Panama: A Unique Workforce Reality

PanamaA Unique Workforce Reality

By Annette ChanOrganizational Development Consultant

The New World of Work

3 .

P o r t f o l i o S e r v i c e s

1 .

N e w Ta l e n t W o r k f o r c e

2 .

N e w Ta l e n t M a n a g e m e n t


3 .


1 .


2 .



Worldwide The New Ta len t Work fo rce

The Workforce

W o r l d w i d e

The Workplace

W o r l d w i d e

Generation RevolutionTechnology & Social MediaUnemployment World crisis

Workforce Globalization

Talent ShortageHigh Employee Attrition

High Employee ExpensesCEO Summit of the Americas 2015

HR Practices non Strategic






The Workforce

W o r l d w i d e

The Workplace

W o r l d w i d e

The Workforce

W o r l d w i d e

Baby Boomers Last ones retiring from the workplace regardless of leaving a legacy or not.

Generation XRelieving Baby Boomers and training Millennials.

Generation Y (Millennials)A Totally different set of values, career aspirations & work habits.

Generation Z (Post Millennials or iGeneration)About to start College and in a few years will join the Workforce. First born with internet. The most technology dependant generation.

Soon -4- very different Generations will coexist in the Workplace.

1946-1964

1965 – 1979

1980-2000

2001-2013





The Workforce

W o r l d w i d eInstant CommunicationEveryone has a voice, an opinion – followers retweets & “likes”Twitter – Instagram – Snapchat

New ways of doing business. Paypal - Airbnb – Uber

Work MobilityFree to work from anywhere in the world with wifi. New tools & apps.Skype – Dropbox - Spreecast

Massive Global changes never seen before in human history






The Workforce

W o r l d w i d e

The Workplace

W o r l d w i d e

Global economic crisis has significantly increased unemployment rates worldwide.

European Unemployment 2015Spain 23.4%Greece 26%Portugal 17%

Unemployment due to social - political – economic situations.

Global Unemployment Crisis.The number of people that are unemployed will continue to rise over the next five years, warns the International Labour Organisation (ILO), with the number of jobless forecast to reach more than 212m by 2019. But the report from the organization highlights regional differences.






The Workforce

W o r l d w i d e

The Workplace

W o r l d w i d e

Workers are looking to relocate to countries with job opportunities

The rise of the Entreprenour. Location Free

Borderless Workforce.Diverse Workforce

Co-working – Increasing new work spaces all over the world

Increased Cross Cultural Exchange






The Workforce

W o r l d w i d e

The Workplace

W o r l d w i d e

ManPower Group Talent Shortage Survey

2012: 34%2013: 35%2014: 36% of surveyed companies reporting difficulties filling jobs.

Talent shortage persist in specific roles despite high unemployment rates worldwide.

Top 10 Hardest Job to fill *Manpower Group Talent Shortage Survey 2014

1. Skilled Trade Workers2. Restaurant & Hotel Staff3. Sales Representatives4. Teachers5. Drivers

6. Accounting & Finance Staff

7. Laborers8. IT Staff9. Engineers10. Nurses






The Workforce

W o r l d w i d e

The Workplace

W o r l d w i d e

High Employee Turnover is now a workplace reality. Its here to stay.

50% Annual Attrition its becoming more and more usual these days.

An increase on involuntary attrition means we have to look deep into our talent culture.






The Workforce

W o r l d w i d e

The Workplace

W o r l d w i d e

The War of Talent. Increases total compensation for key roles.

High attrition has a cost for every employee. (starting at three months of monthly wage)

The loss of knowledge and expertise has a negative impact for intellectual capital.






The Workforce

W o r l d w i d e

The Workplace

W o r l d w i d e

Millennials will have a minimum of 10 jobs in a lifetime.

Talent Attraction & Retention its key concern at CEO level.

Workplace Equity. Women´s Economic Empowerment: Good for woman, good for business and good for development

Workplace Diversity.Corporate social innovations: Driving Entrepreurship for social development.





HR Practices

The Workforce

W o r l d w i d e

The Workplace

W o r l d w i d e

Companies are starting to understand the talent workforce reality & challenges and are implementing strong People Retention Strategies.

