2.
Creating a value proposition that appeals to multiple generations.
With four generations in today's workplace, most companies are
struggling to create an employee experience that appeals to individuals
with diverse needs, preferences and assumptions. The Gap, for example,
has 153,000 people in its workforce. The stores have a high percentage
of Gen Y employees, while corporate roles and leadership ranks are
primarily made up of Gen X'ers and Boomers. How does one create a
compelling employee value proposition for the organization?
3.
Developing a robust leadership pipeline. I believe one of the biggest
potential threats to many corporations is a lack of a robust talent
pool from which to select future leaders. This is in part a numbers
issue—the Gen X cohort is small and therefore, as I like to say,
precious. But it's also an interest issue—many members of Gen X are
simply not particularly excited about being considered for these roles.
There was wide agreement among the panelists that a lack of individuals
ready to move into senior client manager and leadership roles is a
critical challenge.
4. Rounding out the
capabilities of hires who lack the breadth of necessary for global
leadership. It's relatively straightforward to identify and assess
experts in specific functional or technical arenas, but much more
difficult to determine whether those individuals have the people skills,
leadership capabilities, business breadth, and global diversity
sensibilities required for the nature of leadership today.
Increasingly, the challenge of developing these broader skill sets falls
to the corporations. Essar has formed an academy specifically to
develop and groom its own leaders.
5. Transferring
key knowledge and relationships. The looming retirement of a
significant portion of the workforce challenges all companies, but
particularly those who are dependant on the strength of tacit knowledge,
such as that embedded in customer relationships, a key to Mercer's
business success.
6. Stemming the exodus of Gen
X'ers from corporate life. A big threat in many firms today is the
exodus of mid-career talent—people in whom the organization has invested
heavily and in whom it has pinned it hopes for future leadership. For
example, developing talent management practices and programs calibrated
to leverage technology and create greater work/life balance has been a
priority for Mercer over recent years.
7.
Redesigning talent management practices to attract and retain Gen Y's.
The challenge of calibrating talent management practices and programs to
attract and engage our young entrants is critically important to all
firms and particularly so for firms that depend on a strong flow of top
talent, such professional service firms like Mercer. All three
panelists agreed that making the business infrastructure more attractive
to Gen Y is a high priority.
8. Creating a
workplace that is open to Boomers in their "second careers." Age
prejudice still exists, but smart companies are looking for ways to
incorporate the talents of Boomers and even older workers in the
workforce. In many cases, this requires rethinking roles and work
relationships.
9. Overcoming a "norm" of short
tenure and frequent movement. Some industries, such as specialty
retail, are known for having a very disposable view of talent.
Companies intent on changing that norm, such as The Gap, must address
both external influences in the marketplace and an internal mindset.
The Gap believes retaining employees in roles for 3+ years will be a key
to their future earnings growth.
10. Enlisting
executives who don't appreciate the challenge. Many talent executives
complain that business leaders still believe that people are lined up
outside the door because of the power of the company's brand. The
challenge of enlisting the support of all executives for the transition
from a talent culture that has traditionally operated with a "buy"
strategy to one that places more emphasis on "build" is widely shared.
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