Monday, October 12, 2015

Workforce 2020

"To be ready for 2020, brands must commit to global; they must think and act in borderless ways." Jason Hill

In our industry it is important to keep abreast of hiring practices and trends.  Considering today’s talent gap and the quickly changing landscape in technology and demographics, it is quite the challenge to build a thriving and sustainable workforce.   At every conference and meeting I attend, it seems that the conversation regarding workforce and workplace direction continues to surprise me.  So, recently I’ve spent quite a bit of time researching and talking to as many people as I can, in our industry and in business in general, trying to gain an accurate picture of what executives and employees are currently thinking.  This is something I do each year at NextGen, as we begin to prepare and plan for 2016 and beyond.  

As part of this preparation I stumbled across the Workforce 2020 quiz based upon an Oxford Economics survey.  Oxford Economics surveyed and interviewed more than 5,000 HR executives and employees in 27 countries. Take the quiz and check out the findings.  I did and was surprised…it may surprise you how you do too. 
Workforce 2020 Quiz 

My Results: You answered 3 out of 9 correctly.

Don't be discouraged! Findings from a just-released, extensive report reveal new, somewhat unexpected results that challenge widespread assumptions.—a low score is more commonplace than you might expect. Scroll down to review all of the correct answers and be sure to download our Workforce 2020 report to get an accurate picture of what employees and executive are thinking.

Who cares more about competitive pay? Millenials or non-millenials?
Millennials say, "Show me the money!" 68% say competitive compensation is an important benefit, compared with 64% of non-Millennials. And money can buy love: 41% of Millennials say higher compensation would increase their loyalty and engagement with the company, compared with 38% of non-Millennials.
Most executives believe their company offers competitive salaries. True or false?
Just 39% of executives say their company offers competitive compensation. That could be a problem for attracting Millennials, who view competitive pay as important.
Most organizations have the right leadership to manage an increasingly global & diverse workforce.  True or False?
Just 35% of executives say they have sufficient talent in leadership positions to drive global growth. Employees are just slightly more confident: 44% believe their company's leadership is capable of driving success. Gaps in leadership capabilities could spell trouble for future growth.
Which employee attribute do executives consider more important?  Job performance or loyalty?
At 20%, performance and results don't even make it into the top-3 list of what executives value in employees: level of education and/or institutional training (33%), loyalty and long-term commitment (32%), and the ability to learn and be trained quickly (31%).
Employees have a different view: They think performance and results are second on the list of what their leaders value: ability to learn and be trained quickly (34%), perform well in their jobs (31%), and show loyalty and long-term commitment (31%).
Businesses are making special accommodations for Millennials entering the workforce.  True or False?
Although 51% of executives say Millennials are having a major impact on their workforce strategy, just 30% say they are catering to the specific wants and needs of the under-35 crowd. Culture clash ahead?
Who cares more about finding meaning in their work?  Millenials or Non-millenials?
A higher percentage of non-Millennials (18%) care more about personal job satisfaction than Millennials (14%). And despite the general belief that Millennials are more civic-minded than Gen-Xers, making a positive difference in the world through their work is no more important to Millennials' job satisfaction than it is for previous generations.
Most employees are happy at work.  True or False?
Sad but true: Just 39% of survey respondents are satisfied with their job overall. It's clear that many companies are not meeting their employees' expectations for compensation, skills development, and leadership.
Companies are grooming future leaders from within.  True or False?
Nearly two-thirds (63%) of executives do not plan for succession and continuity in key roles. Employees are picking up on the vibe: Just 19% believe management values leadership ability among employees.
Employees' top concern regarding their job is: Obsolescence or Economic Uncertainty?

4 in 10 employees worry about their position changing or becoming obsolete, compared with just 19% who say economic uncertainty is a concern. Unfortunately, employees may not be getting the training they need to keep their skills up to date. Just 41% say their company offers opportunities to expand their skill sets. It may be time for employers to step up their training and development programs. 

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