Date post: | 24-May-2015 |
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Presented by
Paul Rowson, CCP, GRP, WLCP
WorldatWork
Developing a Sustained Supply of Talent: The Total Rewards Approach, National Perspective
Total Rewards in the “New Normal”
Presenter’s Bio• Managing Director, WorldatWork
Washington, D.C. Office/Conference Center
• Senior HR and line management leadership positions at Fannie Mae, Alexus International and Marriott International
• Member, Secretary of Labor Robert Reich’s Commission on Achieving Necessary Skills
• Chaired the Employer Advisory Committee to the District of Columbia’s Department of Employment Services
Paul Rowson, CCP, GRP, WLCP
Our Agenda
Total Rewards overview and current employee engagement factors
What does skills do businesses expect coming out of the chute?
What do the Fortune 500 CHRO’s say?
Where should post-secondary education focus?
Why is it important?
What can business do to help?
Fast facts on pay – including new grad pay
Financial Crisis
Workforce Skill
Shortage
Increasing Work-life Demands
Technology
Regulation
Workforce Demographi
cs
Total Rewards in the “New Normal”
Four Generations in the Workplace
Organization
38%GenY(1976-1994)
37%Boomers
(1946-1964)
22%GenX(1965-1975)
3%Silent
(1900-1945)
Multi-Generational
Workforce
Forcing a Shift in Compensation
and Reward Strategies
Cash is Still King for All Employees
Research Verifies It:
Paying at 75th Percentile
Correlates to Higher Employee
Productivity & Revenue
8 to 5 at the Office: Still the Norm
Total Rewards in the “New Normal”
What matters now?
Interesting work and job design
Flexibility(environment, career)
Recognitionand appreciation
Developmentand opportunity
Backpack to Briefcase - Expectations
Competent communicator and listener
Collaborative thinker and learner
Adaptor/Adopter
Emotional intelligence, resilience, and risk management
Process management skills
High “get it” factor
Results focused and bias for action
Business analytics and acumen
What do Fortune 500 CHRO’s say?
What do Fortune 500 CHRO’s say?
The American education system must do more to provide America’s workers with the education, training, and skill development essential for success in the new 21st century workplace.
America’s students and workers need a much deeper understanding of what is necessary to achieve successful careers in the new global economy.
What do Fortune 500 CHRO’s say?
The advancement of science, technology, engineering and mathematics (STEM) skills must become one of America’s highest domestic policy priorities.
For America to thrive in the 21st century global economy, employers, educators, and government must join forces to create the conditions necessary for American workers to compete effectively on the global stage.
What do Fortune 500 CHRO’s say?
“The key point is that there will be jobs, good jobs, in the 21st Century. However, most of our workplace rules, educational standards, and employment norms are rooted in the 20th Century. We need to come together—all of us—industry, education, government, labor to make the leap to the new century. A competitive and trained American workforce is of national interest.”
Michael L. Davis,Senior Vice President,Global Human Resources,General Mills.
Where Post Secondary Education Should Focus
Outcome and results-based learning
Problem solving
STEM mastery
Human capital supply chain
Leadership and people management skill development
Experiential learning – internships, practicums
Higher order communication skills
Why is this important?
Price of entry for organizational management and key contributors
It’s where companies have the greatest unmet human capital needs
Talent is the key core competitive differentiator; no longer:
● Location
● Market position
● Branding
It’s how organizations differentiate rewards!
What can you/business do to help?
Join advisory boards/influence curriculum and serve as adjunct faculty
Create faculty externships
Create and sustain outcomes-based internships that lead to real jobs
Forgive loans for targeted skilled jobs
Provide open house events for career counselors and placement directors
Provide life-cycle talent feedback to educational institutions
Don’t forget high schools and middle schools
Fast Facts on Pay
2.8% is the national average salary budget for 2011
Current CPI is 3.2%
Not seen a negative gap since 1980, but…
In 1980 the national salary budget was 10% - a lot more “wiggle room” to differentiate pay for performance
WorldatWork 2011-2012 Salary Budget Survey
Fast Facts on New College Grad Pay
4.8% increase in starting salaries compared to 2010
Average starting salary $51,018, but…
Only 35% of new grads will command salaries over $30,000
What do the numbers tell us?
They tell us that the offset is for high demand skills
NACE 2010 Survey
Questions & Comments
Thank You
Paul [email protected]
Global Headquarters14040 N. Northsight Blvd.Scottsdale, AZ 85260 USA
DC Office and Conference Center1100 13th Street NW, Suite 800Washington, DC 20005
TelephoneScottsdale: 480/922-2020
or 877/951-9191
Washington, DC: 202/315-5500
Web Sitewww.worldatwork.org