Top 10 HR Global Trends 2015by Deloitte

1. Leaderhip: Why a perennial issue?2. Learning & Development: Into the spotlight Engaging3. Culture & Engagement: The naked

organization4. Workforce on demand: Are you ready?5. Performance Management: The Secret

Ingredient Reinventing6. Reinventing HR: An extreme makeover7. HR and people analytics: Stuck in neutral8. People data everywhere: Bringing the outside

in Reimagining9. Simplification of work: The coming revolution10. Machines as talent: Collaboraiton not

competition

Panama The New Ta len t Work fo rce

Generation RevolutionIdeosyncrasy

Technology & Social MediaSolid Economic Growth

Lowest Unemployment Rate

Panama Talent ShortageHigh Employee Attrition



The Workforce

P a n a m a

The Workplace

P a n a m a







The Workforce

P a n a m a

The Workplace

P a n a m a

Baby Boomers Grew up in the Panama Dictatorship years. Witnessed the Torrijos-Carter treaty and the 1999 Celebration of the completion of it.

Generation XGrew up in the 70s-80s in Panama and later on experienced the technology boom and learned new skills at work.

Generation Y (Millennials)1989 had an irregular school year. Grew up with internet and experience early in adult life, Panama´s accelerated development.

Generation Z (Post Millennials or iGeneration)Most of them don´t know about Panama´s history of The Invasion, or who Noriega is.The are currently facing the ongoing challenges of the crisis of society.Soon to start joining the workforce

1946-1964

1965 – 1979

1980-2000

2001-2013







The Workforce

P a n a m a

The Workplace

P a n a m a

New found desire to right the wrong and to find & punish the corrupt. “End of corruption”

Lack of a proactive maintenance or prevention culture

The local way of driving or “Traffic culture” permeates to other arenas.

Melting pot of cultures, races, backgrounds. Panama is Diversity







The Workforce

P a n a m a

The Workplace

P a n a m a

Panama has embraced Social Media as the rest of the world.

Employees expect their employers to have a strong social media presence.

The implementation of new tools & applications to ease the flow of work and corporate communication.

Collaboration tools: Video Conference, Corporate Portal, Instant Messaging systems, internal social media connections.







The Workforce

P a n a m a

The Workplace

P a n a m a

Panama is one of the fastest growing countries in the Americas. Its economy is greatly influenced by the famous canal connecting Atlantic and Pacific Ocean and business-friendly regulations. As a result service sector with insurance, finance, legal industries and flagship registry accounts for 80 percent of GDP. However, in order to keep the current pace of growth the government needs to address the shortage of skilled workers, corruption and lack of judicial independence

www.tradingeconomics.com



Lowest Unemployment Rate*




The Workforce

P a n a m a

The Workplace

P a n a m a

In the last 3 years Panama has experienced the lowest rates of unemployment down to 3.1% in August 2013.

2014 Unemployment Rate: 4.8%Equals to full employment.

Young adults have the highest rate within the unemployed population. Increasing from 10.8% to 12.6% in 2014.

The rise of the Panamanian Entrepreneur and Informal jobs (No Social Security or regulations)

Ener

o 20

06

Ener

o 20

07

Ener

o 20

08

Ener

o 20

09

Ener

o 20

10

Ener

o 20

11

Ener

o 20

12

Ener

o 20

13

Ener

o 20

14

Agos

to 2

014

02468

1012

9.88.7

6.4 5.66.6 6.5

4.5 4 4.1 4.8

*Panama - Unemployment Rate




Panama Talent Shortage*High Employee Attrition



The Workforce

P a n a m a

The Workplace

P a n a m a

Japan

Brazil

Bulgaria

Australi

aU.S.

India

New Ze

aland

Taiw

an

Panam

a

Romania

Argentina

Mexico

German

y

Turke

yPeru

Austria

Singa

pore

Poland

Guatemala

Swed

enIsr

ael

Hong Kong

Costa Rica

Global Ave

rage

Hungary

Colombia

France

Switz

erlan

d

Finlan

d

Belgium

Slove

nia

Canad

a

Greece

China

Norway

Slova

kia Italy

Czech Rep

ublic UK

South Afri

caSp

ain

Netherl

ands

Irelan

d0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Manpower Group Talent Shortage Survey2012-2013-2014

Japan

Brazil

Bulgaria

Australi

aU.S.

India

New Ze

aland

Taiw

an

Panam

a

Romania

Argentina

Mexico

German

y

Turke

yPeru

Austria

Singa

pore

Poland

Guatemala

Swed

enIsr

ael

Hong Kong

Costa Rica

Global Ave

rage

Hungary

Colombia

France

Switz

erlan

d

Finlan

d

Belgium

Slove

nia

Canad

a

Greece

China

Norway

Slova

kia Italy

Czech Rep

ublic UK

South Afri

caSp

ain

Netherl

ands

Irelan

d0%

10%

20%

30%

40%

50%

60%

70%

80%

90%


Japan

Brazil

Bulgaria

Australi

aU.S.

