x x x
Business challenge 4 x x
Business challenge 5 x x
Business challenge 6 x
Business challenge 7 x
Business challenge 8 x
2. Be people-centric
Think capability, not role
▪ Focus on capability planning and business critical skills
that are aligned to strategy, rather than success plans
▪ Internal market to enable free flow of talent to meet
capability needs
▪ Capability for the future rather than replacement-based
succession
Simplify the process
▪ Simple definition of talent
▪ Annual cadence talent review vs the one triggered by
business events
3. Implement structure for transformation
Refresh
▪ Centre of expertise structured along talent segment lines
▪ Areas of specialism shared by business units and centre
▪ ��Everyone wears “two-hats” – one line/business related
and one specialism
Disrupt
▪ Centre of expertise structured along consulting lines with
design teams, delivery teams and project management
office
▪ Specialisms sit in the business along with HRBP activities
▪ Agile teams in place to enable scaling up or down to suit
the needs of the business
© 2018 Korn Ferry. All rights reserved 27
To summarise
Define your talent Be people-centric
Implement
structure for
transformation1 2 3
Question & Answer
Thank you for joining us today.Please complete the brief survey that will be on your screen after this webinar.
Diana Khaitova Bhavna SudClient Director Client Partner