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Increasing Market Value Through Talent

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Increasing Market Value Through Talent

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Thank you to The Windy City Summit for letting me facilitate a breakout session on increasing market value through talent. We know that banking institutions with an engaged workforce and a stronger employer brand outperform their peers. In this session, I take a closer look at increasing employee engagement and strengthening employer branding both aligned to increasing market value.

Thank you to The Windy City Summit for letting me facilitate a breakout session on increasing market value through talent. We know that banking institutions with an engaged workforce and a stronger employer brand outperform their peers. In this session, I take a closer look at increasing employee engagement and strengthening employer branding both aligned to increasing market value.

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Increasing Market Value Through Talent

  1. 1. HR’s ad agency. Increasing Market Value Through Talent Windy City Summit │Chicago, IL │ May 25, 2016
  2. 2. HR’s ad agency. 2 Agenda 1) Focal Point – Employer Brand and Employee Engagement 2) The Villain – The Perfect Storm 3) Definitions 4) Solutions N. Robert Johnson, APR Practice Leader, Workforce Communications Increasing Market Value Through Talent
  3. 3. HR’s ad agency. 3 Employer Brand and Employee Engagement
  4. 4. HR’s ad agency. 4 Increasing Market Value Through Talent Banking institutions with an engaged workforce and a stronger employer brand outperform their peers.
  5. 5. HR’s ad agency. 5 Increasing Market Value Through Talent How So? 1) They attract and retain higher quality talent 2) Their people are more productive 3) They spend less on HR But, what’s the connection to market value?
  6. 6. HR’s ad agency. 6 Increasing Market Value Through Talent “The full value of talent comes from how talent choices affect those outside the organization, not just inside.” – Dave Ulrich Translation In addition to being great employees, higher quality talent that is engaged build stronger customer relationships which leads to higher market value. Source: Taking Stock of Your Talent, Workforce, Dave Ulrich, February 2016
  7. 7. HR’s ad agency. 7 Increasing Market Value Through Talent Source: Universum/Richard Mosley
  8. 8. HR’s ad agency. 8 Increasing Market Value Through Talent Intangible Value 1) Market value comes from “intangibles” as a group (i.e. strategy, brand, talent, etc.) 2) 30 percent of intangibles is related to quality of leadership, based on research by Ulrich 3) Leadership = talent 4) To do: Run P/E comparisons for industry competitors
  9. 9. HR’s ad agency. 9 Increasing Market Value Through Talent Apple’s 10 year P/E average = 22 while industry average = 14.6 50% of Apple’s $750 billion market cap is based on intangibles (22 – 14.6 = 7.4; 7.4/14.6 = 50 percent) If leadership/talent is 30% of intangibles, Apple’s value of talent is $110 billion (30% of Apple’s intangibles) Source: Taking Stock of Your Talent, Workforce, Dave Ulrich, February 2016
  10. 10. HR’s ad agency. 10 Increasing Market Value Through Talent Source: Boston Consulting Group
  11. 11. HR’s ad agency. 11 Perfect Storm
  12. 12. HR’s ad agency. 12 Increasing Market Value Through Talent Warning: Perfect Storm Ahead The impact of an improving economy, talent mobility, weaker employer-employee connections, and a consumer-driven communications world increases the difficulty of attracting and keeping critical talent.
  13. 13. HR’s ad agency. 13 Increasing Market Value Through Talent The State of Talent 1) Talent has more employment options than ever (small business, gig-economy, start-ups) 2) Talent will research a new employment opportunity just as they research everything else (consumer-driven behavior) 3) Talent has a heightened experience expectation in our brand interactions, as well as shorter attention spans 4) Talent, generally speaking, is less connected to current employers
  14. 14. HR’s ad agency. 14 Increasing Market Value Through Talent 1) While unemployment is at a seven-year low … 2) It’s taking 8% longer to hire and 3) It costs 7% more to hire candidates (Bersin by Deloitte 2015) The average cost-per-hire is $4,200 with increases in the high- tech, financial and manufacturing industries. (ERE, 2015) The State of Talent
  15. 15. HR’s ad agency. 15 Increasing Market Value Through Talent The State of Talent 74% of employees are open to a new job (Jobvite 2016) 45% of employees are not actively seeking but are open to a new job (Jobvite 2015) 51% of workers are satisfied but are open to a new job (70% of Millennial males satisfied and open) (Jobvite 2016)