India

New Ze

aland

Taiw

an

Panam

a

Romania

Argentina

Mexico

German

y

Turke

yPeru

Austria

Singa

pore

Poland

Guatemala

Swed

enIsr

ael

Hong Kong

Costa Rica

Global Ave

rage

Hungary

Colombia

France

Switz

erlan

d

Finlan

d

Belgium

Slove

nia

Canad

a

Greece

China

Norway

Slova

kia Italy

Czech Rep

ublic UK

South Afri

caSp

ain

Netherl

ands

Irelan

d0%

10%

20%

30%

40%

50%

60%

70%

80%

90%








The Workforce

P a n a m a

The Workplace

P a n a m a

In the last 3 years there has been a war for talent in banking, hotels & tourism and call center industries increasing significantly attrition rates among management and entry level.

Low unemployment rates increases attrition as the employee has the advantage of choosing its employer.







The Workforce

P a n a m a

The Workplace

P a n a m a

The War of Talent increases total compensation for key roles.

High attrition has a cost for every employee. (starting at three months of monthly wage)

The loss of knowledge and expertise has a negative impact for intellectual capital.







The Workforce

P a n a m a

The Workplace

P a n a m a

Millennials will have a minimum of 10 jobs in a lifetime.

Talent Attraction & Retention its key concern at CEO level.

Workplace Equity. Women´s Economic Empowerment: Good for woman, good for business and good for development

Workplace Diversity.Corporate social innovations: Driving Entrepreurship for social development.







The Workforce

P a n a m a

The Workplace

P a n a m a

Unhealthy payroll practices

Not enough effective onboarding & training

Not enough Leadership development opportunities

Lack of empathy for the worker as well as corporate and self governance practices.

Senior Manager

Manager

Specialist

Entry Level

Avai labi l i ty Desirabi l i ty

Most Wanted

In Rise

Wanted

In Rise

Not Wanted

The Workforce

Availabi l i ty Desirabi l i ty

The Workplace

Senior Manager

Manager

Specialist

Entry Level

Most Wanted

In Rise

Wanted

In Rise

Not Wanted

*Best Employers Ranking see:Great Place to WorkMercados & Tendencias and Dichter & NeiraAmong other surveys

Senior Manager

Manager

Specialist

Entry Level

Senior Manager

Manager

Specialist

Entry Level

Candidate -vs- Workplace ( J ob )

Avalabi l i ty

Top Wanted

In Rise

Wanted

Not Wanted

Most Wanted

In Rise

Wanted

In Rise

Not Wanted


Desirabi l i ty

Top Wanted

In Rise

Wanted

Not Wanted

Most Wanted

In Rise

Wanted

In Rise

Not Wanted


Desirabi l i ty

Yo u M u s t S t e a l A t t r a c t Ta l e n t

You Must Create & Develop your own Talent Pipeline

But above all, you must adapt your Organization in order to become an

Employer of Choice.

This is achieved o n l y by creating a

Loyal Workforce

Talent Workforce

Reality




Employer of Choice.


Loyal Workforce

Talent Workforce

Reality




Employer of Choice.


Loyal Workforce

Talent Workforce

Reality




Employer of Choice.


Loyal Workforce

Talent Workforce

Reality




Employer of Choice.


Loyal Workforce

Talent Workforce

Reality

3 .


1 .


2 .



Employee Loyalty

Everyone talks about building a relationship with your customers. I think you build one with your employees first.

-Angela AhrendtsSVP Retail & Online Sales at Apple Inc.

Loyalty. True loyalty is not an enforced requirement but an earned response to the trust, respect and commitment shown to the individuals in your company. When you demonstrate loyalty to your employees, they'll reciprocate with commitment and loyalty to your business. Remember that people don't begin their employment with you as loyal employees, but will develop loyalty over time as they're t r u s t e d , re s p e c t e d a n d a p p re c i a t e d b y y o u .So how are you going to demonstrate your commitment to them? How loyal are you to your employees?

Why employees stay ?

Inspiring & Good LeadershipCareer growth, learning & development

Fair pay + Incentives

Sense of AchievementInertia

Being recognized, valued & respected

Great Work Environment & Culture

Work Ethics Compatibility

























































Why do employees leave?Even though exit interviews are important to measure loyalty. Lets focus on the employees that stay and find out meaningful reasons they for why they do.

Smart Retention Companies that understant the current talent workforce place their retention goal for entry level of 1 year. The focus is on what keeps an employee working in the organization for 1 year. After that the work is done. Let´s challenge our current perceptions on what employee turnover goals should look like.

