This Week's Herman Trend Alert Sustainability Will Continue to Contribute to Profits

The Herman Trend Alert December 15, 2010 HR Responds to the Economy and Labor Market (Part 1) Occasionally, a study is so important that we devote two weeks and extend the length of The Herman Trend Alert to cover these results. This week, we offer you part one of the highlights from the 2010 Towers Watson Global Workforce Study. First and not surprising to us, "employers report[ed] difficulty attracting and retaining top talent". Employers’ experiences with attraction and retention were related to differences in the business climate. Nearly two-thirds of all respondents reported having problems attracting critical-skill employees. However the proportion varied significantly from a high of about 80 percent in Asia and Brazil to around 50 percent in the United States, Spain, and Ireland. Second, it is always valuable to see the disparity between employer and employee views of "reasons to join a firm". In ranked order of importance (most to least), the reasons employees gave were competitive base pay, challenging work, and convenient, and opportunities for career advancement. On the other hand the ranking from employers was somewhat different. They agreed that most important (these days) was competitive base pay, however they followed with reputation of the organization as a great place to work, challenging work, and business/industry of the organization. The fact that "opportunities to learn new skills" does not even appear of the employees' view is very interesting. What we now see is employees' impatience to have career advancement without learning the new skills they may need. It is also noteworthy that "challenging (meaningful) work" appears second or third on both lists. Moreover, for employees, convenient work location and flexible schedule trump "the business/industry of the organization" and "financial health of the organization". Thus, candidates are increasingly likely to be influenced by job offers that include a (better) pension, greater job security, better work/life balance, and more flexible work arrangements. The "reasons to stay" were a bit different from the "reasons to join": While both groups agree that compensation and advancement opportunities are the important factors in both attracting and retaining employees, employers underestimated the importance of employee security and well-being. Both now and in retirement, these are two critical factors for employees when they evaluate whether or not to leave their current employer. As we forecast more than a decade ago, many employees feel more responsible for managing their careers and retirement. Employers take note: these attitudes will affect your ability to attract and retain in the months and years to come. And you won't want to miss Ilene Gochman, PhD, of Towers Watson who will deliver a seminar on this study at the upcoming Human Capital Institute event. © Copyright 1998- by The Herman Group, Inc. -- reproduction for publication is encouraged, with the following attribution: From "The Herman Trend Alert," by Roger Herman and Joyce Gioia, Strategic Business Futurists. (800) 227-3566 or http://www.hermangroup.com. The Herman Trend Alert is a trademark of The Herman Group, Inc." IS YOUR EMPLOYER AN EMPLOYER OF CHOICE®? Our effective, onsite seminars, workshops, and consulting can help you get there. We offer 1-, 2-, 3-hour, and full-day programs to help you communicate what it takes to become an Employer of Choice® and inspire your folks to get it done. In the future, being an Employer of Choice® will not be optional. Call Carol at 336-210-3547 to arrange a no-obligation conference call. Or order the electronic version of the Employer of Choice book on your desktop for only $17.80 @ http://hermangroup.com/store/books_all.html#2. PREVENT EMPLOYEE TURNOVER IN 2012 Yes, you can prevent costly employee turnover, when you train your supervisors, managers, and executives. They will learn dozens of low and no-cost strategies and tactics that they can implement right away. We have an impressive trackrecord and stand ready to help you. Call Carl at 336-210-3547 for a no-obligation conference call. OPTIMIZE YOUR ONBOARDING OPPORTUNITY For most organizations, there are untapped opportunities in their Onboarding process. If you think something could be improved in your process and you'd like a phone consultation---at no charge---call Joyce Gioia (joy-yah) at 336-210-3548. Herman Trend Alerts are produced by the Herman Group, strategic business futurists, Certified Management Consultants, authors, and professional speakers. New subscribers are welcome. 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