  16. 16. HR’s ad agency. 16 Increasing Market Value Through Talent 2016 Outlook on the state of talent competition Significant increase 35% Some increase 56% No 10% 1 in 3 employees are planning to leave their current organization within the next 12 months. Source: Future-Proofing HR Mercer, 2016 The State of Talent
  17. 17. HR’s ad agency. 17 Increasing Market Value Through Talent An unstable workforce erodes culture and is extraordinarily expensive. • Increases HR spending (recruitment, rehire, interventions, etc.) • Decreases productivity and engagement (both within individual role and throughout the unit/group) Impact
  18. 18. HR’s ad agency. 18 Increasing Market Value Through Talent The average cost of turnover is between 90% and 200% of an exiting employee’s base salary and represents 12% of a company’s operating budget. Source: Fortune 100 Best Companies to Work For® 2016 Impact
  19. 19. HR’s ad agency. 19 Increasing Market Value Through Talent A disengaged employee costs an organization approximately $3,400 for every $10,000 in annual salary. Disengaged employees cost the American economy up to $350 billion per year due to lost productivity. Source: Gallup Organization Impact
  20. 20. HR’s ad agency. 20 Increasing Market Value Through Talent But, here’s the good news: On average, the Fortune 100 Best Companies see half of the voluntary turnover of their industry peers. Source: Fortune 100 Best Companies to Work For® 2016 Impact
  21. 21. HR’s ad agency. 21 Increasing Market Value Through Talent There is a direct connection between trust and purpose; and engagement and retention. Research shows that employees feel a great workplace is one where … • There is trust between employees and employer • Employees take pride in their work • Employees enjoy the people they work with Source: Fortune 100 Best Companies to Work For® 2016
  22. 22. HR’s ad agency. 22 Increasing Market Value Through Talent Employees who want to stay for a long time report: • My work has special meaning, it’s not just a job • When I look at what we accomplish, I have a sense of pride • I feel I make a difference here Source: Fortune 100 Best Companies to Work For® 2016
  23. 23. HR’s ad agency. 23 Increasing Market Value Through Talent Why executives love their jobs … • 47% workplace relationships • 21% company culture/values • 18% growth opportunities • 4% pay/compensation Nearly 70% say that working for a company that is aligned to my values would dramatically improve their feelings about their job. Source: Korn Ferry Hay Group, 2016
  24. 24. HR’s ad agency. 24 Increasing Market Value Through Talent 1) People are looking to connect in a deeper, more meaningful way with their employers 2) They will connect when there is alignment with mission, culture and values 3) This creates pressure to define and articulate culture, mission and values
  25. 25. HR’s ad agency. 25 Definitions
  26. 26. HR’s ad agency. 26 Increasing Market Value Through Talent Employees’ commitment to the organization and willingness to give extra effort to their employer. Employee Engagement
  27. 27. HR’s ad agency. 27 Increasing Market Value Through Talent Line of Sight + Commitment (I know what I have to do and why) (I have the commitment, motivation and I’m empowered to do what I have to) Employee Engagement
  28. 28. HR’s ad agency. 28 Increasing Market Value Through Talent Employer branding is the story of you as an employer. But, it’s a story of your employment experience as formed and told by the everyday experiences of your employees. Employer Brand
  29. 29. HR’s ad agency. 29 Increasing Market Value Through Talent Employer brands are made up of … 1) Employer brand promise (what we stand for, mission/culture/values) 2) Employer brand attributes (the things that connect us) 3) Employer brand architecture (how to express it – words, images, behaviors, actions) 4) Employee value proposition (specific elements of the employer-employee employment deal)
  30. 30. HR’s ad agency. 30 Increasing Market Value Through Talent The strongest employer brands reflect the validated story of an organization’s employment experience. Employer Brand Strength Continuum weaker stronger “We’ll just go with what we think” “We’re using validated employee perspectives” Source: David Group, Workforce Communications Practice
  31. 31. HR’s ad agency. 31 Solutions
  32. 32. HR’s ad agency. 32 Increasing Market Value Through Talent Embrace the Fortune 100 Best Companies to Work For® model and create a great work environment, one that attracts and engages. But, understand that it’s much more than just advertising, marketing and communications.