Measure RetentionHire the right talent Recognition program based on measurable achievementsIncrease flexible work hours. Worklife BalanceWellness ProgramsBe sure your operational process flow is smoothAwesome Endomarketing StrategyStrong Social Media Presence – Be ProudHave 1 Management Policy only: Lead by ExampleCustome Made – Employee Benefits PortfolioCreate community spaces at work

How does it looks like?

Yo u c a n ’ t a ff o r d t o a p p r o a c h e m p l o y e e r e t e n t i o n h a l f - h e a r t e d l y. E v e r y t h i n g y o u d o s h o u l d b e j u s t a p a r t o f a c o m p l e t e a n d o v e r a r c h i n g s t r a t e g y. W h i l e a t t a c k i n g e m p l o y e e r e t e n t i o n w i l l u n d o u b t e d l y n e t y o u r e s u l t s , c r e a t i n g t h e t y p e o f f r i e n d l y a n d i n v i t i n g w o r k e n v i r o n m e n t t h a t y o u n e e d t o s u c c e e d i s t h e m o s t e ff e c t i v e ( a n d i n t h e e n d m o s t e ffi c i e n t ) w a y t o ke e p y o u r b e s t e m p l o y e e s o n .

Yo u m u s t s e e i t a s t h e s t r a t e g i c m o v e t h a t w i l l s o l v e m o s t o f t h e c u r r e n t o r g a n i z a t i o n a l p r o b l e m s .

Panama The New Ta len t Work fo rce

Companies: Jo in the Evolut ion!

3 .


1 .


2 .



By Annette ChanOrganizational Development Consultant

Contact Info:email. [email protected]. 507.6678.7800

mailto:[email protected]

Bibliographyhttp://www.theguardian.com/news/datablog/2015/jan/20/global-unemployment-forecast-to-hit-212m-country-by-country-breakdownhttp://www.ceosummitoftheamericas.com/en/agendahttp://www.inc.com/suzanne-lucas/why-employee-turnover-is-so-costly.htmlhttp://www.tradingeconomics.com/panama/gdp-growth-annualhttp://www2.deloitte.com/content/dam/Deloitte/at/Documents/human-capital/hc-trends-2015.pdfhttp://www.greatplacetowork-ca.com/mejores-empresashttp://revistamyt.com/especiales/ranking-de-los-mejores-empleadores-2015/http://www.manpowergroup.us/campaigns/talent-shortage-2012/pdf/2012_talent_shortage_survey_results_us_finalfinal.pdfhttp://www.manpowergroup.com/wps/wcm/connect/587d2b45-c47a-4647-a7c1-e7a74f68fb85/2013_Talent_Shortage_Survey_Results_US_high+res.pdf?MOD=AJPEREShttp://www.manpowergroup.us/campaigns/talent-shortage-2014/http://www.centralamericadata.com/

http://www.theguardian.com/news/datablog/2015/jan/20/global-unemployment-forecast-to-hit-212m-country-by-country-breakdown




http://www.ceosummitoftheamericas.com/en/agenda

http://www.ceosummitoftheamericas.com/en/agenda

http://www.inc.com/suzanne-lucas/why-employee-turnover-is-so-costly.html

http://www.inc.com/suzanne-lucas/why-employee-turnover-is-so-costly.html

http://www.tradingeconomics.com/panama/gdp-growth-annual



http://www2.deloitte.com/content/dam/Deloitte/at/Documents/human-capital/hc-trends-2015.pdf

http://www2.deloitte.com/content/dam/Deloitte/at/Documents/human-capital/hc-trends-2015.pdf

http://www.greatplacetowork-ca.com/mejores-empresas

http://www.greatplacetowork-ca.com/mejores-empresas

http://revistamyt.com/especiales/ranking-de-los-mejores-empleadores-2015/

http://revistamyt.com/especiales/ranking-de-los-mejores-empleadores-2015/

http://www.manpowergroup.us/campaigns/talent-shortage-2012/pdf/2012_talent_shortage_survey_results_us_finalfinal.pdf



http://www.manpowergroup.com/wps/wcm/connect/587d2b45-c47a-4647-a7c1-e7a74f68fb85/2013_Talent_Shortage_Survey_Results_US_high+res.pdf?MOD=AJPERES



http://www.manpowergroup.us/campaigns/talent-shortage-2014/

http://www.manpowergroup.us/campaigns/talent-shortage-2014/

http://www.centralamericadata.com/

http://www.centralamericadata.com/

Date post:	17-Aug-2015
Category:	Recruiting & HR
Upload:	annette-chan
View:	68 times
Download:	0 times

Panama: A Unique Workforce Reality

Recruiting & HR