Talent Management in Year 2020: Deloitte Study
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Transcript of Talent Management in Year 2020: Deloitte Study
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Talent Management
2020 How to Get There from Here
Slides compiled by:
Katherine Jones, Ph.D.
Vice President, HCM Technology Research
Bersin by Deloitte
Deloitte Consulting LLP
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Next Generation Talent Management
Solutions: Think about 2020
Who will we be managing in 2020?
How will we manage our talent differently than we do
today?
How might it change the way we look at “work?”
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Bye-Bye Boomers!
By 2029, the U.S.
workforce will have
waved “bye-bye” to the
Baby Boomers leaving
Generation-X the
Millennials and their
successors at the helm
of organizations.
Today’s Ages
(Roughly):
- Boomers are between
51-68
- Gen X are 30-50
- Millennials are 8-29
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Bye-Bye Boomers!
By 2029, the U.S.
workforce will have
waved “bye-bye” to the
Baby Boomers leaving
Generation-X the
Millennials and their
successors at the helm
of organizations.
Today’s Ages
(Roughly):
Boomers are between
51-68
Gen X are 30-50
Millennials are 8-29
Millennials will be
50% of the USA
workforce in
2020
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Millennials: • Born between 1982 and 2004
• In 2020, they will be between 16 and 28
years old
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Question Respond in the Comments section below
Are you a:
Boomer – Born between 1945 and 1961
Generation-X-er – Born between 1961 and 1981
Millennial -- Born between 1982 and 2003 (also known
as “Generation-Y
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Millennials are Different
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80% of Millennials
sleep with their
phones next to
their beds
They send
about 20
txts a day
http://www.forbes.com/sites/jeannemeister/2012/10/05/millennialmindse/
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They are “trophy kids”
– Participation is
enough to get an award
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Millennials
are a Global
Phenomenon
• 75% of the
global
workforce by
2030. :
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28 % of
managerial
positions in
the U.S. are
already held
by
Millennials
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Question: The Wild Guess Question
What percent of your workforce today is
represented by:
› Boomer – Born between 1945 and 1961 › Generation-X-er – Born between 1961 and 1981
› Millennial -- Born between 1982 and 2003
1/4 1/2 3/4 100%
Boomer
Gen X
Millennial
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What Will Matter at Work: The
Millennials…
Have developed work
characteristics and
tendencies from doting
parents, structured lives,
and contact with diverse
people.
Work well with diverse
coworkers.
Are used to working in
teams and want to make
friends with people at
work.
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Collaboration is Global
And immediate
Collaboration is Global
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But the Global Picture for Millennials
isn’t Pretty…
More than 7.5 million young Europeans aged between 15
and 24 are not employed or enrolled in education or
training
The rate of youth unemployment is more than double that
for adults, and more than half of young people in Greece
(59%) and Spain (55%) are unemployed.
(Marc Coleman):http://blog.hrtecheurope.com/2013/05/future-work-millenial-update
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Myths Prevail
Myth: Millennials are socially focused and motivated by
giving back to society.
Reality: Millennials have lower scores in altruism, coupled
with higher narcissism, assertiveness, self-esteem, and
individualistic traits in general.
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Unique Traits of Millennials—Based on
Research
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Less Prepared Standardized test scores of
high-school students in the
U.S. continue
to be at an all-time low
Motivated Even in high school, Millennials
In the U.S. worked to the same
extent as Gen-Xers and Boomers.
Pursuit of Balance Work is less central to their life and
their identity; more younger workers
today expect a meaningful
life outside of work.
Happy Campers American Millennials are more
satisfied with their work than are Gen-
Xers and Boomers.
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What Millennials Need at
Work
Bersin & Associates. 2011.
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HR’s Effectiveness and Managerial Competence in Delivering What Millennials Need
Bersin & Associates. 2011.
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Contractor
Long-term
temp Interim
Exec
Employed
with Benefits
Short-term
Contingent
By 2020, more than 40% of the
US workforce will be contingent
workers; that’s more than 60
million people
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“Work” is Where the Worker is
Or Will
Be…
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What Will it Mean
for your 2020
Workplace?
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Conclusions: HR Action Items
Recruit and hire to compensate for younger employees’ higher turnover rates
Plan for the mobile, contingent workforce
Beef up your manager’s onboarding skills
Address your learning programs: develop the Millennials’ skills to close the gap
left by secondary education
Support innovation and collaboration – seek the balance between fresh (sometimes irreverent) ideas and working with a
team to make ideas reality
Provide acknowledgment for achievements through pay-for performance
practices and other types of recognition to motivate
Promote employee engagement to counteract Millennial flight
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This publication contains general information only and Deloitte is not,
by means of this publication, rendering accounting, business,
financial, investment, legal, tax, or other professional advice or
services. This publication is not a substitute for such professional
advice or services, nor should it be used as a basis for any decision
or action that may affect your business. Before making any decision
or taking any action that may affect your business, you should
consult a qualified professional advisor.
Deloitte shall not be responsible for any loss sustained by any person
who relies on this publication.
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About Deloitte
Deloitte ref ers to one or more of Deloitte Touche Tohmatsu Limited, a UK priv ate company limited by guarantee, and its network of
member f irms, each of which is a legally separate and independent entity . Please see www.deloitte.com/about f or a detailed
description of the legal structure of Deloitte Touche Tohmatsu Limited and its member f irms. Please see www.deloitte.com/us/about
f or a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain serv ices may not be av ailable to attest
clients under the rules and regulations of public accounting.
Copy right © 2013 Deloitte Dev elopment LLC. All rights reserv ed.
Member of Deloitte Touche Tohmatsu Limited
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