  33. 33. HR’s ad agency. 33 Increasing Market Value Through Talent Walking the Talk I See (Every Day Experiences) Imperative Align your employees’ everyday experiences and your internal branding and communications Based on work by Johnson, D’Aprix and Quirke High Low Foundation Experience softens attitudes; solid foundation for internal communications programs; but employees will have a hard time committing without communication reinforcement Performance Communications and experiences are aligned; strong commitment to leadership and direction of organization Adrift No one knows what matters; risk of high disengagement; distrust in leadership and self Lost Employees distrust what they are told; dissonance between sight and messages; potential disconnection between aspirational and authentic employment story Low High I’m Told (Branding/Communications Effectiveness)
  34. 34. HR’s ad agency. 34 Increasing Market Value Through Talent Among the Things I’m Told • Leadership communications • What manager/supervisor says • Rewards communications • Statements of mission and values • “State of the business” communications • Employer branding messaging Among the Things I See • Leadership behavior • Manager/Supervisor does • Rewards given out • Workplace decisions • “State of the business” seen • Employer branding experiences • What colleagues say • What friends say • What peers say • Reputation in community See – Told Differences
  35. 35. HR’s ad agency. 35 Increasing Market Value Through Talent 1) As deeply as possible, understand your workforce (the elements of “walk” versus “talk”) 2) Use employer branding to define and communicate your mission, culture and values throughout the employee lifecycle* 3) Use internal communications to connect and drive engagement 1) Pay particular attention to on-boarding messages and reinforcements 4) Become active listeners and accept the principles of “all-way” communication * Lifecycle found in Addendum
  36. 36. HR’s ad agency. 36 Increasing Market Value Through Talent Employee Understanding Among the ways to better understand your employees … • Employee engagement surveys • Focus groups and stakeholder interviews • Stay and exit interviews • Communications audits and testing • Reputation monitoring and assessments • On-going active listening programs
  37. 37. HR’s ad agency. 37 Increasing Market Value Through Talent High-performing employer brands are … • Planned • Systematic • Purposeful • Aligned to business needs Source: David Group, Workforce Communications Practice Employer Brand
  38. 38. HR’s ad agency. The power of internal communications Retain great people Help great people accomplish great things Empower great people to tell your great story Create a great workplace environment 38 Increasing Market Value Through Talent Employee Communications High-performing employee communications are [also] … • Planned • Systematic • Purposeful • Aligned to business needs
  39. 39. HR’s ad agency. 39 Increasing Market Value Through Talent Hierarchy of Engagement Communications Success Senior Most Leaders Involved in Shaping Communications What success looks like Communication Integral to Change Leader and Line Managers create Line of Sight Managers’ Actions Support Words Making it work Activity Links to Business Strategy Evaluation Data Acted Upon Feedback Known to Senior Management Line Managers Trained and Evaluated The basics Skilled Communications Planned Messaging and Timing Old and New Channels Listening and Intelligence Gathering Line Managers Clear about Role Based on work by Towers Watson, Melcrum and D’Aprix
  40. 40. HR’s ad agency. 40 Increasing Market Value Through Talent One more thought … Appeal to a customer’s reason and you’ve got them for the day. Appeal to their emotions and you’ve got them for a lifetime. Source: Lippencott Consultancy
  41. 41. HR’s ad agency. 41 N. Robert Johnson Practice Leader, Workforce Communications 216.685.4486 │nrjohnson@davidgroup.com davidgroup.com The David Group Inc. All rights reserved.
  42. 42. HR’s ad agency. 42 Contact N. Robert Johnson, APR Practice Leader, Workforce Communications The David Group 216.685.4486 (direct) 216.410.5258 (cell) nrjohnson@davidgroup.com www.davidgroup.com
  43. 43. HR’s ad agency. HR’s ad agency. We apply advertising and marketing practices to help organizations attract and retain talent. The focus of The David Group’s workforce communications practice is to strengthen employer brands, engage people and cut the cost of talent. 43
  44. 44. HR’s ad agency. 44 Employer Branding for attraction Employer brand and employee communications for retention • Social Media • PR/Publicity • Employees • Patients • Careers site • Talent community • Special events • Corp. site • Mobile site • EE Stories • ATS • Mobile site • Recruiters • Hiring Mgr • Process and updates • Offer • Alignment experience • Collateral • Initial engagement • EE comm • Leadership comm • Rewards • Engagement drivers • Exit interview • Social media • Special events Source: David Group, Workforce Communications Practice Employee Lifecycle

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